Grayscale could bring its Hyperliquid-backed exchange-traded fund (ETF) to the U.S. market as soon as this week, after amending the regulatory filing to include a ticker and management fee. The amended S-1 shows the proposed fund would trade under HYPG and carry a 0.29% expense ratio, a pricing point that analysts say could sharpen competition with existing Hyperliquid-linked ETFs.

Bloomberg ETF analyst James Seyffart noted on X that the sixth amendment to Grayscale’s filing added the HYPG ticker and the fee, suggesting a launch may be imminent. The amended filing is publicly accessible through the SEC, marking another step toward a potential listing in the near term.

Grayscale’s move positions the firm alongside 21Shares and Bitwise, which already offer Hyperliquid exposure through their own HYPE ETFs. Those rivals currently charge 0.3% and 0.34% respectively, underscoring Grayscale’s attempt to attract cost-conscious investors while offering yield opportunities tied to the Hyperliquid ecosystem.

Source: James Seyffart via X

Key takeaways

• Grayscale’s HYPG ETF would list with a 0.29% management fee, according to the amended S-1, potentially undercutting competing HYPE ETFs from 21Shares and Bitwise.
• The amended filing marks what Bloomberg’s Seyffart described as a likely imminent launch, signaling rapid progress toward US listing.”
• Combined inflows into the existing HYPE ETFs are approaching $140 million since launch, reflecting steady investor appetite for Hyperliquid exposure.
• Hyperliquid’s ecosystem remains highly liquid, with data showing the platform handling about $170 billion in monthly trading volume across multiple asset classes.
• The broader ETF backdrop includes ongoing outflows from U.S.-listed Bitcoin and Ether ETFs, a sobering reminder that retail and institutional appetite can shift quickly amid macro and regulatory factors.

Grayscale’s HYPG filing: what changed

The core change in Grayscale’s S-1 amendment is the addition of a ticker—the HYPG symbol—and a stated management fee of 0.29%. The filing, which was amended for the sixth time, explicitly positions HYPG to be traded on ordinary U.S. exchanges if approved by regulators. The market reaction to the increased clarity around the product is underscored by market observers who see the fee posture as a strategic move to compete with established Hyperliquid-linked ETFs.

For readers tracking primary sources, the amended filing can be reviewed at the U.S. Securities and Exchange Commission’s archive: hype_s-1_amendment_6.htm.

Analyst commentary surrounding the development has focused on whether the HYPG price point and yield-sharing features will translate into sustained demand. Grayscale’s approach echoes a broader industry trend of layering staking rewards or yield enhancements onto crypto ETF structures, a tactic employed by the existing HYPE ETF lineup.

Competition dynamics: how HYPG would fit with HYPE ETFs

Existing Hyperliquid ETFs—launched by 21Shares and Bitwise—carry expense ratios of 0.30% and 0.34%, respectively. The new 0.29% fee from Grayscale would place HYPG at a slightly more favorable price tier for cost-conscious investors. In aggregate, the two established ETFs have attracted nearly $140 million in net inflows since their debut, reflecting a growing demand for direct exposure to Hyperliquid’s tokenized strategy and its perpetual futures framework.

Hyperliquid’s ecosystem has gained notable traction beyond the ETF wrappers. Data from Dune Analytics shows the platform now facilitates substantial liquidity across a broad range of assets, with monthly trading volumes surpassing $170 billion. This level of activity points to a mature, liquid environment that can support ETF-style access and on-chain derivatives exposure for traditional investors wary of over-the-counter or direct-token allocations.

Hyperliquid’s native token, HYPE, has also surged in tandem with the ETF rollout narrative. After rallying to an all-time high of about $75.30, HYPE’s market presence has expanded, helping to drive a market capitalization that has climbed to roughly $16.7 billion, placing it among the larger crypto assets in terms of capitalization. Such momentum underscores why asset managers are eager to offer U.S.-listed products tied to HYPE, even as the sector contends with broader volatility and regulatory scrutiny.

For context, readers can observe the market movement around HYPE via CoinGecko and related coverage tracking inflows tied to the ETF ecosystem. The combined ETF inflows have been a strong signal of investor appetite for access to Hyperliquid’s unique staking-and-yield dynamic within a regulated wrapper.

Market backdrop: ETF outflows complicate the narrative

How HYPG lands in a crowded market will also hinge on the broader ETF landscape in the United States. Recent data show net outflows from Bitcoin-focused ETFs over ten consecutive trading days, totaling nearly $3 billion, signaling a cautious mood among investors amid macro headwinds and regulatory uncertainty. Ether ETFs have similarly faced a two-week rhythm of outflows, as investors reassess risk versus potential upside. These trends suggest a balancing act for new wrappers like HYPG: while product design and yield features can attract capital, the prevailing climate has favored risk-off behavior in core crypto assets.

Industry observers note that such outflows don’t necessarily preclude long-term adoption but do underscore the importance of clarity around product design, governance, and yield strategies. The next wave of developments—regulatory clarity, actual ETF listing dates, and real-world performance data—will be critical in determining whether HYPG and its peers can sustain momentum once trading commences.

What to watch next

Readers should keep an eye on regulatory milestones and potential listing dates for HYPG. If Grayscale proceeds as expected, HYPG could debut in the U.S. in the near term, joining the existing HYPE ETFs and adding another option for investors seeking direct exposure to Hyperliquid’s token ecosystem via a regulated vehicle. Beyond listing, investors will want to monitor how HYPG’s yield features are implemented and whether the ETF structure can deliver sustained inflows in a market characterized by episodic risk sentiment shifts.

As always, market participants should stay attuned to broader macro developments, regulatory updates, and the evolving usage of Hyperliquid’s platform, which continues to push the narrative around institutional-friendly access to crypto-native instruments.

Related coverage notes that Hyperliquid has also expanded into prediction markets for real-world events, illustrating the growing breadth of use cases that underpin the HYPE ecosystem and its potential to attract diversified investor interest.

Readers should watch for any official updates on HYPG’s listing timeline, as well as fresh data on ETF inflows and trading activity once the market tests Grayscale’s new offering in a live environment.

More than $80 million has been wagered on a Polymarket market tied to Strategy’s Bitcoin sales, with the outcome now heading to a final dispute process after the company disclosed that it sold 32 BTC before the market’s May 31 deadline.

Polymarket users have challenged the platform’s proposed resolution of a market that asked whether Strategy would sell Bitcoin by May 31, after the company revealed in a regulatory filing that it sold 32 BTC worth roughly $2.5 million between May 26 and May 31.

Although the transaction took place within the period specified by the market, Strategy disclosed the sale on June 1. Based on that timing, Polymarket moved to resolve the market as “No,” arguing that confirmation of the sale did not emerge before the market’s deadline.

By Tuesday, trading activity on the market had exceeded $80 million as users continued to debate whether the result should depend on when the sale occurred or when it became publicly known.

In an update posted to the market page, Polymarket said confirmation achieved outside the market’s timeframe does not qualify for resolution purposes. The platform added that no information from Strategy, on-chain data, or a consensus of credible reporting confirmed a Bitcoin sale before the deadline expired.

Users push back against proposed outcome

Across the market’s comment section, several participants criticized the proposed resolution and argued that the underlying event occurred before May 31 regardless of when the company disclosed it.

One user wrote that Polymarket should “trade truth, not technicalities,” while another said the outcome had caused them to lose confidence in the platform. A separate commenter described the decision as “unbelievable.”

As the dispute continued, the market remained heavily priced in favor of a “No” outcome, with approximately 99.9% odds attached to that result despite objections from holders of “Yes” shares.

Because two proposed resolutions have already been disputed, the final decision now falls to holders of the UMA token, which powers the oracle system used by Polymarket to settle markets. According to the market’s rules, the review process can take up to two days.

Polymarket noted that if no statement is issued by 12:00 a.m. UTC on Wednesday, the order book will be cleared.

The controversy emerged shortly after Strategy reported its first Bitcoin sale since 2022. The company, formerly known as MicroStrategy, disclosed Monday that it had sold 32 BTC while continuing to hold more than $60 billion worth of Bitcoin.

Strategy’s decision drew attention because the firm had long maintained that it would never sell its Bitcoin holdings. Following the disclosure on June 1, Bitcoin fell 2.5% to $70,815 within five hours, according to market data.

Other Strategy-related prediction markets asking whether the company would sell Bitcoin by June 30 and Dec. 31 have already resolved to “Yes” without disputes. 

For participants in the May 31 market, however, the final outcome now depends on how UMA voters interpret the timing of confirmation versus the timing of the sale itself.

As previously reported on crypto.news, last year a separate Polymarket dispute emerged over a market asking whether Ukrainian President Volodymyr Zelenskyy would wear a suit during a specified period. 

The market generated roughly $237 million in volume and eventually went to UMA tokenholders after participants disagreed over whether Zelenskyy’s military-style attire met the definition of a suit. 

The case drew criticism from some users, who argued that subjective interpretations could influence market outcomes.

Bitcoin fell to its lowest level in almost two months on Tuesday as cryptocurrencies continue to diverge from traditional equity markets.

Bitcoin (BTC) fell to a low of $70,023 on Coinbase early on Tuesday, its lowest level since April 7, marking a daily decline of more than 4% and a weekly loss of 8%, according to TradingView. Bitcoin is down 44% from its October peak of $126,000. 

US stock markets such as the S&P 500 have meanwhile hit a record high of just over 7,600 points on Monday, while the tech-heavy Nasdaq peaked at over 27,000 points.

Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph that some analysts have noted that Bitcoin is the only major asset in contraction right now, and the divergence is notable.

“It shows Bitcoin is trading more like a high-beta risk asset tied to macro sentiment rather than an independent hedge,” he added.  

“This gap highlights current weakness, but it also sets up potential for stronger relative performance once macro conditions improve. I view it as a temporary phase in the cycle, not a permanent shift.”

Analytics platform Santiment said on Monday that “the gap between traditional equities and crypto has become increasingly difficult for traders to ignore.” 

“This divergence has led to a growing preference among investors for stocks over alternative assets like Bitcoin and altcoins,” it added. 

Crypto and equity divergence widens. Source: Santiment

Related: Bitcoin bulls eye fresh positions after BTC price drops under $71K

Santiment said the performance gap between sectors can create a “self-reinforcing cycle,” and when traders see equities consistently generating better returns with lower volatility, “capital often rotates away from crypto and into stock markets.”

However, Santiment said that this pattern won’t last forever, and “mainstream influencers” discussing stock dominance over crypto is often a good sign that the crowd is leaning too far into the “equity FOMO and crypto FUD.” Markets generally move opposite to the majority of traders’ expectations, it added.

Bitcoin is approaching a major long-term resistance level at the 200-week exponential moving average (EMA), which is currently around the $69,000 price zone.

Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?

Stock and crypto trading platform Robinhood has entered the Canadian market after closing a $180 million stock acquisition of local crypto technology company WonderFi, gaining the company’s licenses and regulatory approvals in the country.

Robinhood said on Monday that the acquisition marks the platform’s entry into Canada and will see crypto exchanges Bitbuy and Coinsquare come under the company’s banner.

Bitbuy and Coinsquare are among Canada’s largest crypto exchanges. WonderFi disclosed in March that the platforms generated combined revenue of $49.8 million in 2025.

Johann Kerbrat, the general manager of Robinhood Crypto and International, said in a statement that WonderFi has “extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada.”

Source: Vlad Tenev

Crypto payments company Triple A estimated that roughly 4.1% of Canadians own crypto, while the analytics and consulting firm Grand View Research estimated that the Canadian crypto market generated around $263 million in revenue in 2025, driven by hardware. The firm also said Canada is the fastest-growing regional market in North America and projects total revenue will surpass $1 billion by 2033.

Robinhood said WonderFi’s employees, including the leadership team, will stay on as part of the deal. It also expects to gain about 300,000 funded customers from WonderFi.

Related: Robinhood announces $1.5B share buyback as stock struggles in 2026

WonderFi and Robinhood first entered into an agreement last May at 36 Canadian cents per common share ($0.26). WonderFi’s stock has been drifting between 34 and 36 Canadian cents for the last month, according to Google Finance.

Robinhood entered the US crypto trading market in February 2018. In April, the company was tapped to serve as brokerage and initial trustee for Trump Accounts, a new tax-advantaged investment account program for children.

The company also launched an Ethereum layer-2 network on a testnet in February with plans for a mainnet launch later this year. Robinhood CEO Vlad Tenev said the network processed 4 million transactions in its first week of public testnet activity.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves 

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Key Highlights

• Robinhood finalized the purchase of Toronto-headquartered WonderFi for approximately C$250 million ($180 million USD)
• The acquisition includes two regulated Canadian cryptocurrency exchanges: Bitbuy and Coinsquare
• This transaction elevates Robinhood’s international funded customer count beyond 1 million
• Following deal closure, WonderFi was removed from Toronto Stock Exchange listings
• HOOD shares decreased 3.8% on Monday, settling at $90.73

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Shares of Robinhood (HOOD) concluded Monday’s trading session at $90.73, marking a 3.8% decline as the company officially completed its WonderFi acquisition.

Robinhood Markets, Inc., HOOD

First unveiled in May 2025, the transaction integrates WonderFi’s Canadian cryptocurrency infrastructure into Robinhood’s expanding ecosystem. The acquisition encompasses Bitbuy, Coinsquare, and Bitcoin.ca — all licensed platforms catering to Canadian retail investors and institutional participants in the digital asset space.

The all-cash transaction valued WonderFi at C$0.36 per outstanding share, reaching a total of approximately C$250 million on a fully diluted basis. Converting to US currency, the purchase price equals roughly $180 million.

Initially scheduled for completion during 2025’s second half, the deal timeline was extended by mutual agreement. The extension allowed Robinhood additional time to implement its proprietary trading infrastructure across Canadian markets while satisfying regulatory requirements.

Final approval came from British Columbia’s Supreme Court on July 21, 2025. WonderFi shareholders had cast their approval votes during a special meeting convened four days prior.

WonderFi shares ceased trading on the Toronto Stock Exchange as markets closed Monday. The company is also anticipated to terminate its status as a reporting issuer under Canada’s securities regulations.

To facilitate the deal structure, Robinhood established Wrangler Holdings Inc. as an acquisition vehicle. WonderFi now functions as a fully-owned Robinhood subsidiary.

Establishing a Canadian Base

Johann Kerbrat, who serves as SVP and General Manager for Robinhood Crypto & International, described WonderFi as “an ideal partner to accelerate Robinhood’s mission in Canada.” He highlighted the company’s proven track record operating compliant platforms serving both novice and sophisticated cryptocurrency traders.

WonderFi’s existing base of roughly 300,000 funded accounts will receive invitations to transition to Robinhood’s platform. This migration propels Robinhood’s international funded customer total above the 1 million milestone.

The company confirmed it will maintain WonderFi’s established institutional partnerships, viewing them as complementary to the institutional cryptocurrency services acquired through its 2024 Bitstamp purchase.

Wall Street Perspectives

KeyBanc continues holding an Overweight recommendation on HOOD stock. Meanwhile, Mizuho elevated its price objective to $115 while reaffirming an Outperform stance, following Robinhood’s introduction of Agentic Trading, its artificial intelligence-powered trading feature.

Robinhood presently commands an $81.9 billion market capitalization and has delivered 42.6% returns to shareholders over the trailing twelve months.

The brokerage firm has also attracted attention for serving as the initial trustee for the Trump Accounts app launched by the US Treasury, which establishes investment accounts for minors.

On the legal front: Robinhood confronts possible US Supreme Court examination regarding IPO-related litigation. The lawsuit claims the company provided misleading information about its financial performance and expansion trajectory to investors.

All broker warrants associated with the WonderFi transaction reached expiration on March 10, 2026, with previous warrant holders receiving no compensation.

Charles Schwab is preparing to extend direct crypto access from retail investors to financial advisors, with a 2027 target for spot trading, transfers and custody on its advisor platform.

The plan would move Schwab’s crypto work deeper into wealth management, where advisors manage client accounts, asset transfers and custody needs through one platform.

Charles Schwab targets advisor crypto access

Charles Schwab is aiming to launch crypto spot trading services for advisors on its custody platform in 2027. The planned rollout would give advisor clients access to direct trading, asset transfers and custody through Schwab’s existing wealth management infrastructure.

$10 Trillion Custody Giant Charles Schwab Targets 2027 Launch of Crypto Spot Trading for Advisors

Wealth management giant Charles Schwab, which oversees more than $10 trillion in client assets, is targeting a 2027 rollout of crypto spot trading, transfer, and custody… pic.twitter.com/fLfJd5CLC2

— Wu Blockchain (@WuBlockchain) June 2, 2026

Jalina Kerr, managing director at Schwab Advisor Services, said during a virtual media roundtable that the launch is “on track” for around mid-2027. She also said the timeline is “subject to change,” which means Schwab has not set a final launch date. Schwab oversees more than $10 trillion in client assets.

Meanwhile, the advisor plan follows Schwab Crypto, the firm’s spot Bitcoin and Ethereum trading product for retail clients. Schwab began rolling out that service to select U.S. clients this year, after earlier confirming a phased launch for direct access to Bitcoin and Ethereum.

Schwab said the retail crypto account is offered through Charles Schwab Premier Bank, SSB. Paxos provides trade execution and sub-custody services, while Schwab clients can view crypto beside traditional investments on Schwab.com, Schwab Mobile and thinkorswim.

Advisors weigh direct custody demand

Kerr said advisors still prefer exchange-traded products for most crypto exposure. Those products let clients track crypto markets inside familiar brokerage structures without directly handling coins or wallets.

Direct spot trading interest has still increased among advisors whose clients already hold crypto elsewhere. Schwab’s planned service would target that group by adding custody and transfer tools, not just trading access.

Competitors push into crypto trading

The move comes as major financial firms add direct crypto services. As previously reported by crypto.news, Morgan Stanley launched an ETrade crypto pilot with Bitcoin, Ether and Solana trading at a 0.5% fee, below Schwab’s 75-basis-point retail crypto fee.

Schwab has not released advisor pricing, supported assets or transfer limits for the 2027 service. Its retail platform started with Bitcoin and Ethereum, while Schwab said it plans to add more cryptocurrencies and transfer features over time.

The advisor rollout would expand Schwab’s digital asset strategy beyond self-directed retail users. It would also bring direct crypto tools closer to independent advisors who already use Schwab for custody, trading and client account support.

For now, the plan remains tied to a flexible timeline. Schwab is targeting mid-2027, but Kerr’s comments show the firm is still working through product design, cash movement rules and custody controls before launch.