Grayscale has submitted revised filings for its proposed Hyperliquid ETF, with market attention focused on a seed capital arrangement of approximately 2 million HYPE tokens. The filings do not confirm that the deal is complete, only stating that discussions are ongoing. Bloomberg ETF analyst James Seyffart believes this typically means the product is one step closer to launch, but fund fees remain undisclosed.
Added 2 million HYPE discussion tokens
According to the document's estimate, this batch of HYPE assets is worth close to $113 million, making it the most noteworthy change in this revision. However, the document does not specify whether this arrangement will be implemented, and there is limited public information about the relevant entity, Hyper Holdings Global LP, making it difficult for outsiders to determine its specific role at this time.
Grayscale has been continuously expanding its digital asset product line recently. The company previously described Hyperliquid as one of the fastest-growing protocols in the digital asset market, citing its high share in decentralized perpetual contract trading.
Hyperliquid trading volume was highlighted.
Grayscale stated in its materials that Hyperliquid processed approximately $2.9 trillion in perpetual contract trading volume in 2025, with open interest of approximately $7 billion. At the same time, the document also mentioned several risks, including HYPE's high volatility, relatively concentrated validator pool, and the fact that its core software is not entirely open source.
Trading products surrounding HYPE are also increasing. VanEck has launched the Hyperliquid ETN on the Deutsche Börse Xetra exchange, code VHRL, trading in euros and fully backed by HYPE tokens. Bitwise, meanwhile, reports strong early demand for its HYPE ETF, BHYP.
- BHYP manages approximately $62.9 million.
- The average daily trading volume is approximately US$19.8 million.
- Cumulative net inflow of approximately US$56.9 million
Bitwise also stated that BHYP is currently the only spot Hyperliquid ETF with staking completed internally by the fund and a publicly disclosed wallet address. The company further stated that 10% of the fund's annual management fee will be retained on Bitwise's balance sheet in the form of HYPE.
On-chain buying continues
On-chain data also shows continued capital inflows into HYPE. Reports indicate that a whale address linked to a16z by analysts purchased another 253,947 HYPE tokens within seven hours, worth approximately $15.03 million. Since April 14th, this address has cumulatively purchased approximately 3.55 million HYPE tokens at an average price of around $48.
According to other reports, Bitwise also recently purchased 301,863 HYPE tokens within 3 hours, worth nearly $18.43 million. In terms of price, HYPE is currently trading at approximately $56.93, down 7.84% in the last 24 hours. After previously rising to the $62-$65 range, the token has retreated, indicating increased short-term profit-taking.
