Company: HBAR
Filing Date: 2025-09-09
Form Type: S-1
Source: 0000950170-25-113803
Chunk: 174

Company: Grayscale Hedera Trust ETF
Filing Date: 2025-09-09
Form: S-1
Chunk 174
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 to permit payment of Additional Trust Expenses, will vary from time to time depending on the level of the Trust’s expenses and the value of HBAR held by the Trust. See “—Expenses;

<div align='center'>101</div>

Sales of HBAR.” Assuming that the Trust is a grantor trust for U.S. federal income tax purposes, each delivery or sale of HBAR by the Trust for the payment of expenses will be a taxable event to shareholders. See “Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders.” Hypothetical Expense Example The following table illustrates the anticipated impact of the payment of the Trust’s expenses on the amount of HBAR represented by each outstanding Share for three years. It assumes that the only transfers of HBAR will be those needed to pay the Sponsor’s Fee and that the price of HBAR and the number of Shares remain constant during the three-year period covered. The table does not show the impact of any Additional Trust Expenses. Any Additional Trust Expenses, if and when incurred, will accelerate the decrease in the fractional amount of HBAR represented by each Share. In addition, the table does not show the effect of any waivers of the Sponsor’s Fee that may be in effect from time to time.

|                                                 |     |   |         Year 
            1 |     |   |          2 |     |   |          3 |
|:------------------------------------------------|:----|:--|-------------:|:----|:--|-----------:|:----|:--|-----------:|
| Hypothetical price per HBAR, beginning          |     | $ |       100.00 |     | $ |     100.00 |     | $ |     100.00 |
| Sponsor’s Fee                                   |     |   |            % |     |   |          % |     |   |          % |
| Shares of Trust, beginning                      |     |   |   100,000.00 |     |   | 100,000.00 |     |   | 100,000.00 |
| HBAR in Trust, beginning                        |     |   |    10,000.00 |     |   |            |     |   |            |
| Hypothetical value of HBAR in Trust             |     | $ | 1,000,000.00 |     | $ |          - |     | $ |          - |
| Beginning NAV of the Trust                      |