Bitwise Hyperliquid ETF 10-Q

Item 5. Other Information. No executive officers or directors of the Sponsor have adopted , modified , or terminated trading plans under either a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as such terms are defined in Item 408 of Regulation S-K of the 1933 Act) for the three-month period ended June 30, 2026. 21 Item 6. Exhibits. Listed below are the exhibits, which are filed as part of this quarterly report on Form 10‑Q (according to the number assigned to them in Item 601 of Regulation S-K of the 1933 Act): Exhibit Number Description 3.1 Trust Agreement incorporated by reference to Exhibit 3.1 of the Registration Statement on Form S-1 (File No. 333-290519 ) filed by the Registrant on September 25 , 2025. 3.2 First Amended and Restated Declaration of Trust and Trust Agreement incorporated by reference to Exhibit 3.3 of the Registration Statement on Form S-1/A (File No. 333-290519 ) filed by the Registrant on December 15 , 2025. 3.3 Certificate of Trust incorporated by reference to Exhibit 3.2 of the Registration Statement on Form S-1 (File No. 333-290519 ) filed by the Registrant on December 1 5 , 2025. 10.1 Sponsor Agreement incorporated by reference to Exhibit 10.1 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.2 Form of Authorized Participant Agreement incorporated by reference to Exhibit 10.2 of the Registration Statement on Form S-1/A (File No. 333-290519 ) filed by the Registrant on December 15, 2025. 10.3 Marketing Agent Agreement incorporated by reference to Exhibit 10.3 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on May 5, 2026. 10.4 First Amendment to Marketing Agent Agreement incorporated by reference to Exhibit 10.4 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on May 5, 2026. 10.5 Hyperliquid Custody Agreement incorporated by reference to Exhibit 10.5 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.6 Cash Custody Agreement incorporated by reference to Exhibit 10.8 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.7 Fund Administration and Accounting Agreement incorporated by reference to Exhibit 10.9 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.8 Transfer Agency and Service Agreement incorporated by reference to Exhibit 10.10 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.9 Form of Master Purchase and Sale Agreement for Digital Assets incorporated by reference to Exhibit 10.11 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.10 Staking Services Agreement incorporated by reference to Exhibit 10.12 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.11 Pricing Benchmark License Agreement incorporated by reference to Exhibit 10.13 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 10.12 Amendment to Pricing Benchmark License Agreement incorporated by reference to Exhibit 10.14 of the Registration Statement on Form S-1/A (File No. 333-290519) filed by the Registrant on December 15, 2025. 22 31.1* Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended. 31.2* Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended. 32.1* Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2* Certification by Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH Inline XBRL Taxonomy Extension Schema Document 104 Cover Page Interactive Data File (Formatted as Inline XBRL and contained in exhibit 101) * These exhibits are furnished with this Quarterly Report on Form 10-Q and are not deemed filed with the SEC and are not incorporated by reference in any filing of Bitwise Hyperliquid ETF under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, made before or after the date hereof and irrespective of any general incorporation language contained in such filings. 23 GLOSSARY OF DEFINED TERMS The following terms may be used throughout this Quarterly Report, including the financial statements and related notes. 1933 Act : The Securities Act of 1933, as amended. Administrator : BNY Mellon. Advisers Act: The Investment Advisers Act of 1940. Authorized Participant : One that purchases or redeems Baskets from or to the Trust. BAM: Bitwise Asset Management, Inc., the parent company of the Sponsor. Basket : A block of 10,000 Shares used by the Trust to issue or redeem Shares. Benchmark Provider : CF Benchmarks Ltd. BNY Mellon: The Bank of New York Mellon, a national association bank in New York. Business Day : Any day other than a day when the Exchange or the New York Stock Exchange is closed for regular trading. Cash Custodian : BNY Mellon, as custodian of the Trust’s cash and cash equivalents pursuant to the Cash Custody Agreement. Cash Custody Agreement : The agreement between BNY Mellon and the Trust under which BNY Mellon acts as custodian of the Trust’s cash and cash equivalents. CME : The Chicago Mercantile Exchange. Constituent Platform : The major Hyperliquid trading platforms that serve as the pricing sources for the calculation of the CME CF Hyperliquid–Dollar Reference Rate - New York Variant and CME CF Hyperliquid Real Time Index. Cryptocurrency : A token such as Hyperliquid that is the native asset of a crypto asset network. Digital Asset: A token, such as a cryptocurrency, that is the native asset of or issued on a digital asset network and secured using public and private key cryptography or similar cryptographic credentials. ET: Eastern Time. Exchange: NYSE Arca, Inc. Exchange Act : The Securities Exchange Act of 1934, as amended. FDIC : Federal Deposit Insurance Corporation. FinCEN : The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury with the mandate to regulate financial institutions such as money services businesses in the U.S. Forked Asset: The crypto asset resulting from a “hard fork” that is not Hyperliquid, as determined by the Sponsor in its discretion as set forth in the Trust Agreement. The holder of Hyperliquid at the time of a Network Fork may use its Hyperliquid network private key to access the Forked Asset on the new network, typically through the use of the modified version of the Hyperliquid network software that created the Network Fork (or the legacy version of the Hyperliquid network software if the new version is determined to be Hyperliquid). GAAP : The generally accepted accounting principles of the United States. Hyperliquid : The native digital asset of the Hyperliquid network, also referred to as HYPE. 24 Hyperliquid Network : The software protocol and peer-to-peer network used for the creation, transfer and possession of Hyperliquid, as recorded on the Hyperliquid blockchain. Hyperliquid Custodian : Anchorage Digital Bank N.A. Hyperliquid Custody Agreement : The custody agreement between the Hyperliquid Custodian and the Trust pursuant to which the Trust Hyperliquid Account is established. Hyperliquid Staking Custody Agreement : The Exchange-Traded Product Staking Addendum to the Hyperliquid Custody Agreement, pursuant to which the Trust stakes Hyperliquid held in the Trust Hyperliquid Accounts. Hyperliquid Trading Counterparties: Cumberland DRW LLC, FalconX (d/b/a Solios, Inc.), Nonco LLC, Virtu Financial Singapore Pte. Ltd., Flowdesk and Wintermute Trading Ltd. Incidental Right : A right to receive a benefit of a fork or airdrop. Investment Company Act : Investment Company Act of 1940. IR Asset : Any crypto asset acquired through an Incidental Right. IRS : U.S. Internal Revenue Service. ITV : Indicative Trust Value. JOBS Act : The Jumpstart Our Business Startups Act. Marketing Agent : Foreside Fund Services, LLC. NAV : Net asset value of the Trust, which is a Non-GAAP metric and is determined each business day by valuing the Trust’s Hyperliquid using the Pricing Benchmark, less the Trust’s accrued but unpaid expenses. Pricing Benchmark : CME CF Hyperliquid–Dollar Reference Rate - New York Variant, a standardized reference rate published by the CME Group that calculates the U.S. dollar price of Hyperliquid as of 4:00 p.m. New York time on each calendar day on constituent crypto asset trading platforms to reflect the performance of Hyperliquid in U.S. dollars. Redemption Order : An order to redeem one or more Baskets. SEC : The U.S. Securities and Exchange Commission, an independent agency with the mandate to regulate securities offerings and markets in the U.S. Seed Shares : The eight (8) Shares used to seed the Trust. Seed Capital Investor : Bitwise Asset Management, Inc. Shares : Common shares representing units of undivided beneficial ownership of the Trust. Shareholders : Holders of Shares. Sponsor : Bitwise Investment Advisers, LLC, a Delaware limited liability company, which controls the investments and other decisions of the Trust. Sponsor Agreement : The agreement between the Sponsor and the Trust. Sponsor Fee: The unitary management fee of 0.34% per annum of the Trust’s Hyperliquid holdings that the Trust agreed to pay to the Sponsor. Sponsor Hyperliquid Account: The custody account in the name of the Sponsor held with the Hyperliquid Custodian, in which the Sponsor receives payment in Hyperliquid of its management fee from the Trust Hyperliquid Account. 25 Staking Agent : The entity operating validators for the Trust’s staking activities. Staking Expenses : Fees shared among the Staking Agent(s) and the Sponsor, collectively equal to 12% of the additional Hyperliquid generated by the staking of the Trust’s Hyperliquid. Transfer Agent : The Bank of New York Mellon. Trust : The Bitwise Hyperliquid ETF. Trust Agreement: The First Amended and Restated Declaration of Trust and Trust Agreement of Bitwise Hyperliquid ETF, dated as of November 25, 2025, entered into by the Sponsor and the Trustee. Trust Hyperliquid Account : The custody account in the name of the Trust held with the Hyperliquid Custodian, in which Trust Hyperliquid Account the Trust’s Hyperliquid assets are held. Trustee : Delaware Trust Company, a Delaware trust company. U.S. : The United States of America. 26 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Bitwise Investment Advisers, LLC as Sponsor of Bitwise Hyperliquid ETF By: /s/ Paul Fusaro Name: Paul Fusaro Title: Chief Operating Officer (Principal Executive Officer)* By: /s/ James Bebrin III Name: James Bebrin III Title: Vice President (Principal Financial Officer and Principal Accounting Officer)* Date: August 12, 2026 * The registrant is a trust and the persons are signing in their capacities as officers of Bitwise Investment Advisers, LLC, the Sponsor of the registrant. 27