Company: HBAR
Filing Date: 2025-09-09
Form Type: S-1
Source: 0000950170-25-113803
Chunk: 8

Company: Grayscale Hedera Trust ETF
Filing Date: 2025-09-09
Form: S-1
Chunk 8
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era Trust ETF (the “Trust”) is a Delaware Statutory Trust that was formed on August 12, 2025, by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act (“DSTA”). The Trust’s purpose is to hold “HBAR”, which are digital assets that are created and transmitted through the operations of the peer-to-peer Hedera Network, a decentralized network of computers that operates on cryptographic protocols. There are several key features of the Hedera Network. Approximately 42.4 billion HBAR have entered circulation as of June 30, 2025. As of June 30, 2025, the 24-hour trading volume of HBAR was approximately $115.3 million. As of June 30, 2025, the aggregate market value of HBAR was $6.4 billion. As of September 8, 2025, HBAR was the eighteenth largest digital asset by market capitalization, as tracked by CoinMarketCap.com.

As a passive investment vehicle, the Trust’s investment objective is for the value of the Shares (based on HBAR per Share) to reflect the value of HBAR held by the Trust, including HBAR earned as Staking Consideration (to the extent that the Staking Condition is satisfied and Staking is implemented), determined by reference to the Index Price, less the Trust’s expenses and other liabilities. The Trust does not seek to generate returns beyond tracking the price of HBAR and any HBAR earned as Staking Consideration (to the extent that the Staking Condition is satisfied and Staking is implemented). There can be no assurance that the Trust will be able to achieve its investment objective. The Trust will not utilize leverage, derivatives or any similar arrangements in seeking to meet its investment objective.

From and after the date of this prospectus, the Trust intends to issue Shares on an ongoing basis pursuant to this registration statement, intends to rely on an exemption or other relief from the SEC under Regulation M to operate a redemption program, and intends to list the Shares on NASDAQ under the symbol “HBAR.” The Shares will be distributed by Authorized Participants who will be able to take advantage of arbitrage opportunities to keep the value of the Shares closely linked to the Index Price (referred to as the “arbitrage mechanism”). In particular, upon listing on NASDAQ, the Sponsor expects there to be a net creation of Shares if the Shares trade at a premium to NAV per Share