Version 5 S-1 is out—does Grayscale’s pace mean it’s fine-tuning regulatory compliance or testing the market’s patience? With 130 million seed investment already locked in, the suspense around the fee rate is saved for last.

Wu learned that Bloomberg ETF analyst James Seyffart stated that Grayscale has submitted the fifth revision of the Grayscale Hyperliquid Staking ETF S-1 filing, with the proposed trading symbol still being HYPG, but the fee rate has not yet been disclosed. The document still retains approximately 2 million HYPE tokens as part of the seed investment arrangement, which is roughly equivalent to $130 million at current prices.