Grayscale's HYPG revision is already in its fifth edition, and the SEC is still nitpicking on formatting details, while the substantive terms of the staking ETF are quite solid.

Bloomberg analyst James Seyffart stated that Grayscale has submitted the fifth revision of the Hyperliquid Staking ETF (HYPG) to the U.S. SEC, still using approximately 2 million HYPE tokens as seed assets, with a market value of about $130 million, but key information such as management fees has not been disclosed.
The revision mainly involves formatting and technical changes in response to SEC comments, with no substantive changes from the previous version; core terms such as the HYPE staking mechanism and seed asset arrangements remain unchanged.