GAVA vs THYP

GAVABGrayscale Avalanche Staking ETF

THYPA21Shares Hyperliquid ETF

In short

GAVA Single-token AVAX exposure with a twist: the trust stakes the coins it holds and seeks to add more Avalanche to the pile rather than pay cash out. It started life as a 2024 private placement before it ever had a Nasdaq ticker.

THYP The first US spot ETF for HYPE, the token behind the Hyperliquid perpetuals exchange. It holds the coin directly, stakes a slice of it, and charges less than the typical spot-crypto fund.

Stated mandate

GAVA The Trust seeks exposure to the value of Avalanche held by the Trust, net of operating expenses, and also seeks to obtain additional Avalanche through staking.

THYP The Trust seeks to track HYPE's performance through the FTSE Hyperliquid Index, net of expenses and liabilities, and may reflect staking rewards at the Sponsor's discretion.

Why people hold it

• GAVA Staking is written into the mandate, not bolted on: the trust seeks additional AVAX by staking what it holds, and those rewards accrue inside the fund.grayscale.com
• The 0.35% expense ratio sits right at the median for spot crypto funds, and within a hair of the other Avalanche fund, BAVA at 0.34%.
• The vehicle predates the ticker. It launched as a private placement in 2024 and later uplisted to Nasdaq, so the operating history runs longer than the listing does.theblock.co
• Direct spot holdings of AVAX, run by Grayscale, whose digital asset platform spans dozens of listed and private crypto products.globenewswire.com

• THYP First US-listed spot Hyperliquid ETF: HYPE exposure inside an ordinary brokerage account, with no wallet, no private keys and no crypto exchange login.21shares.com
• Staking is built into the wrapper. A portion of the trust's HYPE is staked on the network, and rewards are passed to shareholders in cash rather than kept inside the token.21shares.com
• The 0.30% sponsor fee sits below the 0.35% median for spot-crypto ETFs and under BHYP, which tracks the same FTSE Hyperliquid Index.
• Coins are held by Anchorage Digital Bank and BitGo Bank & Trust, federally chartered trust banks built for digital assets.21shares.com

Worth knowing

• GAVA It is a grantor trust, not a 1940 Act fund, so the protections of a registered ETF do not apply. Grayscale flags a high degree of risk and possible loss of the entire investment.grayscale.com
• One token, one network, and nothing paid out: staking rewards go to the trust rather than to shareholders as distributions.grayscale.com
• Small asset base and light trading, which can mean wider spreads and more effort behind a large order.

• THYP One token, one protocol. Value moves with the price of HYPE, the native asset of a young derivatives exchange, so drawdowns can be deep and fast.decrypt.co
• Launched in 2026, so there is little history to judge it by, and how much of the HYPE gets staked is set at the sponsor's discretion.
• It is a grantor trust, not a registered investment company, so the shareholder protections that come with 1940 Act funds do not apply here.

Full GAVA profile⁠

Full THYP profile⁠