Monitor for effectiveness of the registration statement and first-day trading. Track HYPE price volatility and any updates on the Staking Condition. The trust's share price will closely track HYPE.
Executive Summary
Grayscale HYPE ETF filed Amendment No. 3 to its S-1 registration statement, advancing the IPO of shares tracking the HYPE token (Hyperliquid Network). The trust plans to list on Nasdaq under symbol 'HYPG' (pending effectiveness) and will rename to Grayscale Hyperliquid Staking ETF. Staking is not yet permitted pending satisfaction of the 'Staking Condition.' The trust's value is entirely dependent on HYPE, which had a market cap of $9.4B and 24-hour trading volume of ~$232.7M as of March 31, 2026. No financial metrics (revenue, earnings) are reported as the trust is a passive holding vehicle.
Key Facts
- IPO registration for Grayscale HYPE ETF, an exchange-traded fund holding HYPE tokens of the Hyperliquid Network.
- Plans to list on Nasdaq under symbol HYPG; will rename to Grayscale Hyperliquid Staking ETF upon effectiveness.
- Staking is not yet allowed—requires satisfaction of a 'Staking Condition' before the trust can stake HYPE for rewards.
- The trust's entire value is driven by HYPE price; HYPE ranged $10.63–$58.60 over the prior year and had a $9.4B market cap as of March 31, 2026.
- Service providers include Anchorage Digital Bank (custodian), CoinDesk Indices (index provider), and Authorized Participants (Jane Street, Macquarie, Virtu).
- Potential large investor contribution from Hyper Holdings Global LP for an undisclosed amount of HYPE tokens.
Financial Impact
No direct financial impact; trust holds HYPE assets with no revenue or earnings. Value depends on HYPE price.
Risk Factors
- Extreme HYPE price volatility could cause significant losses.
- Regulatory risk: HYPE may be deemed a security, potentially forcing trust termination.
- Staking may never be permitted, reducing potential returns relative to direct staking.
- Illiquidity of HYPE or shares could lead to discounts to NAV.
- Concentration risk: the trust holds only one digital asset.
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001193125-26-237193 |
| Document: ck0002107730-ex4_2.htm | 0001193125-26-237193 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 22, 2026 22w ago | S-1/A | — | awaiting T+20 | — | — |
May 11, 2026 24w ago | S-1/A | — | awaiting T+20 | — | — |
Apr 20, 2026 27w ago | S-1/A | — | awaiting T+20 | — | — |
US Market Status
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