Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
a) On March 18, 2026, the Sponsor, in its capacity as the Initial Seed Capital Investor, subject to
conditions, purchased the Initial Seed Shares comprising two Shares at a per-Share price of $50. Total proceeds to the Trust from
the sale of the Initial Seed Shares were $100. Delivery of the Initial Seed Shares was made on March 18, 2026. These Initial Seed
Shares were redeemed for cash on March 23, 2026.
b) Not applicable.
c) The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption
of the Initial Seed Shares, the Trust redeemed two Shares held by the Sponsor, in its capacity as the Initial Seed Capital Investor,
during the period from March 18, 2026 (date of initial seeding) through March 31, 2026. No Creation Baskets were redeemed by
Authorized Participants during the period. The Trust had no Shares outstanding as of March 31, 2026. The following table summarizes
the redemptions of Shares during the period:
Period
Total Shares
Redeemed
Average
Price Per
Share
Maximum number
of shares that
may yet be
purchased
January 1, 2026 - January 31, 2026
-
$ -
N/A
February 1, 2026 - February 28, 2026
-
$ -
N/A
March 1, 2026 - March 31, 2026
2
$ 50.00
N/A
15
Market
Information
The Shares are listed on the Exchange under the symbol “THYP”
and have been listed since May 12, 2026.
Holders
As
of March 31, 2026, there were no DTC participating shareholders of record of the Trust.
Sales
of Unregistered Securities and Use of Proceeds of Registered Securities
On
March 18, 2026, the Sponsor, in its capacity as the Initial Seed Capital Investor, subject to conditions, purchased the Initial Seed
Shares comprising two Shares at a per-Share price of $50. Total proceeds to the Trust from the sale of the Initial Seed Shares were
$100. Delivery of the Initial Seed Shares was made on March 18, 2026. These Initial Seed Shares were redeemed for cash on March 23,
2026.
Proceeds
received by the Trust from the issuance of Creation Baskets consist of HYPE. Such deposits are held by the HYPE Custodians on behalf
of the Trust until (i) delivered out in connection with redemptions of Creation Baskets; or (ii) transferred or sold by the Sponsor,
which may be facilitated by the HYPE Custodians, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the
Sponsor.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.