Grayscale Files Fourth HYPG Amendment, Outlines $113M Seed Plan Using 2M HYPE Tokens

Grayscale has submitted a fourth amended filing for its Hyperliquid-linked ETF, HYPG, highlighting a proposed seeding arrangement involving about 2 million HYPE tokens valued at roughly $113 million. The amended document says Grayscale is in active talks with Hyper Holdings Global LP for the entity to acquire fund shares via an authorized participant in exchange for the tokens. The filing notes the discussions are nonbinding, and the investor could ultimately buy more shares, fewer shares, or none. Bloomberg ETF analyst James Seyffart said the update points to the product moving closer to launch, though the filing does not disclose a management fee. Seyffart also questioned who Hyper Holdings Global LP is, citing limited public information. In ETF mechanics, seed capital is used to create an initial basket of shares ahead of public trading. A token-based seed would allow HYPG to begin with assets on day one rather than relying solely on cash. Grayscale's updated filing lands as institutional offerings tied to Hyperliquid expand. VanEck launched a Hyperliquid ETN, VHRL, on Deutsche Börse Xetra, stating it is fully backed by HYPE tokens and describing Hyperliquid as the largest decentralized perpetual futures exchange built on a layer-1 blockchain with sub-one-second transaction finality. Bitwise reported growth in its BHYP ETF, citing $62.9 million in assets under management, average daily volume of $19.8 million, and total inflows of $56.9 million. The firm said BHYP is the only spot Hyperliquid ETF that stakes assets internally and publishes the fund's wallet addresses. On-chain data also points to accumulation. A wallet analysts have linked to a16z reportedly bought an additional 253,947 HYPE, or about $15 million, over seven hours. Bitwise was also reported to have purchased 301,863 HYPE worth nearly $18.43 million over three hours. HYPE was trading at $65.6, up 13.9% over the past 24 hours. Trading volume rose 42% in the latest session to more than $1.23 billion.