Grayscale adds BitGo as custodian for its Hyperliquid staking ETF in new 8-K filing

Grayscale has filed a Form 8-K with the SEC covering its Hyperliquid Staking ETF, which trades under the ticker HYPG. The filing, dated October 5, 2026, reports that BitGo Bank & Trust has been added as an additional custodian for the fund’s HYPE holdings, effective September 30, 2026.

What the filing changes

An 8-K is the SEC form companies use to flag material events between their regular quarterly and annual reports. Grayscale’s filing reports an amendment that lets BitGo hold part of the trust’s HYPE alongside the fund’s existing custody setup.

As of October 5, 2026, HYPG held approximately $217.8 million in assets under management, with 6.54 million shares outstanding.

HYPG charges a management fee of 0.29%. That was the lowest among US HYPE exchange-traded products when the fund launched.

Approximately 88.66% of the fund’s assets are staked, generating average gross staking rewards of 2.26%. Once fees come out, the yield investors actually pocket typically lands below that figure.

A short but busy history

HYPG has not existed for long, yet it has already changed names once. The fund started life as the Grayscale HYPE ETF before being renamed on May 26, 2026, a move intended to tie it more closely to Hyperliquid’s core branding.

The SEC declared the fund effective on June 2, 2026. Trading on Nasdaq began the following day, June 3.

Structurally, HYPG is a grantor trust. Investors hold an interest in the underlying assets the trust owns, rather than shares in an operating company that happens to own tokens.

The asset at the center of all this is HYPE, the native token of the Hyperliquid network. HYPE has a maximum supply of 1 billion tokens. The token entered the world through a community airdrop in November 2024.

The competitive field

Grayscale is not alone in this lane. 21Shares and Bitwise both launched their own HYPE products in mid-May 2026, trading as THYP and BHYP, respectively. Both rivals charge 0.30%. Grayscale undercut them by a single basis point.

What this means for investors and issuers

Spreading a fund’s holdings across more than one custodian can reduce reliance on any single provider, which matters for a product whose entire value sits in one token. Staked tokens are actively used to support a network, so the custodian handling them needs to manage both safekeeping and participation in network operations.

HYPG’s staking ratio of roughly 88.66% means nearly nine out of every ten tokens the fund holds are earning rewards. A lower staking ratio would mean more idle tokens, while a higher one could limit how much liquidity the fund keeps on hand for redemptions.

HYPE’s price can swing sharply, and a gross reward rate of 2.26% offers little cushion against a meaningful drop in the token’s value. Net returns also depend on network reward rates and how the Hyperliquid ecosystem evolves. Staking rewards are historical figures, not guarantees.