Company: HBAR
Filing Date: 2025-09-09
Form Type: S-1
Source: 0000950170-25-113803
Chunk: 237

Company: Grayscale Hedera Trust ETF
Filing Date: 2025-09-09
Form: S-1
Chunk 237
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 IS OR IS INTENDED TO BE INVESTMENT ADVICE DIRECTED AT ANY POTENTIAL PURCHASER THAT IS A PLAN OR NON-ERISA ARRANGEMENT, OR AT SUCH PURCHASERS GENERALLY.

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[seeD capital investor]</div>

[The Seed Capital Investor agreed to purchase $[ ] in Shares on [ ], 2025, and on [ ], 2025 took delivery of [ ] Shares at a per-Share price of $[ ] (the “Seed Shares”). On [ ], 2025, the Seed Shares were redeemed for cash and the Seed Capital Investor purchased [ ] Shares at a per-Share price of [ ] HBAR (the “Seed Creation Baskets”). Delivery of the Seed Creation Baskets was made on [ ], 2025. The price of HBAR for the Seed Creation Baskets was determined using the Index Price on [ ]. The price per-Share and the Index Priceon [ ], 2025 were $[ ] and $[ ], respectively. As of the date of this prospectus, these [ ] Shares represent all of the outstanding Shares. The Seed Capital Investor may offer all of the Shares comprising the Seed Creation Baskets to the public pursuant to this prospectus.

The Seed Capital Investor will not receive from the Trust, the Sponsor or any of their affiliates any fee or other compensation in connection with the sale of the Seed Creation Baskets. The Seed Capital Investor will be acting as a statutory underwriter with respect to the Seed Creation Baskets.

The Sponsor and the Trust have agreed to indemnify the Seed Capital Investor against certain liabilities, including liabilities under the Securities Act, and to contribute to payments that the Seed Capital Investor may be required to make in respect thereof.]

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Plan of Distribution</div>

[In addition to, and independent of the initial purchase by the Seed Capital Investor (described above),] the Trust issues Shares in Baskets only to Authorized Participants in exchange for deposits of HBAR via a Liquidity Provider, together with corresponding deposits of cash from such Authorized Participants, on an ongoing continuous basis. [The Seed Capital Investor will be deemed a statutory underwriter.] The Trust does not issue fractions of a Basket. Although the Trust creates Baskets only upon the receipt of HBAR, at this time an Authorized Participant can only submit Cash Orders, pursuant to which the Authorized Participant will deposit cash into the Cash Account (and a Liquidity Provider will transfer to the Trust’s Vault Balance the corresponding H