Grayscale Hyperliquid ETF amendment number five just hit the SEC. The filing came on May 29.
This is the second amended registration statement for the proposed Hyperliquid staking ETF. The firm is now one step closer to a potential US listing.
What the Grayscale Hyperliquid ETF amendment includes
Bloomberg ETF analyst James Seyffart noted the update on X. He called it “amendment number five” to the proposed fund.
The ETF will trade under the symbol HYPG. The documentation contains language about a major investment in Hyperliquid’s native token. However, fee details remain undisclosed.
Seyffart said the latest amendment does not make major changes to the fund’s design. “This looks like nothing but a response to potential minor SEC comments or small cleanups or formatting changes from what they filed yesterday,” he wrote. He added that he saw “nothing substantial” in the new document.
The $130 million seed capital question
One thing has not changed: the seed capital proposal. The filing still mentions using about 2 million HYPE tokens to seed the ETF. That is similar to Grayscale’s May 28 filing.
Using market values quoted by Seyffart, the seed investment is worth approximately $130 million. The filing still does not mention a management fee.
Some market participants questioned the large seed investment. One X user asked whether the backer would gain or lose if HYPE price falls significantly.
Seyffart responded that the backer is not likely to worry about short‑term price changes. “They’re long term holders,” he said. The analyst added that they do not plan on selling out anytime soon. If short‑term volatility became an issue, “they’d probably hedge with options or something.”
Previous amendments and next steps
Earlier paperwork renamed the product as the Grayscale Hyperliquid Staking ETF. It noted that the fund would offer exposure to HYPE plus staking rewards.
Grayscale has bought millions of dollars worth of HYPE tokens lately. The most recent filing follows a week in which Nasdaq recognized actions related to the proposed listing. This is another step in the regulatory process for the Hyperliquid investment vehicle.