Company: HBAR
Filing Date: 2025-09-09
Form Type: S-1
Source: 0000950170-25-113803
Chunk: 3

Company: Grayscale Hedera Trust ETF
Filing Date: 2025-09-09
Form: S-1
Chunk 3
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 Act of 1933, as amended (the “Securities Act”). See “Plan of Distribution.”

Investing in the Shares involves significant risks. You should carefully consider the risk factors described in “Risk Factors” starting on page [18] before you invest in the Shares.

The Trust is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and will therefore be subject to reduced reporting requirements.Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The Shares are neither interests in nor obligations of the Sponsor, the Trustee [or [ ] (the “Seed Capital Investor”).]

[On [ ], 2025, the Seed Capital Investor, subject to conditions, purchased the Seed Shares, comprising [ ] Shares at a per-Share price of $[ ]. Delivery of the Seed Shares was made on [ ]. Total proceeds to the Trust from the sale of the Seed Shares were $[ ]. On [ ], 2025 the Seed Shares were redeemed for cash and the Seed Capital Investor purchased the Seed Creation Baskets, comprising of [ ] Shares at a per-Share price of [ ] HBAR. Delivery of the Seed Creation Baskets was made on [ ]. The price of bitcoin for the Seed Creation Baskets was determined using the Index Price on [ ]. The price per-Share and the Index Price on [ ], 2025, were $[ ] and $[ ], respectively. Total proceeds to the Trust from the sale of the Seed Creation Baskets were [ ] HBAR. The Seed Capital Investor will act as a statutory underwriter in connection with this purchase. See “Seed Capital Investor” and “Plan of Distribution” for additional information.

The price of the Seed Shares and the Seed Creation Baskets was determined as described above and such Shares could be sold at different prices if sold by the Seed Capital Investor at different times.]

The U.S. dollar value of a Basket of Shares at 4:00 p.m., New York time, on the trade date of a creation or redemption order is equal to the “Basket Amount”, which is the amount of HBAR required to create or redeem a Basket of Shares, multiplied by the “Index Price,” which is the U.S. dollar value of an HBAR derived from the Digital Asset Trading Platforms (as defined herein) that are reflected in the CoinDesk HBAR CCIXber Reference Rate (the “Index