Grayscale Files Fourth Amendment for Hyperliquid ETF, Adds 2M HYPE Seed Capital

Grayscale has filed a fourth amendment for its proposed Hyperliquid exchange-traded fund, HYPG, as institutional interest in HYPE continues to grow despite a short-term price pullback. The HYPG amendment comes as Grayscale has reportedly paused its own initial public offering plans due to market conditions. 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. 

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. The most notable change in the amendment is a potential seed capital arrangement involving about 2 million HYPE tokens, valued at nearly $113 million.

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.

Grayscale HYPG Filing Adds Large HYPE Seed Plan

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.

VanEck and Bitwise Expand HYPE 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 Pulls Back After 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.

Source: TradingView

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.