TL;DR:
- Grayscale filed a fourth amendment for its Hyperliquid ETF, HYPG, with a seed capital plan of 2 million HYPE tokens valued at around $113 million.
- Bloomberg analyst James Seyffart indicated that Grayscale’s product is approaching launch, though the management fee has not yet been disclosed.
- VanEck launched a Hyperliquid ETN on Deutsche Börse Xetra and Bitwise reported reaching $62.9 million in assets under management in its BHYP ETF.
Grayscale filed a fourth amendment with regulators for its Hyperliquid-linked ETF, identified as HYPG. The most relevant update in the document is a potential seed capital agreement involving approximately 2 million HYPE tokens, with a value close to $113 million.
According to the terms of the filing, Grayscale is in active negotiations with Hyper Holdings Global LP for that entity to acquire fund shares through an authorized participant, in exchange for the aforementioned tokens. The filing clarifies that the negotiations are non-binding and that the investor could acquire more shares, fewer, or none at all.
The most interesting update/change looks to be a seed capital investment of ~2 million hyperliquid:native or about ~$113 million! will come from Hyper Holdings Global LP pic.twitter.com/osjfjP5ySh
— James Seyffart (@JSeyff) May 28, 2026
Bloomberg ETF analyst James Seyffart noted that the update suggests Grayscale’s product is approaching its launch, though the management fee was not included in the document. Seyffart also raised questions about the identity of Hyper Holdings Global LP, given that public information about the entity is scarce.
What Does Seed Capital Mean for Grayscale?
Seed capital allows the initial shares of an ETF to be created before public trading begins. The involvement of HYPE tokens in this structure would give the fund assets from the outset, without having to rely exclusively on cash.
Grayscale’s fourth amendment comes in response to fierce institutional competition around Hyperliquid. VanEck launched an ETN under the ticker VHRL on Deutsche Börse Xetra, fully backed by HYPE tokens. The firm stated that the protocol is the largest decentralized exchange for perpetual futures, built on a layer-1 blockchain with transaction finality in under one second.
Bitwise, for its part, reported solid results for its BHYP ETF: $62.9 million in assets under management, an average daily volume of $19.8 million, and total inflows of $56.9 million. The company highlighted that BHYP is the only spot Hyperliquid ETF that stakes assets internally and publishes the fund’s wallet addresses.
HYPE Keeps Climbing
On-chain activity also shows clear signs of accumulation. A wallet linked by analysts to a16z reportedly acquired 253,947 additional HYPE, for around $15 million, over a seven-hour period. Bitwise also reportedly purchased 301,863 HYPE, valued at nearly $18.43 million, over a three-hour span.
HYPE trades at $65.6, posting a gain of 13.9% over the last 24 hours. Its trading volume surged 42% in the last session, surpassing $1.23 billion.
