Grayscale Files Updated S-1 For Hyperliquid Staking ETF, What Do Experts Say?

Grayscale has filed a second amended registration statement for its bid to launch a Hyperliquid staking ETF in the U.S. It comes after the fourth amendment, which included an increase in its investment objective.

Grayscale Updates Hyperliquid Staking ETF Filing

The firm is adding to the series of moves that bring the Hyperliquid Staking ETF closer to a potential listing in the U.S.

The latest filing dated May 29, which was the fifth, was noted by Bloomberg ETF analyst James Seyffart on X. He calls it “amendment number five” to the proposed fund.

The ETF will trade on the symbol HYPG. Moreover, the Grayscale ETF’s documentation contains language of a major investment in the company’s native token Hyperliquid. However, the fee details are yet to be disclosed.

The latest amendment doesn’t seem to make major changes to the fund’s design, Seyffart said. “This looks like its nothing but a response to the potential minor SEC comments or small clean ups or formatting changes from what they filed yesterday,” he wrote. He said he didn’t see “anything substantial” in the new document.

The only thing that hasn’t been changed is the seed capital proposal. The filing still mentions the use of some 2 million HYPE tokens to seed the ETF, which is similar to Grayscale’s May 28 filing.

Using market values quoted by Seyffart, the job is valued at approximately $130 million. He also noted that the filing doesn’t mention a management fee that investors would pay if the fund launches.

NEW: @Grayscale files Amendment number five for their Hyperliquid Staking ETF — still no fee though !?! Ticker is still going to be $HYPG. There is still language in here for a seed of 2 million hyperliquid:native tokens (~$130 million) pic.twitter.com/EbfXCd43Z2

— James Seyffart (@JSeyff) May 29, 2026

The new amendment comes after several amendments that have been submitted over the past couple of weeks. In earlier paperwork, the product was renamed as the Grayscale Hyperliquid Staking ETF. It noted that it would attempt to offer exposure to HYPE in addition to staking rewards.

Analyst Responds To Queries Around $130M Seed Capital

Questions about the large seed investment sparked discussion among market participants. One X user commented whether the party giving the seed capital would gain or lose depending on the performance of the Grayscale ETF. They implied that this position may be at risk if the HYPE price falls significantly.

To address the concern, Seyffart said the backer is not likely to be concerned with short-term price changes. “They’re long term holders,” he said. The analyst added that they do not plan on selling out anytime soon.

He also said that if short-term volatility ever became an issue, “they’d probably hedge with options or something.” Along similar lines, Grayscale bought millions worth of HYPE tokens lately.

Moreover, the most recent filing follows a week in which the Nasdaq has recognized actions in connection with the proposed listing. It is another step in the regulatory process of the investment vehicle focused on Hyperliquid.

If you’re looking for staking rewards, visit our page on Crypto Staking Platforms.