Common Shares of Beneficial Interest of Bitwise Hyperliquid ETF (BHYP)

The Bitwise Hyperliquid ETF (BHYP) is a digital asset exchange-traded product sponsored by Bitwise Asset Management, the San Francisco-based crypto asset manager. Its listed shares are common shares of beneficial interest in a trust structure.

The fund is designed to provide exposure to HYPE, the native token of Hyperliquid, a blockchain built to support a high-performance decentralized exchange for perpetual futures and spot trading. The trust generally holds the token through a custodian and aims to reflect its market price, less expenses, and it may participate in staking where permitted.

The value of the shares moves with the price of HYPE, which can be highly volatile and is influenced by activity on the Hyperliquid platform and conditions in the wider cryptocurrency market.