1. Organization

Grayscale Hyperliquid Staking ETF (the “Trust”) is a Delaware Statutory Trust that was formed on January 8, 2026 and commenced operations on June 3, 2026. The Trust’s investment objective is for the value of the Shares (based on the HYPE per Share) to reflect the value of the Hyperliquid tokens (“HYPE”) held by the Trust and to reflect rewards from Staking a portion of the Trust’s HYPE, less the Trust’s expenses and other liabilities. Staking on the Hyperliquid Network refers to the use of HYPE, or the permission for HYPE to be used through an agent or otherwise, in the Hyperliquid Network’s proof-of-stake validation protocol in exchange for the receipt of staking rewards paid in kind (“Staking”). The Trust issues Shares only in one or more blocks of 10,000 Shares (a block of 10,000 Shares is called a “Basket”) only to certain Authorized Participants (as defined herein) in exchange for HYPE.

The Trust’s registration statement on Form S-1 relating to its continuous public offering of Shares was declared effective by the Securities and Exchange Commission (“SEC”) on June 2, 2026 and the Shares were listed and began trading on The Nasdaq Stock Market LLC (“NASDAQ”) under the symbol “HYPG” on June 3, 2026 (the “Uplisting Date”).

On June 2, 2026, the Grayscale Investments Sponsors, LLC (in such capacity, the “Seed Capital Investor”), purchased 20,000 Shares at a per-Share price of $25.00 (the “Seed Baskets”), for total proceeds to the Trust of $500,000. Grayscale Investments Sponsors, LLC did not receive from the Trust, or any of its affiliates, any fee or other compensation in connection with the initial seed sale.

Grayscale Investments Sponsors, LLC, the sponsor of the Trust (“GSIS” or the “Sponsor”), is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Trust Agreement. The Sponsor is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers. As partial consideration for the Sponsor’s services, the Trust pays the Sponsor a Sponsor’s Fee as discussed in Note 7. The Sponsor also acts as the sponsor and manager of other single-asset and diversified investment products, each of which is an affiliate of the Trust. Information related to the affiliated investment products can be found on the Sponsor’s website at www.grayscale.com/resources/regulatory-filings. Any information contained on or linked from such website is not part of nor incorporated by reference into these unaudited financial statements.

CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”), The Bank of New York Mellon is the transfer agent (in such capacity, the “Transfer Agent”) and the administrator (in such capacity, the “Administrator”) of the Trust, Continental Stock Transfer & Trust Company is the co-transfer agent of the Trust (the “Co-Transfer Agent”), Anchorage Digital Bank N.A. is the custodian of the Trust (the “Custodian”), BitGo Bank & Trust, National Association (the “Additional Custodian”) is an available alternative custodian of the Trust, and Foreside Fund Services, LLC is the marketing agent of the Trust (the “Marketing Agent”).

On June 3, 2026, Shares of the Trust began trading on NASDAQ following the effectiveness of the Trust’s registration statement on Form S-1, as amended (File No. 333-294493). The Trust’s trading symbol on NASDAQ is “HYPG” and the CUSIP number for its Shares is 389936105.