Grayscale's Hyperliquid ETF staked 90% of its $197 million, earning 10,341 HYPE in a quarter
The quarterly report of Grayscale Hyperliquid Staking ETF (HYPG), filed with the SEC on November 10, shows 2.22 million HYPE in the fund on September 30 and a $48.3 million quarterly gain. HYPE has since dropped about 19%.
Key points
- Grayscale Hyperliquid Staking ETF (Nasdaq: HYPG) held 2,219,190 HYPE worth $196.9 million on September 30, 2026, its Form 10-Q filed November 10 shows.
- About $177.5 million of that HYPE, roughly nine in every ten dollars, was staked. The fund booked about 10,341 HYPE ($741,000) of staking rewards in the quarter.
- At CoinGecko's price of $72.08 at 12:44 a.m. ET on November 11, the same 2.22 million HYPE would be worth about $160 million, down about 19% from September 30.
What the filing shows
Grayscale filed a quarterly report for its Hyperliquid fund with the U.S. Securities and Exchange Commission on Tuesday, November 10, 2026. The fund trades on Nasdaq as HYPG. It began trading there on June 3, 2026, and it holds HYPE, the native token of the Hyperliquid blockchain and exchange. New to crypto funds? Read how spot ETFs hold coins and how Hyperliquid works.
On September 30, the fund held 2,219,189.85 HYPE. Its total assets were $196.9 million and its net assets $196.8 million, the Form 10-Q shows. There were 6,270,000 shares outstanding, and each share was backed by about $31.39 of HYPE. The report values HYPE at $88.72, its price on Coinbase, which the fund treats as its main market.
How much was staked, and what it earned
Staking means locking tokens to help run a blockchain in return for rewards (our staking guide explains the risks). Of the fund's holdings, $177.5 million of HYPE was staked on September 30, about 90%. In the July to September quarter, the fund booked about 10,341 HYPE of staking rewards, worth about $741,000, the filing says. Since June 3, rewards add up to 10,797 HYPE.
Staking is not free. The filing says Grayscale's staking fee and the validator fees together take 25% of gross staking rewards. Grayscale's staking fee for the quarter was $155,914. On top of that, the fund pays Grayscale a yearly sponsor fee of 0.29% of net assets, which came to $107,844 in the quarter.
The fund paid out $368,736 to shareholders in August and September. After the quarter it paid $251,103 on October 6 and $230,850 on November 4.
Money in, money out
Investors added more than they took out. In the quarter, 890,000 new shares were created for $24.0 million, and 110,000 shares were redeemed for $2.2 million, a net $21.8 million inflow.
The quarter was good for the fund because HYPE rose. The filing says HYPE went from $65.47 on June 30 to $88.72 on September 30. Unrealized gains, meaning gains on coins still held, were $48.1 million. The fund's total result from operations was a $48.3 million gain.
HYPG, quarter to September 30, 2026
US$ million
Source: Grayscale Hyperliquid Staking ETF, Form 10-Q, filed November 10, 2026
Since September 30
HYPE has fallen since the quarter ended. CoinGecko showed HYPE at $72.08 at 12:44 a.m. ET on November 11, down about 3.6% in 24 hours. That is about 19% below the $88.72 price in the filing. At that price, the 2.22 million HYPE the fund held on September 30 would be worth about $160 million. The fund's holdings today may differ, since shares are created and redeemed every day.
The share count did move. Dividing the October and November payouts by the per-share amounts in the filing gives about 6.54 million shares on October 5 and 6.48 million on November 3 (our calculation). The filing's cover page lists 6,470,000 shares outstanding as of November 6.
What we could not check
Daily flows for HYPG were not available from a primary source we could reach on November 11. The filing does not give a yearly staking yield, so we do not calculate one. The fund's own website was not used.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the filing shows a staking fund can pass on real token rewards, but at a cost: a quarter of gross rewards goes to fees before the 0.29% sponsor fee. This is not investment advice.
- The likely result of HYPE's drop since September 30 is that the fund's next report, for October to December, starts the quarter about 19% down on price alone, whatever the inflows.
What's next
- HYPG's next monthly distribution, expected in early December if the pattern holds
- Whether the share count keeps falling after the 6.48 million implied on November 3
- HYPE's price against the $88.72 used in the September 30 report
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
