Grayscale Hyperliquid Staking ETF is a proposed exchange-traded trust sponsored by Grayscale Investments Sponsors, LLC that issues common units of fractional undivided beneficial interest under the ticker HYPG. The trust is designed to hold HYPE, the native digital asset of the Hyperliquid network, and its investment objective is for the value of its shares, based on HYPE per share, to reflect the value of HYPE held by the trust, including HYPE earned through staking consideration when the staking condition is satisfied and staking is implemented, less expenses and other liabilities. Unlike a simple spot wrapper, HYPG explicitly includes staking in the product design: staking rewards may increase the trust's HYPE holdings, while investors access that exposure through brokerage-traded shares rather than direct token custody. Hyperliquid is a high-performance blockchain focused on on-chain trading infrastructure, including a decentralized order book and the HyperEVM smart-contract environment. HYPG is not a direct investment in HYPE and is subject to substantial risks, including HYPE price volatility, staking and slashing risks, custody and liquidity risks, creation and redemption mechanics, regulatory uncertainty, fund expenses and the possibility of significant or complete loss.