Grayscale filed for a fifth amendment to its proposed Hyperliquid ETF with the planned HYPG ticker left unchanged. On the 29th of May, it was referred to a potential seed contribution as being defined by an amount of 2 million HYPE tokens. The figure is worth almost $130 million at current prices.
However, the amended filing keeps Grayscale in line with other companies looking to gain regulated access to HYPE. Talks over the seed arrangement are still being negotiated, and nothing is settled. It also does not reveal the management fee it proposes, which remains a key metric for investors comparing similar products.
Also Read: CFTC Approves Kalshi BTCPERP Bitcoin Perpetual Futures Contract
Grayscale Hyperliquid ETF Filing Shows No Major Change
Bloomberg ETF analyst James Seyffart said the new version appeared limited in scope. In a post on X, he stated that the changes appeared to be related to minor remarks from the SEC, cleanups, or formatting edits. He said that he didn’t really see a material change in the Hyperliquid ETF filing.
Hyper Holdings Global LP is once again listed as a potential contributor in the amended document. Public details about the firm remain limited, leaving its planned role unclear. The filing doesn’t specify whether the contributor would be giving tokens, cash, or another structure.
Seed assets are normally used to create an ETF’s first shares before trading starts. If the deal goes through, Gryscale will be able to use HYPE tokens for that process in its proposed Hyperliquid ETF. The document does not mention timing for launches or final launch conditions.
The amendment coincides with investment firms increasing their Hyperliquid-related products. VanEck has launched a hyperliquid exchange-traded note (ETN) on the Deutsches Börse Xetra with the ticker VHRL. Matthew Sigel said Hyperliquid runs the largest decentralized perpetual futures exchange and uses some revenue to buy back HYPE.
Bitwise and 21Shares Lead Hyperliquid Fund Demand
Demand has also been stronger for Bitwise’s BHYP product. The company reported $62.9 million in assets under management and $56.9 million in cumulative inflows. In support of transparency, Bitwise said the fund stakes its holdings internally and publishes wallet addresses.
21Shares launches two new products on Hyperliquid (THYP) and the leveraged TXXH ETF. THYP has been designed to track the spot price of HYPE while passing staking rewards through this asset structure to investors. It gives investors regulated exposure to HYPE without custodial token ownership.
On May 29, U.S.-listed HYPE funds had net inflows of $9.50 million, according to SoSoValue data. Total net assets amounted to approximately $136.56 million, with cumulative inflows of nearly $110 million.
The most active Hyperliquid-linked products were Bitwise’s BHYP and 21Shares’ THYP. The numbers indicate that single-issuer demand has not been the primary source for that demand. Investment Exposure shifted to other structures like staking, notes and leveraged exposure
The combined holdings of HYPE-related ETFs represent about 0.5% of the token’s total market value. The Hyperliquid ETF category provides institutions multiple on-ramps into markets at different price points, offering unique liquidity terms and regulatory opportunities.
Also Read: Grayscale Hyperliquid ETF Advances With New Filing
