Bitwise Hyperliquid 

The Bitwise Hyperliquid ETF (BHYP) aims to replicate the daily price movements of Hyperliquid (HYPE) while simultaneously increasing its holdings through HYPE staking rewards. The fund secures direct exposure to HYPE by maintaining ownership of the cryptocurrency itself. Its Net Asset Value (NAV) is determined by referencing the CF Hyperliquid-Dollar US Settlement Price. Hyperliquid (HYPE) is recognized as a high-speed Layer 1 blockchain specifically engineered for decentralized finance (DeFi) and onchain trading, notably featuring a prominent perpetual futures exchange. The fund intends to dedicate a portion of its HYPE to staking activities, leveraging the benefits provided by these protocols, which are crucial for validating and recording blockchain transactions. HYPE that is staked functions as collateral, becoming temporarily locked within the network. This staking process presents an opportunity to generate and accrue additional HYPE. Staking-related costs comprise 25% of the HYPE produced, meaning the fund keeps approximately 75% of these rewards. For the purpose of U.S. federal income tax, the fund is established as a grantor trust. The fund's NAV is publicly available each day on its official website.