Bitwise Hyperliquid ETF Reports Significant Growth in Net Assets and Investment Income

Bitwise Hyperliquid ETF has reported its financial performance for the period from May 14, 2026, the date of its commencement of operations, through June 30, 2026. The Trust's net assets increased significantly from an initial seed capital of $200 to $128,241,000 by the end of the reporting period. This growth was primarily driven by the addition of approximately 2,052,610 Hyperliquid, valued at $124,872,000, through share creations, alongside $118,000 received from staking rewards. The Trust's net investment income for the period was $98,000, which included $156,000 from staking rewards, while total expenses amounted to $76,000.

The Trust's investment in Hyperliquid, valued at $128,260,000 as of June 30, 2026, represents its sole asset, with 1,959,065.2803 Hyperliquid held. The principal market net asset value (NAV) per share rose from $25.00 at the beginning of the period to $36.75 by the end, reflecting a total return of 47.00%. The increase in NAV was attributed to a net realized and unrealized gain of $9,008,000, which included a realized loss of $1,055,000 from Hyperliquid sold for redemptions and a change in unrealized appreciation of $10,051,000.

In terms of operational developments, the Trust has engaged in staking its Hyperliquid, which is expected to enhance its returns. The Trust's staking activities are managed by Attestant, Ltd., an affiliate of the Sponsor, and are subject to a one-day lockup period followed by a seven-day unstaking queue. As of June 30, 2026, the Trust had staked $89,810,000 worth of Hyperliquid. The Trust's organizational structure includes Bitwise Investment Advisers, LLC as the Sponsor, which is responsible for managing the Trust and its operations.

Looking ahead, the Trust anticipates continued growth in its net assets and investment returns through its staking strategy. However, it acknowledges the inherent risks associated with the volatility of Hyperliquid prices and the potential impact on its ability to meet redemption requests. The Trust has implemented liquidity risk policies to manage these challenges, including maintaining a liquidity reserve of unstaked Hyperliquid. The Sponsor has also waived the entire Sponsor Fee for the first month of operations, which is expected to support the Trust's financial performance in the near term.