Bitwise Hyperliquid ETF 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. a) On November 24, 2025, the Trust sold eight (8) Shares at a per-Share price of $25 to Bitwise Asset Management, Inc., an affiliate of the Sponsor, in a transaction exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. b) Not applicable. c) The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption of Baskets held by Authorized Participants, the Trust redeemed 17 Baskets (comprising 170,000 Shares) during the three-month period ended June 30, 2026. The following table summarizes the redemptions by Authorized Participants during the period. Period Total Shares Redeemed Average Price Per Share April 1, 2026 – April 30, 2026 8 $ 25 May 1, 2026 – May 31, 2026 — $ — June 1, 2026 – June 30, 2026 170,000 $ 33.75 Item 3. Defaults Upon Senior Securities. None. Item 4. Mine Safety Disclosures. Not applicable.