# Grayscale Hyperliquid Staking ETF

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Grayscale Hyperliquid Staking ETF).

## Overview

Grayscale Hyperliquid Staking ETF is a U.S.-based passive investment trust that holds HYPE, the native digital asset of the Hyperliquid Network. The trust issues exchange-traded shares designed to provide investors with exposure to HYPE, including staking rewards, while using an index price to calculate share value and NAV.

## Products & services

• Exchange-traded shares providing HYPE exposure
• HYPE custody and portfolio holding
• HYPE staking through third-party providers
• Creation and redemption baskets for authorized participants
• Index-based NAV calculation

- **HYPE Exposure Shares** (100%) — Exchange-traded shares represent an interest in a trust holding HYPE.
- **Staking Services** (0%) — The trust stakes eligible HYPE and retains a portion of resulting staking rewards.
- **Creation and Redemption Infrastructure** (0%) — Authorized participants create and redeem baskets using HYPE contributions or withdrawals.

- Exchange-traded shares providing exposure to HYPE
- Custody and holding of HYPE
- HYPE staking through third-party providers
- Creation and redemption baskets
- Index-based NAV calculation

## Customers

The trust serves investors seeking listed, operationally convenient exposure to HYPE without directly holding or staking the digital asset. Retail and institutional shareholders acquire shares on NASDAQ, while authorized participants support primary-market creation and redemption activity. Liquidity providers and digital asset trading platforms support market liquidity, pricing, and execution around the shares and underlying HYPE.

- **Retail investors** (primary) — Buy NASDAQ-listed shares for convenient HYPE exposure without direct wallet or staking operations.
- **Institutional investors** (primary) — Use the exchange-traded structure to obtain portfolio exposure to HYPE through a managed trust vehicle.
- **Authorized participants** (secondary) — Exchange HYPE for creation baskets or receive HYPE when redeeming shares.
- **Liquidity providers** (secondary) — Facilitate trading and may provide HYPE for trust transactions and market liquidity.

- Retail investors seeking listed HYPE exposure
- Institutional investors seeking regulated digital-asset access
- Authorized participants creating and redeeming share baskets
- Liquidity providers supporting secondary-market trading
- Shareholders seeking exposure to HYPE staking rewards

## Geography

The trust is organized and traded in the United States, with shares listed on NASDAQ and U.S. GAAP financial reporting. Its underlying market exposure is global because HYPE pricing and liquidity are sourced from international digital asset trading platforms, including Bitfinex, Bybit, Kraken, OKX, and other constituent platforms.

- U.S.-organized trust with shares traded on NASDAQ
- HYPE pricing references global digital asset markets
- Index platforms include Bitfinex, Bybit, Kraken, and OKX
- No country-level revenue disclosure is provided

## Strategy

The trust’s strategy is to provide passive, exchange-traded exposure to HYPE rather than actively trade digital assets or use leverage and derivatives. It holds HYPE, supports in-kind share creation and redemption, and stakes eligible assets to increase holdings through retained staking consideration. The structure is intended to combine listed-market access with direct economic exposure to the Hyperliquid Network’s native asset.

- **Maintain passive HYPE exposure** (long-term) — The trust is designed to track HYPE value rather than pursue active investment returns.
- **Operate the staking program** (medium-term) — Staking can increase the trust's HYPE holdings and potentially improve shareholder exposure over time.
- **Support primary-market liquidity** (short-term) — Basket creations and redemptions help align share supply with investor demand and underlying HYPE value.
- **Use robust market pricing** — Selecting a principal market and maintaining an independent index supports NAV calculation and valuation controls.

- Track HYPE value through a passive trust structure
- Use in-kind creations and redemptions to support efficiency
- Stake HYPE to earn additional network rewards
- Avoid leverage, derivatives, and active trading
- Use multi-platform index pricing for NAV reference

## Risks

The trust’s value is highly sensitive to HYPE price volatility, digital-asset market liquidity, and the continued operation of the Hyperliquid ecosystem. Staking introduces lock-up, protocol, operational, and third-party provider risks because staked HYPE may not be immediately withdrawable. Valuation, custody, regulatory, cybersecurity, and market-structure risks can also affect NAV, trading liquidity, and the ability to create or redeem shares.

- **HYPE market volatility** [critical] — The trust holds HYPE as its principal asset, so price declines directly reduce NAV and shareholder value.
- **Staking liquidity constraints** [high] — Protocol un-staking and withdrawal periods may prevent immediate access to staked HYPE.
- **Third-party staking and custody dependence** [high] — Operational errors, insolvency, security incidents, or contract failures at providers could affect assets or rewards.
- **Digital-asset regulatory uncertainty** [high] — Changes in securities, commodities, AML, or trading-platform rules could restrict the trust's activities or market access.
- **Market and index pricing disruption** [high] — Trading-platform outages, manipulation, thin liquidity, or divergent prices could impair NAV calculations and secondary trading.
- **Hyperliquid Network or protocol failure** [critical] — Technical, governance, cybersecurity, or smart-contract problems could reduce HYPE utility and market value.

- HYPE price volatility can materially reduce NAV and share value
- Staking lock-ups may restrict liquidity during redemptions
- Provider failures could disrupt staking or custody operations
- Digital-asset regulation could limit market access
- Trading-platform outages may impair pricing and liquidity
- Network or smart-contract failures could impair HYPE value

## Accounting

The trust measures HYPE using fair value principles under ASC 820, requiring judgments about the principal or most advantageous digital asset market and the reliability of market prices. Investment transactions are recorded on a trade-date basis, while realized gains and losses use specific identification and unrealized changes flow through investment valuation. Staking consideration increases HYPE holdings, while sponsor and staking fees paid in HYPE reduce holdings and can create realized gains or losses.

- **Fair value measurement** — Valuation and net assets
- **Principal-market versus index pricing** — NAV reconciliation and performance analysis
- **Staking consideration** — Investment balances and net investment income
- **Investment transaction recognition** — Timing of asset and transaction recognition
- **Specific identification of realized gains** — Realized gains and losses

- ASC 820 principal-market selection affects HYPE fair value
- Index NAV can differ from principal-market NAV
- HYPE price changes drive realized and unrealized gains
- Staking rewards increase investment holdings
- Fees paid in HYPE reduce holdings and affect gains
- Specific identification affects realized gain measurement

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*Last updated: 2026-09-08T07:02:18.536892+00:00*