Grayscale Investments has added BitGo Bank & Trust, National Association to the custody arrangements for its Grayscale Hyperliquid Staking ETF (HYPG).
The move was disclosed in a post-effective amendment filed with the U.S. Securities and Exchange Commission (SEC) on October 5, which adds two BitGo custody agreements to the ETF’s registration statement and updates the fund’s custody structure as it holds and stakes HYPE, the native token of the Hyperliquid network.
BitGo Custody Agreements
Grayscale filed the amendment as Post-Effective Amendment No. 1 to the fund’s Form S-1 registration statement. The filing was made under Rule 462(d) of the Securities Act of 1933 and became effective immediately upon filing with the SEC.
According to the document, the first new exhibit is an Amended and Restated BitGo Custodial Services Agreement dated June 5, 2026, between BitGo Bank & Trust and Grayscale Investments Sponsors, LLC, the sponsor of the ETF.
The second exhibit is Amendment Number 2 to the Amended and Restated BitGo Custodial Services Agreement, dated September 29, 2026, between BitGo and Grayscale Investments Sponsors on behalf of the registrant.
Grayscale said the amendment was filed solely to add the exhibits and does not modify the other provisions of Part I or Part II of the registration statement, apart from the additions to Item 16 covering the new exhibits.
The filing does not disclose how much of HYPG’s HYPE holdings BitGo will hold or provide a breakdown of assets between custodians.
HYPG Launched With Staking Strategy
The custody update comes roughly four months after Grayscale launched HYPG on Nasdaq.
The fund began trading on June 3, 2026, following the SEC’s effectiveness of its registration statement on June 2. HYPG was launched with a 0.29% management fee, positioning it below the fees charged by other U.S. spot Hyperliquid exchange-traded products at the time.
Bitwise’s BHYP launched with a temporary zero-fee period before moving to a 0.34% fee, while 21Shares’ THYP carries a 0.30% fee.
HYPG also differentiated itself through its staking strategy. Rather than simply providing investors with exposure to HYPE’s price, the product was designed to participate in Hyperliquid’s native staking mechanism and potentially generate additional returns from staking rewards.
At launch, Grayscale cited historical HYPE staking rewards of approximately 2.2% annually, based on staking data covering May 1, 2025, through April 21, 2026. Staking rewards are not guaranteed and can vary with network conditions.
The ETF combines direct HYPE exposure with participation in network staking, giving investors access to the strategy through a Nasdaq-listed product rather than managing HYPE and staking directly.
BitGo already has infrastructure connected to Hyperliquid. In September, the company said eligible clients could connect their self-custody hot wallets to Hyperliquid through WalletConnect and access perpetual markets while retaining existing wallet approval controls.
Expanding Institutional Infrastructure
The addition of BitGo comes as the U.S. market for HYPE investment products expands, with 21Shares launching THYP as the first U.S. ETF offering direct exposure to Hyperliquid and HYPE in May, followed by Bitwise and Grayscale.
For Grayscale, the latest filing is primarily a custody and disclosure update, rather than a change to the ETF’s investment objective.
Adding BitGo to the fund’s custody arrangements also highlights the growing role of institutional custody infrastructure as crypto assets move into exchange-traded products. For a staking-focused fund such as HYPG, custody arrangements must support both the safekeeping of digital assets and the operational requirements associated with staking.
The October 5 amendment formally places the updated BitGo agreements within HYPG’s SEC registration statement, providing investors with additional disclosure on the infrastructure supporting the fund.
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