Company: HBAR
Filing Date: 2025-09-09
Form Type: S-1
Source: 0000950170-25-113803
Chunk: 137

Company: Grayscale Hedera Trust ETF
Filing Date: 2025-09-09
Form: S-1
Chunk 137
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 arrangements associated with the Hedera Network.

Unallocated Supply: Approximately 67 million HBAR, or approximately or 0.1% of the total supply, remained intentionally unallocated.

As of July 31, 2025, approximately 42 billion HBAR had entered circulation. Following the launch of the Hedera Network, HBAR circulated supply increases as it is allocated by the Council. Only 50 billion HBAR are ever expected to exist, a limit which is currently hardcoded into the Hedera Network, though the rate they are released and how they are allocated is determined by the Council.

As of February 20, 2025, the Hedera Council represented the largest owner, holding approximately 10,624,000,000 HBAR, or 21.25% of the total supply of HBAR, most in unreleased supply yet to be distributed and held in treasury. On December 20, 2024, the Hedera Council announced a grant of 7,000,000,000 HBAR to the Hedera Foundation, representing 14% of the total supply of HBAR. On February 14, 2025, 3,500,000,000 HBAR of the grant was transferred to wallets controlled by the Hedera Foundation. As of February 20, 2025, approximately 41,904,000,000 HBAR, or 83.8% of the total supply of HBAR was in circulation distributed across multiple wallets.

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HBAR Value Digital Asset Trading Platform Valuation The value of HBAR is determined by the value that various market participants place on HBAR through their transactions. The most common means of determining the value of an HBAR is by surveying one or more Digital Asset Trading Platforms where HBAR is traded publicly and transparently (e.g., Coinbase, Bitstamp, Kraken, LMAX Digital and Crypto.com). Additionally, there are over-the-counter dealers or market makers that transact in HBAR. Digital Asset Trading Platform Public Market Data On each online Digital Asset Trading Platform, HBAR is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies such as the U.S. dollar or euro, or stablecoins such as USDC. Over-the-counter dealers or market makers do not typically disclose their trade data. As of June 30, 2025, the Digital Asset Trading Platforms included in the Index were Bitstamp, Bybit, Crypto.com and OKX. As