Grayscale filed a fourth amendment for its proposed Hyperliquid exchange-traded fund, HYPG, introducing a potential seed capital arrangement involving approximately 2 million HYPE tokens valued at nearly $113 million. The filing disclosed non-binding discussions with Hyper Holdings Global LP for the investor to acquire trust shares through an authorized participant in exchange for the HYPE tokens. The amendment filing follows growing institutional interest in HYPE despite a short-term price pullback, and comes as Grayscale has reportedly paused its own initial public offering plans due to market conditions.
Grayscale Proposes 2M HYPE Seed Capital in HYPG Amendment
Bloomberg ETF analyst James Seyffart said the updated filing suggests the product is moving closer to launch, though the fee has not yet been disclosed. According to the filing language shared by Seyffart, Grayscale's sponsor is in discussions with Hyper Holdings Global LP for the potential investor to acquire trust shares through an authorized participant in exchange for approximately 2 million HYPE tokens. The filing states that the discussions are not binding, meaning the investor could purchase more shares, fewer shares, or none.
Seed capital is used to create the initial shares of an ETF before trading begins. In this case, the proposed contribution would involve HYPE tokens rather than only cash, giving the trust assets before public trading starts. The filing does not confirm that the transaction will happen. It only states that discussions are underway. Seyffart also questioned who or what Hyper Holdings Global LP is, as public information about the entity remains limited.
The amendment comes as Grayscale continues building its digital asset product lineup. The firm recently described Hyperliquid as one of the strongest growth stories in modern digital assets, citing the protocol's large share of decentralized perpetual futures trading. Grayscale said Hyperliquid processed about $2.9 trillion in perpetual futures volume in 2025 and has about $7 billion in open interest. The report also noted risks, including HYPE's high volatility, a concentrated validator set, and closed-source core software.
A person familiar with the matter said the Stamford-based asset manager is unlikely to restart IPO preparations before the fourth quarter at the earliest.
VanEck and Bitwise Launch HYPE Investment Products
Grayscale's amended filing follows the launch of the VanEck Hyperliquid ETN on Deutsche Börse Xetra. The product trades under the ticker VHRL in euros and is fully collateralized by HYPE tokens. VanEck described Hyperliquid as the largest decentralized perpetual futures exchange, built on a purpose-designed Layer 1 blockchain with sub-second finality and fast execution. The firm also pointed to Hyperliquid's Assistance Fund, which directs most protocol fees toward HYPE buybacks.
Bitwise has also reported strong early demand for its HYPE ETF, BHYP. The company said BHYP had $62.9 million in assets under management, average daily volume of $19.8 million, and total inflows of $56.9 million. Bitwise said BHYP is the only spot Hyperliquid ETF that stakes assets in-house and publishes the fund's wallet addresses. The company also said 10% of the fund's annual management fee will be held as HYPE on Bitwise's balance sheet.
On-chain activity has also shown continued accumulation. A whale wallet linked by analysts to a16z reportedly bought another 253,947 HYPE, worth about $15.03 million, over seven hours. Since April 14, that wallet has reportedly bought 3.55 million HYPE at an average price of $48. Concurrently, Bitwise also reportedly bought 301,863 HYPE, valued at nearly $18.43 million, within a recent three-hour period.
HYPE Price Declines 7.84% After Recent Rally
HYPE traded near $56.93, down 7.84% over the past 24 hours. The token recently rallied toward the $62 to $65 range before pulling back, suggesting profit-taking after a strong move higher.
The daily chart still shows a broader uptrend from March, with HYPE forming higher highs and higher lows. Price broke out from the $45 to $48 range before testing the upper resistance zone. Momentum indicators show cooling pressure. The RSI is near 63.52, down from overbought levels but still above 50. MACD remains positive, though the histogram has started to fade.
Immediate resistance sits near $58.80 to $60.00. A daily close above that area could show renewed buyer strength and bring the $62.50 to $65.00 zone back into focus. A clean move above $65 would place HYPE back near price discovery territory. Immediate support is around $55.00 to $56.00. If HYPE loses that range, the next support sits near $52.50, followed by the $50.00 level. A deeper correction could retest $47.50 to $48.00, which was the breakout area before the latest rally.
FAQ
What did Grayscale include in its fourth HYPG ETF amendment?
Grayscale's fourth amendment for the HYPG ETF filing disclosed non-binding discussions with Hyper Holdings Global LP for a potential seed capital arrangement involving approximately 2 million HYPE tokens valued at nearly $113 million. The filing states that the investor could acquire trust shares through an authorized participant in exchange for the HYPE tokens, though the discussions are not binding.
How much trading volume did Hyperliquid process in 2025?
Grayscale said Hyperliquid processed about $2.9 trillion in perpetual futures volume in 2025 and has about $7 billion in open interest. The firm described Hyperliquid as one of the strongest growth stories in modern digital assets, citing the protocol's large share of decentralized perpetual futures trading.
What is HYPE's current price and recent performance?
HYPE traded near $56.93, down 7.84% over the past 24 hours. The token recently rallied toward the $62 to $65 range before pulling back. The daily chart shows a broader uptrend from March, with HYPE forming higher highs and higher lows after breaking out from the $45 to $48 range.
