GSUI vs THYP

GSUICGrayscale Sui Trust

THYPA21Shares Hyperliquid ETF

In short

GSUI Grayscale's Sui vehicle holds the token directly and can stake it, earning additional SUI for helping validate the network. Sui exposure through a brokerage ticker instead of a wallet and seed phrase.

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

GSUI The Trust seeks to provide exposure to the value of SUI held by the Trust, net of operating expenses. It may also earn additional SUI by validating transactions through the SUI Network’s proof-of-stake process.

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

• GSUI Holds SUI itself inside a grantor trust, no futures or swaps in the middle. Sui exposure through a normal brokerage account instead of self-custody.
• Built to stake: the trust may earn extra SUI by validating transactions on the Sui network's proof-of-stake system, on top of the token's own price move.
• The 0.35% expense ratio lands at the median for spot crypto funds and well under SUIS, which charges 0.75% for the same token.
• Sits in the upper half of the spot crypto group on our review, helped by a durable structure and reasonable trading depth for a single-token fund.

• 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

• GSUI TSUI tracks the same token for 0.30%, five basis points less.
• One token, one network. Volatility ranks among the highest in the crypto cohort, with no diversification to soften it.
• Launched in 2024 with a small asset base, so the history is short and risk figures rest on about a year of data.

• 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 GSUI profile⁠

Full THYP profile⁠