Grayscale Hyperliquid Staking ETF (NASDAQ:HYPG) filed its Form 10-Q for the quarterly period ended September 30, 2026, disclosing unaudited financial results for the three months ended September 30, 2026, as well as the period from the Trust's commencement of operations on June 3, 2026, through that date.

Key Highlights

  • Net assets of $196,816 thousand as of September 30, 2026, up from $127,102 thousand at the beginning of the quarter.
  • Investment in HYPE at fair value was $196,887 thousand, against a cost basis of $145,164 thousand, as of September 30, 2026.
  • Staking Reward Income of $741 thousand was recorded for the three months ended September 30, 2026.
  • Net increase in net assets from operations was $48,296 thousand for the three-month period, driven primarily by $48,082 thousand in net unrealized appreciation.
  • 6,270,000 shares were outstanding at September 30, 2026, with a Principal Market NAV per Share of $31.39.
  • $177,506 thousand of the HYPE holding was staked as of September 30, 2026, according to the filing.
  • Distributions to shareholders totaled $369 thousand for the period from June 3, 2026, through September 30, 2026.

HYPG Trust Financial Position and Operations Through September 30, 2026

According to the filing, the Grayscale Hyperliquid Staking ETF is a Delaware Statutory Trust formed on January 8, 2026, that commenced operations on June 3, 2026, when its shares began trading on The Nasdaq Stock Market LLC under the symbol "HYPG." The Trust's investment objective, as described in the filing, is for the value of its shares to reflect the value of HYPE tokens held and rewards from staking a portion of those tokens, net of expenses. The Trust issues shares only in blocks of 10,000 (called "Baskets") to Authorized Participants in exchange for HYPE.

The filing reports that the Trust held 2,219,189.84951375 HYPE tokens as of September 30, 2026, with a fair value of $196,887 thousand and a cost of $145,164 thousand. Of that total, $177,506 thousand represented staked HYPE. For the three months ended September 30, 2026, the Trust reported total investment income of $741 thousand, comprised entirely of Staking Reward Income, against net expenses of $263 thousand, resulting in net investment income of $478 thousand. Net realized loss for the same period was $264 thousand, while net change in unrealized appreciation was $48,082 thousand.

The filing also discloses capital share activity for the period from commencement through September 30, 2026: 6,360,000 shares were issued and 110,000 shares were redeemed, leaving 6,270,000 shares outstanding at period end. The Trust began with 20,000 seed shares purchased on June 2, 2026, by Grayscale Investments Sponsors, LLC at $25.00 per share, for total proceeds of $500,000, according to the filing. As of November 6, 2026, the filing reports 6,470,000 shares outstanding.

What Was Disclosed

The Trust filed unaudited financial statements covering the three months ended September 30, 2026, and the period from June 3, 2026, through that date, disclosing net assets of $196,816 thousand, staking income of $741 thousand for the quarter, and a NAV per share of $31.39.