$ZCSH is speculative and entails significant risk, including the risk that an investor could lose their entire investment.

This information must be preceded or accompanied by a current Grayscale Hyperliquid Staking ETF (“HYPG”) prospectus, which may be obtained by clicking below. Please read the prospectus carefully before investing: etfs.grayscale.com/documents… *Brokerage fees and other expenses may still apply HYPG, an exchange traded product, is not registered under the Investment Company Act of 1940 ("40 Act") and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. An investment in HYPG is subject to significant risk, heightened volatility, and is not suitable for an investor that cannot afford the loss of the entire investment. An investment in HYPG is not a direct investment in HYPE. When HYPG stakes HYPE, HYPE is subject to the risks attendant to staking generally. Staking requires that HYPG lock up HYPE for the period of time required by the staking protocol, meaning that HYPG cannot sell or transfer the staked HYPE, thereby making it illiquid for the period it is being staked. Staked HYPE is also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked HYPE or a loss of any rewards. Potential staking rewards are earned by HYPG and not issued directly to investors. Foreside Fund Services, LLC is the Marketing Agent for the Fund.

Grayscale Hyperliquid Staking ETF ("HYPG" or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940 ("40 Act") and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. Investing involves risk, including possible loss of principal. An investment in HYPG is subject to a high degree of risk and volatility. HYPG is not suitable for an investor that cannot afford the loss of the entire investment. An investment in the Fund is not a direct investment in HYPE. ¹ Lowest fee based on gross management fee of 0.29%. Brokerage fees and other expenses may apply. This information must be preceded or accompanied by a current Grayscale Hyperliquid Staking ETF prospectus, which may be obtained by clicking below. Please read the prospectus carefully before investing: etfs.grayscale.com/documents… Staking Risk. When the Fund stakes HYPE, HYPE is subject to the risks attendant to staking generally. Staking requires that the Fund lock up HYPE for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked HYPE, thereby making it illiquid for the period it is being staked. Staked HYPE is also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked HYPE or a loss of any rewards. Potential staking rewards are earned by the Fund and not issued directly to investors. Foreside Fund Services, LLC is the Marketing Agent for the Fund.