Bitwise Hyperliquid ETF

What they do

The Trust issues common shares of beneficial interest listed on NYSE Arca under the ticker BHYP. It holds Hyperliquid and calculates net asset value daily using the CME CF Hyperliquid Dollar Reference Rate - New York Variant. Anchorage Digital Bank N.A. serves as custodian for the Trust's Hyperliquid, and the Trust may stake Hyperliquid through designated Trust Staking Accounts.

Revenue drivers

• Hyperliquid price exposure — The Trust's primary investment objective is to provide exposure to the value of Hyperliquid held by the Trust, less expenses and liabilities. This is the sole source of returns from operations.
• Staking rewards — The Trust's secondary objective is to derive additional Hyperliquid through staking. In consideration for permitting its Hyperliquid to be held in Trust Staking Accounts, the Trust receives a portion of the additional Hyperliquid earned.

Recent performance

For the period from May 14, 2026 (commencement of operations) through June 30, 2026, the Trust reported a net investment loss of $98 and a net realized and unrealized gain of $9,008. Net increase in net assets resulting from operations was $9,106. Net assets were not fully disclosed in the provided excerpt. The Trust commenced operations on May 14, 2026.

Strategy

The Trust seeks to achieve its primary investment objective by holding Hyperliquid and establishing NAV by reference to the Pricing Benchmark. The secondary objective is to derive additional Hyperliquid through staking, with the Sponsor selecting one or more trusted staking agents. The Trust will not use derivatives, which avoids additional counterparty and credit risks. The Sponsor believes the design enables investors to implement asset allocation strategies using Hyperliquid through a traditional brokerage account.

Risks

• Digital asset price volatility — Hyperliquid is a decentralized digital asset with no cash flows or profits, so the Trust's value depends entirely on market price movements.
• Custody risk — The Trust's Hyperliquid is held by Anchorage Digital Bank N.A., a national trust bank not insured by the FDIC, though it carries private insurance.
• Staking risk — The Trust's secondary objective relies on staking agents and validators, which could fail to earn rewards or result in loss of staked assets.
• Regulatory risk — The Trust is an exchange-traded product holding a digital asset, and future regulatory changes could restrict its operations or listing.

Outlook

The Trust commenced operations on May 14, 2026, and has a limited operating history. Management does not provide specific forward-looking guidance beyond the stated investment objectives. The Trust continues to hold Hyperliquid and pursue staking in accordance with its objectives.