# EDGAR Filing Document

**Accession Number:** 0002088139
**File Stem:** 0001213900-25-121386
**Filing Date:** 2025-12
**Character Count:** 1384946
**Document Hash:** 2cb58ef79ca2393753f49385d746461e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-121386.hdr.sgml**: 20251215

**ACCESSION NUMBER**: 0001213900-25-121386

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20251215

**DATE AS OF CHANGE**: 20251212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitwise Hyperliquid ETF
- **CENTRAL INDEX KEY:** 0002088139
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290519
- **FILM NUMBER:** 251569781

**BUSINESS ADDRESS:**
- **STREET 1:** 250 MONTGOMERY STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** (414) 707-3663

**MAIL ADDRESS:**
- **STREET 1:** 250 MONTGOMERY STREET
- **STREET 2:** SUITE 200
- **CITY:** SAN FRANCISO
- **STATE:** CA
- **ZIP:** 94104

As filed with the Securities and Exchange Commission on December 15, 2025.

Registration No. 333-290519

**UNITED STATES**<br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549**

**Amendment No. 1**

**to** 

**FORM S-1**

REGISTRATION STATEMENT<br> UNDER<br> THE SECURITIES ACT OF 1933

**Bitwise Hyperliquid ETF**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware** | **39-7207937** |
| (State or other jurisdiction of <br> incorporation or organization)  | (I.R.S. Employer <br> Identification No.) |

---

**c/o Bitwise Investment Advisers, LLC**<br> **250 Montgomery Street, Suite 200**<br> **San Francisco, California 94104**<br> **(415) 707-3663**<br> (Address, including zip code, and telephone number, including<br> area code, of registrant's principal executive offices and for service of process purposes)

**Copies to:**

**Richard Coyle, Esq.**

**Myles O'Kelly, Esq.**<br> **Chapman and Cutler LLP**

**320 South Canal Street, 27<sup>th</sup> Floor**

**Chicago, Illinois 60606**

**(312) 845-3724**

**Hunter Horsley**

**Bitwise Investment Advisers, LLC**

**250 Montgomery Street, Suite 200**

**San Francisco, California 94104**

**(415) 707-3663**

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box: ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large, accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

**Subject to Completion**

**Preliminary Prospectus dated December 15, 2025**

**PROSPECTUS**

**Shares**

**Bitwise Hyperliquid ETF**

The Bitwise Hyperliquid ETF (the "Trust") is an exchange-traded product that issues common shares of beneficial interest ("Shares") that are anticipated to be listed on NYSE Arca, Inc. (the "Exchange") under the ticker symbol "BHYP." The Trust's primary investment objective is to seek to provide exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations and other liabilities. The Trust's secondary investment objective is to seek to derive additional Hyperliquid through staking. In seeking to achieve its primary investment objective, the Trust will hold Hyperliquid and establish its net asset value ("NAV") by reference to the CF Hype Dollar US Settlement Price (the "Pricing Benchmark"). The Pricing Benchmark is calculated by CF Benchmarks Ltd. (the "Benchmark Provider") based on an aggregation of executed trade flow of major Hyperliquid trading platforms ("Constituent Platforms"). The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the "Sponsor").

The Trust will pay to the Sponsor a unitary management fee of 0.67% per annum of the Trust's Hyperliquid holdings (the "Sponsor Fee").

When the Trust creates or redeems its Shares, it will do so in blocks of 10,000 Shares (each, a "Basket") based on the quantity of Hyperliquid attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares (10,000) comprising a Basket (the "Basket Amount"). For an order to create (purchase) a Basket, the purchase shall be in the amount of Hyperliquid represented by the Basket Amount or the amount of U.S. dollars needed to purchase the Basket Amount (plus a per-order transaction fee), as calculated by the Administrator (as defined below). For an order to redeem a Basket, the Sponsor shall either arrange for the Basket Amount of Hyperliquid to be distributed in-kind or sold and the cash proceeds (minus a per-order transaction fee) distributed. The Trust only creates and redeems Baskets in transactions with financial firms that are authorized to create or redeem Shares with the Trust (each, an "Authorized Participant"). Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares.

Anchorage Digital Bank N.A. ("Anchorage Custody" or the "Hyperliquid Custodian") serves as the custodian for the Trust's Hyperliquid holdings and is responsible for the secure safekeeping of the Trust's Hyperliquid. Anchorage Custody was appointed by the Sponsor and is tasked with establishing and maintaining segregated accounts to hold the Trust's Hyperliquid (the "Trust Hyperliquid Accounts"). In connection with its investment objective of seeking to derive additional Hyperliquid through staking, the Trust will stake some or all of the Hyperliquid held in the Trust Hyperliquid Accounts. The Sponsor will select one or more trusted staking agents (the "Staking Agents"). Such Staking Agents operate the validators associated with the Trust's staked Hyperliquid.

Bitwise Asset Management, Inc., the parent of the Sponsor, served as seed capital investor to the Trust (the "Seed Capital Investor"). The Seed Capital Investor agreed to purchase $200 in Shares on November 24, 2025, and on November 24, 2025 took delivery of 8 Shares at a per-Share price of $25 (the "Seed Shares"). The $200 the Trust received in consideration for the sale of the Seed Shares served as the basis of the audit described in the sections entitled "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" and "STATEMENT OF ASSETS AND LIABILITIES."

Bitwise Investment Manager, LLC, an affiliate of the Sponsor, is expected to purchase the initial Baskets of Shares for $2,500,000, at a per-Share price of $25 for these 100,000 Shares (the "Seed Baskets"). Such proceeds are expected to be used by the Trust to purchase Hyperliquid at or prior to the listing of Shares on the Exchange. Bitwise Investment Manager, LLC will act as a statutory underwriter in connection with the initial purchase of the Seed Baskets.

Investors who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and may incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. Investing in the Trust involves risks similar to those involved with an investment directly in Hyperliquid and other significant risks. **See "RISK FACTORS" beginning on page 10.**

The offering of the Shares is registered with the U.S. Securities and Exchange Commission ("SEC") in accordance with the Securities Act of 1933 (the "1933 Act"). The Trust intends to issue Shares on a continuous basis and is registering an indeterminate number of Shares. The offering is intended to be a continuous offering. The Trust is not a fund registered or subject to regulation under the Investment Company Act of 1940 (the "Investment Company Act"). The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936 (the "Commodity Exchange Act"), and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission ("CFTC") as a commodity pool operator or a commodity trading adviser.

**AN INVESTMENT IN THE TRUST MAY NOT BE SUITABLE FOR INVESTORS THAT ARE NOT IN A POSITION TO ACCEPT MORE RISK THAN MAY BE INVOLVED WITH OTHER EXCHANGE-TRADED PRODUCTS THAT DO NOT HOLD HYPERLIQUID OR INTERESTS RELATED TO HYPERLIQUID. THE SHARES ARE SPECULATIVE SECURITIES. THEIR PURCHASE INVOLVES A HIGH DEGREE OF RISK AND YOU COULD LOSE YOUR ENTIRE INVESTMENT. YOU SHOULD CONSIDER ALL RISK FACTORS BEFORE INVESTING IN THE TRUST. PLEASE REFER TO "RISK FACTORS" BEGINNING ON PAGE 10.**

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**The date of this Prospectus is _____________, 2025**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [RISK FACTORS](#a_002) | 10 |
| [HYPERLIQUID, HYPERLIQUID MARKET AND REGULATION OF HYPERLIQUID](#a_003) | 59 |
| [THE TRUST AND HYPERLIQUID PRICES](#a_004) | 64 |
| [staking](#stak_001) | 70 |
| [CALCULATION OF NAV](#a_005) | 74 |
| [ADDITIONAL INFORMATION ABOUT THE TRUST](#a_006) | 73 |
| [THE TRUST'S SERVICE PROVIDERS](#a_007) | 79 |
| [CUSTODY OF THE TRUST'S ASSETS](#a_008) | 82 |
| [FORM OF SHARES](#a_010) | 83 |
| [TRANSFER OF SHARES](#a_011) | 83 |
| [SEED CAPITAL INVESTOR](#seed_001) | 84 |
| [PLAN OF DISTRIBUTION](#a_012) | 84 |
| [CREATION AND REDEMPTION OF SHARES](#a_013) | 86 |
| [USE OF PROCEEDS](#a_014) | 90 |
| [OWNERSHIP OR BENEFICIAL INTEREST IN THE TRUST](#a_015) | 90 |
| [CONFLICTS OF INTEREST](#a_016) | 91 |
| [FIDUCIARY AND REGULATORY DUTIES AND OBLIGATIONS OF THE SPONSOR](#a_017) | 92 |
| [LIABILITY AND INDEMNIFICATION](#a_018) | 94 |
| [PROVISIONS OF LAW](#a_019) | 96 |
| [MANAGEMENT; VOTING BY SHAREHOLDERS](#a_020) | 96 |
| [MEETINGS](#a_021) | 96 |
| [BOOKS AND RECORDS](#a_022) | 96 |
| [STATEMENTS, FILINGS, AND REPORTS TO SHAREHOLDERS](#a_023) | 96 |
| [FISCAL YEAR](#a_024) | 97 |
| [GOVERNING LAW; CONSENT TO DELAWARE JURISDICTION](#a_025) | 97 |
| [LEGAL MATTERS](#a_026) | 97 |
| [EXPERTS](#a_027) | 97 |
| [MATERIAL CONTRACTS](#a_028) | 98 |
| [UNITED STATES FEDERAL INCOME TAX CONSEQUENCES](#a_029) | 102 |
| [PURCHASES BY EMPLOYEE BENEFIT PLANS](#a_030) | 108 |
| [INFORMATION YOU SHOULD KNOW](#a_031) | 110 |
| [SUMMARY OF PROMOTIONAL AND SALES MATERIAL](#a_032) | 110 |
| [INTELLECTUAL PROPERTY](#a_033) | 111 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_034) | 111 |
| [PRIVACY POLICY](#a_035) | 111 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_036) | 112 |
| [STATEMENT OF ASSETS AND LIABILITIES](#a_037) | 113 |

---

This Prospectus contains information you should consider when making an investment decision about the Shares. You may rely on the information contained in this Prospectus. The Trust and the Sponsor have not authorized any person to provide you with different information and, if anyone provides you with different or inconsistent information, you should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The Shares are not registered for public sale in any jurisdiction other than the United States.

Until _____________, 2025 (25 days after the date of this prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution, may be required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus when acting as underwriters and with respect to unsold allotments or subscriptions. The Sponsor first intends to use this prospectus on _____________, 2025.

i

**STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus includes "forward-looking statements" that generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this Prospectus that address activities, events, or developments that will or may occur in the future, including such matters as movements in the digital asset markets, the Trust's operations, the Sponsor's plans, and references to the Trust's future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions, and expected future developments, as well as other factors appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor's expectations and predictions is subject to a number of risks and uncertainties, including:

● the special considerations discussed in this Prospectus;

● general economic, market and business conditions;

● technology developments regarding the use of Hyperliquid and other digital assets, including the systems used by the Sponsor and the Trust's custodian in their provision of services to the Trust;

● changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies; and

● other world economic and political developments, including, without limitation, global pandemics and the societal and government responses thereto.

See "RISK FACTORS." Consequently, all the forward-looking statements made in this prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, the Trust's operations or the value of the Shares. Neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to reflect a change in the Sponsor's expectations or predictions.

**EMERGING GROWTH COMPANY STATUS**

The Trust is an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act (the "JOBS Act") and, as such, may elect to comply with certain reduced reporting requirements. For as long as the Trust is an emerging growth company, unlike other public companies, it will not be required to:

● provide an auditor's attestation report on management's assessment of the effectiveness of its system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002;

● comply with any new requirements adopted by the Public Company Accounting Oversight Board ("PCAOB") requiring mandatory auditor rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer;

● comply with any new audit rules adopted by the PCAOB after April 5, 2012, unless the Securities and Exchange Commission determines otherwise;

● provide certain disclosure regarding executive compensation required of larger public companies; or

● obtain shareholder approval of any golden parachute payments not previously approved.

The Trust will cease to be an "emerging growth company" upon the earliest of (i) its having $1.235 billion or more in annual revenues, (ii) at least $700 million in market value of Shares being held by non-affiliates, (iii) its issuing more than $1.0 billion of non-convertible debt over a three-year period or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies; however, the Trust is choosing to "opt out" of such extended transition period, and as a result, the Trust will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that the Trust's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

ii

**Prospectus Summary**

 

*This is only a summary of the Prospectus and, while it contains material information about the Trust and its Shares, it does not contain or summarize all of the information about the Trust and the Shares contained in this Prospectus that is material and/or which may be important to you. You should read this entire Prospectus before making an investment decision about the Shares.*

**Overview of the Trust**

The Bitwise Hyperliquid ETF (the "Trust") is an exchange-traded product that issues common shares of beneficial interest ("Shares") that are anticipated to be listed on NYSE Arca, Inc. (the "Exchange") under the ticker symbol "BHYP." The Trust's primary investment objective is to seek to provide exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations and other liabilities. The Trust's secondary investment objective is to seek to derive additional Hyperliquid through staking. In seeking to achieve its primary investment objective, the Trust will hold Hyperliquid and establish its net asset value ("NAV") by reference to the CF Hype Dollar US Settlement Price ("Pricing Benchmark"). The Trust is sponsored and managed by Bitwise Investment Advisers, LLC (the "Sponsor").

The net assets of the Trust and its Shares are valued on a daily basis with reference to the Pricing Benchmark, a standardized reference rate published by CF Benchmarks Ltd. (the "Benchmark Provider") that is designed to reflect the performance of Hyperliquid in U.S. dollars. The Pricing Benchmark is calculated by the Benchmark Provider based on an aggregation of executed trade flow of major Hyperliquid trading platforms ("Constituent Platforms"). The Pricing Benchmark is calculated as of 4:00 p.m. Eastern time ("ET").

Anchorage Digital Bank N.A. ("Anchorage Custody" or the "Hyperliquid Custodian") serves as the custodian for the Trust's Hyperliquid holdings and is responsible for the secure safekeeping of the Trust's Hyperliquid pursuant to a custody agreement (the "Hyperliquid Custody Agreement"). Anchorage Custody was appointed by the Sponsor and is tasked with establishing and maintaining segregated accounts to hold the Trust's Hyperliquid (the "Trust Hyperliquid Accounts"). In connection with its investment objective of seeking to derive additional Hyperliquid through staking, the Trust will stake a portion of the Hyperliquid held in the Trust Hyperliquid Accounts. The Sponsor will select one or more trusted staking agents (the "Staking Agents"). Such Staking Agents operate the validators associated with the Trust's staked Hyperliquid.

Hyperliquid is a digital asset. Like all digital assets, buying, holding and selling Hyperliquid is very different from buying, holding and selling more conventional investments like stocks and bonds. Stocks represent ownership in a company, entitling shareholders to a portion of the company's profits. Bonds are debt instruments issued by corporations or governments, where the bondholder is a creditor to the issuer that is generally entitled to a stream of income payments. Ownership of stocks and bonds is typically recorded through a centralized system managed by brokers, custodians or clearinghouses. Ownership of Hyperliquid does not entitle its holders to any portion of a company's profits or any stream of income payments. Hyperliquid is a decentralized digital asset and ownership of it is reflected on a decentralized ledger.

The Trust provides investors with the opportunity to access the market for Hyperliquid through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding Hyperliquid directly. The Trust will not use derivatives that could subject the Trust to additional counterparty and credit risks. The Sponsor believes that the design of the Trust will enable certain investors to more effectively and efficiently implement strategic and tactical asset allocation strategies that use Hyperliquid by investing in the Shares rather than purchasing, holding and trading Hyperliquid directly.

**Hyperliquid, the Hyperliquid Blockchain and the Hyperliquid Network**

Hyperliquid is a digital asset that is created and transmitted through the operations of the peer-to-peer Hyperliquid Network, a decentralized network of computers that operates on cryptographic protocols. The Hyperliquid Network allows participants to exchange tokens of value called Hyperliquid or HYPE. As of December 4, 2025, Hyperliquid was believed to be the 12th largest digital asset by market capitalization of the more than 18,000 digital assets tracked across over 1,200 exchanges.

Transactions of Hyperliquid are processed by a distributed network of computers called validators, and recorded on the Hyperliquid Blockchain, a secure digital ledger where all Hyperliquid transactions are recorded. These validators are rewarded with Hyperliquid for their efforts. No single entity owns or operates the Hyperliquid Network or manages the Hyperliquid Blockchain. Instead, the infrastructure is collectively maintained by a decentralized community of users.

Hyperliquid can be used to pay for goods and services, including to send transactions on the Hyperliquid Network, or it can be converted to fiat currencies, such as the U.S. dollar. The primary goal of the Hyperliquid Network, however, is to support high-performance cryptocurrency trading via an on-chain central limit order book. This activity occurs on a component of the Hyperliquid Network known as HyperCore. An additional component known as HyperEVM provides a scalable, and efficient decentralized platform that supports decentralized applications and smart contracts, which are self-executing computer programs stored on a blockchain that automatically carry out the terms of an agreement between parties once predetermined conditions are met. These smart contracts can utilize trading infrastructure of HyperCore.

Unlike centralized systems, no single entity controls the Hyperliquid Network. Instead, a network of independent nodes validates transactions and reaches consensus using a proof-of-stake mechanism, ensuring security and trustless operations. Each transaction on the Hyperliquid Blockchain is validated by the network's nodes, which participate in the consensus process.

Unlike the proof-of-work mechanism used by bitcoin, which relies on miners solving computational puzzles, proof-of-stake allows validators to secure the network based on the number of Hyperliquid they hold and stake. This system improves energy efficiency while maintaining robust security. Validators on the Hyperliquid Network play a critical role in maintaining the blockchain's integrity, ensuring that each block follows the protocol's rules and contains valid transactions. Holders of Hyperliquid must stake the required minimum amount to become a Hyperliquid validator. For a validator to begin earning rewards or be considered active, two conditions must be met: (1) the validator must maintain a self-delegation of, as of the date of this Prospectus, at least 10,000 Hyperliquid (which is initially locked for one year), and (2) the validator must rank in the top 24 validators by stake weight.

Hyperliquid was initially conceptualized and developed by a team of quantitative trading experts to provide a high-performance platform for cryptocurrency trading. It has since evolved into a general-purpose blockchain that benefits from

Hyperliquid has three primary uses within the Hyperliquid Network: (1) it is used to pay for transactions on the network, those fees being burned and permanently removed from circulation; (2) it can be staked to derive rewards, as described above; and (3) staked, it allows individuals to participate in governance decisions for the Hyperliquid Blockchain.

For more information on Hyperliquid and the Hyperliquid Blockchain, see the relevant sections on HYPERLIQUID, HYPERLIQUID MARKET, AND REGULATION OF HYPERLIQUID below.

 **The Trust's Investment Objectives and Strategies** 

The Trust's primary investment objective is to seek to provide exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations. The Trust's secondary investment objective is to seek to derive additional Hyperliquid through staking. In seeking to achieve its primary investment objective, the Trust will hold Hyperliquid and accrue the Sponsor's management fee (the "Sponsor Fee") in U.S. dollars. The Trust will stake a portion of its Hyperliquid with the Hyperliquid Custodian. As consideration for participating in staking activities, the Trust will receive a portion of the reward generated from such participation in the form of additional Hyperliquid, which may be treated as income to the Trust.

The Trust will value its Hyperliquid holdings, net assets and the Shares daily based on the Pricing Benchmark. The Trust is passively managed and does not pursue active management investment strategies, and the Sponsor does not actively manage the Hyperliquid held by the Trust. This means that the Sponsor does not sell Hyperliquid at times when its price is high or acquire Hyperliquid at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Hyperliquid investors to attempt to reduce the risks of losses resulting from price decreases. The Trust will not utilize leverage or any similar arrangements in seeking to meet its investment objectives. Hyperliquid will be the only digital asset held by the Trust.

Although the Shares are not the exact equivalent of a direct investment in Hyperliquid, they provide investors with an alternative that constitutes a relatively cost-effective way to obtain Hyperliquid exposure through the securities market.

The Trust may either create and redeem Shares in-kind for Hyperliquid ("In-Kind Creations" and "In-Kind Redemptions," respectively) or for cash ("Cash Creations" and "Cash Redemptions," respectively). When the Trust creates or redeems its Shares, it will do so in blocks of 10,000 Shares (each, a "Basket") based on the quantity of Hyperliquid attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares (10,000) comprising a Basket (the "Basket Amount"). For an order to purchase (create) a Basket, the purchase shall be in the amount of Hyperliquid represented by the Basket Amount (in the case of an In-Kind Creation) or the amount of U.S. dollars needed to purchase the Basket Amount (plus a per-order transaction fee), as calculated by the Administrator (as defined below) (in the case of a Cash Creation). For an order to redeem a Basket, the Sponsor shall either arrange for the Basket Amount of Hyperliquid to be distributed in-kind (in the case of an In-Kind Redemption) or sold and the cash proceeds (minus a per-order transaction fee) distributed (in the case of a Cash Redemption). The Trust only creates and redeems Baskets in transactions with financial firms that are authorized to create or redeem Shares with the Trust (each, an "Authorized Participant"). In the case of In-Kind Creations and In-Kind Redemptions, an Authorized Participant or an Authorized Participant's designee ("Authorized Participant Designee") deposits Hyperliquid directly with the Trust or receives Hyperliquid directly from the Trust. Shares initially comprising the same Basket but offered by the Authorized Participants to the public at different times may have different offering prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction.

The Basket Amount required to create each Basket changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Hyperliquid constituting the Basket Amount as appropriate to reflect accrued expenses and any loss of Hyperliquid that may occur. The computation is made by the Administrator each business day prior to the commencement of trading on the Exchange. The Administrator determines the Basket Amount for a given day by dividing the number of Hyperliquid held by the Trust as of the opening of business on that business day, adjusted for the amount of Hyperliquid constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on that business day, by the quotient of the number of Shares outstanding at the opening of business divided by 10,000. Fractions of Hyperliquid smaller than 0.00000001 are disregarded for purposes of the computation of the Basket Amount. The Basket Amount so determined is communicated via electronic mail message to all Authorized Participants and made available on the Sponsor's website for the Shares.

***Staking***

 ****

Pursuant to its secondary investment objective, the Trust will seek to generate additional Hyperliquid through staking. The Trust will stake the Hyperliquid held in the Trust Hyperliquid Account(s) maintained at the Hyperliquid Custodian. Under normal circumstances, the Sponsor anticipates that it will engage in staking with respect to all of the Trust's Hyperliquid, except for Hyperliquid held in the "Liquidity Reserve," which is the portion of the Trust's Hyperliquid holdings that are unstaked and are thus freely transferable and available to meet Redemption Orders. In addition to the Hyperliquid held in the Liquidity Reserve, the Trust may, on a short-term and temporary basis and in connection with one or more of the following events, hold Hyperliquid that is not staked, provided that the Trust shall make such Hyperliquid available for staking as soon as and to the extent reasonably possible: (i) Hyperliquid to be sold to pay Trust expenses; (ii) Hyperliquid received in connection with In-Kind Creations or to be distributed in connection with In-Kind Redemptions; (iii) Hyperliquid acquired with cash in connection with Cash Creations or sold in connection with Cash Redemptions; or (iv) Hyperliquid received or available for receipt as staking rewards. In addition to Hyperliquid held in the Liquidity Reserve, the Trust also may, in connection with one or more of the following events, hold additional unstaked Hyperliquid, provided that the Trust shall make such Hyperliquid available for staking as soon as and to the extent reasonably possible: (i) the purchase or sale of Hyperliquid pursuant to a contingent liquidity arrangement ("Contingent Liquidity Arrangement") described below; (ii) the sale of Hyperliquid in connection with the Trust's liquidation; (iii) the need to take protective measures against potential system vulnerabilities in the Hyperliquid Network's protocol, staking smart contracts or validator client software; (iv) the cessation of the Hyperliquid Custody Agreement, but only with respect to the Hyperliquid affected by the cessation; (v) the cessation of the arrangement between the Hyperliquid Custodian and a Staking Agent, but only with respect to the staked Hyperliquid affected by the cessation; and (vi) a change in applicable law or regulation.

Given that the Trust anticipates staking a substantial portion of its Hyperliquid holdings, the Trust has adopted liquidity policies and procedures ("Liquidity Policies") reasonably designed to ensure that the Trust is able to satisfy Redemption Orders without incurring the risk of significant dilution of the remaining Shareholders' interest in the Trust.

The Liquidity Policies set forth the operation of the Liquidity Reserve. At the inception of the Trust, the Liquidity Reserve will be composed of 30% of the Trust's Hyperliquid holdings. However, this amount may be changed by the Sponsor in its sole discretion pursuant to the terms of the Liquidity Policies. The Liquidity Policies specify that, on a monthly basis, the Sponsor will seek to determine the appropriate percentage of the Trust's Hyperliquid to comprise the Liquidity Reserve. In making this determination, the Sponsor may consider any information it deems relevant, including, but not limited to, (i) the average daily value of Shares redeemed over the preceding month; (ii) the number of days the secondary-market closing price of the Shares has traded at a discount to NAV; (iii) the thirty-day realized volatility of Hyperliquid; (iv) Hyperliquid on-chain staking data, including the amount staked and the predetermined delegation period; and (v) the time-weighted average bid-ask spread for the Shares, as published by the Exchange. Following its review of these factors, the Sponsor may choose to adjust the percentage of Hyperliquid holdings that comprise the Liquidity Reserve. If the Sponsor chooses to adjust the percentage of Hyperliquid holdings that are held in the Liquidity Reserve, the Sponsor will disclose the change and the revised percentage of Hyperliquid holdings in a current report on Form 8-K.

The Trust will disclose on its website the percentage of the Trust's Hyperliquid that was staked as of the beginning of each trading day.

In the event that on a given day the amount of Hyperliquid comprising the Liquidity Reserve is insufficient to meet Redemption Orders received by the Trust, pursuant to the Liquidity Policies, the Trust will utilize a Contingent Liquidity Arrangement whereby the Sponsor, on behalf of the Trust, will seek to engage in a transaction with a third-party pursuant to which the Trust will exchange staked Hyperliquid (that will be freely transferable upon completion of the lock-up period and withdrawal queue) ("Moderately Liquid Hyperliquid") for Hyperliquid that is unstaked and freely transferable ("Highly Liquid Hyperliquid"). The Highly Liquid Hyperliquid that the Trust receives in this transaction will be used to satisfy the applicable Redemption Orders. The amount of Hyperliquid sold by the Trust under such circumstances will be the minimum necessary to satisfy the applicable Redemption Orders. Such trades are expected to occur at a spread, requiring the Trust to deliver a greater quantity of Moderately Liquid Hyperliquid in order to receive an equivalent amount of Highly Liquid Hyperliquid.

The Staking Agent(s) will operate the validators associated with the Trust's staked Hyperliquid. The Trust will enter into an agreement with each Staking Agent (each, a "Staking Services Agreement") setting forth the terms of the services provided by the Staking Agent to the Trust in connection with the Trust's staking activities. In order to preserve and protect the Trust assets and ensure that the validators will properly perform validations the Sponsor will exercise diligence to (i) ensure the performance and reliability of each Staking Agent; (ii) ensure the adequacy of the safety and security policies and procedures of each Staking Agent, and (iii) consider any other factor(s) the Sponsor deems appropriate in making the allocation determination as necessary to achieve its investment objective and preserve and protect the Trust's assets. The Sponsor may preference the use of Attestant, Ltd., an affiliate of the Sponsor, as Staking Agent. The Trust intends to arrange its affairs to limit staking so that any staking that occurs is non-discretionary, will not vary based on market conditions, and does not contain the indicia of a trade or business as provided in extant authority.

Staking provides the Trust with the opportunity to create and earn additional Hyperliquid. The Trust will be entitled to all Hyperliquid generated by the Trust's staking, after deduction of certain staking-related expenses. This additional Hyperliquid will increase the net assets of the Trust, benefiting Shareholders. Certain of such Hyperliquid may be treated as income to the Trust and may be held for future distribution to Shareholders, subject to procedures and requirements disclosed elsewhere in the Prospectus.

**Purchases and Sales of Hyperliquid**

When the Trust conducts Cash Creations or Cash Redemptions, the Sponsor, on behalf of the Trust, will be responsible for purchasing and selling Hyperliquid. The Trust may also be required to sell Hyperliquid to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor. Under such circumstances, the Sponsor, on behalf of the Trust, will typically seek to buy and sell Hyperliquid at a price as close to the Pricing Benchmark as practical.

The Sponsor, on behalf of the Trust, is responsible for acquiring Hyperliquid from a Hyperliquid trading counterparty that has been approved by the Sponsor (each, an "Hyperliquid Trading Counterparty"). As of December 9, 2025, A1, Ltd., Nonco, LLC and Solios, Inc. have been approved as Hyperliquid Trading Counterparties. A1, Ltd. is an affiliate of the Hyperliquid Custodian. The Sponsor has entered into contractual agreements with the Hyperliquid Trading Counterparties, and these agreements set forth the general parameters under which a transaction in Hyperliquid will be effectuated, should any transaction with a Hyperliquid Trading Counterparty occur. These agreements do not require the Sponsor to utilize any particular Hyperliquid Trading Counterparty, and do not create any contractual obligations on the part of any Hyperliquid Trading Counterparty to participate in cash or in-kind orders for creations or redemptions. All transactions between the Sponsor, on behalf of the Trust, and a Hyperliquid Trading Counterparty will be done on an arm's-length basis. The Sponsor will not assume the fees of Hyperliquid Trading Counterparties in connection with their purchase and sale of Hyperliquid. The Hyperliquid Trading Counterparties will pay their own fees associated with their purchase and sale of Hyperliquid.

 **The CF Hype Dollar US Settlement Price** 

The Pricing Benchmark was designed to provide a daily, 4:00 p.m. ET reference rate of the U.S. dollar price of one Hyperliquid that may be used to develop financial products. The Pricing Benchmark is representative of the Hyperliquid trading activity on the Constituent Platforms, which include, as of the date of this Prospectus, Bitget, Kucoin, MEXC and Gati.io. For more information on the Pricing Benchmark, see "THE TRUST AND HYPERLIQUID PRICES" below.

The Trust uses the Pricing Benchmark to calculate its daily NAV and utilizes the CF Hypecoin-Dollar Spot Rate Index to calculate an Indicative Trust Value (the "ITV"). The ITV is intended to provide additional information not otherwise available to the public that may be useful to investors and market professionals in connection with the trading of the Shares on the Exchange. It is calculated by using the prior day's holdings at close of business and the most recently reported price level of the CF Hypecoin-Dollar Spot Rate Index. The ITV will be disseminated on a per-Share basis every 15 seconds during regular Exchange trading hours of 9:30 a.m. to 4:00 p.m. ET.

**The Trust's Legal Structure**

The Trust is a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act (the "DSTA"). The Trust continuously issues common shares representing units of undivided beneficial ownership of the Trust that may be purchased and sold on the Exchange. The Trust operates pursuant to the First Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement"), dated as of December 9, 2025. CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust (the "Trustee"). The Trust is managed and controlled by the Sponsor pursuant to the terms of the Trust Agreement and the Sponsor Agreement, dated as of December 9, 2025, between the Trust and the Sponsor. The Sponsor is a limited liability company formed in the State of Delaware on June 4, 2018. Except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders do not have any voting rights and take no part in the management or control of, and have no voice in, the Trust's operations or business. The Trust Agreement and the Sponsor Agreement set forth the terms pursuant to which the Trust is operated, including the amount of the Sponsor Fee and any other fees and expenses charged to the Trust. These agreements may be amended without Shareholder approval. Although not currently intended, such amendments could potentially increase the amount of fees and expenses paid by the Trust. In the event of a material amendment to the Trust Agreement or Sponsor Agreement, including an increase in the Sponsor Fee, Shareholders will be provided notice of such amendment on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports.

**The Trust's Service Providers**

**The Sponsor**

Bitwise Investment Advisers, LLC serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of the Shares on the Exchange. The Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares and will operate the marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under the Trust Agreement.

**The Trustee**

CSC Delaware Trust Company serves as the Trustee, as required to create a Delaware statutory trust in accordance with the Trust Agreement and the DSTA.

**The Administrator**

The Bank of New York Mellon ("BNY Mellon") serves as the Trust's administrator (in such capacity, the "Administrator"). Under the Trust Administration and Accounting Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator makes available the office space, equipment, personnel and facilities required to provide such services. The Administrator's principal address is 240 Greenwich Street, New York, New York 10286.

**The Transfer Agent**

BNY Mellon serves as the transfer agent for the Trust (in such capacity, the "Transfer Agent"). The Transfer Agent: (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust.

**The Hyperliquid Custodian**

Anchorage Digital Bank N.A. serves as the Trust's Hyperliquid Custodian pursuant to the Hyperliquid Custody Agreement. Anchorage Digital is a national trust bank with a principal address at 101 South Reid Street, Suite 329, Sioux Falls, SD 57103. Under the Hyperliquid Custody Agreement, the Hyperliquid Custodian is responsible for safekeeping the Hyperliquid owned by the Trust. The Hyperliquid Custodian was selected by the Sponsor. The Hyperliquid Custodian has responsibility for opening the Trust Hyperliquid Accounts and implementing the controls designed by the Sponsor for the Trust Hyperliquid Accounts, as well as facilitating the transfer of Hyperliquid required for the operation of the Trust. The Hyperliquid Custodian will also enter into an agreement with the Sponsor to open a custody account to receive payment of the Sponsor Fee (the "Sponsor Hyperliquid Account").

The Hyperliquid Custodian is a national trust bank regulated by the Office of the Comptroller of the Currency. The Sponsor believes that the Hyperliquid Custodian's policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Trust's Hyperliquid holdings are consistent with industry best practices to protect against theft, loss, and unauthorized and accidental use of the private keys. The Trust Hyperliquid Accounts and the Sponsor Hyperliquid Account are segregated accounts and are therefore not commingled with corporate or other customer assets.

The Trust may retain additional Hyperliquid custodians from time to time pursuant to a Hyperliquid custodian agreement to perform certain services that are typical of a Hyperliquid custodian. The Sponsor may, in its sole discretion, add or terminate Hyperliquid custodians at any time.

**The Cash Custodian**

BNY Mellon also serves as the Cash Custodian pursuant to an agreement between it and the Trust (the "Cash Custody Agreement"). The Cash Custodian is the custodian of the Trust's cash holdings. The Trust may retain additional cash custodians from time to time pursuant to a cash custodian agreement to perform certain services that are typical of a cash custodian. The Sponsor may, in its sole discretion, add or terminate cash custodians at any time.

The Marketing Agent

Foreside Fund Services, LLC (the "Marketing Agent") is responsible for: (1) working with the Transfer Agent to review and approve, or reject, creation and redemption orders of Shares placed by Authorized Participants with the Transfer Agent; and (2) reviewing and approving the marketing materials prepared by the Trust for compliance with applicable U.S. Securities and Exchange Commission ("SEC") and Financial Industry Regulatory Authority ("FINRA") advertising laws, rules, and regulations.

Except for the specific, limited circumstance and time in which the Trust is using the Agent Execution Model, the Trust, the Sponsor and the service providers will not loan or pledge the Trust's assets, nor will the Trust's assets serve as collateral for any loan or similar arrangement.

**The Trust's Fees and Expenses**

The Trust will pay the unitary Sponsor Fee of 0.67% per annum of the Trust's Hyperliquid holdings.

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement. Except during periods in which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee will accrue daily and will be payable in Hyperliquid monthly in arrears. The Administrator will calculate the Sponsor Fee on a daily basis by applying a 0.67% annualized rate to the Trust's total Hyperliquid holdings, and the amount of Hyperliquid payable in respect of each daily accrual shall be determined by reference to the Pricing Benchmark.

The NAV of the Trust is reduced each day by the amount of the Sponsor Fee calculated each day. On or about the last day of each month, an amount of Hyperliquid will be transferred from the Trust Hyperliquid Account to the Sponsor Hyperliquid Account equal to the sum of all daily Sponsor Fees accrued for the month in U.S. dollars divided by the Pricing Benchmark on the last day of the month. The Trust is not responsible for paying any fees or costs associated with the transfer of Hyperliquid to the Sponsor. The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor Fee in its sole discretion. To the extent not already disclosed in the Prospectus, the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Sponsor Fee on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports.

In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee's monthly fee and out-of-pocket expenses, the fees of the Trust's regular service providers (Cash Custodian, Hyperliquid Custodian, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion based upon prevailing circumstances to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor will also pay the costs of the Trust's organization.

The additional Hyperliquid generated by the Trust's staking program will be subject to fees shared among the Staking Agent(s) and the Sponsor. The amounts owed or paid to the Staking Agent(s) and the Sponsor are collectively referred to as the "Staking Expenses". The Staking Expenses will equal 15% of the amount of the additional Hyperliquid generated by the staking of the Trust's Hyperliquid. The Staking Expenses will reduce the amount of Hyperliquid generated from the staking of the Trust's Hyperliquid that is ultimately retained by the Trust. The Trust's NAV will reflect the amount of Hyperliquid the Trust is entitled to under its staking program after deduction of all Staking Expenses.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including, but not limited to, taxes and governmental charges, any applicable brokerage commissions, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Hyperliquid Blockchain, any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, Hyperliquid Custodian, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters. The Administrator and/or the Sponsor will direct the Hyperliquid Custodian to transfer Hyperliquid from the Trust Hyperliquid Account to the Sponsor Hyperliquid Account to pay the Sponsor Fee and any other Trust expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust's Hyperliquid as necessary to pay such expenses.

Transfers of Hyperliquid to and from the Trust Hyperliquid Account to the Hyperliquid Trading Counterparty are "on-chain" transactions represented on a blockchain. Transfer fees with respect to this on-chain transfer of Hyperliquid will be paid by the Hyperliquid Custodian. The Hyperliquid Custodian will not pay such transfer fees with the Trust's assets.

**Custody of the Trust's Assets**

The Trust's Hyperliquid Custodian will maintain custody of all of the Trust's Hyperliquid in the Trust Hyperliquid Account. The Hyperliquid Custodian provides safekeeping of digital assets using hardware security modules ("HSMs") with embedded built-in custom business logic designed to provide security of the digital assets held by the Hyperliquid Custodian. The Hyperliquid Custodian has procured industry standard insurance coverage for services rendered under the Hyperliquid Custody Agreement. The insurance programs do not cover, insure or guarantee the performance of the Trust. There is no third-party insurance held on behalf of the Trust Hyperliquid Account. The Hyperliquid held by the Hyperliquid Custodian is not FDIC-insured. The insurance maintained by the Hyperliquid Custodian is shared among all of the Hyperliquid Custodian's customers, is not specific to the Trust or to customers holding Hyperliquid with the Hyperliquid Custodian, and may not be available or sufficient to protect the Trust from all possible losses or sources of losses.

The Hyperliquid in the Trust Hyperliquid Account may be held across multiple wallets, any of which will feature the following safety and security measures to be implemented by the Hyperliquid Custodian:

● *HSMs with Built-in Logic*: Built-in logic refers to the custom policy rules embedded directly inside the Hyperliquid Custodian's HSMs, allowing the hardware itself to validate and approve or reject transactions. Instead of blindly signing data, the HSM checks consensus requirements, whitelists, and other policies before any transactions are approved. This ensures that even if external systems are compromised, unauthorized transactions involving the Trust's Hyperliquid cannot be approved.

● *Private Keys*: All private keys are securely stored using multiple layers of high-quality encryption and in Hyperliquid Custodian-owned hardware vaults in secure environments. No customers or third parties are given access to the Hyperliquid Custodian's private keys.

● *Whitelisting*: Transactions are only sent to vetted, known addresses. The Hyperliquid Custodian's platform supports pre-approval. The Hyperliquid Custodian requires authentication when adding or removing addresses for whitelisting. All instructions to initiate a whitelist addition or removal must be submitted via the Anchorage Custody platform. When a whitelist addition or removal request is initiated, the authorized users will be prompted to authenticate the request using multiple layers of biometric authentication. A consensus mechanism on the Anchorage Custody platform dictates how many approvals are required in order for the consensus to be achieved to add or remove a whitelisted address. Only when the consensus is met is the underlying transaction considered officially approved. An account's roster and user roles are maintained by the Hyperliquid Custodian.

● *Audit Trails*: Audit trails exist for all movement of Hyperliquid within Hyperliquid Custodian-controlled Hyperliquid wallets and are audited annually for accuracy and completeness by an independent external audit firm.

In addition to the above measures, in accordance with the Hyperliquid Custody Agreement, Hyperliquid held in custody with the Hyperliquid Custodian will be segregated from both the proprietary property of the Hyperliquid Custodian and the assets of any other customer in accounts that clearly identify the Trust as the owner of the accounts. Therefore, in the event of an insolvency of the Hyperliquid Custodian, assets held in the segregated accounts of the Hyperliquid Custodian would not become property of the Hyperliquid Custodian's estate and would not be available to satisfy claims of creditors of the Hyperliquid Custodian.

The Hyperliquid Custodian maintains internal audit teams that perform periodic internal audits over custody operations. Systems and Organizational Control ("SOC") attestations are also performed on each of the Hyperliquid Custodian's services. The SOC 1 Type 2 and SOC 2 Type 2 reports produced cover private key management controls. A SOC 1 Type 2 report addresses the controls at a service organization that are likely to be relevant to user entities' internal control over financial reporting. A SOC 2 Type 2 report addresses controls at a service organization relevant to security, availability, processing integrity, confidentiality, or privacy in order to support users' evaluations of their own systems of internal control.

To the extent that the Trust engages an additional Hyperliquid Custodian in the future (a "Future Hyperliquid Custodian," and with Anchorage Custody, the "Hyperliquid Custodians"), the Sponsor will allocate the Trust's Hyperliquid between the Trust Hyperliquid Account at Anchorage Custody and the special account that holds the Trust's Hyperliquid at the Future Hyperliquid Custodian (the "Future Trust Hyperliquid Account," and with the Trust Hyperliquid Account, the "Trust Hyperliquid Accounts"). In selecting a Future Hyperliquid Custodian, the Sponsor, on behalf of the Trust, will consider a number of factors, including, but not limited to, regulatory compliance, operational security, insurance coverage, institutional reputation, and demonstrated experience safely storing large digital asset holdings. In determining the amount and percentage of the Trust's Hyperliquid to allocate to each Trust Hyperliquid Account, the Sponsor will consider (i) the concentration of the Trust's Hyperliquid at each Hyperliquid Custodian, (ii) the Sponsor's assessment of the safety and security policies and procedures of each Hyperliquid Custodian, (iii) the insurance policies of each Hyperliquid Custodian, (iv) the fees and expenses associated with the storage of the Trust's Hyperliquid at each Hyperliquid Custodian, (v) the fees and expenses associated with the transfer to or from the Trust Hyperliquid Account at each Hyperliquid Custodian, and (vi) any other factor the Sponsor deems relevant in making the allocation determination. The Sponsor does not intend to disclose the amount or percentage of the Trust's Hyperliquid held at either Anchorage Custody or the Future Hyperliquid Custodian, and the Sponsor may change the allocation between the Hyperliquid Custodians at any time and without notice to Shareholders. The fees and expenses associated with the transfer of Hyperliquid between the Trust Hyperliquid Account at each Hyperliquid Custodian will be borne by the Sponsor, not the Trust or the Shareholders. Any transfer of Hyperliquid between the Trust Hyperliquid Accounts at each Hyperliquid Custodian will occur "on-chain" over the Hyperliquid Blockchain. On-chain transactions are subject to all of the risks of the Hyperliquid Blockchain, including the risk that transactions will be made erroneously and are generally irreversible.

The Trust relies on the Cash Custodian to hold any cash related to the Cash Creation and Cash Redemption of Shares, purchase or sale of Hyperliquid or held for payment of expenses not assumed by the Sponsor.

The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation and redemption orders from Authorized Participants.

**Plan of Distribution**

When the Trust sells or redeems its Shares, it will do so in Baskets. The Trust only creates and redeems Baskets in transactions with Authorized Participants. In connection with an order to purchase Shares pursuant to an In-Kind Creation (an "In-Kind Creation Order"), an Authorized Participant shall deliver or cause to be delivered by an Authorized Participant Designee to the Hyperliquid Custodian the amount of Hyperliquid represented by the Basket Amount. In connection with an order to purchase Shares pursuant to a Cash Creation (a "Cash Creation Order," and, with In-Kind Creation Orders, "Creation Orders"), an Authorized Participant shall deliver to the Transfer Agent the amount of U.S. dollars needed to purchase the Basket Amount of Hyperliquid, as well as the per-order transaction fee. In connection with an order to redeem Shares, an Authorized Participant shall deliver or cause to be delivered to the Trust's account at the Depository Trust Company ("DTC") the Basket(s) to be redeemed. To the extent such redemption order indicated that the redemption was to be done as an In-Kind Redemption (an "In-Kind Redemption Order"), the Sponsor shall arrange for a Basket Amount of Hyperliquid to distributed to a Hyperliquid account designated by the Authorized Participant or Authorized Participant Designee. To the extent such redemption order indicated that the redemption was to be done as a Cash Redemption (a "Cash Redemption Order," and, with In-Kind Redemption Orders, "Redemption Orders"), the Sponsor shall arrange for the Basket Amount of Hyperliquid to be sold and the resulting U.S. dollars to be distributed to the Authorized Participant. BNY Mellon will facilitate the processing of Creation Orders and Redemption Orders in Baskets from the Trust in its capacity as Transfer Agent and will custody the Trust's cash holdings in its capacity as Cash Custodian.

Authorized Participants may then offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the NAV of the Shares.

Investors who decide to buy or sell Shares will place their trade orders through their brokers and may incur customary brokerage commissions and charges. Prior to this offering, there has been no public market for the Shares. The Shares are expected to be listed for trading, subject to notice of issuance, on the Exchange under the ticker symbol "BHYP."

**Federal Income Tax Considerations**

Owners of Shares are treated, for U.S. federal income tax purposes, as if they owned a proportionate share of the assets of the Trust. They are also viewed as if they directly received a proportionate share of any income of the Trust, or as if they had incurred a proportionate share of the expenses of the Trust. Consequently, each sale of Hyperliquid by the Trust (which includes under current Internal Revenue Service ("IRS") guidance using Hyperliquid to pay expenses of the Trust) constitutes a taxable event to Shareholders. See "UNITED STATES FEDERAL INCOME TAX CONSEQUENCES—Taxation of U.S. Shareholders."

**Use of Proceeds**

Proceeds received by the Trust in connection with the issuance of Baskets consist of Hyperliquid and cash. In addition, the Trust will receive proceeds derived from its staking program that consist of Hyperliquid. Deposits of Hyperliquid received by the Trust pursuant to an In-Kind Creation are held by the Hyperliquid Custodian on behalf of the Trust until (i) delivered out in connection with an In-Kind Redemption of Baskets or (ii) caused to be transferred or sold by the Sponsor to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash proceeds received by the Trust in connection with Cash Creation Orders will be used to acquire Hyperliquid. Such deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) used to acquire Hyperliquid, (ii) accrued and distributed to pay Trust expenses and liabilities not assumed by the Sponsor, (iii) distributed to Authorized Participants in connection with Cash Redemptions of Baskets, or (iv) disposed of in a liquidation of the Trust.

**Principal Investment Risks of an Investment in the Trust**

An investment in the Trust involves risks. Investors may choose to use the Trust as a means of investing indirectly in Hyperliquid. Because the value of the Shares is correlated with the value of the Hyperliquid held by the Trust, it is important to understand the investment attributes of, and the market for, Hyperliquid. As noted, there are significant risks and hazards inherent in the Hyperliquid market that may cause the price of Hyperliquid to widely fluctuate. Investors considering a purchase of Shares should carefully consider how much of their total assets should be exposed to the Hyperliquid market, and should fully understand, be willing to assume, and have the financial resources necessary to withstand, the risks involved in the Trust's investment strategy, and be in a position to bear the potential loss of their entire investment in the Trust.

In addition, the Trust intends to create and earn additional Hyperliquid through the staking of its Hyperliquid. Staking involves certain risks, including the loss of Hyperliquid. None of the Trust's assets, including any Hyperliquid that is staked, are insured or otherwise protected by the Federal Deposit Insurance Corporation ("FDIC") or the Securities Investor Protection Corporation ("SIPC"). While "slashing" does not currently exist as a part of the Hyperliquid Network, in the future this mechanism could be added to the protocol in which case slashing penalties may be incurred if a validator to which Hyperliquid is delegated acts maliciously, such as by attesting to conflicting versions of the blockchain, or fails to maintain required uptime. Anchorage Custody's and the Staking Agent's liability to the Trust in connection with its actions or performance as the Hyperliquid Custodian and Staking Agent is limited, and Anchorage Custody and the Staking Agent may not maintain sufficient assets or insurance coverage to compensate the Trust for any resulting losses. As a result, there is no guarantee that the Trust would be able to recover any staked Hyperliquid, or the corresponding value thereof, in the event that it becomes subject to slashing or other staking-related penalties in the future. During the period when the Trust's Hyperliquid is staked, any staked Hyperliquid will be inaccessible. Hyperliquid staked is subject to a one-day lockup during which it cannot be unstaked. Additionally, after the one-day lockup period, any unstaked Hyperliquid enters a seven-day unstaking queue before it becomes freely transferable.

Hyperliquid is a relatively new technological innovation with a limited history. There is no assurance that usage of the Hyperliquid Blockchain or Hyperliquid will continue to grow. A contraction in the use or adoption of Hyperliquid may result in increased volatility or a reduction in the price of Hyperliquid, which could adversely impact the value of the Shares. The ongoing issuance of new Hyperliquid may cause the price of Hyperliquid to decline over time. Hyperliquid markets have a limited history, Hyperliquid trading prices have exhibited high levels of volatility, and in some cases such volatility has been sudden and extreme. Because of such volatility, Shareholders could lose all or substantially all of their investment in the Trust. Regulation of the use of Hyperliquid and the Hyperliquid Blockchain continues to evolve both in the United States and in foreign jurisdictions, which may restrict the use of Hyperliquid or otherwise impact the demand for Hyperliquid. Disruptions at digital asset trading platforms could adversely affect the availability of Hyperliquid and the ability of Authorized Participants to purchase or sell Hyperliquid and, therefore, their ability to create and redeem Shares.

Spot markets on which Hyperliquid trades are relatively new and largely unregulated or may not be complying with existing regulations and, therefore, may be more exposed to fraud and security breaches than established, regulated exchanges for other financial assets or instruments, which could have a negative impact on the performance of the Trust. Disruptions on Hyperliquid spot markets, futures markets and in the over-the-counter ("OTC") markets could adversely affect the availability of Hyperliquid and the ability of Authorized Participants (as defined below) to purchase or sell Hyperliquid or Hyperliquid derivatives (or provide cash in relation thereto) and therefore their ability to create and redeem Shares of the Trust. The loss or destruction of certain "private keys," including by the Hyperliquid Custodian, could prevent the Trust from accessing its Hyperliquid. Loss of these private keys may be irreversible and could result in the loss of all or substantially all of an investment in the Trust. Loss of private keys may also impede the Trust's ability to operate, including by limiting the Trust's ability to transfer Hyperliquid in the face of a redemption request and forcing the Trust to consider liquidation.

Custody of digital assets such as Hyperliquid includes unique risks of loss. The loss or destruction of private keys could prevent the Trust from accessing its Hyperliquid. Loss of these private keys may be irreversible and could result in the loss of all or substantially all of an investment in the Trust. Similarly, transactions on the Hyperliquid Blockchain generally may not be reversed or corrected, meaning that errors in transactions from the Trust Hyperliquid Account could result in the loss of all or substantially all of an investment in the Trust.

There is no assurance as to whether the Trust will be profitable or whether the Trust will meet its expenses and liabilities. Any investment made in the Trust may result in a total loss of the investment.

The Trust's return may not match the performance of the Pricing Benchmark because the Trust incurs operating expenses. The NAV of the Trust may not always correspond to the market price of its Shares for a number of reasons, including price volatility, trading activity, normal trading hours for the Trust, the calculation methodology of the NAV, and/or the closing of digital asset trading platforms due to fraud, failure, security breaches or otherwise. As a result, Baskets may be created or redeemed at a U.S. dollar value that differs from the market price of the Shares.

**Risk Factors**

 

*You should consider carefully the risks described below before making an investment decision. You should also refer to the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus, before you decide to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future.*

**Risks Related to Digital Assets**

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***A determination that Hyperliquid or any other digital asset is offered or sold as a "security" may adversely affect the value of Hyperliquid and the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Trust.***

Depending on its characteristics, a digital asset, including Hyperliquid, may be considered a "security" under U.S. federal securities laws. The test for determining whether a particular digital asset is a "security" is complex and difficult to apply, and the outcome is difficult to predict. In June 2023, the SEC brought suit against two of the largest operators of digital asset trading platforms in Securities and Exchange Commission v. Binance Holdings Ltd., et al (the "Binance Complaint") and Securities and Exchange Commission v. Coinbase, Inc., and Coinbase Global, Inc. (the "Coinbase Complaint"), alleging that Binance and Coinbase had solicited U.S. investors to buy, sell, and trade "crypto asset securities" through their unregistered trading platforms and operated unregistered securities exchanges, brokerages and clearing agencies. In addition, in November 2023, the SEC brought similar charges against Kraken (the "Kraken Complaint"), alleging that it operated as an unregistered securities exchange, brokerage and clearing agency.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the creation of the "Crypto Task Force." The Crypto Task Force was to be dedicated to developing a comprehensive and clear regulatory framework for digital assets and was to be led by Commissioner Hester Peirce. Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset's security status, a revised path to registered offerings and listings for digital asset-based investment vehicles, and clarity regarding digital asset custody, lending and staking. In February 2025, March 2025 and May 2025, Coinbase, Kraken and Binance, respectively, entered into a joint stipulation with the SEC to dismiss the SEC's lawsuit against them with prejudice. The ultimate impact of these dismissals is yet unknown.

Whether a digital asset is a security under the U.S. federal securities laws depends on whether it is included in the lists of instruments making up the definition of "security" in the Securities Act, the Securities Exchange Act of 1934 (the "Exchange Act") and the Investment Company Act. Digital assets do not appear in any of these lists, although each list includes the terms "investment contract" and "note," and the SEC has typically analyzed whether a particular digital asset is a security by reference to whether it meets the tests developed by the federal courts interpreting these terms, known as the "Howey" and "Reves" tests, respectively. For many digital assets, whether or not the Howey or Reves tests are met is difficult to resolve definitively, and substantial legal arguments can often be made both in favor of and against a particular digital asset qualifying as a security under one or both of the Howey and Reves tests. Adding to the complexity, the SEC staff has indicated that the security status of a particular digital asset can change over time as the relevant facts evolve.

If the Sponsor determines that Hyperliquid is a security under the U.S. federal securities laws, whether that determination is initially made by the Sponsor itself, or because a federal court upholds an allegation that Hyperliquid is a security, the Sponsor does not intend to permit the Trust to continue holding Hyperliquid in a way that would violate the federal securities laws (and therefore would either dissolve the Trust or potentially seek to operate the Trust in a manner that complies with the federal securities laws, including the Investment Company Act). In determining whether Hyperliquid is a security, the Sponsor does not engage in legal analysis on Hyperliquid nor perform any analysis based upon any legal standard. Instead, the Sponsor reviews the following information to inform its determination: (1) public information to determine if the SEC, any other U.S. regulatory agency or any court has made any statements regarding Hyperliquid, (2) public information regarding how digital asset markets view Hyperliquid, including whether Hyperliquid has been listed on reputable digital asset trading platforms that would have had access to a reasonable amount of information when making their determinations to list Hyperliquid, (3) public information to undertake reasonable diligence into the structure and technology of Hyperliquid, and (4) any other information gained from reputable sources that may impact the Sponsor's view of Hyperliquid, including a review of any websites associated with Hyperliquid's development. It is critical to note that such analysis are risk-based judgments made by the Sponsor and not a legal standard or determination binding on any regulatory body or court.

Any enforcement action by the SEC or a state securities regulator asserting that Hyperliquid is a security, or a court decision to that effect, would be expected to have an immediate material adverse impact on the trading price of Hyperliquid, as well as the Shares. This is because the business models behind most digital assets are incompatible with regulations applying to transactions in securities. If a digital asset is determined to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non-security digital assets, which in addition to materially and adversely affecting the trading value of the digital asset is likely to significantly impact its liquidity and market participants' ability to convert the digital asset into U.S. dollars. Any assertion that a digital asset is a security by the SEC or another regulatory authority may have similar effects.

If Hyperliquid is found by a court or other regulatory body to be a security, the Trust could be considered an unregistered "investment company" under the Investment Company Act, which could necessitate the Trust's liquidation under the terms of the Trust Agreement. Furthermore, the Trust could be considered to be engaged in a distribution (i.e., a public offering) of unregistered securities in violation of Section 5 of the Securities Act, which could impose significant civil and criminal liability on the Trust. There is no guarantee that a court of regulatory body will agree with the Trust's assessment of Hyperliquid as a non-security.

***The trading prices of many digital assets, including Hyperliquid, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading price of Hyperliquid, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.***

The trading prices of many digital assets, including Hyperliquid, have experienced extreme volatility in recent periods and may continue to do so. For instance, digital asset prices increased significantly during 2019, decreased significantly in the first quarter of 2020 amid broader market declines as a result of the novel coronavirus outbreak, and increased significantly again over the remainder of 2020 and the first quarter of 2021. Digital asset prices continued to experience significant and sudden changes throughout 2021 followed by steep drawdowns in the fourth quarter of 2021. Digital assets, including Hyperliquid, continued to see steep drawdowns in 2022, and digital asset prices, including Hyperliquid, have continued to fluctuate through 2023, 2024, and to date, in 2025. Hyperliquid has exhibited a historical annualized volatility of 128.92% and maximum annual price decrease of 68.32% since the token's inception on November 29, 2024.

Extreme volatility in the future, including further declines in the trading price of Hyperliquid, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value. Furthermore, negative perception and a lack of stability and standardized regulation in the digital asset economy may reduce confidence in the digital asset economy and may result in greater volatility in the price of Hyperliquid and other digital assets, including a depreciation in value. The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of Hyperliquid.

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***Digital assets, including Hyperliquid, are subject to a number of risks related to the digital asset ecosystem.***

The value of the Shares relates directly to the value of the Hyperliquid held by the Trust. The value of Hyperliquid is impacted by factors specific to Hyperliquid and also factors relating to the digital asset ecosystem generally, including:

● market conditions of, and overall sentiment towards, the digital assets and blockchain technology industry;

● trading activity on digital asset trading platforms, which, in many cases, are largely unregulated or may be subject to manipulation;

● the adoption of digital assets, such as Hyperliquid, as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol (such as the Hyperliquid Blockchain) and their ability to meet user demands;

● manipulative trading activity on digital asset trading platforms, which, in many cases, are largely unregulated;

● the needs of decentralized applications, smart contracts, their users, and users of the Hyperliquid Blockchain generally for Hyperliquid to pay transaction fees to execute transactions;

● governmental or regulatory actions by, or investigations or litigation in, countries around the world targeting well-known decentralized applications or smart contracts that are built on the Hyperliquid Blockchain, or other developments or problems, and associated publicity, involving or affecting such decentralized applications or smart contracts;

● increased competition from other forms of digital assets or payment services, including digital currencies constituting legal tender that may be issued in the future by central banks, or digital assets meant to serve as a medium of exchange by major private companies or other institutions;

● increased competition from other blockchain networks combining smart contracts, programmable scripting languages, and an associated runtime environment, with blockchain-based recordkeeping, particularly where such other blockchain networks are able to offer users access to a larger consumer user base, greater efficiency, reliability, or processing speed, or more economical transaction processing fees than the Hyperliquid Blockchain;

● investors' expectations with respect to interest rates, the rates of inflation of fiat currencies or Hyperliquid, and digital asset exchange rates;

● consumer preferences and perceptions of Hyperliquid specifically and digital assets generally, the Hyperliquid Blockchain relative to competing blockchain protocols, and Hyperliquid relative to competing digital assets;

● negative events, publicity, and social media coverage relating to the digital assets and blockchain technology industry;

● fiat currency withdrawal and deposit policies on digital asset trading platforms;

● the liquidity of digital asset markets and any increase or decrease in trading volume or market making on digital asset markets;

● business failures, bankruptcies, hacking, fraud, crime, government investigations, or other negative developments affecting digital asset businesses, including digital asset trading platforms, or banks or other financial institutions and service providers which provide services to the digital assets industry;

● the use of leverage in digital asset markets, including the unwinding of positions, "margin calls", collateral liquidations and similar events;

● investment and trading activities of large or active consumer and institutional users, speculators, validators and investors;

● a "short squeeze" resulting from speculation on the price of Hyperliquid, if aggregate short exposure exceeds the number of shares available for purchase;

● an active derivatives market for Hyperliquid or for digital assets generally;

● monetary policies of governments, legislation or regulation, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of Hyperliquid as a form of payment or the purchase of Hyperliquid on the digital asset markets;

● global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak;

● fees associated with processing n Hyperliquid transaction and the speed at which Hyperliquid transactions are settled;

● the maintenance, troubleshooting, and development of the Hyperliquid Blockchain including by validators and developers worldwide;

● financial strength of market participants;

● the availability and cost of funding and capital;

● the liquidity and credit risk of digital asset trading platforms;

● interruptions in service from or closures or failures of major digital asset trading platforms or their banking partners, or outages or system failures affecting the Hyperliquid Blockchain;

● decreased confidence in digital assets and digital assets trading platforms;

● poor risk management or fraud by entities in the digital assets ecosystem;

● increased competition from other forms of digital assets or payment services; and

● the Trust's own acquisitions or dispositions of Hyperliquid, since there is no limit on the number of Hyperliquid that the Trust may acquire.

Although returns from investing in Hyperliquid have at times diverged from those associated with other asset classes to a greater or lesser extent, there can be no assurance that there will be any such divergence in the future, either generally or with respect to any particular asset class, or that price movements will not be correlated. In addition, there is no assurance that Hyperliquid will maintain its value in the long, intermediate, short, or any other term. In the event that the price of Hyperliquid declines, the Sponsor expects the value of the Shares to decline proportionately.

The price of the Shares of the Trust is represented by the Pricing Benchmark that may also be subject to momentum pricing due to speculation regarding future appreciation in value of Hyperliquid, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Sponsor believes that momentum pricing of Hyperliquid has resulted, and may continue to result, in speculation regarding future appreciation in the value of Hyperliquid, inflating and making the Pricing Benchmark more volatile. As a result, Hyperliquid may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation in the Pricing Benchmark and could adversely affect the value of the Trust.

The Trust is not actively managed and does not and will not have any strategy relating to the development of the Hyperliquid Blockchain, nor will the Trust seek to avoid or mitigate losses from declines in the Hyperliquid price. Furthermore, the impact of the expansion of the Trust's Hyperliquid holdings on the digital asset industry and the Hyperliquid Blockchain is uncertain. A decline in the popularity or acceptance of the Hyperliquid Blockchain, or the value of Hyperliquid, would harm the value of the Trust.

***Many digital assets, including Hyperliquid, were only introduced within the past fifteen years, and the medium-to-long-term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets.***

Many digital assets, including Hyperliquid, were only introduced within the past decade, and the medium-to-long-term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies, such as the recentness of their development; their dependence on the internet and other technologies; their dependence on the role played by users, developers and validators; and the potential for malicious activity. For example, the realization of one or more of the following risks could materially adversely affect the value of the Shares:

● Digital asset networks, including networks and networks utilizing the Hyperliquid Network, are in the early stages of development. Given the recentness of the development of digital asset networks, digital assets may not function as intended and parties may be unwilling to use digital assets, which would dampen the growth, if any, of digital asset networks. Because Hyperliquid is a digital asset, the value of the Shares is subject to a number of factors relating to the fundamental investment characteristics of digital assets, including the fact that digital assets are bearer instruments and loss, theft, compromise, or destruction of the associated private keys could result in permanent loss of the asset.

● Digital asset networks are dependent upon the internet. A disruption of the internet or a digital asset network, such as the Hyperliquid Network, would affect the ability to transfer digital assets, including Hyperliquid, and, consequently, a disruption may impact their value.

● Although unlikely, the acceptance of software patches or upgrades by a significant, but not overwhelming, percentage of the users and validators in a digital asset network, such as the Hyperliquid Network, could theoretically result in a "fork" in such network's blockchain, including the Hyperliquid Blockchain, resulting in the operation of multiple separate networks.

● Governance of the Hyperliquid Network is by voluntary consensus. As a result, there may be a lack of consensus or clarity on the governance of the Hyperliquid Network, which may stymie the Hyperliquid Network's utility and ability to grow and face challenges. In particular, it may be difficult to find solutions or marshal sufficient effort to overcome any future problems on the Hyperliquid Network, especially long-term problems.

● Many digital asset networks, including the Hyperliquid Network, face significant scaling challenges and are being upgraded with various features designed to increase the speed of digital asset transactions and the number of transactions that can be processed in a given period (known as "throughput"). These attempts to increase the volume of transactions may not be effective, and such upgrades may fail, resulting in potentially irreparable damage to the Hyperliquid Network and the value of Hyperliquid.

● In the past, flaws in the source code for digital assets have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. The cryptography underlying the Hyperliquid Blockchain and Hyperliquid Network could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of the Hyperliquid Network or take the Trust's Hyperliquid, which would adversely affect the value of the Shares. Moreover, functionality of the Hyperliquid Network may be negatively affected such that it is no longer attractive to users, thereby dampening demand for Hyperliquid. Even if another digital asset other than Hyperliquid were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.

Moreover, because digital assets, including Hyperliquid, have been in existence for a relatively short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this Prospectus.

***Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on the acceptance of Hyperliquid and applications built on the Hyperliquid Network.***

The first digital asset, bitcoin, was launched in 2009. The Hyperliquid Network launched in 2023. In general, digital asset networks, including the Hyperliquid Network and other cryptographic and algorithmic protocols governing the issuance of digital assets, represent a new and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. For example, the realization of one or more of the following risks could materially adversely affect the value of the Shares:

● Hyperliquid and Hyperliquid-based applications today have limited use. As a result, the price of Hyperliquid may be influenced to a significant extent by speculators, thus contributing to price volatility.

● Banks may not provide banking services, or may cut off banking services, to businesses that provide digital asset-related services, which could decrease the price of digital assets generally or individually. Further, the lack of availability of banking services could prevent the Trust from being able to complete creations and redemptions of Baskets, the timely liquidation of Hyperliquid and withdrawal of assets from the Hyperliquid Custodian even if the Sponsor determined that such liquidation was appropriate or suitable, or otherwise disrupt the Trust's operations.

● Certain privacy-preserving features have been or are expected to be introduced to digital asset networks. For example, some prominent contributors to other blockchain networks have proposed the concept of "privacy pools," zero-knowledge proofs, and other privacy-preserving features. If any such features are introduced to the Hyperliquid Network, any exchanges or businesses that facilitate transactions in Hyperliquid may be at an increased risk of criminal or civil lawsuits, or of having banking services cut off if there is a concern that these features interfere with the performance of anti-money laundering duties and economic sanctions checks or facilitate illicit financing or crime.

● Users, protocol and application developers and validators may otherwise switch to or adopt certain digital assets at the expense of their engagement with other digital asset networks, which may negatively impact those networks, including the Hyperliquid Network.

The Trust is not actively managed and will not have any formal strategy relating to the development of the Hyperliquid Network and will not attempt to avoid or mitigate losses caused by declines in the price of Hyperliquid.

***Recent developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide declines in liquidity.***

Beginning in the fourth quarter of 2021 and continuing to date, digital asset prices have fluctuated widely. This has led to volatility and disruption in the digital asset markets and financial difficulties for several prominent industry participants, including digital asset trading platforms, hedge funds and lending platforms. For example, in the first half of 2022, digital asset lenders Celsius Network LLC and Voyager Digital Ltd. and digital asset hedge fund Three Arrows Capital each declared bankruptcy, and the stablecoin TerraUSD collapsed. These events caused a loss of confidence in participants in the digital asset ecosystem, negative publicity surrounding digital assets more broadly and market-wide declines in digital asset trading prices and liquidity.

Thereafter, in November 2022, FTX, the third largest digital asset trading platform by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency. Shortly thereafter, FTX's CEO resigned and FTX and numerous affiliates of FTX filed for bankruptcy. The U.S. Department of Justice subsequently brought criminal charges, including charges of fraud, violations of federal securities laws, money laundering, and campaign finance offenses, against FTX's former CEO and others. In November 2023, FTX's former CEO was convicted of fraud and money laundering. Similar charges related to violations of anti-money laundering laws were brought in November 2023 against Binance and its former CEO. FTX is also under investigation by the SEC, the Justice Department, and the CFTC, as well as by various regulatory authorities in the Bahamas, Europe and other jurisdictions. In response to these events, the digital asset markets have experienced extreme price volatility and declines in liquidity, and regulatory and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress. In addition, several other entities in the digital asset industry filed for bankruptcy following FTX's bankruptcy filing, such as BlockFi Inc. and Genesis Global Capital, LLC. The SEC also brought charges against Genesis Global Capital, LLC and Gemini Trust Company, LLC on January 12, 2023 for their alleged unregistered offer and sale of securities to retail investors. In October 2023, the New York Attorney General brought charges against Gemini, Genesis Global Capital and numerous affiliates of Genesis Global Capital, and Digital Currency Group alleging violations of law relating to the Gemini Earn program. In May 2024, the Bankruptcy Court of the Southern District of New York approved a settlement of the charges with the Genesis entities.

These events resulted in calls for heightened scrutiny and regulation of the digital asset industry, with a specific focus on digital asset trading platforms, and custodians. In June 2023, the SEC brought charges against Binance and Coinbase, two of the largest digital asset trading platforms, alleging that they solicited U.S. investors to buy, sell, and trade "crypto asset securities" through their unregistered trading platforms and operated unregistered securities exchanges, brokerages and clearing agencies. Binance subsequently announced that it would be suspending USD deposits and withdrawals on Binance.US and that it plans to delist its USD trading pairs. In addition, in November 2023, the SEC brought similar charges against Kraken, alleging that it operated as an unregistered securities exchange, brokerage and clearing agency.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the creation of the "Crypto Task Force." The Crypto Task Force was to be dedicated to developing a comprehensive and clear regulatory framework for digital assets and was to be led by Commissioner Hester Peirce. Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset's security status, a revised path to registered offerings and listings for digital asset-based investment vehicles, and clarity regarding digital asset custody, lending and staking. In February 2025, March 2025 and May 2025, Coinbase, Kraken and Binance, respectively, each entered into a joint stipulation to dismiss the SEC's lawsuit against them with prejudice.

The U.S. regulatory regime – namely the Federal Reserve Board, U.S. Congress and certain U.S. agencies (e.g., the SEC, the CFTC, FinCEN, the Office of the Comptroller of the Currency, the FDIC and the Federal Bureau of Investigation) as well as the White House have issued reports and releases concerning digital assets, including Hyperliquid and digital asset markets. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. It is possible that new laws and increased regulation and regulatory scrutiny may require the Trust to comply with certain regulatory regimes, which could result in new costs for the Trust. The Trust may have to devote increased time and attention to regulatory matters, which could increase costs to the Trust. New laws, regulations and regulatory actions could significantly restrict or eliminate the market for, or uses of, digital assets including Hyperliquid, which could have a negative effect on the value of Hyperliquid, which in turn would have a negative effect on the value of the Trust's Shares.

These events are continuing to develop at a rapid pace and it is not possible to predict at this time all of the risks that they may pose to the Sponsor, the Trust, their affiliates and/or the Trust's third-party service providers, or to the digital asset industry as a whole.

**Risks Associated with Hyperliquid and the Hyperliquid Blockchain**

**The value of the Shares relates directly to the value of Hyperliquid, the value of which may be highly volatile and subject to fluctuations due to a number of factors.**

The value of the Shares relates directly to the value of the Hyperliquid held by the Trust and fluctuations in the price of Hyperliquid could adversely affect the value of the Shares. The market price of Hyperliquid may be highly volatile, and subject to a number of factors, including:

● manipulative trading activity on digital asset trading platforms, which, in many cases, are largely unregulated or may not be complying with existing regulations;

● the adoption of Hyperliquid as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the Hyperliquid Blockchain and Hyperliquid Network;

● forks in the Hyperliquid Blockchain;

● investors' expectations with respect to interest rates and rates of inflation experienced by fiat currencies or digital assets (including, in particular, Hyperliquid);

● consumer preferences and perceptions of Hyperliquid specifically and digital assets generally;

● fiat currency withdrawal and deposit policies on digital asset trading platforms;

● the liquidity of digital asset trading platforms and any increase or decrease in trading volume on digital asset trading platforms;

● investment and trading activities of large investors that invest directly or indirectly in Hyperliquid;

● a "short squeeze" resulting from speculation on the price of Hyperliquid, if aggregate short exposure exceeds the number of Shares available for purchase;

● a determination that Hyperliquid is a security or changes in Hyperliquid's status under the federal securities laws;

● monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of Hyperliquid as a form of payment or the purchase of Hyperliquid on digital asset trading platforms;

● global or regional political, economic or financial conditions, events and situations, such as the novel coronavirus outbreak;

● fees associated with processing a Hyperliquid transaction and the speed at which transactions are settled on the Hyperliquid Blockchain;

● interruptions in service from or closures or failures of major digital asset trading platforms;

● decreased confidence in digital asset trading platforms due to the unregulated nature and lack of transparency surrounding the operations of digital asset trading platforms;

● increased competition from other forms of digital assets or payment services; and

● the Trust's own acquisitions or dispositions of Hyperliquid, since there is no limit on the number of Hyperliquid that the Trust may acquire.

In addition, there is no assurance that Hyperliquid will maintain its value in the long or intermediate term. In the event that the price of Hyperliquid declines, the Sponsor expects the value of the Shares to decline proportionately. The value of Hyperliquid as represented by the Pricing Benchmark or by the Trust's principal market may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for future appreciation in value, if any. The Sponsor believes that momentum pricing of Hyperliquid has resulted, and may continue to result, in speculation regarding future appreciation in the value of Hyperliquid, inflating and making the value of Hyperliquid more volatile. As a result, Hyperliquid may be more likely to fluctuate in value due to changing investor confidence, which could impact future appreciation or depreciation in the Pricing Benchmark and could adversely affect the value of the Shares.

**Hyperliquid is a relatively new technological innovation with a limited operating history.**

Hyperliquid has a relatively limited history of existence and operations. Hyperliquid began trading on major global cryptocurrency exchanges – including US exchanges – on June 6, 2025. There is a limited established performance record for the price of Hyperliquid and, in turn, a limited basis for evaluating an investment in Hyperliquid. Although past performance is not necessarily indicative of future result, if Hyperliquid had a more established history, such history might (or might not) provide investors with more information on which to evaluate an investment in the Trust.

 **Mathematical or technological advances could undermine the Hyperliquid Blockchain's consensus mechanism.** 

The Hyperliquid Blockchain relies on cryptographic algorithms for various operations, including address generation, transaction verification and smart contract execution. It is possible that mathematical or technological advances, such as the development of quantum computers with significantly more power than computers presently available, could undermine or vitiate the cryptographic consensus mechanism underpinning the Hyperliquid Blockchain. Quantum computing technology is an emerging phenomenon which, because it is still developing, makes it difficult to predict its ultimate effect on the future value of Hyperliquid and other digital assets. However, recent announcements by computer technology companies have suggested that quantum computing technology may be advancing faster than previously anticipated. For example, in February 2025, Microsoft announced its Majorana 1 chip, which is claimed to have the potential to support a one-million-qubit quantum computer. If quantum computing technology is able to advance and significantly increase its capacity relative to the capacity of today's leading quantum computers, it could potentially undermine the viability of many of the cryptographic algorithms used across the world's information technology infrastructure, including the cryptographic algorithms used for digital assets like Hyperliquid. If quantum computing is able to advance in that way, there is a risk that quantum computing could result in the cryptography underlying the Hyperliquid Blockchain becoming ineffective, which, if realized, could compromise the security of the Hyperliquid Blockchain, or allow a malicious actor to compromise the wallets holding Hyperliquid owned by the Trust or others on the Hyperliquid Blockchain, which would result in losses to Shareholders. While various actors in the Hyperliquid community are taking steps to enable the uses of cryptographic algorithms that would be resistant to advanced quantum computers, there is no guarantee that new quantum-proof architectures will be built and appropriate transitions will be implemented across the network at scale in a timely manner; any such changes could require the achievement of broad consensus within the Hyperliquid Blockchain community and a fork (or multiple forks), and there can be no assurance that such consensus would be achieved or the changes implemented successfully. If any of the foregoing were to occur, it could result in losses to Shareholders. Moreover, normal operations and functionality of the Hyperliquid Blockchain may be negatively affected. Such losses of functionality could lead to the Hyperliquid Blockchain losing attractiveness to users, nodes, validators, or other stakeholders, thereby dampening demand for Hyperliquid. Even if another digital asset other than Hyperliquid were affected by similar circumstances, any reduction in confidence in the source code or cryptography underlying digital assets generally could negatively affect the demand for digital assets and therefore adversely affect the value of the Shares.

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***A decline in the adoption of Hyperliquid or the Hyperliquid Blockchain could negatively impact the Trust.***

The Sponsor will not have any strategy relating to the development of Hyperliquid and the Hyperliquid Network. However, a lack of expansion in usage of Hyperliquid and the Hyperliquid Network could adversely affect an investment in Shares.

The further development and acceptance of the Hyperliquid Network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance or usage of the Hyperliquid Network may adversely affect the price of Hyperliquid and therefore an investment in the Shares. The further adoption of Hyperliquid may require an accommodating regulatory environment.

The use of digital assets such as Hyperliquid to, among other things, buy and sell goods or services or execute smart contract applications is part of a new and rapidly evolving industry that employs digital assets based upon computer-generated mathematical and/or cryptographic protocols. The Hyperliquid Network is a prominent, but not unique, part of this industry. The growth of this industry is subject to a high degree of uncertainty, as new assets and technological innovations continue to develop and evolve.

Today, there is limited use of Hyperliquid and, on a relative basis, speculators make up a significant portion of users. This may contribute to outsized price volatility, which in turn can make Hyperliquid less attractive to end users, whether as a smart contract platform, a means of payment, or other applications. A lack of expansion in the use of Hyperliquid, or a contraction of such use, may result in a reduction in the price of Hyperliquid, which could adversely affect an investment in the Trust.

In addition, there is no assurance that Hyperliquid will maintain its value over the long term. The value of Hyperliquid is subject to risks related to its usage. Even if growth in Hyperliquid Network adoption occurs in the near or medium term, there is no assurance that Hyperliquid usage will continue to grow over the long term. A contraction in use of Hyperliquid may result in increased volatility or a reduction in the price of Hyperliquid, which would adversely impact the value of the Shares.

**A single party – whether an individual, corporation, or mining pool – could come to control a significant portion of the Hyperliquid Network, and could enact amendments that are deemed undesirable to other user.**

The governance of decentralized networks, such as the Hyperliquid Network, is by voluntary consensus. As a result, should a single party – whether an individual, corporation, or mining pool – gain majority control of the network, it may be able to enact changes or amendments to the network that are otherwise undesirable to other participants. Were this to happen, it could harm the value of Hyperliquid and therefore the value of the Trust.

**Competition from other digital assets – including existing or future "forks" of the Hyperliquid Network – could have a negative impact on the price of Hyperliquid and adversely affect an investment in the Shares.**

The Hyperliquid Network is built using open-source software, and is therefore easy to copy. If new assets emerge that imitate on or are modeled on the Hyperliquid Network, that could cause the price of Hyperliquid to fall and would affect the value of the Shares.

Even beyond directly similar assets, any new competing digital assets may result in a reduction in demand for Hyperliquid, which could have a negative impact on the price of Hyperliquid and may have a negative impact on the performance of the Trust.

Hyperliquid also faces significant competition other technologies. There is no guarantee that Hyperliquid will become a dominant or significant platform for decentralized applications, or even that decentralized applications will gain significant traction.

**Any name change and any associated rebranding initiative may not be favorably received by the digital asset community, which could negatively impact the value of Hyperliquid and the value of the Shares.**

From time to time, digital assets may undergo name changes and associated rebranding initiatives. For example, Bitcoin Cash may sometimes be referred to as Bitcoin ABC in an effort to differentiate itself from any Bitcoin Cash hard forks, such as Bitcoin Satoshi's Vision, and in the third quarter of 2018, the team behind ZEN rebranded and changed the name of ZenCash to "Horizen." The Sponsor cannot predict the impact of any name change and any associated rebranding initiative on Hyperliquid. After a name change and an associated rebranding initiative, a digital asset may not be able to achieve or maintain brand-name recognition or status that is comparable to the recognition or status previously enjoyed by such digital asset. The failure of any name change and any associated rebranding initiative by a digital asset may result in such digital asset not realizing some or all of the anticipated benefits contemplated by the name change and associated rebranding initiative, and could negatively impact the value of Hyperliquid and the value of the Shares.

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***Validators may suffer losses due to staking, which could make the Hyperliquid Network less attractive.***

Validation on the Hyperliquid Network requires Hyperliquid to be placed in escrow not under the Trust's or anyone else's control. If the Hyperliquid Network source code or protocol fail to behave as expected, suffer cybersecurity attacks or hacks, experience security issues, or encounter other problems, such assets may be irretrievably lost. Although "slashing" (the forfeiture of a portion of the staked coins from validators engaging in malicious activity) does not occur automatically on the Hyperliquid Network as of the date of this Prospectus, slashing could be implemented as part of amendments to the Hyperliquid Network's source code or protocol. As part of the staking process, Hyperliquid staked by a validator is placed in escrow and will be subject to a "lockup period" of one day, as well as a seven-day unstaking queue. The Hyperliquid will only become withdrawable when the lockup period and unstaking queue expire. Validators that do not meet performance requirements can be "jailed" and no longer receive rewards for their work. Any cybersecurity attacks, security issues, hacks, penalties, slashing events, or other problems could damage validators' willingness to participate in validation, discourage existing and future validators from serving as such, and adversely impact the Hyperliquid Network's adoption or the price of Hyperliquid. Any disruption of validation on the Hyperliquid Network could interfere with network operations and cause the Hyperliquid Network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of Hyperliquid to decrease. The limited liquidity during the "lockup period" of the staking process could dissuade potential validators from participating, which could interfere with network operations or security and cause the Hyperliquid Network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of Hyperliquid to decrease.

**Proof-of-stake blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.**

Certain digital assets, such as bitcoin, use a "proof-of-work" consensus algorithm. The genesis block on the Bitcoin blockchain was mined in 2009, and Bitcoin's blockchain has been in operation since then. Many newer blockchains enabling smart contract functionality, including the Hyperliquid Network, use a newer consensus algorithm known as "proof-of-stake." While their proponents believe that they may have certain advantages, the "proof-of-stake" consensus mechanisms and governance systems underlying many newer blockchain protocols, including the Hyperliquid Network, and their associated digital assets—including the Hyperliquid held by the Trust—have not been tested at scale over as long of a period of time or been subject to as widespread use or adoption as, for example, bitcoin's proof-of-work consensus mechanism has. This could lead to these blockchains, and their associated digital assets, having undetected vulnerabilities, structural design flaws, suboptimal incentive structures for network participants (e.g., validators), technical disruptions, or a wide variety of other problems, any of which could cause these blockchains not to function as intended, could lead to outright failure to function entirely causing a total outage or disruption of network activity, or could cause the blockchains to suffer other operational problems or reputational damage, leading to a loss of users or adoption or a loss in value of the associated digital assets, including the Trust's assets. Over the long term, there can be no assurance that the proof-of-stake blockchain on which the Trust's assets rely will achieve widespread scale or adoption or perform successfully; any failure to do so could negatively impact the value of the Trust's assets.

**The loss or destruction of a private key required to access Hyperliquid may be irreversible. The Hyperliquid Custodian's loss of access to a private key associated with the Trust's Hyperliquid could adversely affect an investment in the Shares.**

The creation of a Hyperliquid transaction requires the use of a unique numerical code known as a "private key." In the absence of the correct private key corresponding to a holder's particular Hyperliquid, the Hyperliquid is inaccessible. The custody of the Trust's Hyperliquid is handled by the Hyperliquid Custodian and the transfer of Hyperliquid to and from the Hyperliquid Custodian is directed by the Sponsor. The Sponsor has evaluated the procedures and internal controls of the Trust's Hyperliquid Custodian to safeguard the Trust's Hyperliquid holdings. If the Hyperliquid Custodian's internal procedures and controls are inadequate to safeguard the Trust's Hyperliquid holdings, and the Trust's private key(s) is(are) lost, destroyed or otherwise compromised and no backup of the private key(s) is(are) accessible, the Trust will be unable to access its Hyperliquid, which could adversely affect an investment in the Shares. In addition, if the Trust's private key(s) is(are) misappropriated and the Trust's Hyperliquid holdings are stolen, the Trust could lose some or all of its Hyperliquid holdings, which could adversely impact an investment in the Shares.

**Competition from central bank digital currencies ("CBDCs") and emerging payments initiatives involving financial institutions could adversely affect the value of Hyperliquid and other digital assets.**

Central banks in various countries have introduced digital forms of legal tender ("CBDCs"). China's CBDC project, known as Digital Currency Electronic Payment, has reportedly been tested in a live pilot program conducted in multiple cities in China. Central banks representing at least 130 countries have published retail or wholesale CBDC work ranging from research to pilot projects. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace, Hyperliquid and other cryptocurrencies as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement activities, which could compete with, or reduce the demand for, Hyperliquid. As a result of any of the foregoing factors, the value of Hyperliquid could decrease, which could adversely affect an investment in the Trust.

**The price of Hyperliquid may be affected due to stablecoins (including Tether and USDC), the activities of stablecoin issuers and their regulatory treatment.**

While the Trust does not invest in stablecoins, it may nonetheless be exposed to risks that stablecoins pose for the Hyperliquid market and other digital asset markets. Stablecoins are digital assets designed to have a stable value over time as compared to typically volatile digital assets, and are typically marketed as being pegged to a fiat currency, such as the U.S. dollar, at a certain value. Although the prices of stablecoins are intended to be stable, their market value may fluctuate. This volatility has in the past apparently impacted the price of Hyperliquid. Stablecoins are a relatively new phenomenon and it is impossible to know all of the risks that they could pose to participants in the Hyperliquid market. In addition, some have argued that some stablecoins, particularly Tether, are improperly issued without sufficient backing in a way that, when the stablecoin is used to pay for Hyperliquid, could cause artificial rather than genuine demand for Hyperliquid, artificially inflating the price of Hyperliquid, and also argue that those associated with certain stablecoins may be involved in laundering money. On February 17, 2021, the New York Attorney General entered into an agreement with Tether's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. On October 15, 2021, the CFTC announced a settlement with Tether's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue.

USDC is a reserve-backed stablecoin issued by Circle Internet Financial that is commonly used as a method of payment in digital asset markets, including the Hyperliquid market. While USDC is designed to maintain a stable value at US $1.00 at all times, on March 10, 2023, the value of USDC fell below US $1.00 for multiple days after Circle Internet Financial disclosed that US$3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered FDIC receivership earlier that day. Stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins, and therefore could adversely affect the value of the Shares.

Given the foundational role that stablecoins play in global digital asset markets, their fundamental liquidity can have a dramatic impact on the broader digital asset market, including the market for Hyperliquid. Because a large portion of the digital asset market still depends on stablecoins such as Tether and USDC, there is a risk that a disorderly de-pegging or a run on Tether or USDC could lead to dramatic market volatility in digital assets more broadly. Volatility in stablecoins, operational issues with stablecoins (for example, technical issues that prevent settlement), concerns about the sufficiency of any reserves that support stablecoins or potential manipulative activity when unbacked stablecoins are used to pay for other digital assets (including Hyperliquid), or regulatory concerns about stablecoin issuers or intermediaries, such as exchanges, that support stablecoins, could impact individuals' willingness to trade on trading venues that rely on stablecoins, reduce liquidity in the Hyperliquid market, and affect the value of Hyperliquid, and in turn impact an investment in the Shares.

**Validators may cease participating in validating if certain jurisdictions limit or otherwise regulate validating activities, which could negatively impact the value of Hyperliquid and the value of the Shares.**

Entities or individuals running validators in certain jurisdictions may be limited or prohibited from continuing to run validators as a result of regulation or governmental decree. Validators ceasing operations or participation in the consensus mechanism would make the Hyperliquid Network more vulnerable to malicious actors obtaining sufficient control to alter the blockchain and hinder transactions. Any reduction in confidence in the confirmation process and security of the Hyperliquid Blockchain may adversely affect the Trust's investments in Hyperliquid. To the extent that a significant number of entities or individuals stop running validators, there would be serious negative consequences to the Hyperliquid Network's functionality, security and overall existence.

**Anonymity and illicit financing risk.**

Although transaction details of peer-to-peer transactions are recorded on the Hyperliquid Blockchain, a buyer or seller of digital assets on a peer-to-peer basis directly on the Hyperliquid Blockchain may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump-and-dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset were used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased risk of potential criminal or civil liability or lawsuits, or of having banking or other services cut off, and such digital asset could be removed from digital asset platforms. Any of the aforementioned occurrences could adversely affect the price of the relevant digital asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Trust or the Sponsor were to transact with a sanctioned entity, the Trust or the Sponsor would be at risk of potential criminal or civil lawsuits or liability.

The Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust's activities. However, illicit financing risks are present in the digital asset markets, including markets for Hyperliquid. There can be no assurance that the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust, the Sponsor or their respective affiliates could face civil or criminal liability, fines, penalties, or other punishments; be subject to investigation; have their assets frozen; lose access to banking services or services provided by other service providers; or suffer disruptions to their operations, any of which could negatively affect the Trust's ability to operate or could cause losses in value of the Shares.

The Trust and the Sponsor have adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering laws and sanctions laws and regulations, including applicable know-your-customer ("KYC") laws and regulations. The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a thorough due diligence process and/or a thorough KYC process, such as the Authorized Participants, Hyperliquid Trading Counterparties and Hyperliquid Custodian. The Hyperliquid Custodian must undergo counterparty due diligence by the Sponsor. Each Authorized Participant must undergo onboarding by the Sponsor prior to placing Creation Orders or Redemption Orders with respect to the Trust.

Furthermore, Authorized Participants, as broker-dealers, and the Hyperliquid Custodian, as a national trust bank regulated by the Office of the Comptroller of the Currency, respectively, are "financial institutions" subject to the U.S. Bank Secrecy Act, as amended ("BSA"), and U.S. economic sanctions laws. The Trust will only accept Creation Orders and Redemption Orders from Authorized Participants who have represented to the Trust that they have implemented compliance programs that are designed to ensure compliance with applicable sanctions and anti-money laundering laws. The Trust will not hold any Hyperliquid except that which has been delivered by approved Hyperliquid Trading Counterparties.

The Hyperliquid Custodian has adopted and implemented anti-money laundering and sanctions compliance programs that provide additional protections to ensure that the Sponsor and the Trust do not transact with a sanctioned party. Notably, the Hyperliquid Custodian performs screening using blockchain analytics to identify, detect, and mitigate the risk of transacting with a sanctioned or other unlawful actor. Pursuant to the Hyperliquid Custodian's blockchain analytics screening programs, any Hyperliquid that is delivered to the Trust Hyperliquid Account will undergo screening designed to assess whether the origins of that Hyperliquid are illicit.

Although the Sponsor arranges for such diligence to be performed, including by the Trust's service providers, there is no guarantee such diligence will prove effective in identifying all possible sources of illicit financing risks. Hyperliquid Trading Counterparties represent to the Sponsor that they conduct due diligence on their own counterparties from whom they source the Hyperliquid they deposit with the Trust, and that they have formed a reasonable belief that such Hyperliquid being transferred by the Hyperliquid Trading Counterparty to the Trust was not derived from, or associated with, unlawful or criminal activity. However, there is the risk that Hyperliquid Trading Counterparties may not conduct sufficient due diligence processes on the sources of their Hyperliquid or that their representations to the Sponsor may turn out to be inaccurate, which could cause the Trust to suffer a loss. If the Authorized Participants or Hyperliquid Trading Counterparties have inadequate policies, procedures and controls for complying with applicable anti-money laundering and applicable sanctions laws or the Trust's procedures or diligence proves to be ineffective, violations of such laws could result, which could result in regulatory liability for the Trust or the Sponsor under such laws, including governmental fines, penalties, and other punishments. Any of the foregoing could result in losses to the Shareholders or negatively affect the Trust's ability to operate.

**A temporary or permanent "fork" of the Hyperliquid Blockchain could adversely affect the value of the Shares.**

A fork in the Hyperliquid Blockchain could adversely affect the value of the Shares or the ability of the Trust to operate. A hard fork could also adversely affect the price of Hyperliquid at the time of announcement or adoption, or subsequently. For example, the announcement of a hard fork could lead to increased demand for the pre-fork digital asset, in anticipation that ownership of the pre-fork digital asset would entitle holders to a new digital asset following the fork. The increased demand for the pre-fork digital asset may cause the price of the digital asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the digital asset running in parallel would be less than the price of the digital asset immediately prior to the fork. If the hard fork caused operational problems for either post-fork network or blockchain, the digital assets associated with the affected network could lose some or all of their value. Furthermore, while the Sponsor will, as permitted by the terms of the Trust Agreement, determine which network is generally accepted as the Hyperliquid Blockchain and should therefore be considered the appropriate network for the Trust's purposes, there is no guarantee that the Sponsor will choose the network and the associated digital asset that would ultimately end up as the most valuable fork. Any of these events could therefore adversely impact the value of the Shares.

Forks may also occur as a network community's response to a significant security breach. For example, in July 2016, Ethereum "forked" into Ethereum and created a new digital asset, Ethereum Classic, as a result of the Ethereum community's response to a significant security breach. In June 2016, an anonymous hacker exploited a smart contract running on the Ethereum network to syphon approximately $60 million of ether held by The DAO, a distributed autonomous organization, into a segregated account. In response to the hack, most participants in the Ethereum community elected to adopt a "fork" that effectively reversed the hack. However, a minority of users continued to develop the original blockchain, referred to as "Ethereum Classic," with the digital asset on that blockchain now referred to as "ETC." ETC now trades on several digital asset trading platforms. A fork may also occur as a result of an unintentional or unanticipated software flaw in the various versions of otherwise compatible software that users run. Such a fork could lead to users and validators abandoning the digital asset and associated network with the flawed software. It is possible, however, that a substantial number of users and validators could adopt an incompatible version of the digital asset while resisting community-led efforts to merge the two chains. This could result in a permanent fork, as in the case of Ethereum and Ethereum Classic, with an unknown impact on assets issued on the Ethereum Blockchain.

Furthermore, a hard fork can lead to new security concerns. For example, when the Ethereum network and Ethereum Classic networks split in July 2016, replay attacks, in which transactions from one network were rebroadcast to nefarious effect on the other network, plagued Ethereum network trading platforms through at least October 2016. An Ethereum network trading platform announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of replay attacks. Similar replay attack concerns occurred in connection with the Bitcoin Cash and bitcoin Satoshi's Vision networks split in November 2018. Another possible result of a hard fork is an inherent decrease in the level of security due to a fracturing of the network. After a hard fork, it may become easier for an individual validator or validating pool's power to exceed 50% of the validating power of a digital asset network that retained or attracted less validating power, making it more susceptible to attack.

Protocols may also be cloned. Unlike a fork, which modifies an existing blockchain and results in two competing networks, each with the same genesis block, a "clone" is a copy of a protocol's codebase but results in an entirely new blockchain and new genesis block. Tokens are created solely from the new "clone" network and, in contrast to forks, holders of tokens of the existing network that was cloned do not receive any tokens of the new network. A "clone" results in a competing network that has characteristics substantially similar to the network it was based on, subject to any changes as determined by the developer(s) that initiated the clone. A clone may also adversely affect the price of Hyperliquid at the time of announcement or adoption or subsequently. For example, on November 6, 2016, Rhett Creighton, a Zcash developer, cloned the Zcash Network to launch Zclassic, a substantially identical version of the Zcash Network that eliminated the Founders' Reward. Following the date the first Zclassic block was mined, the price of ZEC fell from $504.57 on November 5, 2016 to $236.01 on November 7, 2016 in the midst of a broader sell-off of ZEC beginning immediately after the Zcash Network launch on October 28, 2016.

The only digital asset that will be held by the Trust is Hyperliquid. If Hyperliquid were to fork into two digital assets, the Trust may hold, in addition to its existing Hyperliquid balance, a right to claim an equivalent amount of the new "forked" asset following the hard fork. However, the Pricing Benchmark does not track forks involving Hyperliquid. Furthermore, the Pricing Benchmark does not track airdrops involving Hyperliquid or the Hyperliquid Blockchain. Accordingly, the Trust will disclaim, and the Sponsor will cause the Trust to irrevocably abandon, all rights to digital assets airdropped to holders of Hyperliquid. By investing in the Trust rather than directly in Hyperliquid, you forgo potential economic benefits associated with airdrops. Before the Trust claims any digital asset resulting from a fork in the Hyperliquid Blockchain or an airdrop (other than Hyperliquid), the Trust would need to seek and obtain certain regulatory approvals, including an amendment to the Trust's registration statement of which this Prospectus is a part, and approval of an application by the Exchange to amend its listing rules. If such approvals are not obtained, the Sponsor will cause the Trust to irrevocably abandon such digital asset.

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***If a malicious actor obtains control of the oracle nodes that supply market data to the network, such actor could manipulate the data being provided to the Hyperliquid Network, which could adversely affect the value of the Shares or the ability of the Trust to operate.***

The Hyperliquid Network relies on markets data provided by oracle nodes to compute funding rates that support the derivatives trading platform. If a malicious actor were able to control a large portion of the oracle nodes supporting Hyperliquid, or otherwise influence oracle nodes on the Hyperliquid Network, they might feed inaccurate data into the system. This could cause liquidations to occur and lead to financial losses by the users of Hyperliquid's derivatives trading platform. Any sustained attack on Hyperliquid Network nodes could lead to a loss of trust in its services, impacting the value of the Shares.

***The Hyperliquid Protocol provides base layer infrastructure that can be used for multiple types of applications, including applications that may be unregulated or face significant regulatory risks.***

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The Hyperliquid Protocol is a Layer 1 blockchain that can host a variety of applications. Today, the largest such application is Hyperliquid, a crypto trading application that offers (among other things) the ability to buy, sell, and manage derivative crypto exposure. Regulatory standards around decentralized finance applications and specifically around derivatives platforms are under-developed and emergent, and such platforms may face significant risks. In the event that the Hyperliquid application was found to be in violation of regulatory standards in the US or other geographies, that could reduce activity on that application and thereby reduce demand for Hyperliquid, which would have a negative impact on the trust.

**In the event of a hard fork of the Hyperliquid Blockchain, the Sponsor will, pursuant to the terms of the Trust Agreement, use its discretion to determine which network should be considered the appropriate blockchain for the Trust's purposes, and in doing so may adversely affect the value of the Shares.**

In the event of a hard fork of the Hyperliquid Blockchain, the Sponsor will use its discretion to determine, promptly and in good faith, which digital asset network, among a group of incompatible forks of the Hyperliquid Blockchain, is generally accepted as the Hyperliquid Blockchain and should therefore be considered the appropriate network for the Trust's purposes. The Sponsor will base its determination on a variety of then-relevant factors, including, but not limited to, the Sponsor's beliefs regarding expectations of the core developers of Hyperliquid, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance of, and validator and community engagement with, the Hyperliquid Blockchain, along with market capitalization and trading activity. There is no guarantee that the Sponsor will choose the cryptocurrency that is ultimately the most valuable fork, and the Sponsor's decision may adversely affect the value of the Shares as a result. The Sponsor may also disagree with Shareholders, the Hyperliquid Custodian, security vendors and the Benchmark Provider on what is generally accepted as Hyperliquid and should therefore be considered "Hyperliquid" for the Trust's purposes, which may also adversely affect the value of the Shares as a result.

**In the event of a hard fork of the Hyperliquid Blockchain, the Hyperliquid Custodian's operations may be interrupted or subject to additional security risks that could disrupt the Trust's ability to process creations and redemptions of Shares or otherwise threaten the security of the Trust's Hyperliquid holdings.**

In the event of a hard fork of the Hyperliquid Blockchain, the Hyperliquid Custodian may temporarily halt the ability of customers (including the Trust) to deposit, withdraw or transfer Hyperliquid on the Hyperliquid Custodian's platform. Such a delay may be intended to permit the Hyperliquid Custodian to assess the resulting versions of the Hyperliquid Blockchain, to determine how best to securely "split" the Hyperliquid from the Forked Asset, and to prevent malicious users from conducting "replay attacks" (*i.e.*, broadcasting transactions on both versions of the forked networks to put Hyperliquid Custodian assets at risk). As a result, the Trust is likely to suspend creations and redemptions during a period in which the Hyperliquid Custodian's operations are halted.

In addition, any losses experienced by the Hyperliquid Custodian due to a hard fork, including due to replay attacks or technological errors in assessing the fork, could have a materially adverse impact on an investment in the Shares.

**Shareholders may not receive the benefits of any forks or "airdrops."**

In addition to forks, a digital asset, including Hyperliquid, may become subject to a similar occurrence known as an "airdrop." In an airdrop, the promotors of a new digital asset announce to holders of another digital asset that such holders will be entitled to claim a certain amount of the new digital asset for free, based on the fact that they hold such other digital asset. Such airdrops are not uncommon on the Hyperliquid Blockchain. Airdrops may be conducted by sending a token to the holders of set amounts of Hyperliquid or to particular public addresses on the Hyperliquid Blockchain. Airdrops may involve a user being entitled to claim tokens on a decentralized application, second-layer network or entirely separate digital asset network. A user entitled to receive airdrops may be required to take little or significant actions in order to receive such airdropped tokens. Shareholders may not receive the benefits of any forks; the Trust may not choose, or be able, to participate in an airdrop; and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain.

A right to receive any such benefit of a fork or airdrop is referred to as an "Incidental Right" and any digital asset acquired through an Incidental Right is known as an "IR Assets." Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets. Such assets are not considered assets of the Trust at any point in time and will not be taken into account for purposes of determining the Trust's NAV and the NAV per Share.

Pursuant to the Trust Agreement, to the extent that the Trust involuntarily receives such assets in a Trust wallet, it will, as soon as practicable and, if possible, immediately, distribute such assets to the Sponsor. Once such assets have been acquired, the Sponsor may take any lawful action necessary or desirable in connection with its acquisition thereof. In the event that the Sponsor decides to sell the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental Right(s) and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset that may subsequently be exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to DTC to be distributed to Shareholders in proportion to the number of Shares owned.

Although the Sponsor intends, if possible, to arrange for the sale of any Incidental Right(s) and/or IR Asset(s) it receives from the Trust and subsequently contribute such cash proceeds back to the Trust, it is under no obligation to do so. There are likely to be operational, tax, securities law, regulatory, legal and practical issues that significantly limit, or prevent entirely, the Sponsor's ability to realize a benefit from any such Incidental Right(s) and/or IR Asset(s). The Sponsor may choose to evaluate any such fork, airdrop or similar occurrence on a case-by-case basis in consultation with its legal advisers, tax consultants and custodian. In determining whether to attempt to acquire and/or retain any Incidental Right(s) and/or IR Asset(s), the Sponsor expects to take into consideration whatever factors it deems relevant in its discretion, including, without limitation:

● the availability of a safe and practical way to take custody of the Incidental Right or IR Asset;

● the cost or operational burden of taking possession and/or maintaining ownership of the Incidental Right or IR Asset and whether such cost or burden exceeds the benefits of owning such Incidental Rights or IR Asset or the proceeds that would be realized from a sale thereof;

● whether there are any legal or regulatory restrictions on or risks or consequences arising from, or tax implications with respect to, the acceptance, retention, ownership, sale, transfer, abandonment, distribution or disposal or disposition of the Incidental Right or IR Asset, regardless of whether there is a safe and practical way to take custody of and secure such Incidental Right or IR Asset;

● the existence of a suitable market into which the Incidental Right or IR Asset may be sold; and

● whether claiming, owning, selling, or otherwise taking any action in respect of Incidental Right or IR Asset may create legal or regulatory risks, liability, or burdens of any kind for the Sponsor (including, without limitation, if such Incidental Right or IR Asset is, or may be, a security under federal securities laws or a commodity interest under the Commodity Exchange Act).

The Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives from the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently and irrevocably for no consideration. Before the Trust claims any Incidental Right(s) and/or IR Asset(s) resulting from a fork or airdrop on the Hyperliquid Blockchain (other than Hyperliquid), the Trust would need to seek and obtain certain regulatory approvals, including an amendment to the Trust's registration statement of which this Prospectus is a part and approval of an application by the Exchange to amend its listing rules.

**If a malicious actor obtains control of a vast majority of the staked Hyperliquid on the Hyperliquid Network, or otherwise obtains control over the Hyperliquid Blockchain through its influence over trusted validators or otherwise, such actor could manipulate the Hyperliquid Blockchain, which could adversely affect the value of the Shares or the ability of the Trust to operate.**

All networked systems are vulnerable to various kinds of attacks. As with any computer network, the Hyperliquid Network contains certain vulnerabilities. The Hyperliquid Network relies on a decentralized network of validator nodes that agree on the order and validity of transactions, using a proof-of-stake mechanism. These nodes form the backbone of the consensus process. If a malicious actor were able to control more than 50% of the staked Hyperliquid, or otherwise influence validator nodes on the Hyperliquid Network, they would be able to bring the network to a halt. If a malicious actor were to control two-thirds or more of the stake, they would be able to reorder transactions and compromise the blockchain.

For example, in August 2020, the Ethereum Classic Network was the target of two double-spend attacks by an unknown actor or actors that gained more than 50% of the processing power of the Ethereum Classic Network. The attack resulted in reorganizations of the Ethereum Classic Blockchain that allowed the attacker or attackers to reverse previously recorded transactions in excess of $5.0 million and $1.0 million. In addition, in May 2019, the Bitcoin Cash network experienced a 51% attack when two large mining pools reversed a series of transactions in order to stop an unknown miner from taking advantage of a flaw in a recent Bitcoin Cash protocol upgrade. Although this particular attack was arguably benevolent, the fact that such coordinated activity was able to occur may negatively impact perceptions of the Bitcoin Cash network. Although the two attacks described above took place on proof-of-work-based networks, it is possible that a similar attack may occur on the proof-of-stake Hyperliquid Network, which could negatively impact the value of Hyperliquid and the value of the Shares.

The Hyperliquid Blockchain could also be subject to a "Sybil attack." A Sybil attack occurs when an individual user creates multiple fake identities and/or wallets in an attempt to extract value or gain inordinate influence over a blockchain. Sybil attacks are particularly common in digital assets when the blockchain is airdropping (or distributing) tokens to early adopters.

A malicious actor could also conduct an "eclipse attack." In an eclipse attack, a malicious actor could isolate parts of the network so that the malicious actor's nodes can influence the consensus in isolated sections of the network, eventually leading to a split or takeover.

Lastly, if a malicious actor discovers a vulnerability in the Hyperliquid Blockchain software, the actor could exploit it to disrupt the consensus process or to gain control over it.

***Market Structure Risk.***

The Hyperliquid Network supports decentralized perpetual futures markets operated by smart contracts deployed on the network. These markets are not issued, offered or maintained by a centralized entity, but instead function through the Hyperliquid Protocol's permissionless infrastructure that allows network participants to create and trade perpetual contracts referencing various digital assets.

In March 2025, trading activity on one such market (the "JELLY" perpetual market) resulted in approximately $13.5 million in losses to liquidity provider vaults ("HLP Vaults") after a trader executed large, coordinated positions that exploited the Hyperliquid Protocol's liquidation and margin parameters. A similar event reportedly caused approximately $4 million in losses. These incidents did not involve unauthorized access or a protocol exploit, but rather adverse outcomes within the network's existing market mechanics.

Losses from such events were borne by participants providing liquidity to the HLP Vaults and did not directly impact holders or stakers of Hyperliquid. However, there can be no assurance that future incidents arising from market manipulation, oracle malfunction, insufficient collateralization or design flaws in the liquidation engine would not affect the operation, stability or perceived integrity of the Hyperliquid Network. Because the Trust's exposure to Hyperliquid and related Hyperliquid Network activity depends on the continued functionality and reliability of the Hyperliquid Protocol, any such event could negatively affect the value of the Trust's investments or its ability to achieve its investment objective.

In October 2025, the Hyperliquid Network was disproportionately affected during a massive liquidation event arising from losses incurred in digital asset markets. Over a 24-hour period, approximately $19 billion in leveraged digital asset positions were forcibly liquidated across the broader market, with the Hyperliquid Network's perpetual futures markets reportedly accounting for a significant share of that activity. During this period, aggregate open interest in the Hyperliquid Network's perpetual futures markets reportedly declined by more than half, and trading volumes in Hyperliquid and Hyperliquid Network participation fell sharply. The Hyperliquid Protocol's fully on-chain liquidation engine, driven by decentralized oracle feeds and lacking discretionary circuit breakers, executed liquidations automatically in response to rapid price movements, which may have amplified the magnitude of market dislocation relative to other venues. This event illustrates the degree to which high leverage, concentration of open interest and the design of the Hyperliquid Network's risk-management mechanics can contribute to extreme volatility. Adverse market conditions or further system liquidations could impair network stability, reduce liquidity for Hyperliquid and negatively impact the value of the Trust's investments.

**The digital asset trading platforms on which Hyperliquid trades are relatively new and largely unregulated or may not be complying with existing regulations.**

Digital asset markets, including spot markets for Hyperliquid, are growing rapidly. The digital asset trading platforms through which Hyperliquid and other digital assets trade are new and largely unregulated or may not be complying with existing regulations. These markets are local, national and international and include a broadening range of digital assets and participants. Significant trading may occur on systems and platforms with minimum predictability. Spot markets may impose daily, weekly, monthly or customer-specific transaction or withdrawal limits or suspend withdrawals entirely, rendering the exchange of Hyperliquid for fiat currency difficult or impossible. Participation in spot markets requires users to take on credit risk by transferring Hyperliquid from a personal account to a third party's account.

Digital asset trading platforms do not appear to be subject to, or may not comply with, regulation in a manner similar to other regulated trading platforms, such as national securities exchanges or designated contract markets. Many digital asset trading platforms are unlicensed, are unregulated, operate without extensive supervision by governmental authorities, and do not provide the public with significant information regarding their ownership structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions. Digital asset trading platforms may be out of compliance with existing regulations.

As a result, trading activity on or reported by these digital asset trading platforms is generally significantly less regulated than trading in regulated U.S. securities and commodities markets and may reflect behavior that would be prohibited in regulated U.S. trading venues. Furthermore, many digital asset trading platforms lack certain safeguards put in place by more traditional exchanges to enhance the stability of trading on the platform and prevent flash crashes, such as limit-down circuit breakers. As a result, the prices of digital assets such as Hyperliquid on digital asset trading platforms may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges. Tools to detect and deter fraudulent or manipulative trading activities (such as market manipulation, front-running of trades, and wash-trading) may not be available to or employed by digital asset trading platforms or may not exist at all. Consequently, the marketplace may lose confidence in, or may experience problems relating to, these venues.

No digital asset trading platform on which Hyperliquid trades is immune from these risks. The closure or temporary shutdown of digital asset trading platforms due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in the Hyperliquid Blockchain and can slow down the mass adoption of Hyperliquid. Further, digital asset trading platform failures or the failure of any other major component of the overall Hyperliquid ecosystem can have an adverse effect on Hyperliquid markets and the price of Hyperliquid, and could therefore have a negative impact on the performance of the Trust.

Negative perception, a lack of stability in the digital asset trading platforms, manipulation of Hyperliquid trading platforms by customers and/or the closure or temporary shutdown of such trading platforms due to fraud, business failure, hackers or malware, or government-mandated regulation may reduce confidence in Hyperliquid generally and result in greater volatility in the market price of Hyperliquid and the Shares of the Trust. Furthermore, the closure or temporary shutdown of a Hyperliquid trading platform may impact the Trust's ability to determine the value of its Hyperliquid holdings or for the Trust's Authorized Participants to effectively arbitrage the Trust's Shares.

**Digital asset trading platforms may be exposed to security breaches.**

The nature of the assets held at Hyperliquid trading platforms makes them appealing targets for hackers and a number of Hyperliquid trading platforms have been victims of cybercrimes. Over the past several years, some digital asset trading platforms have been closed due to security breaches. In many of these instances, the customers of such digital asset trading platforms were not compensated or made whole for the partial or complete losses of their account balances in such digital asset trading platforms. While, generally speaking, smaller digital asset trading platforms are less likely to have the infrastructure and capitalization that make larger digital asset trading platforms more stable, larger digital asset trading platforms are more likely to be appealing targets for hackers and malware. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in Japan in late February 2014, demonstrated that even the largest digital asset trading platforms could be subject to abrupt failure with consequences both for users of digital asset trading platforms and for the digital asset industry as a whole. In particular, in the two weeks that followed the February 7, 2014, halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges from around $795 on February 6, 2014, to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately 19,000 bitcoin had been stolen from its operational or "hot" wallets. Further, in August 2016, it was reported that almost 120,000 bitcoins worth around $78 million were stolen from Bitfinex, a large digital asset trading platform. The value of bitcoin and other digital assets immediately decreased by more than 10% following reports of the theft at Bitfinex. In July 2017, FinCEN assessed a $110 million fine against BTC-e, a now-defunct digital asset trading platform, for facilitating crimes such as drug sales and ransomware attacks. In December 2017, Yapian, the operator of Seoul-based cryptocurrency exchange Youbit, suspended digital asset trading and filed for bankruptcy following a hack that resulted in a loss of 17% of Yapian's assets. Following the hack, Youbit users were allowed to withdraw approximately 75% of the digital assets in their exchange accounts, with any potential further distributions to be made following Yapian's pending bankruptcy proceedings. In January 2018, the Japanese digital asset trading platform, Coincheck was hacked, resulting in losses of approximately $535 million, and in February 2018, the Italian digital asset trading platform Bitgrail was hacked, resulting in approximately $170 million in losses. In May 2019, one of the world's largest digital asset trading platforms, Binance, was hacked, resulting in losses of approximately $40 million. In May 2025, Coinbase disclosed the loss of $300 million in a hack.

**Digital asset trading platforms may be exposed to fraud and market manipulation.**

The blockchain infrastructure could be used by certain market participants to exploit arbitrage opportunities through schemes such as front-running, spoofing, pump-and-dump and fraud across different systems, platforms or geographic locations. As a result of reduced oversight, these schemes may be more prevalent in digital asset markets than in the general market for financial products.

The SEC has identified possible sources of fraud and manipulation in the digital asset market generally, including, among others, (1) "wash trading"; (2) persons with a dominant position in a digital asset manipulating that asset's pricing; (3) hacking of a digital asset custody or trading platforms; (4) malicious control of the underlying ledger; (5) trading based on material, nonpublic information (for example, plans of market participants to significantly increase or decrease their holdings in a digital asset, new sources of demand for a digital asset, etc.) or based on the dissemination of false and misleading information; (6) manipulative activity involving purported "stablecoins," including Tether; and (7) fraud and manipulation at digital asset trading platforms.

Over the past several years, a number of digital asset trading platforms have been closed or faced issues due to fraud. In many of these instances, the customers of such digital asset trading platforms were not compensated or made whole for the partial or complete losses of their account balances in such digital asset trading platforms.

In 2019, there were reports claiming that 80.95% of bitcoin trading volume on digital asset trading platforms was false or noneconomic in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports alleged that certain overseas exchanges have displayed suspicious trading activity suggestive of a variety of manipulative or fraudulent practices. Other academics and market observers have put forth evidence to support claims that manipulative trading activity has occurred on certain digital asset trading platforms. For example, in a 2017 paper titled "Price Manipulation in the Bitcoin Ecosystem" sponsored by the Interdisciplinary Cyber Research Center at Tel Aviv University, a group of researchers used publicly available trading data, as well as leaked transaction data from a 2014 Mt. Gox security breach, to identify and analyze the impact of "suspicious trading activity" on Mt. Gox between February and November 2013, which, according to the authors, caused the price of bitcoin to increase from around $150 to more than $1,000 over a two-month period. In August 2017, it was reported that a trader or group of traders nicknamed "Spoofy" was placing large orders on Bitfinex without actually executing them, presumably in order to influence other investors into buying or selling by creating a false appearance that greater demand existed in the market. In December 2017, an anonymous blogger (publishing under the pseudonym Bitfinex'd) cited publicly available trading data to support his or her claim that a trading bot nicknamed "Picasso" was pursuing a paint-the-tape-style manipulation strategy by buying and selling bitcoin and bitcoin cash between affiliated accounts in order to create the appearance of substantial trading activity and thereby influence the price of such assets.

In November 2022, FTX, one of the largest digital asset trading platforms by volume at the time, halted customer withdrawals amid rumors of the company's liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly thereafter, FTX's CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges, against certain of FTX's and its affiliates' senior executives, including its former CEO. Around the same time, there were reports that approximately $300 million to $600 million of digital assets were removed from FTX. The full facts remain unknown, including whether such removal was the result of a hack, theft, insider activity, or other improper behavior. In February 2025, approximately $1.5 billion of ether was stolen from the Dubai-based Bybit exchange. Bybit claims the hack occurred when the company was making a routine transfer of ether from an offline "cold" wallet to a hot wallet, with attacker suspected to be agents of North Korea exploiting security controls to gain control of the assets.

The potential consequences of a digital asset trading platform's failure or failure to prevent market manipulation could adversely affect the value of the Shares. Any market abuse, and a loss of investor confidence in Hyperliquid, may adversely impact pricing trends in Hyperliquid markets broadly, as well as an investment in Shares of the Trust.

**Digital asset trading platforms may be exposed to wash trading.**

Digital asset trading platforms on which Hyperliquid trades may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.

In the United States, there have been allegations of wash trading even on regulated trading venues. Any actual or perceived false trading in the digital asset trading venue market, and any other fraudulent or manipulative acts and practices, could adversely affect the price of Hyperliquid and/or negatively affect the market perception of Hyperliquid.

To the extent that wash trading either occurs or appears to occur on trading platforms on which Hyperliquid trades, investors may develop negative perceptions about Hyperliquid and the digital assets industry more broadly, which could adversely impact the price Hyperliquid and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset trading platforms at a relative competitive disadvantage.

**Digital asset trading platforms may be exposed to front-running.**

Digital asset trading platforms on which Hyperliquid trades may be susceptible to "front-running," which refers to the process when someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized digital asset trading platforms. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had introduced these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens via manipulation of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of digital asset trading platforms and digital assets more generally.

**Momentum pricing.**

The market price of Hyperliquid is not based on any kind of claim, nor is it backed by any physical asset. Instead, the market price depends in part on the expectation of being usable in future transactions and continued interest from investors. This strong correlation between an expectation and market price is the basis for the current (and probable future) volatility of the market price of Hyperliquid and may increase the likelihood of momentum pricing.

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is impacted by appreciation in value. Momentum pricing may result in speculation regarding future appreciation in the value of digital assets, which inflates prices and leads to increased volatility. As a result, Hyperliquid may be more likely to fluctuate in value due to changing investor confidence in future appreciation or depreciation in prices, which could adversely affect the price of Hyperliquid and, in turn, an investment in the Trust.

The value of Hyperliquid as represented by the Pricing Benchmark may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading to greater volatility that could adversely affect the value of the Shares. Momentum pricing of Hyperliquid has previously resulted, and may continue to result, in speculation regarding future appreciation or depreciation in the value of Hyperliquid, further contributing to volatility and potentially inflating prices at any given time. These dynamics may impact the value of an investment in Trust.

Some market observers have asserted that in time, the value of digital assets will fall to a fraction of their current value, or even to zero. Hyperliquid has not been in existence long enough for market participants to assess these predictions with any precision, but if these observers are even partially correct, an investment in the Shares may turn out to be substantially worthless.

***Limited recourse.***

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The Hyperliquid Custodian has limited liability for any loss, claim, or damage to the Trust, impairing the ability of the Trust to recover losses relating to its Hyperliquid and any recovery may be limited, except to the extent of a final, non-appealable judicial determination that such loss, claim or damage directly resulted from the gross negligence, willful misconduct or fraud of the Hyperliquid Custodian. In addition, the Hyperliquid Custodian is generally not liable for any loss caused, directly or indirectly, by the failure of the Trust to adhere to the Hyperliquid Custodian's policies and procedures that have been disclosed to the Trust, a force majeure event or certain actions determined by the Hyperliquid Custodian to be necessary or advisable to inspect and protect the security of the Trust's assets. Furthermore, the Hyperliquid Custodian is generally not liable for a loss caused, directly or indirectly, by any failure or delay to act by any service provider to the Hyperliquid Custodian or any system failure (other than a system failure caused by the negligence, willful misconduct or fraud of the Hyperliquid Custodian or the Hyperliquid Custodian's affiliates), that prevents the Hyperliquid Custodian from fulfilling its obligations.

Under the Trust Agreement, the Trustee and the Sponsor will not be liable for any liability or expense incurred absent fraud, gross negligence, bad faith or willful misconduct on the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result, the recourse of the Trust or the Shareholder to Trustee or the Sponsor may be limited.

The Benchmark Provider has limited liability relating to the use of the Pricing Benchmark, impairing the ability of the Trust to recover losses relating to its use of the Pricing Benchmark. The Benchmark Provider does not guarantee the accuracy, completeness, or performance of the Pricing Benchmark or the data included therein and shall have no liability in connection with the Pricing Benchmark or benchmark calculation, errors, omissions or interruptions of the Pricing Benchmark or any data included therein. The Pricing Benchmark could be calculated now or in the future in a way that adversely affects an investment in the Trust.

**Political or economic crises may motivate large-scale sales of Hyperliquid, which could result in a reduction in the price of Hyperliquid and adversely affect an investment in the Shares.**

Political or economic crises may motivate large-scale acquisitions or sales of Hyperliquid, either globally or locally. Large-scale sales of Hyperliquid would result in a reduction in its price and adversely affect an investment in the Shares.

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 **Ownership of Hyperliquid is pseudonymous, and the supply of accessible Hyperliquid is unknown, as some amount of Hyperliquid may have been removed from circulation and is now technologically inaccessible. Entities with substantial holdings in Hyperliquid may engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, which could result in a reduction in the price of Hyperliquid and adversely affect an investment in the Shares.** 

There is no comprehensive registry showing all of the individuals or entities that own Hyperliquid or the quantity of Hyperliquid that is owned by particular people or entities in a comprehensive manner. It is possible, and in fact, reasonably likely, that a small group of early Hyperliquid adopters hold a significant proportion of the Hyperliquid that has been created to date. Although some Hyperliquid is locked in smart contracts for a certain period of time, there are no regulations in place that would necessarily prevent a large holder of Hyperliquid from selling Hyperliquid it holds. To the extent such large holders of Hyperliquid engage in large-scale sales or distributions, either on nonmarket terms or in the ordinary course, it could result in a reduction in the price of Hyperliquid and adversely affect an investment in the Shares.

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***Irrevocable nature of blockchain-recorded transactions.***

Hyperliquid transactions recorded on the Hyperliquid Blockchain are not, from an administrative perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent of a majority of the Hyperliquid Blockchain's aggregate stakers. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer of Hyperliquid or a theft of Hyperliquid generally will not be reversible, and the Trust may not be capable of seeking compensation for any such transfer or theft. It is possible that, through computer or human error, or through theft or criminal action, the Trust's Hyperliquid could be transferred from custody accounts in incorrect quantities or to unauthorized third parties. To the extent that the Trust is unable to seek a corrective transaction with such third party or is incapable of identifying the third party that has received the Trust's Hyperliquid through error or theft, the Trust will be unable to revert or otherwise recover incorrectly transferred Hyperliquid. To the extent that the Trust is unable to seek redress for such error or theft, such loss could adversely affect the value of the Shares.

***A disruption of the internet may affect Hyperliquid Network operations, which may adversely affect the Hyperliquid industry and an investment in the Trust.***

The Hyperliquid Network relies on the internet. A significant disruption of internet connectivity could disrupt the Hyperliquid Network's functionality until such disruption is resolved. A disruption in the internet could adversely affect an investment in the Trust or the ability of the Trust to operate. In particular, some variants of digital assets have experienced a number of denial-of-service attacks, which have led to temporary delays in block creation and digital asset transfers.

Digital assets are also susceptible to border gateway protocol hijacking ("BGP hijacking"). Such an attack can be a very effective way for an attacker to intercept traffic en route to a legitimate destination. BGP hijacking impacts the way different nodes and validators are connected to one another to isolate portions of them from the remainder of the network, which could lead to a risk of the network allowing double-spending and other security issues. If BGP hijacking occurs on the Hyperliquid Network, participants may lose faith in the security of Hyperliquid, which could affect Hyperliquid's value and consequently the value of the Shares.

Any internet failures or internet connectivity-related attacks that impact the ability to transfer Hyperliquid could have a material adverse effect on the price of Hyperliquid and the value of an investment in the Shares.

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***Potential amendments to the Hyperliquid Blockchain's protocols and software could, if accepted and authorized by the Hyperliquid Blockchain community, adversely affect an investment in the Trust.***

The Hyperliquid Blockchain uses cryptographic protocols to govern the interactions within the Hyperliquid Network. Development and maintenance of the source code for the Hyperliquid Blockchain is largely driven by Hyperliquid Labs. Hyperliquid Labs proposes changes to the source code that, if accepted by validators and users, could alter the protocols and software of the Hyperliquid Blockchain and the properties of Hyperliquid. These alterations would occur through software upgrades and could potentially include changes to the irreversibility of transactions and limitations on the issuance of new Hyperliquid or changes to the issuance rate for Hyperliquid, which could undermine the appeal and market price of Hyperliquid. Alternatively, software upgrades and other changes to the protocols of the Hyperliquid Blockchain could fail to work as intended or could introduce bugs, coding defects or flaws, or security risks, or they could otherwise adversely affect, the speed, security, usability, or value of the Hyperliquid Blockchain or Hyperliquid. As a result, the Hyperliquid Blockchain could be subject to changes to its protocols and software in the future that may adversely affect an investment in the Trust.

***The main developer of Hyperliquid, Hyperliquid Labs, may suffer a loss of critical staff.***

Although Hyperliquid is maintained by a decentralized network of node operators, the main entity that founded the network, Hyperliquid Labs, continues to play a major role in its development. If Hyperliquid Labs were to suffer a loss of critical staff, including its co-founder Jeff Yan, the pace of development on Hyperliquid may slow. This may hinder the adoption of Hyperliquid Network technology, which could cause the price of Hyperliquid to decrease.

***Decentralized governance of the Hyperliquid Network could have a negative impact on the performance of the Trust.***

Governance of decentralized networks, such as the Hyperliquid Network, is achieved through voluntary consensus and open competition. In other words, the Hyperliquid Network has no central decision-making body or clear manner in which participants can come to an agreement other than through overwhelming consensus. The lack of clarity on governance may adversely affect Hyperliquid's utility and ability to grow and face challenges, both of which may require solutions and directed effort to overcome problems, especially long-term problems. To the extent lack of clarity in corporate governance of the Hyperliquid Network leads to ineffective decision-making that slows development and growth, the value of the Shares may be adversely affected.

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***Double-spending risks.***

The Hyperliquid Network is designed to be resistant to double-spending risks through its consensus algorithm. The consensus protocol ensures that once a transaction is confirmed by a majority of trusted validators, it is difficult to reverse. If the consensus mechanism fails (e.g., due to a significant portion of validators being compromised), conflicting transactions could potentially be validated by different parts of the network. Additionally, if a malicious actor controlled or colluded with a majority of validators, they could attempt to manipulate the ledger to allow a double spend. Additionally, a highly sophisticated network attack that isolates parts of the network could theoretically lead to inconsistent views of the ledger.

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***Flaws in source code.***

In the past, flaws in the source code for digital asset networks have been exposed and exploited, including flaws that disabled some functionality for users, exposed users' personal information and/or resulted in the theft of users' digital assets. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create money in contravention of known network rules have occurred. The cryptography underlying Hyperliquid could prove to be flawed or ineffective, or developments in mathematics and/or technology, such as advances in digital computing, algebraic geometry and quantum computing, could make cryptography ineffective. In any of these circumstances, a malicious actor may be able to steal Hyperliquid held by others, which could adversely affect the demand for Hyperliquid and therefore adversely impact the price of Hyperliquid and the value of the Shares. Even if a digital asset other than Hyperliquid were affected by similar circumstances, any reduction in confidence in the robustness of the source code or cryptography underlying digital assets generally could negatively affect the demand for all digital assets, including Hyperliquid, and therefore adversely affect the value of the Shares.

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***Competition from the emergence or growth of other digital assets could have a negative impact on the price of Hyperliquid and adversely affect the value of the Shares.***

As December 4, 2025, Hyperliquid was the 12<sup>th</sup> largest digital asset by market capitalization as tracked by CoinGecko. As of December 4, 2025, there were over 18,000 alternative digital assets, having a total market capitalization of approximately $3.1 trillion (including the approximately $11.3 billion market cap of Hyperliquid), as calculated using market prices and total available supply of each digital asset. Competition from the emergence or growth of alternative digital assets could adversely affect the value of the Shares.

Investors may invest in Hyperliquid through means other than the Shares, including through direct investments in Hyperliquid and other potential financial vehicles, possibly including securities backed by or linked to Hyperliquid and digital asset financial vehicles similar to the Trust. Market and financial conditions, and other conditions beyond the Sponsor's control, may make it more attractive to invest in other financial vehicles or to invest in Hyperliquid directly, which could limit the market for, and reduce the liquidity of, the Shares. In addition, to the extent digital asset financial vehicles other than the Trust tracking the price of Hyperliquid are formed and represent a significant proportion of the demand for Hyperliquid, large creations or redemptions of the securities of these digital asset financial vehicles, or private funds holding Hyperliquid, could negatively affect the Pricing Benchmark, the Trust's Hyperliquid holdings, the price of the Shares, and the NAV of the Trust.

The Trust and the Sponsor face competition with respect to the creation of competing exchange-traded Hyperliquid products. If the SEC were to approve multiple exchange-traded Hyperliquid products, many or all of such products, including the Trust, could fail to acquire substantial assets, initially or at all. The Trust's competitors may also charge a substantially lower fee than the Sponsor's Fee in order to achieve initial market acceptance and scale. Accordingly, the Sponsor's competitors may commercialize a competing product more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor's competitive position and the likelihood that the Trust will achieve initial market acceptance, and could have a detrimental effect on the scale and sustainability of the Trust. If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust and such shortfalls could impact the Sponsor's ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. The Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a substandard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust's failure to reflect the performance of the price of Hyperliquid.

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***Congestion or delay in the Hyperliquid Network may delay purchases or sales of Hyperliquid by the Trust.***

Increased transaction volume could result in delays in the recording of transactions due to congestion in the Hyperliquid Network. Moreover, unforeseen system failures, disruptions in operations, or poor connectivity may also result in delays in the recording of transactions on the Hyperliquid Blockchain. Any delay in the Hyperliquid Blockchain could affect an Authorized Participant's ability to buy or sell Hyperliquid at an advantageous price resulting in decreased confidence in the Hyperliquid Network. Over the longer term, delays in confirming transactions could reduce the attractiveness to uses of applications built on Hyperliquid. As a result, the Hyperliquid Network and the value of the Trust would be adversely affected.

 **Risks Associated with the Pricing Benchmark** 

 **The Pricing Benchmark has a limited history.** 

The Pricing Benchmark has a limited history and its value is an average composite reference rate calculated using volume-weighted trading price data from the Constituent Platforms. A longer history of actual performance through various economic and market conditions would provide greater and more reliable information for an investor to assess Pricing Benchmark's performance. The Benchmark Provider has substantial discretion at any time to change the methodology used to calculate the Pricing Benchmark, including the Constituent Platforms that contribute prices to the Trust's NAV. The Benchmark Provider does not have any obligation to take into consideration the needs of the Trust, the Shareholders, or anyone else in connection with such changes. There is no guarantee that the methodology currently used in calculating the Pricing Benchmark will appropriately track the price of Hyperliquid in the future. The Benchmark Provider has no obligation to take into consideration the needs of the Trust or the Shareholders in determining, composing, or calculating the Pricing Benchmark or in the selection of the Constituent Platforms used. The Constituent Platforms are chosen by the Benchmark Provider.

Although the Pricing Benchmark is intended to accurately capture the market price of Hyperliquid, third parties may be able to purchase and sell Hyperliquid on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the Pricing Benchmark price. Moreover, there may be variances in the price of Hyperliquid on the various Constituent Platforms, including as a result of differences in fee structures or administrative procedures on different Constituent Platforms. While the Pricing Benchmark provides a U.S. dollar-denominated price of Hyperliquid based on the volume-weighted price of Hyperliquid on certain Constituent Platforms, at any given time, the prices on each such Constituent Platform may not be equal to the value of Hyperliquid as represented by the Pricing Benchmark. It is possible that the price of Hyperliquid on the Constituent Platforms could be materially higher or lower than the Pricing Benchmark price. To the extent the Pricing Benchmark price differs materially from the actual prices available on a Constituent Platform, or from the global market price of Hyperliquid, the price of the Shares may no longer track, whether temporarily or over time, the global market price of Hyperliquid, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the market price of Hyperliquid. To the extent such prices differ materially from the Pricing Benchmark price, investors may lose confidence in the Shares' ability to track the market price of Hyperliquid, which could adversely affect the value of the Shares.

The pricing sources (Constituent Platforms) used by the Pricing Benchmark are digital asset trading venues that facilitate the buying and selling of Hyperliquid and other digital assets. Although many pricing sources refer to themselves as "exchanges," they are not registered with, or supervised by, the SEC or the CFTC and they do not meet the regulatory standards of a national securities exchange or designated contract market. For these reasons, among others, purchases and sales of Hyperliquid may be subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets and government regulation and intervention. These circumstances could affect the price of Hyperliquid used in Pricing Benchmark calculations and, therefore, could adversely affect the Hyperliquid price as reflected by the Pricing Benchmark.

The Benchmark Provider, under the oversight of the CME CF Cryptocurrency Pricing Products Oversight Committee, may remove or add Constituent Platforms in the future at its discretion. For more information on the inclusion criteria for Constituent Platforms in the Pricing Benchmark, see "THE TRUST AND HYPERLIQUID PRICES—The CF Hype Dollar US Settlement Price.**"**

The Pricing Benchmark is based on various inputs which may include price data from various third-party digital asset trading platforms. The Benchmark Provider does not guarantee the validity of any of these inputs, which may be subject to technological error, manipulative activity, or fraudulent reporting from their initial source.

The Trust utilizes the Pricing Benchmark to establish its NAV and NAV per Share. In the event that the Pricing Benchmark is incorrectly calculated, is not timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact an investment in the Shares or the Trust's operations.

The CF Hypecoin-Dollar Spot Rate Index also has a limited history and shares some of the same structural and methodological features and risks as the Pricing Benchmark. The Trust utilizes the CF Hypecoin-Dollar Spot Rate Index to establish its ITV. While investors are capable of assessing the intra-day movement of the price of the Shares and the Hyperliquid market price of Hyperliquid, Shareholders may use the ITV as a data point in their assessment of the value of the Shares. In the event that the CF Hypecoin-Dollar Spot Rate Index is incorrectly calculated, is not timely calculated or changes its calculation methodology in the future, such an occurrence may adversely impact the utility of the ITV to Shareholders.

Although the Pricing Benchmark and the CF Hypecoin-Dollar Spot Rate Index are designed to accurately capture the market price of Hyperliquid, third parties may be able to purchase and sell Hyperliquid on public or private markets not included among the Constituent Platforms of the Pricing Benchmark and CF Hypecoin-Dollar Spot Rate Index, and such transactions may take place at prices materially higher or lower than the level of the Pricing Benchmark used to establish the NAV. To the extent such prices differ materially from the level of the Pricing Benchmark used to establish the NAV, investors may lose confidence in the Shares' ability to track the market price of Hyperliquid, which could adversely affect an investment in the Shares.

**The Benchmark Provider could experience systems failures or errors.**

If the computers or other facilities of the Benchmark Provider, data providers and/or relevant stock exchange malfunction for any reason, calculation and dissemination of the Pricing Benchmark may be delayed. Errors in Pricing Benchmark data, the Pricing Benchmark computations and/or construction may occur from time to time and may not be identified and/or corrected for a period of time or at all, which may have an adverse impact on the Trust and the Shareholders. Any of the foregoing may lead to errors in the Pricing Benchmark, which may lead to a different investment outcome for the Trust and its Shareholders than would have been the case had such events not occurred. The Pricing Benchmark is the reference price for calculating the Trust's NAV. Consequently, losses or costs associated with the Pricing Benchmark's errors or other risks described above will generally be borne by the Trust and the Shareholders and neither the Sponsor nor its affiliates or agents make any representations or warranties regarding the foregoing.

If the Pricing Benchmark is not available, the Trust's holdings may be fair valued in accordance with the policy approved by the Sponsor. If the Pricing Benchmark is not available, or if the Sponsor determines, in its sole discretion, that the Pricing Benchmark does not reflect an accurate Hyperliquid price, the Trust's holdings may be "fair valued" in accordance with the valuation policies approved by the Sponsor. Those valuation policies stipulate that when seeking to fair value Hyperliquid, the Sponsor may apply all available factors the Sponsor deems relevant at the time of the determination, and may be based on analytical values determined by the Sponsor using third-party valuation models. Pursuant thereto, the Sponsor expects to utilize a volume-weighted average price or volume-weighted median price of Hyperliquid provided by a secondary pricing source ("Secondary Source"). It is currently expected that the Trust may utilize the Lukka Digital Asset Reference Rate – Hyperliquid (the "Lukka Reference Rate") as a Secondary Source. If a Secondary Source is not available or the Sponsor in its sole discretion determines the Secondary Sources are unreliable, the price set by the Trust's principal market as of 4:00 p.m. ET on the valuation date would be considered for utilization. In the event the principal market price is not available or the Sponsor in its sole discretion determines the principal market valuation is unreliable the Sponsor will use its best judgment to determine a good faith estimate of fair value based upon all available factors. The Sponsor does not anticipate that the need to "fair value" Hyperliquid will be a common occurrence.

To the extent the valuation determined in accordance with the policy approved by the Sponsor differs materially from the actual market price of Hyperliquid, the price of the Shares may no longer track, whether temporarily or over time, the global market price of Hyperliquid, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the global market price of Hyperliquid. To the extent such prices differ materially from the market price for Hyperliquid, investors may lose confidence in the Shares' ability to track the market price of Hyperliquid, which could adversely affect the value of the Shares. The Sponsor does not anticipate that the need to "fair value" Hyperliquid will be a common occurrence.

**The Pricing Benchmark could fail to track the global Hyperliquid price, and a failure of the Pricing Benchmark could adversely affect the value of the Shares.**

Although the Pricing Benchmark is intended to accurately capture the market price of Hyperliquid, third parties may be able to purchase and sell Hyperliquid on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the Pricing Benchmark price. Moreover, there may be variances in the price of Hyperliquid on the various Constituent Platforms, including as a result of differences in fee structures or administrative procedures on different Constituent Platforms. While the Pricing Benchmark provides a U.S. dollar-denominated composite for the price of Hyperliquid based on the volume-weighted price of Hyperliquid on certain Constituent Platforms, at any given time, the prices on each such Constituent Platform or pricing source may not be equal to the value of Hyperliquid as represented by the Pricing Benchmark. It is possible that the price of Hyperliquid on the Constituent Platforms could be materially higher or lower than the Pricing Benchmark price. To the extent the Pricing Benchmark price differs materially from the actual prices available on a Constituent Platform, or from the global market price of Hyperliquid, the price of the Shares may no longer track, whether temporarily or over time, the global market price of Hyperliquid, which could adversely affect an investment in the Trust by reducing investors' confidence in the Shares' ability to track the market price of Hyperliquid. To the extent such prices differ materially from the Pricing Benchmark price, investors may lose confidence in the Shares' ability to track the market price of Hyperliquid, which could adversely affect the value of the Shares.

**The Sponsor can discontinue using the Pricing Benchmark and use a different pricing or valuation methodology instead.**

The Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than the Pricing Benchmark at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another index, benchmark or standard better aligns with the Trust's investment objectives and strategies. The Sponsor may make this decision for a number of reasons, including, but not limited to, a determination that the Pricing Benchmark price of Hyperliquid differs materially from the global market price of Hyperliquid and/or that third parties are able to purchase and sell Hyperliquid on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the Pricing Benchmark price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that the Sponsor intends to establish the Trust's NAV by reference to an index, benchmark or standard other than the Pricing Benchmark, it will provide Shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Trust's annual or quarterly reports.

**The Pricing Benchmark price used to calculate the value of the Trust's Hyperliquid may be volatile, adversely affecting the value of the Shares.**

The price of Hyperliquid on public digital asset trading platforms has a limited history, and during this history, Hyperliquid prices on the digital asset markets more generally, and on digital asset trading platforms individually, have been volatile and subject to influence by many factors, including operational interruptions. While the Pricing Benchmark is designed to limit exposure to the interruption of individual digital asset trading platforms, the Pricing Benchmark price, and the price of Hyperliquid generally, remains subject to volatility experienced by digital asset trading platforms, and such volatility could adversely affect the value of the Shares.

Furthermore, because the number of liquid and credible digital asset trading platforms is limited, the Pricing Benchmark will necessarily be composed of a limited number of digital asset trading platforms. If a digital asset trading platform were subjected to regulatory, volatility or other pricing issues, the Benchmark Provider would have limited ability to remove such digital asset trading platform from the Pricing Benchmark, which could skew the price of Hyperliquid as represented by the Pricing Benchmark. Trading on a limited number of digital asset trading platforms may result in less favorable prices and decreased liquidity of Hyperliquid and, therefore, could have an adverse effect on the value of the Shares.

**The Pricing Benchmark price being used to determine the NAV of the Trust may not be consistent with the U.S. generally accepted accounting principles ("GAAP"). To the extent that the Trust's financial statements are determined using a different pricing source that is consistent with GAAP, the NAV reported in the Trust's periodic financial statements may differ, in some cases significantly, from the Trust's NAV determined using the Pricing Benchmark pricing.**

The Trust will determine the NAV of the Trust on each business day based on the value of Hyperliquid as reflected by the Pricing Benchmark. The methodology used to calculate the Pricing Benchmark price to value Hyperliquid in determining the NAV of the Trust may not be deemed consistent with GAAP. To the extent the methodology used to calculate the Pricing Benchmark is deemed inconsistent with GAAP, the Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust's periodic financial statements. Creation and redemption of Baskets, the Sponsor Fee and other expenses borne by the Trust will be determined using the Trust's NAV determined daily based on the Pricing Benchmark. Such NAV of the Trust determined using the Pricing Benchmark price may differ, in some cases significantly, from the NAV reported in the Trust's periodic financial statements.

**Risks Related to Pricing.**

The Trust's portfolio will be priced, including for purposes of determining the NAV, based upon the Pricing Benchmark. The price of Hyperliquid in U.S. dollars or in other currencies available from other data sources may not be equal to the prices used to calculate the NAV.

The NAV of the Trust will change as fluctuations occur in the market price of the Trust's Hyperliquid holdings as reflected in the Pricing Benchmark. Shareholders should be aware that the public trading price per Share may be different from the NAV for a number of reasons, including price volatility; trading activity; the closing of Hyperliquid trading platforms due to fraud, failure, security breaches or otherwise; and the fact that supply-and-demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply-and-demand forces influencing the market price of Hyperliquid.

Shareholders also should note that the size of the Trust in terms of total Hyperliquid held may change substantially over time and as Baskets are created and redeemed.

In the event that the value of the Trust's Hyperliquid holdings or Hyperliquid holdings per Share is incorrectly calculated, neither the Sponsor nor the Administrator will be liable for any error and such misreporting of valuation data could adversely affect the value of the Shares.

 **Risks Associated with Staking** 

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***Staking may subject the Trust to risks, which in the future may include loss of rewards, slashing penalties, and operational uncertainties.***

The Trust will stake a portion of its Hyperliquid from a Trust Hyperliquid Account maintained at the Hyperliquid Custodian. Staking on the Hyperliquid Network occurs through a delegated proof-of-stake (DPoS) staking model pursuant to which Hyperliquid is staked to validator nodes that participate in the network's proof-of-stake consensus process. The Trust's Hyperliquid will remain in the custody of the Hyperliquid Custodian at all times. The Staking Agents will have no ability to withdraw, rehypothecate or otherwise use the Trust's Hyperliquid.

When seeking to stake the Trust's Hyperliquid, the Sponsor will instruct the Hyperliquid Custodian to delegate such Hyperliquid to a validator operated by a Staking Agent for staking. The staked Hyperliquid remains in the custody of the Hyperliquid Custodian, but is locked during the staking process, subject to a lockup period of one day and, upon undelegation, a seven day unstaking queue before it becomes fully liquid and transferable again.

While staking Hyperliquid offers the potential to derive additional Hyperliquid, it also exposes the Trust to several risks. Validation on the Hyperliquid Network requires Hyperliquid to be placed in escrow not under the Trust's or anyone else's control. If the Hyperliquid Network source code or protocol fail to behave as expected, suffer cybersecurity attacks or hacks, experience security issues, or encounter other problems, such assets may be irretrievably lost. Although "slashing" (the forfeiture of a portion of the staked coins from validators engaging in malicious activity) does not occur automatically on the Hyperliquid Network as of the date of this Prospectus, slashing could be implemented as part of amendments to the Hyperliquid Network's source code or protocol. Validators that do not meet performance requirements can be "jailed" and no longer receive rewards for their work.

Additionally, staking involves operational reliance on the Hyperliquid Custodian and Staking Agents. The Trust relies on the Hyperliquid Custodian to safeguard the Trust's Hyperliquid and to facilitate staking. The Trust is subject to the risk that the Hyperliquid Custodian may fail to properly perform its obligations, whether due to operational error, systems failure, cybersecurity incident, insolvency, regulatory restriction, or other factors. In addition, the Hyperliquid Custodian's role in transmitting staking instructions and managing validator credentials creates dependency risk as the Trust cannot independently stake its Hyperliquid without the Hyperliquid Custodian's cooperation. Any disruption in the Hyperliquid Custodian's services, including a suspension of staking operations, or mismanagement of validator credentials, could have a material adverse effect on the value of the Trust's Hyperliquid, the Trust's ability to meet its investment objective, and the value of the Shares.

The Trust also relies on the Staking Agents to operate validator nodes on the Hyperliquid on behalf of the Trust. The performance and reliability of the validator nodes operated by the Staking Agents directly affects the rewards earned by the Trust's staking activities. The Trust is dependent on the competence, integrity, and continued service of the Staking Agents, and has limited ability to independently monitor or control their validator operations. Any disruption, negligence, or misconduct by a Staking Agent could materially and adversely affect the value of the Trust's staked Hyperliquid, the Trust's ability to achieve its investment objective, and the value of the Shares.

Replacing a Staking Agent or addressing other issues with vendors and service providers could entail significant delay, expense and disruption for the Trust. As a result, if these vendors and service providers experience difficulties, are subject to cybersecurity breaches, terminate their services, dispute the terms of intellectual property agreements or raise their prices, and the Sponsor is unable to replace them with other vendors and service providers, particularly on a timely basis, the Trust's staking could be interrupted or disrupted, or the Trust could suffer a loss. The Hyperliquid Custodian's and a Staking Agent's liability for their performance or misconduct is limited pursuant to the terms of the Hyperliquid Staking Custody Agreement and Staking Services Agreement, as applicable, which could limit the Trust's recourse.

Further, the Trust's assets (including any amounts created or earned through staking) are not insured by the FDIC, SIPC or any other governmental or private agency. In the event of a service disruption, or other failure, there can be no guarantee that the Trust will recover any of its staked Hyperliquid, or the corresponding value of such assets. Staking rewards are also subject to fluctuation and may vary depending on network participation rates, protocol-level parameters, validator performance, and other on-chain dynamics beyond the control of the Trust, the Sponsor, the Hyperliquid Custodian or the Staking Agents.

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***The Trust's staking could impair its ability to satisfy Redemption Orders on a timely basis.***

Under normal circumstances, the Sponsor anticipates that it will engage in staking with respect to all of the Trust's Hyperliquid, except for Hyperliquid held in the Liquidity Reserve and pursuant to other short-term and temporary exigencies described in the section entitled "STAKING." On the Hyperliquid Network, Hyperliquid is locked during the staking process, subject to a lockup period of one day and, upon undelegation, a seven day unstaking queue before it becomes fully liquid and transferable again.

Accordingly, the Trust intends to maintain a Liquidity Reserve composed of an amount of unstaked Hyperliquid that is freely transferable that will be used to satisfy Redemption Orders. However, there may be circumstances pursuant to which an insufficient amount of Hyperliquid comprising the Liquidity Reserve, impairing the Trust's ability to satisfy Redemption Order(s) that it receives on a given day. This means that the Trust will not be able to make redemption distributions on the business day following a properly submitted and accepted Redemption Order, without taking additional action. A circumstance where the Trust was unable to satisfy Redemption Orders could have significant negative consequences for the Trust. Disruptions to the Trust's creation and redemption mechanism could widen the bid-ask spreads for the Shares or cause Shares to trade at an increased premium or discount to NAV. If Authorized Participants are unable to reliably redeem Baskets within the expected timeframe, they may decline to provide such services to the Trust, which would cause additional increases in bid-ask spreads and larger premiums and discounts. Furthermore, the Sponsor and the Trust's service providers could face reputational and regulatory scrutiny which could ultimately have a negative impact on the Trust.

In order to manage this risk, the Trust has adopted the Liquidity Policies to provide the Sponsor with the means by which to manage the liquidity of the Trust's assets in times of stress. While the Sponsor believes that the Liquidity Policies provide viable options to protect the Trust, there can be no guarantee that the implementation of the Liquidity Policies will be fully protective of the Trust.

Pursuant to the Liquidity Policies, under circumstances when the Liquidity Reserve is composed of an insufficient amount of unstaked Hyperliquid to satisfy Redemption Orders, the Sponsor, on behalf of the Trust, will seek to engage in a transaction with a third-party pursuant to which the Trust will exchange staked Hyperliquid (that will be freely transferable upon completion of the lock-up period and withdrawal queue) (Moderately Liquid Hyperliquid) for Hyperliquid that is unstaked and freely transferable (Highly Liquid Hyperliquid). The Highly Liquid Hyperliquid that the Trust receives in this transaction will be used to satisfy the applicable Redemption Orders. The amount of Hyperliquid sold by the Trust under such circumstances will be the minimum necessary to satisfy the applicable Redemption Orders. Such trades are expected to occur at a spread, requiring the Trust to deliver a greater quantity of Moderately Liquid Hyperliquid in order to receive an equivalent amount of Highly Liquid Hyperliquid.

For additional information on the Liquidity Policies, please see "STAKING – LIQUIDITY POLICIES AND PROCEDURES."

***The treatment of staking under U.S. federal securities laws may be unsettled.***

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On May 29, 2025, the staff of the SEC's Division of Corporation Finance issued its "Statement on Protocol Staking Activities" (the "Staking Statement"). The Staking Statement gave the staff's view regarding staking on networks that use PoS as a consensus mechanism that certain of such activities do not involve the offer and sale of securities within the meaning of the 1933 Act and the 1934 Act. Accordingly, under such an interpretation, the participants of such staking activities do not need to register such transactions with the SEC under the 1933 Act. Immediately following the issuance of the Staking Statement, SEC Commissioner Crenshaw provided a dissenting statement indicating her belief the conclusion expressed in the Staking Statement were erroneous and that certain transactions covered by the Staking Statement do involve the purchase and sale of securities within the meaning of the federal securities laws. The Sponsor believes its staking program is of the type described in the Staking Statement and therefore does not involve the purchase and sale of securities. However, if the staff or the SEC were to disagree with the Sponsor's position, or if the SEC or the staff were to take a position contrary to the views expressed in the Staking Statement, the Trust or its service providers may be deemed to be in violation of the 1933 Act, the 1934 Act, the 1940 Act or other applicable law.

***Hyperliquid staking may result in adverse tax consequences for Shareholders.***

The staking of the Trust's Hyperliquid is expected to result in the Trust obtaining additional Hyperliquid. It is possible that some or all of such obtained Hyperliquid may be treated as ordinary income for tax purposes. To the extent that such Hyperliquid is regarded as ordinary income, an investor in the Shares is expected to experience a taxable event. Thus, the Trust's participation in Hyperliquid staking could result in beneficial owners of Shares incurring tax liability without an associated distribution from the Trust. Any such tax liability could adversely affect an investment in the Shares.

**Risks Associated with Investing in the Trust**

**Investment-Related Risks.**

Investing in Hyperliquid and, consequently, the Trust, is speculative. The price of Hyperliquid is volatile, and market movements of Hyperliquid are difficult to predict. Supply-and-demand changes rapidly and are affected by a variety of factors, including regulation and general economic trends, such as interest rates, availability of credit, credit defaults, inflation rates and economic uncertainty. All investments made by the Trust will risk the loss of capital. Therefore, an investment in the Trust involves a high degree of risk, including the risk that the entire amount invested may be lost. No guarantee or representation is made that the Trust's investment program will be successful, that the Trust will achieve its investment objectives or that there will be any return of capital invested to investors in the Trust, and investment results may vary.

**The Trust is subject to market risk.**

Market risk refers to the risk that the market price of Hyperliquid held by the Trust will rise or fall, sometimes rapidly or unpredictably. An investment in the Shares is subject to market risk, including the possible loss of the entire principal of the investment.

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***Different from directly owning Hyperliquid*.**

The performance of the Trust will not reflect the specific return an investor would realize if the investor actually held or purchased Hyperliquid directly. The differences in performance may be due to factors such as fees and transaction costs. Investors will also forgo certain rights conferred by owning Hyperliquid directly, such as the right to claim airdrops. See *"*RISK FACTORS—Risks Associated with Investing in the Trust—*Shareholders may not receive the benefits of any forks or 'airdrops.'"*

**The Trust is a passive investment vehicle. The Trust is not actively managed and will be affected by a general decline in the price of Hyperliquid.**

The Sponsor does not actively manage the Hyperliquid held by the Trust. This means that the Sponsor does not sell Hyperliquid at times when its price is high, or acquire Hyperliquid at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Hyperliquid investors to attempt to reduce the risks of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares.

***The value of the Shares may be influenced by a variety of factors unrelated to the value of Hyperliquid.***

The value of the Shares may be influenced by a variety of factors unrelated to the price of Hyperliquid that may have an adverse effect on the price of the Shares. These factors include, but are not limited to, the following:

● Unanticipated problems or issues with respect to the mechanics of the Trust's operations and the trading of the Shares may arise, in particular due to the fact that the mechanisms and procedures governing the creation and offering of the Shares and storage of Hyperliquid have been developed specifically for this product;

● The Trust could experience difficulties in operating and maintaining its technical infrastructure, including in connection with expansions or updates to such infrastructure, which are likely to be complex and could lead to unanticipated delays, unforeseen expenses and security vulnerabilities;

● The Trust could experience unforeseen issues relating to the performance and effectiveness of the security procedures used to protect the Trust's account with the Hyperliquid Custodian, or the security procedures may not protect against all errors, software flaws or other vulnerabilities in the Trust's technical infrastructure, which could result in theft, loss or damage of its assets; or

● Service providers may decide to terminate their relationships with the Trust due to concerns that the introduction of privacy-enhancing features to the Hyperliquid Network may increase the potential for Hyperliquid to be used to facilitate crime, exposing such service providers to potential reputational harm.

Any of these factors could affect the value of the Shares, either directly or indirectly through their effect on the Trust's assets.

 **Liquidity risk.** 

The Trust's and the Authorized Participants' ability to buy or sell Hyperliquid may be adversely affected by limited trading volume, lack of a market maker, or legal restrictions. It is also possible that an Hyperliquid spot market or governmental authority may suspend or restrict trading in Hyperliquid altogether. Therefore, it may not always be possible to execute a buy or sell order at the desired price or to liquidate an open position due to market conditions on spot markets, regulatory issues affecting Hyperliquid or other issues affecting counterparties. Hyperliquid is a relatively new asset with a very limited trading history. Therefore, the markets for Hyperliquid may be less liquid and more volatile than other markets for more established products.

**The NAV may not always correspond to the market price of Hyperliquid and, as a result, Baskets may be created or redeemed at a value that is different from the market price of the Shares.**

The NAV of the Trust will change as fluctuations occur in the market price of the Trust's Hyperliquid holdings. Shareholders should be aware that the public trading price per Share may be different from the NAV for a number of reasons, including price volatility; trading activity; the closing of digital asset trading platforms due to fraud, failure, security breaches or otherwise; and the fact that supply-and-demand forces at work in the secondary trading market for Shares are related, but not identical, to the supply-and-demand forces influencing the market price of Hyperliquid.

An Authorized Participant may be able to create or redeem a Basket at a discount or a premium to the public trading price per Share, although some creations or redemptions may take place in kind, and the Trust will therefore maintain its intended fractional exposure to a specific amount of Hyperliquid per Share.

Shareholders also should note that the size of the Trust in terms of total Hyperliquid held may change substantially over time and as Baskets are created and redeemed.

When acquiring Hyperliquid in connection with a Cash Creation Order, it is possible that the Trust will pay a higher price for Hyperliquid than the value ascribed to Hyperliquid by the Pricing Benchmark, the rate used to calculate the Trust's NAV. This is known as "slippage." While transactions in any asset are subject to the risk of slippage, it is possible that transactions in digital assets may be more susceptible. The Trust seeks to minimize the risk of slippage by basing the amount of cash an Authorized Participant is required to deposit to consummate a Cash Creation Order for Baskets on the price the Trust actually paid for the Hyperliquid rather than on the value of Hyperliquid ascribed by the Pricing Benchmark. Nonetheless, there can be no guarantee that the Trust will not be negatively affected by slippage from time to time.

**The Shares may trade at a discount or premium in the trading price relative to the NAV as a result of non-concurrent trading hours between the Exchange and digital asset trading platforms. Non-concurrent trading hours may also result in the Shares gapping at the open of trading on the Exchange.**

The value of a Share may be influenced by non-concurrent trading hours between the Exchange and various digital asset trading platforms, including the Constituent Platforms of the Pricing Benchmark. Additionally, Shares may be traded at other times and in other venues. While U.S. equity markets are open for trading in the Shares for a limited period each day, the Hyperliquid market is a 24-hour marketplace; however, trading volume and liquidity on the Hyperliquid market are not consistent throughout the day and digital asset trading platforms, including the larger-volume markets, have been known to shut down temporarily or permanently due to security concerns, directed denial-of-service attacks and other reasons. As a result, during periods when U.S. equity markets are open but large portions of the Hyperliquid market are either lightly traded or are closed, trading spreads and the resulting premium or discount on the Shares may widen and, therefore, increase the difference between the price of the Shares and the NAV. Premiums or discounts may have an adverse effect on an investment in the Shares if a Shareholder sells or acquires its Shares during a period of discount or premium, respectively.

During periods when U.S. equity markets are closed but digital asset trading platforms are open, significant changes in the price of Hyperliquid could result in a difference in performance between the price of Hyperliquid and the most recent Share price. To the extent that the price of Hyperliquid moves significantly in a negative direction after the close of U.S. equity markets, the trading price of the Shares may "gap" down to the full extent of such negative price shift when U.S. equity markets reopen. To the extent that the price of Hyperliquid drops significantly during hours in which U.S. equity markets are closed, investors may not be able to sell their Shares until after the "gap" down has been fully realized, resulting in an inability to mitigate losses in a rapidly negative market.

Additionally, differences between the strike time (4:00 p.m. ET) of the Pricing Benchmark and the time at which the Trust's shares trade could create a difference between the fund's NAV and its market price.

**The Sponsor's, an Authorized Participant's or an Authorized Participant Designee's buying and selling activity associated with the creation and redemption of Baskets may adversely affect an investment in the Shares.**

Buying activity associated with purchases of Hyperliquid by the Sponsor, an Authorized Participant or Authorized Participant Designee in connection with Cash Creation Orders may cause the price of Hyperliquid to increase, which will result in higher prices for the Shares. Increases in Hyperliquid prices may also occur as a result of Hyperliquid purchases by other market participants who attempt to benefit from an increase in the market price of Hyperliquid when Baskets are created. The market price of Hyperliquid may therefore decline immediately after Baskets are created.

Selling activity associated with sales of Hyperliquid by the Sponsor, an Authorized Participant or Authorized Participant Designee in connection with Cash Redemption Orders may decrease Hyperliquid prices, which will result in lower prices for the Shares. Decreases in Hyperliquid prices may also occur as a result of selling activity by other market participants.

In addition to the effect that purchases and sales of Hyperliquid by the Sponsor, an Authorized Participant or Authorized Participant Designee and other market participants may have on the price of Hyperliquid, other exchange-traded products or large private investment vehicles with similar investment objectives (if developed) could represent a substantial portion of demand for Hyperliquid at any given time and the sales and purchases by such investment vehicles may impact the price of Hyperliquid. If the price of Hyperliquid declines, the trading price of the Shares will generally also decline.

**The inability of Authorized Participants and market makers to hedge their Hyperliquid exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.**

Authorized Participants and market makers will generally want to hedge their exposure in connection with Creation Orders and Redemption Orders. To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient Hyperliquid liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of Hyperliquid, wide spreads between prices quoted on different Hyperliquid trading platforms, the closing of Hyperliquid trading platforms due to fraud, failures, security breaches or otherwise etc.), such conditions may make it difficult to create or redeem Baskets or cause them to not create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized Participants and market makers to hedge their exposure to Hyperliquid may not function as intended, which may make it more difficult for them to enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which Shares trade on the open market.

**Arbitrage transactions intended to keep the price of Shares closely linked to the price of Hyperliquid may be problematic if the process for the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.**

If the processes of creation and redemption of Shares (which depend on timely transfers of Hyperliquid to and by the Hyperliquid Custodian) encounter any unanticipated difficulties due to, for example, the price volatility of Hyperliquid, the insolvency, business failure or interruption, default, failure to perform, security breach, or other problems affecting the Hyperliquid Custodian, an Authorized Participant or Authorized Participant Designee, the closing of Hyperliquid trading platforms due to fraud, failures, security breaches or otherwise, or network outages or congestion, spikes in transaction fees demanded by validators, or other problems or disruptions affecting the Hyperliquid Blockchain, then potential market participants, such as the Authorized Participants and their customers, who would otherwise be willing to create or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying Hyperliquid may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect.

Alternatively, in the case of a network outage or other problems affecting the Hyperliquid Blockchain, the processing of transactions on the Hyperliquid Blockchain may be disrupted, which in turn may prevent Hyperliquid Trading Counterparties, Authorized Participants, Authorized Participant Designees or other market participants from depositing or withdrawing Hyperliquid from their custody accounts, which in turn could affect the creation or redemption of Baskets. If this is the case, the liquidity of the Shares may decline and the price of the Shares may fluctuate independently of the price of Hyperliquid and may fall or otherwise diverge from NAV. Furthermore, in the event that the market for Hyperliquid should become relatively illiquid and thereby materially restrict opportunities for arbitraging by delivering Hyperliquid in return for Baskets, the price of Shares may diverge from the value of Hyperliquid.

**Investors may be adversely affected by Creation Orders or Redemption Orders that are subject to postponement, suspension or rejection under certain circumstances.**

The Trust may, in its discretion, suspend the right of creation or redemption or may postpone the redemption or creation settlement date, for (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) any period during which an emergency exists as a result of which the fulfillment of a Creation Order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption in services or availability of the Hyperliquid Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications, internet services, or network provider services, unavailability of Fedwire, SWIFT or banks' payment processes, significant technical failure, bug, error, disruption or fork of the Hyperliquid Blockchain, hacking, cybersecurity breach, or power, internet, or Hyperliquid Blockchain outage, or similar event), or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of Hyperliquid or the U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). In addition, the Trust may reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of the order might be unlawful. Any such postponement, suspension or rejection could adversely affect a redeeming Authorized Participant. Suspension of creation privileges may adversely impact how the Shares are traded and arbitraged in the secondary market, which could cause Shares to trade at levels materially different (premiums and discounts) from the value of their underlying Hyperliquid.

**Investors may be adversely affected by an overstatement or understatement of the NAV calculation of the Trust due to the valuation method employed on the date of the NAV calculation.**

In certain circumstances, the Trust's Hyperliquid investments may be valued using techniques other than reliance on the price established by the Pricing Benchmark. The value established by using the Pricing Benchmark may be different from what would be produced through the use of another methodology. The value of Hyperliquid or other digital asset investments valued using techniques other than those employed by the Pricing Benchmark, including "fair valuation measures," may differ from the value of Hyperliquid determined by reference to the Pricing Benchmark.

If the Pricing Benchmark is not available, or if the Sponsor determines, in its sole discretion, that the Pricing Benchmark does not reflect an accurate Hyperliquid price, the Trust's holdings may be "fair valued" in accordance with the valuation policies approved by the Sponsor. Those valuation policies stipulate that when seeking to fair value Hyperliquid, the Sponsor may apply all available factors the Sponsor deems relevant at the time of the determination, and may be based on analytical values determined by the Sponsor using third-party valuation models. Pursuant thereto, the Sponsor expects to utilize a volume-weighted average price or volume-weighted median price of Hyperliquid provided by a Secondary Source. If a Secondary Source is not available or the Sponsor in its sole discretion determines the Secondary Sources are unreliable, the price set by the Trust's principal market as of 4:00 p.m. ET, on the valuation date would be considered for utilization. In the event the principal market price is not available or the Sponsor in its sole discretion determines the principal market valuation is unreliable the Sponsor will use its best judgment to determine a good faith estimate of fair value based upon all available factors. The Sponsor does not anticipate that the need to "fair value" Hyperliquid will be a common occurrence.

**As an owner of Shares, you will not have the rights normally associated with ownership of other types of shares.**

Shares are not entitled to the same rights as shares issued by a corporation. By acquiring Shares, you are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of the Shares or to take other actions normally associated with the ownership of shares. You will only have the limited rights described under "MANAGEMENT; VOTING BY SHAREHOLDERS."

**The Sponsor and the Trustee may agree to amend the Trust Agreement or Sponsor Agreement without the consent of the Shareholders.**

The Sponsor and the Trustee may agree to amend the Trust Agreement or Sponsor Agreement without Shareholder consent. The Sponsor shall determine the contents and manner of delivery of any notice of any Trust Agreement amendment. Such notice may be provided on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports. If an amendment to the Trust Agreement or Sponsor Agreement imposes new fees and charges or increases existing fees or charges, including the Sponsor Fee (except for taxes and other governmental charges, registration fees or other such expenses), or prejudices a substantial right of Shareholders, it will become effective for outstanding Shares 30 days after notice of such amendment is given to registered owners. Shareholders that are not registered owners (which most Shareholders will not be) may not receive specific notice of a fee increase other than through an amendment to the Prospectus. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders are deemed to agree to the amendment and to be bound by the Trust Agreement and Sponsor Agreement as amended without specific agreement to such increase.

**The Trust is subject to risks due to its concentration of investments in a single asset class.**

Unlike other funds that may invest in diversified assets, the Trust's investment strategy is concentrated in a single asset class: Hyperliquid. This concentration maximizes the degree of the Trust's exposure to a variety of market risks associated with Hyperliquid. By concentrating its investment strategy solely on Hyperliquid, any losses suffered as a result of a decrease in the price of Hyperliquid can be expected to reduce the value of an interest in the Trust and will not be offset by other gains if the Trust were to invest in underlying assets that were diversified.

**A possible "short squeeze" due to a sudden increase in demand for the Shares that largely exceeds supply may lead to price volatility in the Shares.**

Investors may purchase Shares to hedge existing Hyperliquid or other digital asset, commodity or currency exposure or to speculate on the price of Hyperliquid. Speculation on the price of Hyperliquid may involve long and short exposures. To the extent that aggregate short exposure exceeds the number of Shares available for purchase (for example, in the event that large redemption requests by Authorized Participants dramatically affect Share liquidity), investors with short exposure may have to pay a premium to repurchase Shares for delivery to Share lenders. Those repurchases may, in turn, dramatically increase the price of the Shares until additional Shares are created through the creation process. This is often referred to as a "short squeeze." A short squeeze could lead to volatile price movements in the Shares that are not directly correlated to the price of Hyperliquid.

**As the Sponsor and its management have a limited history of operating an investment vehicle like the Trust, their experience may be inadequate or unsuitable to manage the Trust.**

The Sponsor has no history of past performance in managing a Hyperliquid exchange-traded product, which is a novel type of investment product. In addition, the Sponsor is not, and the Sponsor believes it is not required to be, registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") or a commodity pool operator or commodity trading adviser under the Commodity Exchange Act. The past performance of the Sponsor's management in other positions are an imperfect indication of their ability to manage an investment vehicle such as the Trust. If the experience of the Sponsor and its management is inadequate or unsuitable to manage an investment vehicle such as the Trust, the operations of the Trust may be adversely affected.

**Security threats and cyber-attacks could result in the halting of Trust operations and a loss of Trust assets or damage to the reputation of the Trust, each of which could result in a reduction in the price of the Shares.**

Security breaches, cyber-attacks, computer malware and computer hacking attacks have been a prevalent concern in relation to digital assets. Multiple thefts of Hyperliquid and other digital assets from other holders may have occurred in the past. Because of the pseudonymous nature of the Hyperliquid Blockchain, thefts can be difficult to trace, which may make Hyperliquid a particularly attractive target for theft. Cyber security failures or breaches of one or more of the Trust's service providers (including, but not limited to, the Transfer Agent, the Marketing Agent, the Administrator, the Cash Custodian, the Hyperliquid Custodian or an Authorized Participant) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.

The Trust and its service providers' use of the internet, technology and information systems (including mobile devices and cloud-based service offerings) may expose the Trust to potential risks linked to cyber-security breaches of those technological or information systems. The Sponsor believes that the Trust's Hyperliquid held in the Trust Hyperliquid Account at the Hyperliquid Custodian will be an appealing target to hackers or malware distributors seeking to destroy, damage or steal the Trust's Hyperliquid and will only become more appealing as the Trust's assets grow. To the extent that the Trust, Sponsor or Hyperliquid Custodian is unable to identify and mitigate or stop new security threats or otherwise adapt to technological changes in the digital asset industry, the Trust's Hyperliquid may be subject to theft, loss, destruction or other attack.

The Sponsor believes that the security procedures in place for the Trust, including, but not limited to, storage in hardware security modules ("HSMs") with built-in logic, multiple encrypted private key "shards," and other measures, are reasonably designed to safeguard the Trust's Hyperliquid. Nevertheless, the security procedures cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that may be borne by the Trust and the security procedures may not protect against all errors, software flaws or other vulnerabilities in the Trust's technical infrastructure, which could result in theft, loss or damage of its assets. The Sponsor does not control the Hyperliquid Custodian's operations or implementation of such security procedures and there can be no assurance that such security procedures will actually work as designed or prove to be successful in safeguarding the Trust's assets against all possible sources of theft, loss or damage. Assets not held in HSMs with built-in logic, such as assets held in a trading account, may be more vulnerable to security breach, hacking or loss than assets held in HSMs with built-in logic.

The security procedures and operational infrastructure may be breached due to the actions of outside parties, error or malfeasance of an employee of the Sponsor, Hyperliquid Custodian, or otherwise, and, as a result, an unauthorized party may obtain access to the Trust Hyperliquid Account with the Hyperliquid, the private keys (and therefore Hyperliquid) or other data of the Trust. Additionally, outside parties may attempt to fraudulently induce employees of the Sponsor, Hyperliquid Custodian or the Trust's other service providers to disclose sensitive information in order to gain access to the Trust's infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant until a predetermined event and often are not recognized until launched against a target, the Sponsor or Hyperliquid Custodian may be unable to anticipate these techniques or implement adequate preventative measures.

An actual or perceived breach of the Trust Hyperliquid Account with the Hyperliquid Custodian could harm the Trust's operations, result in partial or total loss of the Trust's assets, damage the Trust's reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares. The Trust may also cease operations, the occurrence of which could similarly result in a reduction in the price of the Shares.

While the Sponsor and the Trust's service providers have established business continuity plans and systems that they respectively believe are reasonably designed to prevent cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been, or cannot be, identified. Service providers may have limited indemnification obligations to the Trust, which could be negatively impacted as a result.

If the Trust's holdings of Hyperliquid are lost, stolen or destroyed under circumstances rendering a party liable to the Trust, the responsible party may not have the financial resources sufficient to satisfy the Trust's claim. For example, as to a particular event of loss, the only source of recovery for the Trust may be limited to the relevant custodian or, to the extent identifiable, other responsible third parties (for example, a thief or terrorist), any of which may not have the financial resources (including liability insurance coverage) to satisfy a valid claim of the Trust. Similarly, as noted below, the Hyperliquid Custodian has limited liability to the Trust, which could adversely affect the Trust's ability to seek recovery from them, even when the Hyperliquid Custodian's actions or failure to act are the cause of the Trust's loss.

It may not be possible, either because of a lack of available policies or because of prohibitive cost, for the Trust to obtain insurance that would cover losses of the Trust's Hyperliquid. If an uninsured loss occurs or a loss exceeds policy limits, the Trust could lose all of its assets.

**The Trust's risk management processes and policies may prove to not be adequate to prevent any loss of the Trust's Hyperliquid.**

The Sponsor is continuing to monitor and evaluate the Trust's risk management processes and policies and believes that the current risk management processes and procedures are reasonably designed and effective. The Sponsor believes that the security procedures that the Sponsor and Hyperliquid Custodian utilize, such as hardware redundancy, segregation and built-in logic (i.e., the custom policy rules embedded directly inside the Hyperliquid Custodian's hardware, allowing the hardware itself to validate and approve or reject transactions) protocols are reasonably designed to safeguard the Trust's Hyperliquid from theft, loss, destruction or other issues relating to hackers and technological attack. Despite the number of security procedures that the Sponsor and Hyperliquid Custodian employ, it is impossible to guarantee the prevention of any loss due to a security breach, software defect, act of God, pandemic or riot that may be borne by the Trust. Notwithstanding the above, the Sponsor and Hyperliquid Custodian are responsible for their own gross negligence, willful misconduct or bad faith. In the event that the Trust's risk management processes and policies prove to not be adequate to prevent any loss of the Trust's Hyperliquid and such loss is not covered by insurance or is otherwise recoverable, the value of the Shares will decrease as a result and investors would experience a decrease in the value of their investment.

**The development and commercialization of the Trust is subject to competitive pressures.**

The Trust and the Sponsor face competition with respect to the creation of competing products. The Sponsor's competitors may have greater financial, technical and human resources than the Sponsor. These competitors may also compete with the Sponsor in recruiting and retaining qualified personnel. Smaller or early-stage companies may also prove to be effective competitors, particularly through collaborative arrangements with large and established companies. If the SEC were to approve multiple applications for exchange-traded Hyperliquid products, many or all of such products, including the Trust, could fail to acquire substantial assets, initially or at all. The Trust's competitors may also charge a substantially lower fee than the Sponsor Fee in order to achieve initial market acceptance and scale. Accordingly, the Sponsor's competitors may commercialize a competing product more rapidly or effectively than the Sponsor is able to, which could adversely affect the Sponsor's competitive position and the likelihood that the Trust will achieve initial market acceptance, and could have a detrimental effect on the scale and sustainability of the Trust. For exchange-traded products similar to the Trust, there have been significant "first-mover" advantages in terms of asset gathering, trading volume and media coverage. In many cases, the first mover in an asset class has been able to maintain these advantages for extended periods. In the event that the SEC were to approve other exchange-traded Hyperliquid products prior to approving the Trust, the Trust could be significantly negatively affected.

If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact the Sponsor's ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders. In addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust's failure to reflect the performance of the price of Hyperliquid.

In addition, the Trust will compete with direct investments in Hyperliquid, other digital assets and other potential financial vehicles, possibly including securities backed by or linked to digital assets and other investment vehicles that focus on other digital assets. Market and financial conditions, and other conditions beyond the Trust's control, may make it more attractive to invest directly or in other vehicles, which could adversely affect the performance of the Trust.

To the extent that the Trust incurs transaction expenses in connection with the creation and redemption process, litigation expenses, indemnification obligations under the Trust's service provider agreements and other extraordinary expenses that are not borne by the Sponsor, such expenses will be borne by the Trust. To the extent that the Trust fails to attract a sufficiently large amount of investors, the effect of such expenses on the value of the Shares may be significantly greater than would be the case if the Trust had attracted more assets.

**The lack of active trading markets for the Shares may result in losses on investors' investments at the time of disposition of Shares.**

Although Shares are expected to be publicly listed and traded on the Exchange, there can be no guarantee that an active trading market for the Trust will develop or be maintained. If investors need to sell their Shares at a time when no active market for them exists, the price investors receive for their Shares, assuming that investors are able to sell them, likely will be lower than the price that investors would receive if an active market did exist and, accordingly, a Shareholder may suffer losses.

**Possible illiquid markets may exacerbate losses or increase the variability between the Trust's NAV and its market price.**

Hyperliquid is a novel asset with a very limited trading history. Therefore, the markets for Hyperliquid may be less liquid and more volatile than other markets for more established products, such as futures contracts for traditional physical commodities or more well-known digital assets such as bitcoin or ether. As of December 4, 2025, the market capitalization of Hyperliquid was $9.06 billion and had an average daily trading volume of $325.9 million. Comparatively, bitcoin had a market capitalization of $1.84 trillion and an average daily trading volume of $48 billion and ether had a market capitalization of $379.8 billion and an average daily trading volume of $28.5 billion. Both bitcoin and ether are held by exchange-traded products with a structure substantially similar to the Trust.

It may be difficult to execute a Hyperliquid trade at a specific price when there is a relatively small volume of buy and sell orders in the Hyperliquid market. A market disruption can also make it more difficult to liquidate a position or find a suitable counterparty at a reasonable cost.

Market illiquidity may cause losses for the Trust. The large size of the positions that the Trust may acquire will increase the risk of illiquidity by both making the positions more difficult to liquidate and increasing the losses incurred while trying to do so should the Trust need to liquidate its Hyperliquid. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Trust will typically invest in Hyperliquid, which is highly concentrated.

**The Trust's Hyperliquid may be subject to loss, damage, theft or restriction on access.**

There is a risk that part or all of the Trust's Hyperliquid could be lost, stolen or destroyed, potentially by the loss or theft of the private keys held by the Hyperliquid Custodian associated with Trust's Hyperliquid. The Sponsor believes that the Hyperliquid Custodian's operations are an appealing target to hackers or malware distributors seeking to destroy, damage or steal Hyperliquid or private keys. Although the Hyperliquid Custodian uses multiple means and layers of security to minimize the risk of loss, damage and theft, neither the Hyperliquid Custodian, nor the Sponsor can guarantee that such security will prevent such loss, damage or theft, whether caused intentionally, accidentally or by act of God. Access to the Trust's Hyperliquid could also be restricted by natural events (such as an earthquake or flood), human actions (such as a terrorist attack) or security or compliance measures (such as in response to a hard fork). Any of these events may adversely affect the operations of the Trust and, consequently, an investment in the Shares.

 **Several factors may affect the Trust's ability to achieve its investment objectives on a consistent basis.** 

There is no guarantee that the Trust will meet its investment objectives. Factors that may affect the Trust's ability to meet its investment objectives include: (1) the Sponsor's, an Authorized Participant's or an Authorized Participant Designee's ability to purchase and sell Hyperliquid in an efficient manner to effectuate Creation Orders and Redemption Orders; (2) transaction fees associated with the Hyperliquid Network; (3) the Hyperliquid market becoming illiquid or disrupted; (4) the Share prices being rounded to the nearest cent and/or valuation methodologies; (5) the need to conform the Trust's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (6) early or unanticipated closings of the markets on which Hyperliquid trades, resulting in the inability of the Authorized Participants to execute intended portfolio transactions; (7) operational or methodological issues with the Pricing Benchmark that result in the benchmark used by the Trust not accurately representing the true value of the Trust's Hyperliquid holdings; and (8) accounting standards.

**The amount of Hyperliquid represented by a Share will decline over time.**

The amount of Hyperliquid represented by a Share will continue to be reduced during the life of the Trust due to the transfer of the Trust's Hyperliquid to pay the Sponsor Fee and to pay for extraordinary, non-recurring expenses not assumed by the Sponsor. This dynamic will occur irrespective of whether the trading price of the Shares rises or falls in response to changes in the price of Hyperliquid.

Each outstanding Share represents a unit of undivided beneficial ownership of the Trust. The Trust does not generate any income and transfers Hyperliquid to pay the Sponsor Fee, and to pay for extraordinary, non-recurring expenses not assumed by the Sponsor. Therefore, the amount of Hyperliquid represented by each Share will gradually decline over time. This is also true with respect to Shares that are issued in exchange for additional deposits of Hyperliquid or cash used to acquire Hyperliquid over time, as the amount of Hyperliquid required to create Shares proportionally reflects the amount of Hyperliquid represented by the Shares outstanding at the time of such Basket being created. Assuming a constant Hyperliquid price, the trading price of the Shares is expected to gradually decline relative to the price of Hyperliquid as the amount of Hyperliquid represented by the Shares gradually declines.

Investors should be aware that the gradual decline in the amount of Hyperliquid represented by the Shares will occur regardless of whether the trading price of the Shares rises or falls in response to changes in the price of Hyperliquid.

**Extraordinary expenses resulting from unanticipated events may become payable by the Trust, adversely affecting an investment in the Shares.**

In consideration for the Sponsor Fee, the Sponsor has contractually assumed certain operational and periodic expenses of the Trust. See "ADDITIONAL INFORMATION ABOUT THE TRUST—The Trust's Fees and Expenses." Extraordinary, non-recurring expenses that are not assumed by the Sponsor are borne by the Trust and paid through the sale of the Trust's Hyperliquid. Any incurring of extraordinary expenses by the Trust could adversely affect an investment in the Shares.

 **The value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee, the Administrator, the Transfer Agent, the Hyperliquid Custodian or the Cash Custodian.** 

Under the Trust Agreement and the Trust's service provider agreements, each of the Trustee, Administrator, Transfer Agent, Hyperliquid Custodian, Cash Custodian and Sponsor may have a right to be indemnified by the Trust for any liability or expense it incurs, subject to certain exceptions. Therefore, the Trustee, Administrator, Transfer Agent, Hyperliquid Custodian, Cash Custodian or Sponsor may require that the assets of the Trust be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the net assets of the Trust and the NAV.

***Unforeseeable risks*.**

Hyperliquid launched relatively recently and there is little data on its long-term investment potential. Additionally, due to the rapidly evolving nature of the Hyperliquid market, including advancements in the underlying technology, changes to Hyperliquid may expose investors in the Trust to additional risks that are impossible to predict.

**Regulatory Risk**

**Regulatory Risk.**

As Hyperliquid and digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies have been examining the operations of digital asset networks, digital asset users and the digital asset spot market. Many of these state and federal agencies have brought enforcement actions and issued advisories and rules relating to digital asset markets. Although such actions were dismissed in 2025, since 2023 the SEC has charged certain large U.S. digital asset trading platforms (Binance, Coinbase and Kraken) with supporting the trading and settlement of securities in violation of the U.S. federal securities laws.

The U.S. Congress is also actively preparing new legislation to address certain market structure issues relating to digital assets and stablecoins. The outcome of this legislation is unknown. Both the outcome of the pending SEC enforcement actions and federal legislation are highly uncertain and may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares and/or the ability of the Trust to continue to operate.

Although neither the SEC nor the CFTC has exerted direct authority over Hyperliquid or Hyperliquid spot trading activity, the SEC and CFTC have broad authority over the regulation of issuances of securities (including digital asset securities) and commodity interests (including derivative instruments utilizing or referencing digital assets). The SEC and CFTC's engagement with the digital asset industry has had a material impact on the development of digital asset markets, including initial coin offerings, margin trading, regulated and unregulated derivatives markets, and decentralized finance markets. For example, the SEC has issued guidance as to the application of the securities laws to digital assets and initiated enforcement actions against certain digital asset issuers and offerings on the basis that such digital assets and offerings are securities under U.S. securities laws. In these actions, the SEC reasoned that the unregistered offer and sale of digital assets can, in certain circumstances, including ICOs, be considered an illegal public offering of securities. Similarly, the CFTC, together with the Department of Justice, has initiated enforcement actions against digital asset trading platforms relating to violations of the Commodity Exchange Act, on the basis that such platforms engaged in illegal, off-exchange retail commodity transactions in digital assets and digital asset derivative transactions. Further enforcement actions against participants in the digital asset industry could have negative impacts the price of digital assets, including Hyperliquid.

Under regulations from the New York State Department of Financial Services ("NYDFS"), businesses involved in certain digital asset business activity involving New York or a New York resident must apply for a license, commonly known as a BitLicense, from the NYDFS and must comply with anti-money laundering, cyber security, consumer protection, and financial and reporting requirements, among others. As an alternative to a BitLicense, a firm can apply for a charter to become a limited purpose trust company under New York law qualified to engage in digital asset business activity. Other states have considered or approved digital asset business activity statutes or rules, passing, for example, regulations or guidance indicating that certain digital asset business activities constitute money transmission requiring licensure. The regulation of digital asset activity under state money transmission laws varies substantially. Differences between state regimes increase the complexity and compliance burden of operating digital asset businesses across the U.S., which may affect consumer adoption of Hyperliquid and its price. In an attempt to address these issues, the Uniform Law Commission passed a model law in July 2017, the Uniform Regulation of Virtual Currency Businesses Act, which has many similarities to the BitLicense and features a multistate reciprocity licensure feature, wherein a business licensed in one state could apply for accelerated licensure procedures in other states. As of May 2025, only California, Louisiana and Rhode Island have adopted the model law, while Iowa has introduced the model law. It is still unclear; however, how many states will ultimately adopt some or all of the model legislation.

In August 2021, the previous chair of the SEC stated that he believed investors using digital asset trading platforms are not adequately protected, and that activities on the platforms can implicate the securities laws, commodities laws and banking laws, raising a number of issues related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability. It is not possible to predict whether the U.S. Congress will grant additional authorities to the SEC or other regulators, what the nature of such additional authorities might be, how they might impact the ability of digital assets markets to function or how any new regulations that may flow from such authorities might impact the value of digital assets generally and Hyperliquid held by the Trust specifically. OFAC has added digital currency addresses to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons are generally prohibited from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce uncertainty in the market as to whether Hyperliquid that has been associated with such addresses in the past can be easily sold. This "tainted" Hyperliquid may trade at a substantial discount to untainted Hyperliquid. Reduced fungibility in the Hyperliquid markets may reduce the liquidity of Hyperliquid and therefore adversely affect its price.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the SEC Crypto Task Force. The task force has an objective of developing a comprehensive and clear regulatory framework for crypto assets. Following the task force announcement, on January 23, 2025, President Trump executed the Strengthening American Leadership in Digital Financial Technology Executive Order. It is currently unknown how the actions or recommendations of the task force and this Executive Order or future governmental actions may impact the status of Hyperliquid or any other digital asset as a "security" or how Hyperliquid or the Trust would be treated under any new or revised regulatory framework.

President Trump's January 23, 2025 Executive Order, titled "Strengthening American Leadership in Digital Financial Technology," aimed to reorient the federal government's approach to digital assets. The Executive Order emphasized the importance of the digital asset industry in innovation and economic development, and outlined policies to support the growth and use of digital assets, blockchain technology and related technologies. President Trump's order also revoked former President Biden's March 9, 2022 Executive Order, titled, "Responsible Development of Digital Assets" and the U.S. Department of Treasury's July 7, 2022 "Framework for International Engagement of Digital Assets" and all policies, directives and guidance issued pursuant to those items produced by the previous administration. The consequences of federal regulation of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares. If the Sponsor determines not to comply with such regulatory and registration requirements, it may seek to cease certain or all of the Trust's operations. Any such action could have a material adverse effect on our business, financial condition and results of operations.

In 2025, Congress undertook significant legislative efforts to address the rapidly evolving landscape of digital assets and cryptocurrencies, culminating in the passage of two landmark bills: the Digital Asset Market Clarity Act of 2025 (the "CLARITY Act") and the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the "GENIUS Act"). These legislative actions represent the first comprehensive federal frameworks for the regulation of digital assets and stablecoins in the United States.

The CLARITY Act, which was passed by the House of Representatives but awaits consideration by the Senate, was designed to resolve longstanding regulatory uncertainty regarding the classification and oversight of digital assets. The CLARITY Act establishes a clear framework for distinguishing between digital assets that are securities, commodities, or payment stablecoins. It delineates the respective jurisdictions of the SEC and the CFTC, granting the CFTC exclusive authority over "digital commodities" and the SEC authority over "digital securities." The CLARITY Act also introduces criteria for determining when a digital asset is sufficiently decentralized to be treated as a commodity rather than a security.

In addition, the CLARITY Act imposes registration requirements and operational standards for digital asset intermediaries, including exchanges, brokers, and dealers. It mandates consumer protection measures, anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance, and enhanced disclosure obligations. The Act aims to foster innovation while providing market participants with greater regulatory certainty and aligning U.S. policy with emerging international standards.

The GENIUS Act, signed into law in July 2025, establishes the first federal regulatory framework for the issuance and operation of payment stablecoins—digital assets designed to maintain a stable value relative to a fiat currency, such as the U.S. dollar. The GENIUS Act requires that all payment stablecoins be fully backed on a one-to-one basis by high-quality liquid assets, such as U.S. dollars or short-term U.S. Treasury securities, and subjects issuers to rigorous reserve, audit, and disclosure requirements.

The GENIUS Act introduces a dual licensing regime, allowing stablecoin issuers to operate under either federal or state regulatory oversight, provided that state regimes are "substantially similar" to federal standards. Issuers with more than $10 billion in outstanding stablecoins must obtain a federal license. The GENIUS Act also imposes strict AML, sanctions compliance, and consumer protection obligations, including prioritizing stablecoin holders' claims in the event of issuer insolvency. Notably, the Act prohibits non-financial public companies from issuing stablecoins without special approval and restricts the payment of interest or yield on stablecoins.

These legislative efforts were accompanied by additional measures, such as the Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a retail central bank digital currency without congressional authorization. While the CLARITY Act and the GENIUS Act represent significant progress toward a comprehensive regulatory regime for digital assets, substantial uncertainty remains regarding the implementation and interpretation of these new laws. The effectiveness of these frameworks will depend on subsequent rulemaking by federal and state regulators, interagency coordination, and the evolving approach to enforcement. Market participants may face transitional risks as regulatory standards are developed and applied, and there is potential for further legislative or regulatory changes as the digital asset ecosystem continues to evolve.

The continued evolution of federal, state and foreign government regulators and policymakers will continue to impact the viability and success of digital asset markets, broadly, and Hyperliquid, specifically.

**Hyperliquid's status as a "security" under U.S. federal securities laws remains unsettled.**

If Hyperliquid is determined to be offered or sold as a "security" under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for Hyperliquid as a digital asset and the Trust. The Trust could be considered an unregistered "investment company" under SEC rules, which could necessitate the Trust's liquidation. In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act at such time or take such other actions as may be necessary to ensure the Trust's activities comply with applicable law, which could force the Sponsor to liquidate the Trust.

It may also become more difficult for Hyperliquid to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could in turn negatively affect the liquidity and general acceptance of Hyperliquid and cause users to migrate to other digital assets. Further, if any other digital asset with widespread markets is determined to be offered or sold as a "security" under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for Hyperliquid as a digital asset due to negative publicity or a decline in the general acceptance of digital assets. In addition, digital asset trading platforms that feature digital assets that are determined to be offered or sold as securities may face penalties or be required to shut down if they do not have the licenses required to facilitate electronic markets in securities, which could result in a reduction of the liquidity of Hyperliquid markets. As such, any determination that Hyperliquid or any other digital asset is a security under federal or state securities laws may adversely affect the value of Hyperliquid and, as a result, the value of the Shares.

To the extent that Hyperliquid is deemed to fall within the definition of a security under U.S. federal securities laws, the Trust and the Sponsor may be subject to additional requirements under the Investment Company Act and the Advisers Act. The Sponsor or the Trust may be required to register as an investment adviser under the Advisers Act. Such additional registration may result in extraordinary, recurring and/or non-recurring expenses of the Trust, thereby materially and adversely impacting the Shares. If the Sponsor and/or the Trust determines not to comply with such additional regulatory and registration requirements, the Sponsor may terminate the Trust. Any such termination could result in the liquidation of the Trust's Hyperliquid at a time that is disadvantageous to Shareholders.

**Future and current regulations by a U.S. or foreign government or quasi-governmental agency could have an adverse effect on an investment in the Trust.**

The regulation of Hyperliquid and related products and services continues to evolve, may take many different forms and will, therefore, impact Hyperliquid and its usage in a variety of manners. The inconsistent, unpredictable, and sometimes conflicting regulatory landscape may make it more difficult for ether businesses to provide services, which may impede the growth of the Hyperliquid economy and have an adverse effect on consumer adoption of Hyperliquid. There is a possibility of future regulatory change altering, perhaps to a material extent, the nature of an investment in the Trust or the ability of the Trust to continue to operate. Additionally, changes to current regulatory determinations of Hyperliquid's status as not being a security, changes to regulations surrounding Hyperliquid futures or related products, or actions by a United States or foreign government or quasi-governmental agencies exerting regulatory authority over Hyperliquid, the Hyperliquid Blockchain, Hyperliquid trading, or related activities impacting other parts of the digital asset market, may adversely impact Hyperliquid and therefore may have an adverse effect on the value of your investment in the Trust.

Hyperliquid and other digital assets currently face an uncertain regulatory landscape in many foreign jurisdictions such as the European Union, China, the United Kingdom, Australia, Russia, Israel, Poland, India and Canada. Cybersecurity attacks by state actors, particularly for the purpose of evading international economic sanctions, are likely to attract additional regulatory scrutiny to the acquisition, ownership, sale and use of digital assets, including Hyperliquid. The effect of any existing regulation or future regulatory change on the Trust or Hyperliquid is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

Various foreign jurisdictions have adopted, and may continue to adopt in the near future, laws, regulations or directives that affect digital assets, particularly with respect to digital asset exchanges, trading venues and service providers that fall within such jurisdictions' regulatory scope. For example, on May 21, 2021, Chinese Vice Premier Liu He and the State Council issued a statement aiming to crack down on bitcoin mining in China. Over the subsequent weeks, multiple regions began to shut down mining operations, including what was estimated to be the three largest Chinese mining regions in Xinjiang, Sichuan, and Inner Mongolia. This resulted in a material decrease in the global bitcoin hash rate. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of digital assets by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the digital assets economy in these jurisdictions as well as in the United States and elsewhere, or otherwise negatively affect the value of digital assets, including Hyperliquid, and, in turn, the value of the Shares.

**Shareholders do not have the protections associated with ownership of shares in an investment company registered under the Investment Company Act or commodity pools under the Commodity Exchange Act.**

The Investment Company Act establishes a comprehensive federal regulatory framework for investment companies. Regulation of investment companies under the Investment Company Act is designed to, among other things: prevent insiders from managing the companies to their benefit and to the detriment of public investors; prevent the inequitable or discriminate issuance of investment company securities and prevent the use of unsound or misleading methods of computing asset values. For example, registered investment companies subject to the Investment Company Act must have a board of directors, a certain minimum percentage of whom must be independent (generally, at least a majority). Further, after an initial two-year period, such registered investment companies' advisory and sub-advisory contracts must be annually reapproved by a majority of (1) the entire board of directors and (2) the independent directors. Additionally, such registered investment companies are subject to prohibitions and restrictions on transactions with their affiliates and required to maintain fund assets with special types of custodians (generally, banks or broker-dealers). Moreover, such registered investment companies are subject to significant limits on the use of leverage, as well as limits on the form of capital structure and the types of securities a registered fund can issue.

The Trust is not registered as an investment company under the Investment Company Act, and the Sponsor believes that the Trust is not permitted or required to register under such act. Consequently, Shareholders do not have the regulatory protections provided to investors in investment companies.

The Trust will not hold or trade in commodity interests regulated by the Commodity Exchange Act, as administered by the CFTC. Furthermore, the Sponsor believes that the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the operation of the Trust. Consequently, Shareholders will not have the regulatory protections provided to investors in Commodity Exchange Act-regulated instruments or commodity pools.

**Trading on digital asset trading platforms outside the United States is not subject to U.S. regulation and may be less reliable than U.S. trading platforms.**

To the extent any of the Trust's trading is conducted on digital asset trading platforms outside the United States, trading on such trading platforms is not regulated by any U.S. governmental agency and may involve certain risks not applicable to trading on U.S. trading platforms. Certain foreign markets may be more susceptible to disruption than U.S. trading platforms. These factors could adversely affect the performance of the Trust.

***If regulatory changes or interpretations of an Authorized Participant's, the Trust's or the Sponsor's activities require the regulation of an Authorized Participant, the Trust or the Sponsor as a money services business under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act or as a money transmitter or digital asset business under state regimes for the licensing of such businesses, an Authorized Participant, the Trust or the Sponsor may be required to register and comply with such regulations, which could result in extraordinary, recurring and/or nonrecurring expenses to the Authorized Participant, Trust or Sponsor or increased commissions for the Authorized Participant's clients, thereby reducing the liquidity of the Shares.***

  **** 

To the extent that the activities of any Authorized Participant, the Trust or the Sponsor cause it to be deemed a "money services business" under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act, such Authorized Participant, the Trust or the Sponsor may be required to comply with FinCEN regulations, including those that would mandate the implementation of an anti-money laundering program, the submission of certain reports to FinCEN and the maintenance of certain records. Similarly, the activities of an Authorized Participant, the Trust or the Sponsor may require it to be licensed as a money transmitter or as a digital asset business, such as under NYDFS' BitLicense regulation.

Such additional regulatory obligations may cause the Authorized Participant, the Trust or the Sponsor to incur extraordinary expenses. If the Authorized Participant, the Trust or the Sponsor decide to seek the required licenses, there is no guarantee that they will receive them in a timely manner. In addition, to the extent an Authorized Participant, the Trust, or the Sponsor is found to have operated without appropriate state or federal licenses, it may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties, all of which could harm the reputation of the Authorized Participant, the Trust or the Sponsor and affect the value of the Shares. Furthermore, an Authorized Participant, the Trust, or the Sponsor may not be able to acquire necessary state licenses or be capable of complying with certain federal or state regulatory obligations applicable to money services businesses, money transmitters, and businesses engaged in digital asset activity in a timely manner. The Authorized Participant may also instead decide to terminate its role as Authorized Participant of the Trust, or the Sponsor may decide to terminate the Trust. Termination by the Authorized Participant may decrease the liquidity of the Shares, which may adversely affect the value of the Shares, and any termination of the Trust in response to the changed regulatory circumstances may be at a time that is disadvantageous to the Shareholders.

**It may be illegal now, or in the future, to acquire, own, hold, sell or use Hyperliquid in one or more countries, and ownership of, holding or trading in the Shares may also be considered illegal and subject to sanction.**

Although currently Hyperliquid is not regulated or is lightly regulated in most countries, including the United States, one or more countries such as China, India or Russia may take regulatory actions in the future that severely restricts the right to acquire, own, hold, sell or use Hyperliquid or to exchange Hyperliquid for fiat currency. Such an action may also result in the restriction of ownership, holding or trading in the Shares. Such a restriction could result in the termination and liquidation of the Trust at a time that is disadvantageous to Shareholders, or may adversely affect an investment in the Shares.

**Tax Risk**

**The ongoing activities of the Trust may generate tax liabilities for Shareholders.**

It is expected that each Shareholder will include in the computation of their taxable income their proportionate share of the taxable income and expenses of the Trust and amounts realized in connection with the use of Hyperliquid or the sale of Hyperliquid to pay Trust expenses or facilitate redemption transactions. Some or all of the Hyperliquid obtained through staking may constitute ordinary income to you as it is obtained by the Trust. The Trust does not anticipate making distributions to Shareholders, so any tax liability that a Shareholder incurs as a result of holding Shares will need to be satisfied from some other source of funds. Shareholders receiving redemption proceeds after a sale to fund a redemption in cash may be allocated a larger portion of income or gain than those that do not. Shareholders receiving a redemption in-kind will not generally be taxed on the distribution in-kind. Sales of Hyperliquid to fund cash redemptions are expected to result in gains and losses, with such gains and losses expected to be treated as incurred by the Shareholder that is being redeemed. These gains or losses generally would equal the difference between the amount realized from the sale of the Hyperliquid and the Shareholder's tax basis for the portion of the Shareholder's pro rata share of the Hyperliquid held in the Trust that is sold to fund the redemption, as determined in the manner described above. A redemption of some or all of a Shareholder's Shares in exchange for the cash received from such sale is not expected to be treated as a separate taxable event for the Shareholder. Shareholders receiving a redemption in-kind will not generally be taxable on the distribution in-kind. If a Shareholders sells Shares in order to raise funds to satisfy such a tax liability, the sale itself may generate additional taxable gain or loss.

**The IRS may disagree with or seek to challenge the Trust's treatment as a grantor trust.**

The Sponsor intends to take the position that the Trust is properly treated as a grantor trust for U.S. federal income tax purposes. Assuming that the Trust is a grantor trust, the Trust will not be subject to U.S. federal income tax. Rather, if the Trust is a grantor trust, each beneficial owner of Shares will be treated as directly owning its pro rata share of the Trust's assets and a pro rata portion of the Trust's income, gain, losses and deductions will "flow through" to each beneficial owner of Shares.

In order to qualify as a grantor trust, the Trust must not be in a trade or business and no person may have a power to vary the investment of the Shareholders to take advantage of market fluctuations. The IRS has generally classified digital assets as "property", so the mere holding of digital assets would not raise issues in regard to grantor trust classification. However, the Trust will expand and contract over time with creations and redemptions of Baskets by Authorized Participants. The Trust is relying on informal guidance from the IRS that receipt of contributions in cash do not create a power to vary if they are required to immediately converted into the assets identical to those already held by the Trust. The receipt of Incidental Rights and IR Assets also create a potential issue because the Trust may from time to time be granted property that the Trust did not voluntarily acquire. Again, the Trust is relying on informal guidance from the IRS that acquiring different property without choosing to acquire the different property is not itself a power to vary. Further, as described in "Incidental Rights and IR Assets" below, the Trust expressly disclaims all ownership of the Incidental Rights and IR Assets, will not include those rights in computing its NAV, and will cause such rights to be distributed to the Sponsor as soon as reasonably practicable.

On November 10, 2025, the IRS released Revenue Procedure 2025-31, which provides a safe harbor under which a widely held fixed investment trust may stake digital assets without preventing the trust from qualifying as an investment trust under Treasury Regulation Section 301.7701-4 and as a grantor trust under Sections 671 et seq. of the Code, provided that fourteen separate requirements are met. Revenue Procedure 2025-31 states that no inferences should be drawn as to any Federal income tax consequences not expressly addressed in Revenue Procedure 2025-31, including with respect to whether income attributable to staking would be treated as income effectively connected with the conduct of a trade or business within the United States or as unrelated business taxable income. To the extent that any future staking by the Trust does not comply with all of the requirements of the Revenue Procedure, the safe harbor would not be available to assure the Trust's status as a grantor trust. There can be no assurance that any future staking by the Trust will comply with Revenue Procedure 2025-31. Accordingly, the Trust may rely on principles of underlying law in respect of grantor trusts that hold other assets, such as rental real estate and securities, which conclude that limited or ministerial actions with respect to the Trust corpus does not represent a power to vary the investment of the Trust certificate holders. Further, the Trust has arranged its affairs to limit staking so that any staking that occurs is non-discretionary, will not vary based on market conditions, and does not contain the indicia of a trade or business as provided in extant legal authority. However, there can be no assurance that in the event the safe harbor's requirements are not met the IRS will not take a contrary view or that any such contrary view would not be sustained by a Court if challenged.

If the Trust is incorrect in its interpretation of authority, the Trust could be classified either as a partnership or as an association taxable as a corporation. If the Trust is classified as a partnership, the Trust would not generally be taxable at the Trust level, but would be required to issue Form K-1s to the Shareholders. If the Trust is classified as an association taxable as a corporation, the Trust will be subject to corporate tax at the Trust level, and the Shareholder's return on investment may be reduced.

**Shareholders could incur a tax liability without an associated distribution of the Trust.**

In the normal course of business, it is possible that the Trust could incur a taxable gain in connection with the sale of Hyperliquid (including deemed sales of Hyperliquid as a result of the Trust using Hyperliquid to pay its expenses, including the Sponsor Fee) that is otherwise not associated with a distribution to Shareholders, or in connection with the receipt of cash from the Sponsor in connection with the Sponsor's sale of Incidental Right(s) and/or IR Asset(s). Shareholders may be subject to tax due to the grantor trust status of the Trust even though there is not a corresponding distribution from the Trust.

**The tax treatment of Hyperliquid and transactions involving Hyperliquid for U.S. federal income tax purposes may change.**

The tax treatment of digital assets is still evolving and subject to change. Current IRS guidance indicates that Hyperliquid should be treated as property for federal income tax purposes. Such guidance allows transactions in Hyperliquid to qualify for beneficial capital gains treatment. However, because Hyperliquid is a new technological innovation, the U.S. federal income tax treatment of an investment in Hyperliquid or in transactions relating to investments in Hyperliquid, including without limitation the tax treatment of a fork or airdrop, may evolve and change from those described in this Prospectus, possibly with retroactive effect. For example, current guidance indicates that digital asset currencies are neither collectibles nor currencies for the purposes of determining the applicable tax rate; however, this guidance could change, and if it were determined that digital assets were collectibles or a currency, the tax rate incurred by investors would be higher. Additional disclosure requirements may also apply to an investment in digital assets. Investors should consult their individual tax advisers to determine if such disclosure requirements apply to them.

Any change in the U.S. federal income tax treatment of Hyperliquid may have a negative effect on the price of Hyperliquid and may adversely affect the value of the Shares. Whether any additional guidance will adversely affect the U.S. federal income tax treatment of an investment in Hyperliquid or in transactions relating to investments in Hyperliquid is unknown. There can be no assurance that the IRS will not alter its position with respect to digital assets in the future or that a court would uphold the treatment set forth in the Notice and the Rulings & FAQs.

**The tax treatment of Hyperliquid and transactions involving Hyperliquid for state and local tax purposes is not settled.**

Because Hyperliquid is a new technological innovation, the tax treatment of Hyperliquid for state and local tax purposes, including without limitation state and local income and sales and use taxes, is not settled. It is uncertain what guidance, if any, on the treatment of Hyperliquid for state and local tax purposes may be issued in the future. A state or local government authority's treatment of Hyperliquid may have negative consequences, including the imposition of a greater tax burden on investors in Hyperliquid or the imposition of a greater cost on the acquisition and disposition of Hyperliquid generally. Any such treatment may have a negative effect on the price of Hyperliquid and may adversely affect the value of the Shares.

**A "fork" of the Hyperliquid Blockchain or an airdrop could result in Shareholders incurring a tax liability.**

If a fork occurs in the Hyperliquid Blockchain, the Trust Agreement requires that the Sponsor analyze the transaction according to several criteria and promptly determine which digital asset network is generally accepted as the Hyperliquid Blockchain and should therefore be considered the appropriate network for the Trust's purposes. The Sponsor will base its determination on a variety of then-relevant factors, including, but not limited to, the Sponsor's beliefs regarding expectations of the core developers of Hyperliquid, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance of, validating power on, and community engagement with, the Hyperliquid Blockchain. The outcome of such determination shall determine which network maintains the asset "Hyperliquid" and which is the Forked Asset, an IR Asset. Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets, including Forked Assets. Such assets are not considered assets of the Trust at any point in time. Once it has been determined by the Sponsor which asset is Hyperliquid and which is the Forked Asset, the Sponsor will, as soon as practicable, and, if possible, immediately, distribute the Forked Asset to the Sponsor. Once acquired, the Sponsor may take any lawful action necessary or desirable in connection with its acquisition of such asset. In the event that the Sponsor decides to sell the Forked Asset, it will seek to do so for cash. This may be a sale of the Forked Asset directly in exchange for cash, or in exchange for another digital asset which may subsequently be exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to DTC to be distributed to Shareholders in proportion to the number of Shares owned. The receipt of cash in connection with this distribution may cause Shareholders to incur a U.S. federal, state, local, or foreign tax liability. In addition, the IRS may not accept the Trust's position that disclaimed Incidental Rights or IR Assets do not represent a taxable incident. Any tax liability could adversely impact an investment in the Shares and may require Shareholders to prepare and file tax returns. Any tax liability could adversely impact an investment in the Shares and may require Shareholders to prepare and file tax returns.

Under the IRS guidance on digital assets, hard forks, airdrops and similar occurrences with respect to digital assets will under certain circumstances be treated as taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible that any such income recognized by a U.S. tax-exempt Shareholder would constitute "unrelated business taxable income" ("UBTI"). A tax-exempt Shareholder should consult its tax adviser regarding whether such Shareholder may recognize UBTI as a consequence of an investment in Shares.

**Non-U.S. Holders may be subject to U.S. federal withholding tax on income derived from forks, airdrops and similar occurrences.**

U.S. tax law does not specify whether income recognized by a non-U.S. person as a result of a fork, airdrop or similar occurrence could be subject to the 30% withholding tax imposed on U.S.-source "fixed or determinable annual or periodical" income. Non-U.S. Shareholders should assume that, in the absence of guidance, a withholding agent (including the Sponsor) may withhold 30% of any such income recognized by a non-U.S. Shareholder in respect of its Shares, including by deducting such withheld amounts from proceeds that such non-U.S. Shareholder would otherwise be entitled to receive in connection with a distribution of cash in connection with the Sponsor's sale of an IR Right and/or IR Asset and contributing such cash back to the Trust.

***The intended tax treatment of the Trust will limit the flexibility of the Trust's investment decisions.***

The Trust is intended to be a grantor trust for U.S. federal income tax purposes. A grantor trust is not permitted to vary the investment of the Shareholders to take advantage of market fluctuations. Thus, the Trust may be required to hold when an actively managed fund would sell. The Trust may be required to distribute proceeds when an actively managed fund would reinvest the proceeds. In addition, the Trust, as a fund treated as a grantor trust, will not be permitted to participate in trading or lending activity. This means that the returns of the Trust may be less than a successfully actively managed fund.

***WHFIT reporting risks.***

In general, the widely held fixed investment trust ("WHFIT") regulations require asset-by-asset reporting. This can result in large and complex information statements to Shareholders. To qualify for certain simplified reporting rules under the WHFIT regulations, the Trust intends to manage its annual expenses and sales proceeds (other than proceeds from pro rata sales to fund redemptions) to no more than five percent of the net asset value of the Trust. However, the Trust is not required to meet this limitation. If the Trust were to fail the five percent test, the general asset-by-asset rules would apply, and the information statements given to Shareholders would be complex.

In the final year of the Trust, it would not be unusual for expenses and sales proceeds and to exceed five percent of the Trust's net asset value. The WHFIT regulations provide a special exception to the five percent test in the final year of the Trust. To meet this exception, Shareholders receiving a distribution in kind on the termination of the Trust would be required to be treated as exchanging their Shares for cash. The Trust currently has no scheduled termination date.

**Other Risks**

**As a new fund, there is no guarantee that an active trading market for the Shares will develop. To the extent that no active trading market develops and the assets of the Trust do not reach a viable size, the liquidity of the Shares may be limited or the Trust may be terminated at the option of the Sponsor.**

As a new fund, there can be no assurance that the Trust will grow to or maintain an economically viable size, in which case the Sponsor may elect to terminate the Trust, which could result in the liquidation of the Trust's Hyperliquid at a time that is disadvantageous to an investor in the Shares. If the Trust fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover the costs associated with launching and maintaining the Trust, and such shortfalls could impact the Sponsor's ability to properly invest in robust ongoing operations and controls of the Trust to minimize the risk of operating events, errors, or other forms of losses to the Shareholders.

In addition, the Trust may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a sub-standard number of Authorized Participants willing to make a market in the Shares, which in turn could result in a significant premium or discount in the Shares for extended periods and the Trust's failure to reflect the performance of the price of Hyperliquid.

**The Trust may be required to terminate and liquidate at a time that is disadvantageous to Shareholders.**

If the Trust is required to terminate and liquidate, such termination and liquidation could occur at a time that is disadvantageous to Shareholders, such as when the price of Hyperliquid is lower than it was at the time when Shareholders purchased their Shares. In such a case, when the Trust's Hyperliquid is sold as part of the Trust's liquidation, the resulting proceeds distributed to Shareholders will be less than if the price of Hyperliquid were higher at the time of sale. See "ADDITIONAL INFORMATION ABOUT THE TRUST—Termination of the Trust" for more information about the termination of the Trust, including when the termination of the Trust may be triggered by events outside the direct control of the Sponsor, the Trustee or Shareholders.

**The Exchange on which the Shares are listed may halt trading in the Shares, which would adversely impact an investor's ability to sell Shares.**

The Shares are listed for trading on the Exchange under the market symbol "BHYP." Trading in Shares may be halted due to market conditions or, in light of the Exchange rules and procedures, for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading is subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules that require trading to be halted for a specified period based on a specified market decline. Additionally, there can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged.

**The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares.**

In the event that one or more Authorized Participants or market makers that have substantial interests in the Shares withdraw or "step away" from participation in the creation or redemption of Shares, the liquidity of Shares will likely decrease, which could adversely affect the market price of Shares and result in investors incurring a loss on their investment.

**The market infrastructure of the Hyperliquid spot market could result in the absence of active Authorized Participants able to support the trading activity of the Trust.**

Hyperliquid is extremely volatile, and concerns exist about the stability, reliability and robustness of many digital asset trading platforms where Hyperliquid trades. In a highly volatile market, or if one or more digital asset trading platforms supporting the Hyperliquid market face an issue, it could be extremely challenging for any Authorized Participants to provide continuous liquidity in the Shares. There can be no guarantee that the Sponsor will be able to find an Authorized Participant to actively and continuously support the Trust.

**Digital asset trading platforms are not subject to the same regulatory oversight as traditional equity exchanges, which could negatively impact the ability of Authorized Participants to implement arbitrage mechanisms.**

The trading for Hyperliquid occurs on multiple digital asset trading platforms that have various levels and types of regulation, but are not regulated in the same manner as traditional stock and bond exchanges. If these digital asset trading platforms do not operate smoothly or face technical, security or regulatory issues, that could impact the ability of Authorized Participants to make markets in the Shares. In such an event, trading in the Shares could occur at a material premium or discount against the NAV.

**The Authorized Participants may serve in such capacity for several competing exchange-traded Hyperliquid products, which could adversely affect the market for the Shares.**

Only an Authorized Participant may engage in creation or redemption transactions directly with the Trust. Some or all of the Trust's Authorized Participants may in the future serve as authorized participants or market makers for one or more exchange-traded Hyperliquid products that compete with the Trust. This may make it more difficult to engage or retain Authorized Participants for the Trust. Furthermore, because there is no obligation on the part of the Authorized Participants to engage in creation and redemption or market making activities with respect to the Trust's Shares, decisions by the Authorized Participants to not engage with the Trust or its Shares may result in a decline in the liquidity of the Shares and the price of the Shares may fluctuate independently of the price of Trust's Hyperliquid (i.e., at a greater premium or discount to the Trust's NAV).

**Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors' investment in the Shares.**

Only Authorized Participants may create or redeem Baskets. All other investors that desire to purchase or sell Shares must do so through the Exchange or in other markets, if any, in which the Shares may be traded. Shares may trade at a premium or discount to the NAV per Share.

**The Sponsor is leanly staffed and relies heavily on key personnel to manage its activities.**

The Sponsor is leanly staffed and relies heavily on key personnel to manage its activities. These key personnel intend to allocate their time managing the Trust in a manner that they deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on the management of the Sponsor.

 **Conducting creations and redemptions for cash has drawbacks.** 

The Trust may conduct some or all of its creations and redemptions for cash, rather than in kind. The use of Cash Creations and Cash Redemptions may cause Shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to their NAV per Share. The use of cash for redemptions will also limit the tax efficiency of the Trust. Additionally, the Trust's need to purchase Hyperliquid in connection with Creation Orders introduces the possibility that the Trust will pay a higher price for Hyperliquid than the value ascribed to Hyperliquid by the Pricing Benchmark, the rate used to calculate the Trust's NAV. This is known as "slippage." While transactions in any asset are subject to the risk of slippage, it is possible that transactions in digital assets may be more susceptible. The Trust seeks to minimize the risk of slippage by basing the amount of cash an Authorized Participant is required to deposit to consummate a Cash Creation Order for Baskets on the price the Trust actually paid for the Hyperliquid rather than on the value of Hyperliquid ascribed by the Pricing Benchmark. Nonetheless, there can be no guarantee that the Trust will not be negatively affected by slippage from time to time. The Trust will also incur transaction costs it would not otherwise have incurred if it received and distributed Hyperliquid in kind and was not required to purchase and sell Hyperliquid in connection with Cash Creation Orders and Cash Redemption Orders.

**Potential conflicts of interest may arise among the Sponsor or its affiliates and the Trust.**

The Trust operations will be managed by the Sponsor. It is possible that conflicts may arise between the Sponsor, affiliates, the Trust and its Shareholders.

In resolving conflicts of interest, the Sponsor is allowed to take into account the interests of other parties. Conflicts of interest may arise as a result of:

● Sponsor and its affiliates will be indemnified pursuant to the Trust Agreement;

● The Sponsor's allocation of resources (including the time and attention of management and business development) among different clients and potential future business ventures, to each of which they may owe fiduciary duties, the determination of which is the responsibility of the Sponsor and its affiliates;

● The staff of the Sponsor may also directly or indirectly serve affiliates and clients of the Sponsor;

● The Trust Agreement does not prohibit the Sponsor, its respective affiliates and their respective officers and employees from engaging in other businesses or activities that might be in direct competition with the Trust;

● The Sponsor and its staff may take direct positions in Hyperliquid or in other investments, or may advise other clients to take such positions, that may be in conflict with the Trust's investment objectives or that may be of a size that could impact the price of Hyperliquid;

● There has been no independent due diligence conducted with respect to this offering, where applicable, and there is an absence of arm's-length negotiation with respect to certain terms of the Trust;

● The Sponsor may preference the use of an affiliated Staking Agent when allocating the Trust's Hyperliquid among Staking Agents; and

● The Sponsor decides whether to obtain third-party services for the Trust.

By investing in the Shares, investors agree and consent to the provisions set forth in the Trust Agreement.

For a further discussion of the conflicts of interest among the Sponsor, Hyperliquid Custodian, Cash Custodian, Trust and others, see *"*CONFLICTS OF INTEREST*."*

***The Sponsor's policies and procedures may not fully mitigate the risk of conflicts of interest.***

The Sponsor has operating practices that require personnel to pre-clear personal trading activity in which Hyperliquid is the referenced asset and the trade exceeds $4,999 in value. In general, pre-clearance policies prohibit employees and agents from engaging in certain personal trading activity without first obtaining pre-clearance of the transaction from the firm's chief compliance officer, chief financial officer, or some senior officer with similar responsibilities.

Even with the implementation of pre-clearance requirements, the Sponsor may not be able to fully mitigate the risk of conflicts of interest or avoid the appearance of impropriety in connection with the purchase and sale of Hyperliquid. There is no guarantee that every employee, officer, director, or similar person associated with the Sponsor, or its affiliates will refrain from engaging in insider trading in violation of their duties to the Trust and Sponsor.

This risk is present in traditional financial markets and is not unique to Hyperliquid. If such employees or others affiliated with the Sponsor engage in illegal conduct or conduct which fails to meet applicable regulatory standards, the Sponsor and its affiliates could be the target of civil or criminal fines, penalties, punishments, or other regulatory sanctions or lawsuits or could be the target of an investigation. Any of these outcomes could cause the Trust and Shareholders to suffer harm.

The Sponsor and its affiliates may also participate in transactions related to Hyperliquid, either for their own account (subject to certain internal employee trading operating practices) or for the account of others, such as clients, and such transactions may occur prior to, during, or after the commencement of this offering. Such transactions may not serve to benefit the Shareholders of the Trust and may have a positive or negative effect on the value of the Hyperliquid held by the Trust and, consequently, on the market price of Hyperliquid.

**The Trust is new, and if it is not profitable, the Trust may terminate and liquidate at a time that is disadvantageous to Shareholders.**

The Trust is new. If the Trust does not attract sufficient assets to remain open, then the Trust could be terminated and liquidated at the direction of the Sponsor. Termination and liquidation of the Trust could occur at a time that is disadvantageous to Shareholders. When the Trust's assets are sold as part of the Trust's liquidation, the resulting proceeds distributed to Shareholders may be less than those that may be realized in a sale outside of a liquidation context. Investors may be adversely affected by redemption or creation orders that are subject to postponement, suspension or rejection under certain circumstances.

**The Sponsor may discontinue its services, which may be detrimental to the Trust.**

Sponsor may be unwilling or unable to continue to serve as sponsor to the Trust for any length of time. If the Sponsor discontinues its activities and is unable to be replaced, the Trust may have to terminate and liquidate the Hyperliquid held by the Trust. A substitute sponsor's appointment will not guarantee the Trust's continued operation even if a substitute sponsor is found, the appointment of a substitute sponsor may not necessarily be beneficial to the Trust or an investment in the Shares and the Trust may terminate.

**Any of the service providers could resign or be removed by the Trust, which could trigger early termination of the Trust.**

Any service provider may resign or be removed under its respective governing agreement. The Trust may dissolve in accordance with the terms of the Trust Agreement if any service provider resigns or is removed and is unable to be replaced.

**The lack of independent advisers representing investors in the Trust may cause Shareholders to be adversely affected.**

Counsel, accountants and other advisers have been consulted by the Sponsor regarding the formation and operation of the Trust. Potential investors should consult their own legal, tax and financial advisers regarding the desirability of an investment in the Shares. No counsel has been appointed to represent an investor in connection with the offering of the Shares. Failure to consult with their own legal, tax and financial advisers may lead to Shareholders making an undesirable investment decision with respect to investment in the Shares.

**No separate counsel; no responsibility or independent verification.**

Chapman and Cutler LLP represents the Sponsor. The Trust does not have counsel separate and independent from counsel to the Sponsor. Chapman and Cutler LLP does not represent Shareholders, and no independent counsel has been retained to represent Shareholders. Chapman and Cutler LLP is not responsible for any acts or omissions of the Sponsor, the Administrator, the Trustee, the Hyperliquid Custodian, the Cash Custodian, a Hyperliquid Trading Counterparty, the Transfer Agent or the Trust (including their compliance with any guidelines, policies, restrictions or applicable law, or the selection, suitability or advisability of their investment activities) or any administrator, accountant, custodian or other service provider to the Sponsor, Trustee or the Trust. This Prospectus was prepared based on information provided by the Sponsor, the Administrator, the Hyperliquid Custodian, the Cash Custodian, the Transfer Agent, and the Trustee, in good faith and based on reasonable best efforts to ensure the information is accurate as of the date of this Prospectus, and Chapman and Cutler LLP has not independently verified such information.

**Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be adversely affected by a lack of statutory rights and by limited voting and distribution rights.**

The Shares have limited voting and distribution rights under the Trust Agreement. For example, except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders have no voting rights and take no part in the management or control of, and have no voice in, the Trust's operations or business. The Trust may enact splits or reverse splits without Shareholder approval, and the Trust is not required to pay regular distributions. The Trust will not have regular Shareholder meetings. The right to authorize actions, appoint service providers or take other actions will not be held by Shareholders, unlike shareholders of other trusts.

**An investment in the Trust may be adversely affected by competition from other investment vehicles focused on Hyperliquid or other digital assets.**

The Trust will compete with direct investments in Hyperliquid, other digital assets and other potential financial vehicles, possibly including securities backed by or linked to digital assets and other investment vehicles that focus on other digital assets. Market and financial conditions, and other conditions beyond the Trust's control, may make it more attractive to invest in other vehicles, which could adversely affect the performance of the Trust.

**Investors cannot be assured of the Sponsor's continued services, the discontinuance of which may be detrimental to the Trust.**

Investors cannot be assured that the Sponsor will be able to continue to service the Trust for any length of time. If the Sponsor discontinues its activities on behalf of the Trust, the Trust may be adversely affected, as there may be no entity servicing the Trust for a period of time. Such an event could result in termination of the Trust.

**The liability of the Sponsor and the Trustee is limited, and the value of the Shares will be adversely affected if the Trust is required to indemnify the Trustee or the Sponsor.**

Under the Trust Agreement, the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustee or the Sponsor or breach by the Sponsor of the Trust Agreement, as the case may be. As a result, the Sponsor may require the assets of the Trust to be sold in order to cover losses or liability suffered by it. Any sale of that kind would reduce the NAV of the Trust and the value of its Shares.

 **Shareholders' limited rights of legal recourse against the Trust, Sponsor, Administrator, Transfer Agent, Cash Custodian and Hyperliquid Custodian and the Trust's lack of direct insurance protection expose the Trust and its Shareholders to the risk of loss of the Trust's Hyperliquid for which no person is liable.** 

The Trust is not a banking institution and is not a member of the FDIC or Securities Investor Protection Corporation ("SIPC") and, therefore, investments in the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. Likewise, the Trust's assets held with the Hyperliquid Custodian are not subject to FDIC or SIPC insurance coverage. In addition, neither the Trust nor the Sponsor insures the Trust's Hyperliquid. Any insurance coverage obtained by or for the Hyperliquid Custodian is solely for the benefit of the Hyperliquid Custodian and does not guarantee or insure the Trust in any way. There is no third-party insurance held on behalf of the Trust Hyperliquid Accounts.

Furthermore, under the Hyperliquid Custody Agreement, except for Anchorage Custody's gross negligence, willful misconduct or fraud, Anchorage Custody shall not be liable for any losses, whether in contract, tort or otherwise, incurred by the Trust, for any amount in excess of fees paid by the Trust in the twelve (12) months prior to when the liability arises. Further, in no event will Anchorage Custody be liable (i) for acts or omissions under a mere negligence standard, (ii) losses which arise from Anchorage Custody's compliance with applicable laws, including sanctions laws administered by OFAC; or (iii) special, indirect or consequential damages, or lost profits or loss of business arising in connection with the Hyperliquid Custody Agreement. This limitation of liability shall not limit any losses or claims arising from the Hyperliquid Custodian's gross negligence, willful misconduct or fraud. Furthermore, the Hyperliquid Custodian shall not be liable to the Trust for delays, suspension of operations, whether temporary or permanent, failure in performance of the Hyperliquid Custody Agreement, or interruption of service in each case to the extent it is directly due to a cause or condition entirely beyond the reasonable control of the Hyperliquid Custodian.

Under the Trust Agreement, the Sponsor will not be liable for any liability or expense incurred, including, without limitation, as a result of any loss of Hyperliquid by the Hyperliquid Custodian absent gross negligence, bad faith or willful misconduct on the part of the Sponsor. As a result, the recourse of the Trust or the Shareholders to the Sponsor, including in the event of a loss of Hyperliquid by the Hyperliquid Custodian, is limited.

The Shareholders' recourse against the Sponsor and the Trust's other service providers for the services they provide to the Trust, including, without limitation, those relating to the holding of Hyperliquid or the provision of instructions relating to the movement of Hyperliquid, is limited. For the avoidance of doubt, neither the Sponsor, the Trustee, nor any of their affiliates nor any other party has guaranteed the assets or liabilities, or otherwise assumed the liabilities, of the Trust, or the obligations or liabilities of any service provider to the Trust, including, without limitation, the Hyperliquid Custodian. Consequently, a loss may be suffered with respect to the Trust's Hyperliquid that is not covered by insurance and for which no person is liable in damages. As a result, the recourse of the Trust or the Shareholders, under applicable law, is limited.

**A loss of confidence or breach of the Hyperliquid Custodian may adversely affect the Trust and the value of an investment in the Shares.**

Custody and security services for the Trust's Hyperliquid are provided by Anchorage Custody, although the Trust may retain one or more additional custodians at a later date. Hyperliquid held by the Trust may be custodied or secured in different ways (for example, a portion of the Trust's Hyperliquid holdings may be custodied by Anchorage Custody and another portion by another third-party custodian). Over time, the Trust may change the custody or security arrangement for all or a portion of its holdings. The Sponsor will decide the appropriate custody and arrangements based on, among other factors, the availability of experienced custodians and the Trust's ability to securely safeguard the Hyperliquid.

 **If the Hyperliquid Custody Agreement is terminated or the Hyperliquid Custodian fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian, which could pose a challenge to the safekeeping of the Trust's Hyperliquid, and the Trust's ability to continue to operate may be adversely affected.** 

The Trust is dependent on the Hyperliquid Custodian to operate. The Hyperliquid Custodian performs essential functions in terms of safekeeping the Trust's Hyperliquid in the Trust Hyperliquid Account. If the Hyperliquid Custodian fails to perform the functions they perform for the Trust, the Trust may be unable to operate or create or redeem Baskets, which could force the Trust to liquidate or adversely affect the price of the Shares.

Alternatively, the Sponsor could decide to replace Anchorage Custody as the Hyperliquid Custodian with custody of the Trust's Hyperliquid, pursuant to the Hyperliquid Custody Agreement. Similarly, Anchorage Custody could terminate services under the Hyperliquid Custody Agreement. Transferring maintenance responsibilities of the Trust Hyperliquid Account at the Hyperliquid Custodian to another custodian will likely be complex and could subject the Trust's Hyperliquid to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets. Also, if the Hyperliquid becomes insolvent, suffers business failure, ceases business operations, defaults on or fails to perform its obligations under its contractual agreements with the Trust, or abruptly discontinues the services it provides provide to the Trust for any reason, the Trust's operations would be adversely affected.

The Sponsor may not be able to find a party willing to serve as the custodian of the Trust's Hyperliquid under the same terms as the current Hyperliquid Custody Agreement. To the extent that Sponsor is not able to find a suitable party willing to serve as the custodian, the Sponsor may be required to terminate the Trust and liquidate the Trust's Hyperliquid. In addition, to the extent that the Sponsor finds a suitable party but must enter into a modified Hyperliquid Custody Agreement that is less favorable for the Trust, the value of the Shares could be adversely affected.

 **Anchorage Custody may serve as the custodian for several competing exchange-traded Hyperliquid products, which could adversely affect the Trust's operations and ultimately the value of the Shares.** 

By virtue of the relatively limited number of institutionally capable providers of crypto asset custody services, Anchorage Custody may serve as the custodian for several exchange-traded products in the crypto category. If multiple competing companies file to launch Hyperliquid ETPs, they may work with Anchorage Custody. Anchorage Custody may then fail to properly resource their operations to adequately support all such products that use their services that could harm the Trust, the Shareholders and the value of the Shares.

**The Sponsor may need to find and appoint a replacement Hyperliquid Custodian or Cash Custodian quickly, which could pose a challenge to the safekeeping of the Trust's Hyperliquid and cash.**

The Sponsor may need to replace Anchorage Custody as the Hyperliquid Custodian of the Trust's Hyperliquid or BNY Mellon as the cash custodian of the Trust's cash and cash equivalents as a result of the insolvency, business failure or interruption, default, failure to perform, security breach or other problems. Transferring maintenance responsibilities of the Trust's accounts with the Hyperliquid Custodian and/or Cash Custodian to another party will likely be complex and could subject the Trust's Hyperliquid to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Trust's assets. The Sponsor may not be able to find a party willing to serve as the Hyperliquid Custodian or Cash Custodian under the same terms as the current Hyperliquid Custody Agreement or Cash Custody Agreement, respectively. To the extent that Sponsor is not able to find a suitable party willing to serve as the Hyperliquid Custodian or Cash Custodian, as applicable, the Sponsor may be required to terminate the Trust and liquidate the Trust's Hyperliquid. In addition, to the extent that the Sponsor finds a suitable party but must enter into modified custodial services agreements that cost more, the value of the Shares could be adversely affected.

 **The Hyperliquid Custodian could become insolvent or become subject to a receivership or bankruptcy proceeding, which may result in a loss of or delay in access to Trust assets.** 

If the Hyperliquid Custodian becomes insolvent or subject to a receivership or bankruptcy proceeding, the Trust's operations may be adversely affected, and there is a risk that the insolvency, receivership or bankruptcy of the Hyperliquid Custodian may result in the loss of all or a substantial portion of the Trust's assets or in a significant delay in the Trust having access to those assets.

The Hyperliquid Custody Agreement contains an agreement by the parties to treat the Hyperliquid credited to the Trust as "financial assets" under Article 8 of the Uniform Commercial Code as adopted and implemented by South Dakota law ("Article 8"), in addition to stating that the Hyperliquid Custodian will serve as a "securities intermediary" within the meaning of Article 8 with respect to such assets. Under Article 8, the Trust's Hyperliquid held in the Trust Hyperliquid Account(s) are not general assets of the Hyperliquid Custodian and are not available to satisfy claims of creditors of the Hyperliquid Custodian.

Further, the Hyperliquid Custodian has agreed to hold Trust assets for the benefit of the Trust as the entitlement holder, such assets will not be commingled with the Hyperliquid Custodian's proprietary assets. While other types of assets held in a similarly-segregated manner have been deemed not to be part of the asset custodian's bankruptcy estate under various regulatory regimes, bankruptcy courts have not yet fully addressed the appropriate treatment of custodial holdings of digital assets and any such determination may be highly fact-specific.

Given that the contractual protections and legal rights of customers with respect to digital assets held on their behalf by third parties are relatively untested in a bankruptcy or receivership proceeding of an entity such as the Hyperliquid Custodian, in the event of an insolvency, receivership or bankruptcy proceeding with respect to the Hyperliquid Custodian, there is a risk that the Trust's assets may be considered the property of the bankruptcy estate of the Hyperliquid Custodian, and that customers of the Hyperliquid Custodian, including the Trust, may be at risk of being treated as general unsecured creditors of the Hyperliquid Custodian and subject to the risk of total loss or markdowns on value of such assets. Moreover, even if the Trust's assets ultimately are not treated as part of the Hyperliquid Custodian's bankruptcy estate, the automatic stay could apply until the bankruptcy court made such a determination, and the limited precedent and fact-dependent nature of the determination could delay or preclude the return of such assets to the Trust. Further, the bankruptcy court may permit the Hyperliquid Custodian to retain possession or custody of its customers' assets until any claims the estate may have against the customers (including the Trust) are resolved.

An actual or perceived business failure or interruption, default, failure to perform security breach or other problems affecting the Hyperliquid Custodian could harm the Trust's operations, result in partial or total loss of the Trust's assets, damage the Trust's reputation and negatively affect the market perception of the effectiveness of the Trust, all of which could in turn reduce demand for the Shares, resulting in a reduction in the price of the Shares.

**Hyperliquid held by the Trust is not subject to FDIC or SIPC protections.**

The Trust is not a banking institution or otherwise a member of the FDIC or SIPC and, therefore, deposits held with or assets held by the Trust are not subject to the protections enjoyed by depositors with FDIC or SIPC member institutions. The undivided interests in the Trust's Hyperliquid represented by the Shares in the Trust are not insured.

**Third parties may infringe upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result in significant costs and diverted attention.**

It is possible that third parties might utilize the Trust's intellectual property or technology, including the use of its business methods and trademarks, without permission. However, the Trust may not have adequate resources to implement procedures for monitoring unauthorized uses of their trademarks, proprietary software and other technology. Also, third parties may independently develop business methods, trademarks or proprietary software and other technology similar to that of the Trust or claim that the Trust has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights. As a result, the Trust may have to litigate in the future to protect its trade secrets, determine the validity and scope of other parties' proprietary rights, defend itself against claims that it has infringed or otherwise violated other parties' rights, or defend itself against claims that its rights are invalid. Any litigation of this type, even if the Trust is successful and regardless of the merits, may result in significant costs, divert its resources from the Trust, or require it to change its proprietary software and other technology or enter into royalty or licensing agreements.

**Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks.**

With the increased use of technologies such as the internet and the dependence on computer systems to perform necessary business functions, the Trust is susceptible to operational and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of one or more of the Trust's third-party service providers (including, but not limited to, the Administrator, Transfer Agent, the Sponsor, the Hyperliquid Custodian and the Cash Custodian) have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of the Shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.

In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Trust and its Shareholders could be negatively impacted as a result. While the Trust has established business continuity plans, there are inherent limitations in such plans.

**The Trust faces risks related to the outbreak of infectious diseases or other public health issues, which could negatively impact the value of the Trust's holdings and significantly disrupt its operations.**

Health crises caused by the outbreak of infectious diseases or other public health issues, may exacerbate other pre-existing political, social, economic, market and financial risks. The impact of any such events, could negatively affect the global economy, as well as the economies of individual countries or regions, the financial performance of individual companies, sectors and industries, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the Shares.

For example, an outbreak of a respiratory disease designated as COVID-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of COVID-19 and efforts to contain its spread resulted in international, national and local border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and quarantines, as well as general concern and uncertainty that negatively affected the economic environment. These impacts also caused significant volatility and declines in global financial markets, including increased volatility and uncertainty in crypto markets, which have caused losses for investors. The emergence of new COVID variants or other infectious diseases could result in a substantial economic downturn or recession.

In addition, the operations of the Trust, the Sponsor and other service providers may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any such entity's personnel. Any disruption of operations could adversely impact the price and liquidity of the Shares, including, without limitation, the Trust's ability to process creation or redemption orders for Baskets.

**HYPERLIQUID, HYPERLIQUID MARKET AND REGULATION OF HYPERLIQUID**

**Hyperliquid and the Hyperliquid Blockchain**

Hyperliquid (HYPE) is the native digital asset of the Hyperliquid Network, a decentralized proof-of-stake blockchain that can be used as a platform for running applications. The blockchain is maintained by a distributed network of computers and is designed to be permissionless, performant, and secure.

The Hyperliquid token can be used to pay for processing transactions and storing data on the Hyperliquid Protocol, to run a validating node as part of the network, to participate in staking, and to participate in governance processes that set the future technical direction of the blockchain and determine where network resources are allocated.

The Hyperliquid token has a maximum supply of 1 billion tokens. New tokens are issued as a reward to the stakers and validators securing the network. The rate at which new tokens are issued is dynamic, and determined by how much HYPE is staked to validators. The rate is inversely proportional to the square root of total HYPE staked.

The Hyperliquid Network is comprised of HyperCore and HyperEVM. HyperCore hosts key trading infrastructure including an on-chain order book. HyperEVM is a general-purpose smart contract platform for hosting decentralized applications. Both components are supported by the same consensus mechanism, HyperBFT. Applications built on HyperEVM can access the liquidity and trading infrastructure of HyperCore.

Hyperliquid was developed in 2022 by former quantitative trader Jeff Yan and a former Harvard classmate who goes by the pseudonym "iliensinc." The pair sought to build a blockchain capable of supporting a fully on-chain order book.

Development of the Hyperliquid Network is overseen by Hyperliquid Labs. Growth and adoption of the network is supported by the Hyperliquid Foundation.

Hyperliquid Labs is the development company founded in 2023 that is responsible for Hyperliquid blockchain. The company's primary role is in the creation and maintenance of the HyperBFT consensus mechanism and the HyperCore/HyperEVM execution environments. Hyperliquid Labs also builds the applications that support the trading of perpetual futures contracts on the Hyperliquid blockchain.

The Hyper Foundation, a Cayman Islands registered foundation company, formed in October 2024 ahead of the launch of the Hyperliquid Network. It oversees the growth and governance of the Hyperliquid Network. The Hyper Foundation has a budget of 60 million HYPE tokens to fund grant programs, educational initiatives and strategic partnerships. Its goal is to attract developers to build application on the HyperEVM.

The Hyperliquid Network allows people to exchange tokens of value, Hyperliquid, which are recorded on the Hyperliquid Blockchain. Hyperliquid can be used to pay for goods and services, including to send a transaction on the Hyperliquid Network, or it can be converted to fiat currencies, such as the U.S. dollar.

Hyperliquid attempts to derive much of its value from utility. Users who want to transact on HyperEVM must pay fees in Hyperliquid. All transaction fees paid in Hyperliquid are automatically burned. The burn function partially offsets the new issuance of Hyperliquid. If demand is significant, it could create a deflationary dynamic in the token, whereby the total outstanding supply declines over time.

The total supply of 1 billion Hyperliquid is reserved for certain purposes. At launch, 31% was distributed via an airdrop to past users of the network; 38.89% was allocated for future emissions and rewards; 23.8% was allocated to core contributors; 6% was allocated to the Hyper Foundation budget; 0.3% was allocated for community grants; and 0.012% was set aside for a liquidity program.

**Summary of a Hyperliquid Transaction**

The following is a summary of a transaction of Hyperliquid on HyperEVM.

A transaction is initiated by a user who holds a Hyperliquid wallet. The user uses their wallet (whether it's a software wallet, hardware wallet, or a digital asset trading platform) to create the transaction. This transaction includes details such as the destination address, the amount of Hyperliquid to be transferred, and any additional data such as the desired operation to be performed on HyperEVM and the fee the transacting party is willing to pay to have the transaction processed.

To authenticate the transaction, the user's wallet signs the transaction using the private key associated with their Hyperliquid address. The private key is essential, as it proves ownership of the address and authorizes the movement of funds. The signing process generates a unique cryptographic signature based on the transaction details and the private key. This ensures that the transaction cannot be modified after signing.

Once signed, the transaction is broadcasted to the Hyperliquid Network. This involves sending the transaction to a decentralized network of nodes. The transaction is propagated across the network, where it is received by validators. Validators are independent nodes that maintain a copy of the Hyperliquid Blockchain and participate in the proof-of-stake consensus process.

The Hyperliquid Blockchain uses a proof-of-stake, leader-based consensus mechanism called HyperBFT. Validators participate in Hyperliquid consensus by staking a minimum of 10,000 HYPE tokens and maintaining certain performance requirements. Validators participate via delegated proof of stake; leaders produce blocks and receive new Hyperliquid as a reward. Poor performance can result in temporary "jailing," in which the jailed validators earn no rewards. There is currently no automatic slashing.

HyperEVM has a dual-block architecture that prioritizes the fast execution of lightweight transactions while designating additional blockspace for more complex transactions. Roughly once every second the network produces a fast block to carry lightweight transactions. Up to once a minute the network produces a slow block for more computationally-intense transactions.

When a transaction is included in a block and that block is added to the blockchain, the transaction is considered confirmed. Once confirmed, the transaction is difficult to reverse, and the sender's balance is deducted and smart contract capabilities may be triggered. Once the transaction is confirmed, it becomes part of the immutable blockchain, providing a permanent and transparent record of the transfer and activity.

**Hyperliquid Markets and Exchanges**

Hyperliquid can be transferred in direct peer-to-peer transactions by sending Hyperliquid over the Hyperliquid Blockchain from one Hyperliquid address to another. Users can use Hyperliquid to pay other Hyperliquid users for goods and services, resembling a barter system. Consumers can also pay merchants and businesses for products or services through direct peer-to-peer transactions on the Hyperliquid Blockchain or via third-party service providers. Hyperliquid can also be used to pay for transaction fees on the Hyperliquid Blockchain.

In addition to using Hyperliquid for transactions, investors may purchase and sell Hyperliquid to speculate on its market value or as a long-term investment to diversify their portfolios. The value of Hyperliquid within the market is influenced by factors such as supply and demand in the global Hyperliquid market, expectations for Hyperliquid' adoption as a platform for decentralization applications, the development of applications built on the Hyperliquid Blockchain, and other purposes.

Hyperliquid spot markets generally allow investors to open accounts with digital asset trading platforms and then buy or sell Hyperliquid via websites or mobile applications. Prices for Hyperliquid trades on these markets are typically publicly reported. Investors wishing to trade Hyperliquid on a digital asset platform must deposit an accepted government-issued currency or previously acquired digital assets into their platform account before they can purchase or sell Hyperliquid. This process of setting up an account with a trading platform and executing trades is separate from, and should not be confused with, the process of transferring Hyperliquid between addresses on the Hyperliquid Blockchain. The latter involves activities directly on the Hyperliquid Network, while trading on digital platforms occurs within the exchange's order book. The platform generally records an investor's Hyperliquid ownership in its internal books, not on the Hyperliquid Blockchain. Hyperliquid is typically not transferred to the investor's personal wallet unless they request a withdrawal to an off-platform Hyperliquid address.

Outside of spot markets, Hyperliquid can also be traded over-the-counter (OTC). The OTC market is predominantly institutional, with participants including firms that provide two-sided liquidity for Hyperliquid, investment managers, proprietary trading firms, high-net-worth individuals, entities holding significant amounts of Hyperliquid, and family offices. The OTC market offers a flexible environment in terms of quotes, pricing, and quantity, though it often involves large quantities of Hyperliquid. There is no formal structure to the OTC market, nor an open meeting place for transactions. Parties involved in OTC trades typically agree on the price—often by phone or email—before one party initiates the transfer by sending Hyperliquid to the buyer's Hyperliquid address. The buyer would then transfer the agreed-upon currency to the seller's bank account. OTC trades are sometimes hedged and eventually settled on digital asset trading platforms.

**Proof-of-Stake Process**

Unlike proof-of-work, in which validators expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or "stake" coins to compete to be selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. As of the date of this Prospectus, "slashing" (the forfeiture of a portion of the staked coins from validators engaging in malicious activity) is not implemented on the Hyperliquid Network.

**Hyperliquid Supply**

The maximum supply of Hyperliquid is set to 1 billion tokens, of which 310 million tokens were issued at launch. As of December 10, 2025, approximately 383 million tokens were believed to be in circulating supply. The rate at which new tokens are issued is dynamic and determined by how much HYPE is staked to validators. The rate is inversely proportional to the square root of total HYPE staked. The rate is designed to encourage more staking, without overpaying for network security.

The network programmatically removes old tokens from circulation through a burn mechanism. 97% of trading fees are utilized to buy HYPE from the open market and burn them, removing them from circulation and partially offsetting inflationary pressures. If the utilization of Hyperliquid increases, the rate at which Hyperliquid burns tokens through trading fees will, too.

At launch, Hyperliquid's token allocation for core contributors was subject to a 1-year vesting cliff. Locked tokens started to enter circulation beginning in late November 2025. For example, as of December 10, 2025, core contributors receive a daily unlock equivalent to 0.02% of total HYPE supply; their vesting period will run over two years. As of December 10, 2025, 22.8% of total supply remains locked for core contributors.

**Modifications to the Hyperliquid Blockchain Protocol**

Modifications to the Hyperliquid protocol follow a structured process. The first step is identifying a need or improvement that could benefit the Hyperliquid Network. This might involve changes to the blockchain parameters, changes to the core blockchain code, or upgrades to framework used for fixing bugs or enhancing functionality, among other items.

Hyperliquid community members discuss Hyperliquid Improvement Proposals (HIP) in off-chain community forums. The proposal is listed in the Hyperliquid GitBook HIP repository.

Validators ultimately vote on proposed HIPs. The size of their Hyperliquid stake determines the weight of their vote. Holders of staked Hyperliquid can influence the outcome of votes by allocating their tokens to specific validators. Proposals must pass a quorum of at least two thirds of total stake supporting to pass.

**Forms of Attack Against the Hyperliquid Blockchain**

All networked systems are vulnerable to various types of attacks, and the Hyperliquid Network is no exception. Like any decentralized computer network, Hyperliquid' blockchain contains certain vulnerabilities. The Hyperliquid Network relies on a decentralized network of nodes and validators who maintain consensus over the validity and order of transactions.

Proof-of-work systems (e.g., Bitcoin) are susceptible to a "51% attack," where control of a majority of mining power could enable reordering of recent blocks. Hyperliquid, however, uses a stake-weighted Byzantine Fault Tolerant (BFT) consensus. In such systems, the security thresholds differ: a coalition controlling at least one-third of validator stake, and therefore voting power, can halt finality or censor transactions, while a coalition controlling at least two-thirds network stake could finalize conflicting blocks and compromise ledger safety.

Additionally, applications built on top of the Hyperliquid Blockchain may have their own security vulnerabilities.

This is not an exhaustive list of all forms of attack against the Hyperliquid Network. For additional information, see the "RISK FACTORS" section of this Prospectus.

**Market Participants**

Validators

Unlike some networks, the Hyperliquid Network uses a proof-of-stake consensus mechanism to validate transactions. Validators play a key role in operating this consensus mechanism. Validators aggregate Hyperliquid and put that Hyperliquid at risk as a guarantee to faithfully process transactions on the Hyperliquid Network. Validators must stake a minimum of 10,000 Hyperliquid tokens and maintain strong performance to be a part of the active set of validators contributing to the network that are rewarded for their work. Poorly performing validator can be "jailed" and temporarily removed from the active validator set as a penalty. As of September 11, 2025, up to 24 validators can be a part of the active set. The validator process ensures the integrity and security of the blockchain, preventing fraud and double-spending.

Banks and Financial Institutions

Banks and financial institutions may explore the potential of Hyperliquid as a medium of exchange or store of value, or may choose to build new services or applications, on HyperEVM. Financial entities interested in Hyperliquid may run full nodes or otherwise integrate Hyperliquid into their services.

Investment and Speculative Sector

The investment and speculative sector includes both private and professional investors who trade Hyperliquid as an asset. Many participants in the Hyperliquid market engage in speculative trading, buying and selling Hyperliquid to profit from market fluctuations. While institutional involvement is limited compared to more established assets, the Hyperliquid market continues to grow in popularity among retail investors, especially with Hyperliquid' increased presence in digital asset trading platforms and rising interest in memecoins.

Retail Sector

The retail sector consists of users who engage in direct peer-to-peer Hyperliquid transactions. These users send Hyperliquid over the network to pay for goods or services. While Hyperliquid is not yet a widely accepted form of payment, there has been interest from consumers and businesses adopting Hyperliquid for various types of transactions, including online payments and tipping. However, its use as a mainstream payment method remains limited compared to other cryptocurrencies like Bitcoin.

Service Sector

The service sector includes companies that provide a variety of services related to Hyperliquid, such as buying, selling, payment processing, and custodial services. Major cryptocurrency exchanges, such as Bybit and Binance.US allow users to trade Hyperliquid. Additionally, there are custodial services that allow users to store Hyperliquid securely. As the Hyperliquid Network continues to grow in popularity, it is expected that more service providers will emerge, offering a wider range of services and expanding the overall ecosystem.

**Competition**

As of December 4, 2025, more than 18,000 other digital assets have been developed since the inception of bitcoin, which is currently the most developed digital asset because of the length of time it has been in existence, the investment in the infrastructure that supports it, and the network of individuals and entities that are using bitcoin in transactions. While Hyperliquid has enjoyed some success in its limited history, the aggregate value of outstanding Hyperliquid is smaller than that of bitcoin and ether and may be eclipsed by the more rapid development of other digital assets.

**Government Oversight, Though Increasing, Remains Limited**

As digital assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, CFTC, the Financial Industry Regulatory Authority ("FINRA"), the Consumer Financial Protection Bureau ("CFPB"), the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS and state financial institution and securities regulators) have been examining the operations of digital asset networks, digital asset users and the digital asset markets, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal activities or fund criminal or terrorist enterprises, and the safety and soundness of exchanges or other service providers that hold or have custody of digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks posed to investors by digital assets. President Trump's January 23, 2025 Executive Order, titled "Strengthening American Leadership in Digital Financial Technology," aimed to reorient the federal government's approach to digital assets. The Executive Order emphasized the importance of the digital asset industry in innovation and economic development, and outlined policies to support the growth and use of digital assets, blockchain technology and related technologies. President Trump's order also revoked former President Biden's March 9, 2022 Executive Order, titled, "Responsible Development of Digital Assets" and the U.S. Department of Treasury's July 7, 2022 "Framework for International Engagement of Digital Assets" and all policies, directives and guidance issued pursuant to those items produced by the previous administration.

On January 21, 2025, the SEC's acting Chairman Mark T. Uyeda announced the SEC Crypto Task Force. The task force has an objective of developing a comprehensive and clear regulatory framework for crypto assets. The task force also seeks to establish a practical and achievable process for registration of digital assets and design clearly defined disclosure requirements and frameworks.

In addition, the previous chair of the SEC has stated that the SEC has authority under existing laws to regulate the digital asset sector and the SEC, U.S. state securities regulators and several foreign governments have issued warnings and instituted legal proceedings in which they argue that certain digital assets may be classified as securities and that both those digital assets and any related initial coin offerings are subject to securities regulations. The outcomes of these proceedings, as well as ongoing and future regulatory actions, may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability of the Trust to continue to operate. Additionally, U.S. state and federal, and foreign, regulators and legislatures have taken action against virtual currency businesses or enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from virtual currency activity.

To the extent one ever develops, the CFTC will have regulatory jurisdiction over the Hyperliquid futures markets if it determines that Hyperliquid is a "commodity" under the Commodity Exchange Act and the rules thereunder. The CFTC has asserted in enforcement actions that digital assets like Hyperliquid may constitute "commodities" under the Commodity Exchange Act. As such, the CFTC would have authority to prosecute fraud and manipulation in the cash, or spot, market for Hyperliquid pursuant to Section 6(c)(1) of the Commodity Exchange Act and CFTC Rule 180.1. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or transactions involving Hyperliquid that do not use collateral, leverage or financing. There are currently no Hyperliquid futures contracts that are registered with the CFTC.

The SEC has also recently proposed amendments to the custody rules under Rule 406(4)-2 of the Investment Advisers Act. The proposed rule changes would amend the definition of a "qualified custodian" under Rule 206(4)-2(d)(6) and expand the current custody rule under Rule 406(4)-2 to cover digital assets and related advisory activities. If enacted as proposed, these rules would likely impose additional regulatory requirements with respect to the custody and storage of digital assets and could lead to additional regulatory oversight of the digital asset ecosystem more broadly. In addition, it is possible the market turbulence in late 2022, which led to the failure of FTX Trading Ltd. ("FTX") in November 2022 and the resulting market turmoil, could lead to increased SEC, CFTC, or other governmental investigations, enforcement, and/or other regulatory activity across the digital asset ecosystem.

Various foreign jurisdictions have adopted and may continue in the near future to adopt laws, regulations or directives that affect a digital asset network, the digital asset markets, and their users, particularly digital asset trading platforms and service providers that fall within such jurisdictions' regulatory scope. For example:

● China has made transacting in cryptocurrencies illegal for Chinese citizens in mainland China, and additional restrictions may follow. China has banned initial coin offerings and there have been reports that Chinese regulators have taken action to shut down a number of China-based digital asset trading platforms.

● South Korea determined to amend its Financial Information Act in March 2020 to require virtual asset service providers to register and comply with its AML and counter-terrorism funding framework. These measures also provide the government with the authority to close digital asset trading platforms that do not comply with specified processes. South Korea has also banned initial coin offerings.

● The Reserve Bank of India in April 2018 banned the entities it regulates from providing services to any individuals or business entities dealing with or selling digital assets. In March 2020, this ban was overturned in the Indian Supreme Court, although the Reserve Bank of India is currently challenging this ruling.

● The United Kingdom's Financial Conduct Authority published final rules in October 2020 banning the sale of derivatives and exchange-traded notes that reference certain types of digital assets, contending that they are "ill-suited" to retail investors citing extreme volatility, valuation challenges and association with financial crime. A new bill, the Financial Services and Markets Bill (the "FSMB"), has made its way through the House of Commons and is expected to work through the House of Lords and become law in 2023. The FSMB would bring digital asset activities within the scope of existing laws governing financial institutions, markets and assets.

● The European Council of the European Union approved the text of the Markets in Crypto-Assets Regulation ("MiCA") in October 2022, establishing a regulatory framework for digital asset services across the European Union. MiCA is intended to serve as a comprehensive regulation of digital asset markets and imposes various obligations on digital asset issuers and service providers. The main aims of MiCA are industry regulation, consumer protection, prevention of market abuse and upholding the integrity of digital asset markets. MiCA was ratified by the European Parliament on April 20, 2023, and went into full effect at the end of 2024.

● There remains significant uncertainty regarding foreign governments' future actions with respect to the regulation of digital assets and digital asset trading platforms. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of Hyperliquid by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the Hyperliquid ecosystem in the United States and globally, or otherwise negatively affect the value of Hyperliquid held by the Trust.

The effect of any future regulatory change on the Trust or the Hyperliquid held by the Trust is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

**THE TRUST AND Hyperliquid PRICES**

**Overview of the Trust**

The Trust's primary investment objective is to seek to provide exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations. The Trust's secondary investment objective is to seek to derive additional Hyperliquid through staking. In seeking to achieve its primary investment objective, the Trust will hold Hyperliquid and will value its net assets and the Shares daily based on the Pricing Benchmark. Hyperliquid will be the only digital asset held by the Trust.

The Sponsor believes that the Trust will provide a cost-efficient way for investors to implement strategic and tactical asset allocation strategies that use Hyperliquid by investing in the Shares rather than purchasing, holding and trading Hyperliquid directly. The latter alternative would require an investor to acquire Hyperliquid by selecting a digital asset trading platform and opening an account or arranging a private transaction, and initiating a fiat transaction to initiate or settle such acquisition. An investor would then also be required to custody such Hyperliquid by selecting a retail or institutional custodial platform or establishing a personal computer or hardware security module-based system capable of transacting directly on the blockchain, and incurring the risk associated with cybersecurity and maintaining a private key that is irrecoverable if lost, among other difficulties.

**Purchase and Sale of Hyperliquid**

When the Trust conducts Cash Creations or Cash Redemptions, the Sponsor, on behalf of the Trust, is responsible for purchasing and selling Hyperliquid. The Trust may also be required to sell Hyperliquid to pay certain extraordinary, non-recurring expenses that are not assumed by the Sponsor.

Under such circumstances, the Sponsor, on behalf of the Trust, will typically seek to buy and sell Hyperliquid at a price as close to the Pricing Benchmark as practical. When choosing between potential Hyperliquid Trading Counterparties, the Sponsor may consider factors other than simply the most favorable price. However, the most favorable price will be the predominant factor in determining the counterparty with which the Sponsor effectuates the contemplated transaction. Other factors that the Sponsor may consider include the size of the proposed order, as well as a Hyperliquid Trading Counterparty's execution capabilities, reliability and responsiveness.

The Sponsor has entered into contractual agreements with the Hyperliquid Trading Counterparties, and these agreements set forth the general parameters under which a transaction in Hyperliquid will be effectuated, should any transaction with a Hyperliquid Trading Counterparty occur. These agreements do not require the Sponsor to utilize any particular Hyperliquid Trading Counterparty, and do not create any contractual obligations on the part of any Hyperliquid Trading Counterparty to participate in cash orders for creations or redemptions. All transactions between the Sponsor, on behalf of the Trust, and a Hyperliquid Trading Counterparty will be done on an arm's-length basis.

While it is expected and intended that the Hyperliquid Trading Counterparties are unaffiliated third-parties, it is possible that a Hyperliquid Trading Counterparty may on any given day be or become considered an affiliate of the Trust if it acquires Shares in an amount that would cause it to become considered an affiliate of the Trust, as the Shares are publicly traded. Hyperliquid Trading Counterparties are not required to have a custody account with the Hyperliquid Custodian. When seeking to purchase or sell Hyperliquid on behalf of the Trust, the Sponsor will typically seek to buy and sell Hyperliquid at a price as close to the Pricing Benchmark as practical from any of the approved Hyperliquid Trading Counterparties. Upon notification that the Trust needs to purchase or sell Hyperliquid, the Sponsor will obtain indicative prices from multiple Hyperliquid Trading Counterparties at which they would be willing to execute the contemplated transaction. The Sponsor then determines the Hyperliquid Trading Counterparty with which it wishes to transact and records the rationale for that determination. Once agreed upon, the transaction will generally occur on an "over-the-counter" basis. Transfers of Hyperliquid to and from the Trust Hyperliquid Account to the Hyperliquid Trading Counterparty are "on-chain" transactions represented on the Hyperliquid Blockchain. Transfer fees with respect to this on-chain transfer of Hyperliquid will be paid by the Hyperliquid Custodian. The Hyperliquid Custodian will not pay such transfer fees with the Trust's assets.

The Sponsor maintains a process for approving and monitoring Hyperliquid Trading Counterparties, which is overseen by the Bitwise Portfolio Oversight Committee, which is responsible for investment activities and related risk, as well as counterparty risk. All Hyperliquid Trading Counterparties must be approved by the Bitwise Portfolio Oversight Committee before the Sponsor, on behalf of the Trust, will engage in transactions with the entity. The Bitwise Portfolio Oversight Committee continuously reviews all approved Hyperliquid Trading Counterparties at its quarterly meetings and will reject the approval of any previously approved Hyperliquid Trading Counterparty if new information arises regarding the entity that puts the appropriateness of that entity as an approved Hyperliquid trading counterparty in doubt. In considering which Hyperliquid Trading Counterparties to approve, the Bitwise Portfolio Oversight Committee has instituted rigorous policies and procedures that include, but are not limited to, (i) a review of all sanctioned entities, including, but not limited to, the various categories of sanctioned persons and entities identified by the Office of Foreign Assets Control; (ii) a review of all publicly available information regarding the entity, including a review of all information that has been filed pursuant to the requirements of U.S. or non-U.S. regulators, with a particular emphasis on the identity of the entity's owners, disclosure events and reports of disciplinary action; and (iii) a review of the entity's policies and procedures regarding various topics, including, but not limited to, anti-money laundering and "know-your-customer" requirements, trade surveillance, auditing and testing and cybersecurity capabilities.

As of December 9, 2025, A1, Ltd., Nonco, LLC and Solios, Inc. have been approved as Hyperliquid Trading Counterparties. A1, Ltd. is an affiliate of the Hyperliquid Custodian.

 **The CF Hype Dollar US Settlement Price** 

The net assets of the Trust and its Shares are valued on a daily basis with reference to the CF Hype Dollar US Settlement Price, the Pricing Benchmark, a standardized reference rate published by CF Benchmarks Ltd., the Benchmark Provider, that is designed to reflect the performance of Hyperliquid in U.S. dollars. The Pricing Benchmark was created to facilitate financial products based on Hyperliquid. It serves as a once-a-day benchmark rate of the U.S. dollar price of Hyperliquid (USD/Hyperliquid), calculated as of 4:00 p.m. ET. The Pricing Benchmark aggregates the trade flow of several major Hyperliquid trading venues, during an observation window between 3:00 p.m. and 4:00 p.m. ET into the U.S. dollar price of one Hyperliquid at 4:00 p.m. ET.

The Pricing Benchmark is designed based on the IOSCO Principals for Financial Benchmarks. The Trust uses the Pricing Benchmark to calculate its NAV, which is the aggregate U.S. dollar value of Hyperliquid in the Trust, based on the Pricing Benchmark, less its liabilities and expenses. "NAV per Share" is calculated by dividing NAV by the number of Shares currently outstanding. NAV and NAV per Share are not measures calculated in accordance with GAAP. NAV is not intended to be a substitute for the Trust's Principal Market NAV calculated in accordance with GAAP, and NAV per Share is not intended to be a substitute for the Trust's Principal Market NAV per Share calculated in accordance with GAAP.

The Sponsor, in its sole discretion, may cause the Trust to price its portfolio based upon an index, benchmark or standard other than the Pricing Benchmark at any time, with prior notice to the Shareholders, if investment conditions change or the Sponsor believes that another index, benchmark or standard better aligns with the Trust's investment objectives and strategies. The Sponsor may make this decision for a number of reasons, including, but not limited to, a determination that the Pricing Benchmark price of Hyperliquid differs materially from the global market price of Hyperliquid and/or that third parties are able to purchase and sell Hyperliquid on public or private markets not included among the Constituent Platforms, and such transactions may take place at prices materially higher or lower than the Pricing Benchmark price. The Sponsor, however, is under no obligation whatsoever to make such changes in any circumstance. In the event that the Sponsor intends to establish the Trust's NAV by reference to an index, benchmark or standard other than the Pricing Benchmark, it will provide Shareholders with notice in a prospectus supplement and/or through a current report on Form 8-K or in the Trust's annual or quarterly reports.

**Pricing Benchmark Methodology**

The Pricing Benchmark is calculated based on the "Relevant Transactions" (as defined below) of all of its Constituent Platforms as follows:

● All Relevant Transactions are added to a joint list, recording the time of execution, trade price and size for each transaction.

● The list is partitioned by timestamp into twelve (12) equally sized time intervals of five (5) minutes in length.

● For each partition separately, the volume-weighted median trade price is calculated from the trade prices and sizes of all Relevant Transactions, i.e., across all Constituent Platforms. A volume-weighted median differs from a standard median in that a weighting factor, in this case trade size, is factored into the calculation.

● The Pricing Benchmark is then determined by the equally weighted average of the volume medians of all partitions.

As of December 11, 2025, the Constituent Platforms included in the Pricing Benchmark are Bitget, Kucoin, MEXC, and Gate.io.

● *Bitget*: A Seychelles-based trading platform registered as a Money Services Business with the Financial Crimes Enforcement Network. Bitget is also registered as a Virtual Asset Service Provider in several European jurisdictions and has a variety of other licenses across the globe

● *Kucoin*: A global cryptocurrency exchange founded in 2017, headquartered in Seychelles, and serving users worldwide. It offers access to over 1,000 digital assets with spot, futures, margin trading, and its own native token (KCS), making it one of the largest exchanges by trading volume and user base.

● *MEXC*: A Seychelles-based trading platform registered as a Digital Currency Exchange Provider with the Australian Transaction Reports and Analysis Centre and a variety of other licenses across the European region.

● *Gate.io*: A Cayman Islands-based trading platform registered as a Money Services Business with the Financial Crimes Enforcement Network. Gate.io is also registered as a DLT provider by the Gibraltar Financial Services Commission and a variety of other licenses across the European and Asia-Pacific regions.

An oversight function is implemented by the Benchmark Provider in seeking to ensure that the Pricing Benchmark is administered through the Benchmark Provider's codified policies for index integrity. The Pricing Benchmark is administered through the Benchmark Provider's codified policies for index integrity, including a conflicts-of-interest policy, a control framework, an accountability framework, and an input data policy. It is also subject to the U.K. BMR regulations, compliance with which regulations has been subject to a Limited Assurance Audit under the ISAE 3000 standard as of September 12, 2022, which is publicly available.

The Pricing Benchmark is subject to oversight by the CF Cryptocurrency Index Family Oversight Function. The Oversight Function is undertaken on a permanent basis by an individual employed within the Crypto Facilities Group that fulfils the below criteria:

● Not involved in the day-to-day provision of benchmarks

● Has the necessary experience of oversight roles to give independent and objective review and challenge to the management body of CF Benchmarks Ltd ("CF Benchmarks")

● Is subject to the CF Benchmarks Conflict of Interest Policy

The Oversight Function meetings shall be attended by at least two members employed by CF Benchmarks: One that represents the Compliance Function within the group.

In the event that there are errors or irregularities in the calculation and publication of the Pricing Benchmark, including delayed, missing data or erroneous data, the Benchmark Provider will apply the "Contingency Calculation Rules" as they relate to the Pricing Benchmark that are set forth on the Benchmark Provider's website. The use of the Contingency Calculation Rules could negatively impact the NAV of the Trust. Such rules dictate how the Benchmark Provider will calculate the Pricing Benchmark, depending upon the type of error or irregularity. For instance, in the event that no Relevant Transaction occurs on a Constituent Platform on a given day, or one or more Relevant Transactions do occur on the Constituent Platform but cannot be retrieved by the Benchmark Provider, the Constituent Platform is disregarded in the calculation of the Pricing Benchmark for that day. In addition, all Relevant Transactions are subject to automated screening for erroneous data. Relevant Transactions that have been flagged as erroneous pursuant to the automated screening and the Contingency Calculation Rules are disregarded in the calculation of the Pricing Benchmark for a given day. If, for whatever reason, the Benchmark Provider is unable to calculate and publish the Pricing Benchmark by the stipulated dissemination time, it shall publish a notification on its website informing Pricing Benchmark users, including the Trust, the calculation and publication have been delayed.

If there are material changes to the Pricing Benchmark calculation methodology, the Trust will notify Shareholders in a prospectus supplement and a current report on Form 8-K or in its annual or quarterly reports. Additionally, the Trust will include a list of the current Constituents Platforms in its annual or quarterly reports.

Cryptocurrency trading venues are approved by the CF Cryptocurrency Index Family Oversight Function to serve as pricing source for the calculation of a CF Settlement Price or CF Spot Rate, collectively known as the CF Cryptocurrency Index Family. Applications for new Constituent Exchanges to be added will be based on a set of predefined criteria, and the operation of existing Constituent Exchanges will be monitored against the same criteria.

A trading venue may be nominated for addition to the list of Constituent Exchanges by any member of the public, exchange or the Oversight Function. Nominations may be submitted to indices@cfbenchmarks.com. Upon receipt of a nomination, the Oversight Function shall at the next meeting, review if the nominee satisfies the Eligibility Criteria. Upon the conclusion, but not limited to, such investigation, and at the agreement of the exchange to be included as a Constituent Exchange, the Oversight Function shall resolve whether the nominee shall be added to the list of Constituent Exchanges.

A trading venue is eligible as a Constituent Exchange in any of the CF Cryptocurrency Index Family indices if, in the opinion of the Oversight Function, it fulfils the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 venue facilitates spot trading of the relevant base asset against the corresponding quote
 asset, including markets where the quote asset is made fungible with the Accepted Assets
 (the "Relevant Pair") and makes trade data and order data available through an
 Automatic Programming Interface (API) with sufficient reliability, detail and timeliness.

2. The
 average daily volume contribution of the Relevant Pair spot trading volume during the observation
 window for the Relevant Pair is greater than 3% of the other Constituent Exchanges in combination
 for 45 consecutive days.

3. The
 venue has published policies to ensure fair and transparent market conditions at all times
 and has processes in place to identify and impede illegal, unfair or manipulative trading
 practices.

4. The
 venue does not impose undue barriers to entry or restrictions on market participants, and
 utilizing the venue does not expose market participants to undue credit risk, operational
 risk, legal risk or other risks.

5. The
 venue complies with applicable law and regulation, including, but not limited to capital
 markets regulations, money transmission regulations, client money custody regulations, know-your-client
 (KYC) regulations and anti-money laundering (AML) regulations.

6. The
 venue cooperates with inquiries and investigations of regulators and the Administrator upon
 request.

A Constituent Exchange may be nominated for removal from the list of Constituent Exchanges by any member of the public, the exchange itself or the Oversight Function. Nominations may be submitted to indices@cfbenchmarks.com. All nominations should include as much detail as possible as to why the Constituent Exchange should be removed from the list of Constituent Exchanges. Upon receipt of a nomination, the Oversight Function shall resolve whether an investigation shall be commenced as to whether the nominee satisfies the Eligibility Criteria. Upon the conclusion of such investigation, the Oversight Function shall resolve whether the nominee shall be removed from the list of Constituent Exchanges.

The Administrator may temporarily remove a venue from the list of Constituent Exchanges on an ad-hoc basis if, in the opinion of the Administrator, the Constituent Exchange no longer satisfies the Eligibility Criteria or if other circumstances warrant a temporary removal. The Oversight Function shall resolve as to whether such removal shall be permanent. Details of such decisions will be published as soon as reasonably possible on the CF Benchmarks website.

Pricing Benchmark data and the description of the Pricing Benchmark are based on information made publicly available by the Benchmark Provider on its website at https://www.cfbenchmarks.com. None of the information on the Benchmark Provider's website is incorporated by reference into this Prospectus.

The four Constituent Platforms that contribute transaction data to the Pricing Benchmark with the aggregate volumes traded on their respective HYPE-USD markets over the preceding four calendar quarters are listed in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate Trading Volume of HYPE-USD Markets of<br> Pricing Benchmark Constituent Platforms** | **Aggregate Trading Volume of HYPE-USD Markets of<br> Pricing Benchmark Constituent Platforms** | **Aggregate Trading Volume of HYPE-USD Markets of<br> Pricing Benchmark Constituent Platforms** | **Aggregate Trading Volume of HYPE-USD Markets of<br> Pricing Benchmark Constituent Platforms** |
| <br> **Period** | **Bitget\*** | **Kucoin\*** | **MEXC\*** | **Gate.io\*** |
| 2024 Q4 | N/A | N/A | N/A | N/A |
| 2025 Q1 | N/A | N/A | N/A | N/A |
| 2025 Q2 | N/A | N/A | N/A | N/A |
| 2025 Q3 | N/A | N/A | N/A | N/A |

---

\* Each of Bitget, Kucoin, MEXC and Gate.io were not a component of the Pricing Benchmark for the periods shown above.

The market share for HYPE-USD trading of the four Constituent Platforms over the past four calendar quarters is shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Hyperliquid Trading Platform Market Share of <br> HYPE-USD Trading** | **Hyperliquid Trading Platform Market Share of <br> HYPE-USD Trading** | **Hyperliquid Trading Platform Market Share of <br> HYPE-USD Trading** | **Hyperliquid Trading Platform Market Share of <br> HYPE-USD Trading** |
| <br> **Period** | **Bitget\*** | **Kucoin\*** | **MEXC\*** | **Gate.io\*** |
| 2024 Q4 | N/A | N/A | N/A | N/A |
| 2025 Q1 | N/A | N/A | N/A | N/A |
| 2025 Q2 | N/A | N/A | N/A | N/A |
| 2025 Q3 | N/A | N/A | N/A | N/A |

---

\* Each of Bitget, Kucoin, MEXC and Gate.io were not a component of the Pricing Benchmark for the periods shown above.

CF BENCHMARKS LTD LICENSOR PRODUCT(S) IS USED UNDER LICENSE AS A SOURCE OF INFORMATION. CF BENCHMARKS LTD, ITS LICENSORS AND AGENTS HAVE NO OTHER CONNECTION TO THE FUND OR THE SPONSOR AND DO NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY PRODUCTS OR SERVICES INCLUDING AS DESCRIBED HEREIN. CF BENCHMARKS ITS LICENSORS AND AGENTS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE OFFERING AND SALE OF THE FUND. CF BENCHMARKS ITS LICENSORS AND AGENTS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO THE FUND OR THE SPONSOR AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

**Trust Structure**

The Trust is a statutory trust formed under the Delaware Statutory Trust Act, and the Trust Agreement constitutes the "governing instrument" of the Trust under the laws of the State of Delaware relating to statutory trusts. The Trust holds Hyperliquid and is expected from time to time to issue Baskets in exchange for deposits of Hyperliquid or cash and to distribute Hyperliquid or cash in connection with redemptions of Baskets. The Trust's primary investment objective is to seek to provide exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations and other liabilities. The Trust's secondary investment objective is to seek to derive additional Hyperliquid through staking. In seeking to achieve its investment objective, the Trust will hold Hyperliquid and establish its NAV by reference to the Pricing Benchmark.

The Sponsor believes the Trust's is a straight-forward solution to seek its investment objectives. Besides cash received in connection with Cash Creation Orders of Baskets, the Trust's sole asset is expected to be Hyperliquid held with the Hyperliquid Custodian. The Sponsor believes that the Pricing Benchmark is a representative value for the USD-HYPE price of Hyperliquid, based on the methodology administered by the Benchmark Provider.

The Trust processes and pays its only ordinary expense (the Sponsor Fee) in Hyperliquid. The Trust will only sell Hyperliquid (1) in connection with Cash Redemptions, (2) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (3) in the event the Trust terminates and liquidates its assets, or (4) as otherwise required by law or regulation. This restriction provides protection against potential attempts by bad actors to manipulate the operation of the Trust based on how the Trust calculates its NAV.

Investors may obtain on a 24-hour basis Hyperliquid pricing information based on the spot price for one Hyperliquid from various financial information service providers. Current spot prices are also generally available with bid/ask spreads from digital asset trading platforms, including the Constituent Platforms. Market prices for the Shares are available from a variety of sources including brokerage firms, information websites and other information service providers. The NAV of the Trust is published by the Sponsor at the Trust's website (BHYPetf.com) on each day that the Exchange is open for regular trading and is posted on the Trust's website.

 **Staking** 

Pursuant to its secondary investment objective, the Trust will seek to generate additional Hyperliquid through staking. The Trust will stake the Hyperliquid held in the Trust Hyperliquid Account(s) maintained at the Hyperliquid Custodian. Under normal circumstances, the Sponsor anticipates that it will engage in staking with respect to all of the Trust's Hyperliquid, except for Hyperliquid held in the Liquidity Reserve. In addition to the Hyperliquid held in the Liquidity Reserve, the Trust may, on a short-term and temporary basis and in connection with one or more of the following events, hold Hyperliquid that is not staked, provided that the Trust shall make such Hyperliquid available for staking as soon as and to the extent reasonably possible: (i) Hyperliquid to be sold to pay Trust expenses; (ii) Hyperliquid received in connection with In-Kind Creations or to be distributed in connection with In-Kind Redemptions; (iii) Hyperliquid acquired with cash in connection with Cash Creations or sold in connection with Cash Redemptions; or (iv) Hyperliquid received or available for receipt as staking rewards. In addition to Hyperliquid held in the Liquidity Reserve, the Trust also may, in connection with one or more of the following events, hold additional unstaked Hyperliquid, provided that the Trust shall make such Hyperliquid available for staking as soon as and to the extent reasonably possible: (i) the purchase or sale of Hyperliquid pursuant to the Contingent Liquidity Arrangement described below; (ii) the sale of Hyperliquid in connection with the Trust's liquidation; (iii) the need to take protective measures against potential system vulnerabilities in the Hyperliquid Network's protocol, staking smart contracts or validator client software; (iv) the cessation of the Hyperliquid Custody Agreement, but only with respect to the Hyperliquid affected by the cessation; (v) the cessation of the arrangement between a custodian and a Staking Agent, but only with respect to the staked Hyperliquid affected by the cessation; and (vi) a change in applicable law or regulation.

Staking is the process of actively participating in the validation of transactions and the maintenance of a proof-of-stake (PoS) blockchain network. In the case of the Hyperliquid Network, participants may stake Hyperliquid by either operating their own validator node or utilizing through third-party staking services (such as the Staking Agents) that operate validators. Validators are responsible for proposing and attesting to new blocks as part of Hyperliquid Network's proof-of-stake consensus mechanism. In return for helping to secure the network and validate transactions, validators may earn staking rewards in the form of additional Hyperliquid. The staked Hyperliquid remains in the custody of the Hyperliquid Custodian but is locked during the staking process. On the Hyperliquid Network, Hyperliquid is locked during the staking process, subject to a lockup period of one day and, upon undelegation, a seven day unstaking queue before it becomes fully liquid and transferable again.

While staking Hyperliquid offers the potential to derive additional Hyperliquid, it also exposes the Trust to several risks. The Hyperliquid protocol does not impose slashing penalties like other proof-of-stake networks. However, if the validators to which the Trust's Hyperliquid has been staked fail to satisfy uptime and performance requirements, the Trust may fail to earn some or all of the Hyperliquid that would have otherwise been available as a result of its staking.

The Trust will not itself undertake any validation activities or otherwise actively participate in the maintenance of the Hyperliquid Network. The Trust will enter into a Staking Services Agreement with each Staking Agent setting forth the terms of the services provided by the Staking Agent to the Trust in connection with the Trust's staking activities. The Sponsor will select one or more Staking Agents, each of which will operate the validators to which the Trust's Hyperliquid is staked to ensure that validation occurs. In order to preserve and protect the Trust assets and ensure that the validators will properly perform validations the Sponsor will exercise diligence to (i) ensure the performance and reliability of each Staking Agent; (ii) ensure the adequacy of the safety and security policies and procedures of each Staking Agent, and (iii) consider any other factor(s) the Sponsor deems appropriate in making the allocation determination as necessary to achieve its investment objective and preserve and protect the Trust's assets. The Trust intends to arrange its affairs to limit staking so that any staking that occurs is non-discretionary, will not vary based on market conditions, and does not contain the indicia of a trade or business as provided in extant authority.

As of December 12, 2025, the Staking Agent is anticipated to be Attestant, Ltd., although the Trust may add additional Staking Agents in the future. Attestant, Ltd. is an affiliate of the Sponsor.

While the Staking Agent(s) will operate the validators used to undertake the staking activities, the Trust's Hyperliquid will be staked directly from the Trust Hyperliquid Account(s) at the Hyperliquid Custodian and will not be transferred to any other wallet in order to be staked. Because the Trust's staked Hyperliquid will remain in the Trust Hyperliquid Account(s) with the Hyperliquid Custodian, even when staked, the Trust's Hyperliquid will not be commingled with the Hyperliquid of any other Hyperliquid holder in connection with staking. The Hyperliquid Custodian has multiple layers of security protocols designed to protect the Trust's Hyperliquid from unauthorized access or transfer, which will remain in place when the Trust's Hyperliquid is staked. The Staking Agents will not have any control over the Trust's staked Hyperliquid as only the Sponsor has the authority to stake the Trust's Hyperliquid. In particular, the Staking Agent will not be authorized to leverage or rehypothecate the Trust's Hyperliquid.

The additional Hyperliquid generated by the Trust's staking program will be subject to fees shared among the Staking Agent(s) and the Sponsor. The amounts owed or paid to the Staking Agent(s) and the Sponsor are collectively referred to as the Staking Expenses. The Staking Expenses will equal 15% of the amount of the additional Hyperliquid generated by the staking of the Trust's Hyperliquid. The Staking Expenses will reduce the amount of Hyperliquid generated from the staking of the Trust's Hyperliquid that is ultimately retained by the Trust. The Trust's NAV will reflect the amount of Hyperliquid that the Trust is entitled to under its staking program after deduction of all Staking Expenses.

 ****

***Liquidity Policies and Procedures***

The Trust anticipates staking a substantial portion of its Hyperliquid holdings. As a result, the Trust has adopted liquidity policies and procedures (the Liquidity Policies) reasonably designed to ensure that the Trust is able to satisfy Redemption Orders without incurring the risk of significant dilution of the remaining Shareholders' interest in the Trust. The Sponsor is responsible for assessing, managing and reviewing the liquidity risk of the Trust at least annually based on the following four factors: (i) the Trust's investment strategy and liquidity of the Trust's assets during normal and stressed conditions, including use of borrowing for investment purposes and derivatives and whether the investment strategy is appropriate for effective and efficient arbitrage, (ii) holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, (iii) percentage and description of the Trust's assets that are segregated, pledged, hypothecated, encumbered, or otherwise restricted or prevented from being liquidated, sold, transferred or assigned and (iv) the lock-up period, including the exit times involved in the staking process. Following the liquidity risk assessment, the Sponsor will determine whether changes to the Liquidity Policies are necessary.

The Liquidity Policies provide the Sponsor with the means by which to manage the liquidity of the Trust's assets in times of stress. While the Sponsor believes that the Liquidity Policies provide viable options to protect the Trust, there can be no guarantee that the implementation of the Liquidity Policies will be fully protective of the Trust.

The Liquidity Policies set forth the operation of the Liquidity Reserve, which is the portion of the Trust's Hyperliquid holdings that are unstaked and are thus freely transferable and available to meet Redemption Orders. At the inception of the Trust, the Liquidity Reserve will be composed of 30% of the Trust's Hyperliquid holdings. However, this amount may be changed by the Sponsor in its sole discretion pursuant to the terms of the Liquidity Policies. The Liquidity Policies specify that, on a monthly basis, the Sponsor will seek to determine the appropriate percentage of the Trust's Hyperliquid to comprise the Liquidity Reserve. In making this determination, the Sponsor may consider any information it deems relevant, including, but not limited to, (i) the average daily value of Shares redeemed over the preceding month; (ii) the number of days the secondary-market closing price of the Shares has traded at a discount to NAV; (iii) the thirty-day realized volatility of Hyperliquid; (iv) Hyperliquid on-chain staking data, including the amount staked and the predetermined delegation period; and (v) the time-weighted average bid-ask spread for the Shares, as published by the Exchange. Following its review of these factors, the Sponsor may choose to adjust the percentage of Hyperliquid holdings that comprise the Liquidity Reserve. If the Sponsor chooses to adjust the percentage of Hyperliquid holdings that are held in the Liquidity Reserve, the Sponsor will disclose the change and the revised percentage of Hyperliquid holdings in a current report on Form 8-K.

The Trust will disclose on its website the percentage of the Trust's Hyperliquid that was staked as of the beginning of each trading day.

In the event that on a given day the amount of Hyperliquid comprising the Liquidity Reserve is insufficient to meet Redemption Orders received by the Trust, pursuant to the Liquidity Policies, the Trust will utilize a Contingent Liquidity Arrangement pursuant to which the Sponsor, on behalf of the Trust, will seek to engage in a transaction with a third-party pursuant to which the Trust will exchange staked Hyperliquid (that will be freely transferable upon completion of the lock-up period and withdrawal queue) (Moderately Liquid Hyperliquid) for Hyperliquid that is unstaked and freely transferable (Highly Liquid Hyperliquid). The Highly Liquid Hyperliquid that the Trust receives in this transaction will be used to satisfy the applicable Redemption Orders. The amount of Hyperliquid sold by the Trust under such circumstances will be the minimum necessary to satisfy the applicable Redemption Orders. Such trades are expected to occur at a spread, requiring the Trust to deliver a greater quantity of Moderately Liquid Hyperliquid in order to receive an equivalent amount of Highly Liquid Hyperliquid.

In the event that the Trust is unable to undertake such a transaction, the Trust may delay settlement of the Redemption Order(s). In the event that the Trust will delay settlement of a Redemption Order, it will provide notice to the Authorized Participant regarding the necessity of such delay as soon as is practicable.

**Calculation of NAV**

Under normal circumstances, the Trust's only asset will be Hyperliquid and, under limited circumstances, cash. The Trust's Hyperliquid is carried, for financial statement purposes, at fair value, as required by the U.S. generally accepted accounting principles ("GAAP"). The Trust's NAV will be determined by the Administrator once each Exchange trading day at 4:00 p.m. ET, or as soon thereafter as practicable. The NAV for a normal trading day will be released after 4:00 p.m. ET. Trading during the core trading session on the Exchange typically closes at 4:00 p.m. ET. However, NAVs are not officially struck until later in the day (often by 5:30 p.m. and almost always by 8:00 p.m.). The pause between 4:00 p.m. and 5:30 p.m. (or later) provides an opportunity for the Sponsor to algorithmically detect, flag, investigate, and correct unusual pricing should it occur.

The Administrator will calculate the NAV of the Trust by multiplying the number of Hyperliquid held by the Trust by the Pricing Benchmark for such day, adding any additional receivables and subtracting the accrued but unpaid expenses and liabilities of the Trust. The Trust's NAV per Share is calculated by dividing the Trust's NAV by the number of Shares then outstanding. The Administrator will determine the price of the Trust's Hyperliquid by reference to the Pricing Benchmark, which is published between 4:00 p.m. and 4:30 p.m. ET on every calendar day. The methodology used to calculate the Pricing Benchmark price to value Hyperliquid in determining the NAV of the Trust may not be deemed consistent with GAAP. To the extent the methodology used to calculate the Pricing Benchmark is deemed inconsistent with GAAP, the Trust will utilize an alternative GAAP-consistent pricing source for purposes of the Trust's periodic financial statements.

The Sponsor has the exclusive authority to determine the NAV of the Trust. The Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Trust and the NAV, based on a pricing source selected by the Sponsor (the Pricing Benchmark). The Administrator will determine the NAV of the Trust each business day. In determining the NAV of the Trust, the Administrator values the Hyperliquid held by the Trust based on the Pricing Benchmark, unless otherwise determined by the Sponsor in its sole discretion. If the Pricing Benchmark is not available or the Sponsor in its sole discretion determines that the Pricing Benchmark should not be used, the Trust's holdings may be fair valued in accordance with the policy approved by the Sponsor. These valuation policies provide that, in seeking to fair value Hyperliquid, the Sponsor may consider all factors it deems relevant at the time, including analytical values developed using third-party valuation models. In such cases, the Sponsor expects to utilize a volume-weighted average price or volume-weighted median price of Hyperliquid provided by a secondary pricing source (a Secondary Source). It is currently expected that the Lukka Digital Asset Reference Rate – Hyperliquid, the Lukka Reference Rate, would be used a Secondary Source. The Lukka Reference Rate provides a reference rate for the U.S. dollar price of Hyperliquid (HYPE/USD), calculated as of 4:00 p.m. ET. The Lukka Reference Rate aggregates executed transactions from several trading venues, during a calculation window between 3:00 p.m. and 4:00 p.m. ET and produces a U.S. Dollar price of Hyperliquid at 4:00 p.m. ET. Specifically, the Lukka Reference Rate is calculated based on eligible transactions from all of the eligible exchanges, and which may change from time to time as approved by Lukka's Price Integrity Oversight Board. In determining the value of Hyperliquid, Lukka applies a multi-step process for aggregating executed transactions for Hyperliquid from several trading venues during a calculation window between 3:00 p.m. and 4:00 p.m. ET to produce a Hyperliquid price as of 4:00 p.m. ET. Step 1: Executed transactions from eligible exchanges are collected by Lukka. Step 2: The calculation window is sectioned into equal time intervals, called partitions. Step 3: For each combination of partition, exchange and currency-pair, a Volume Weighted Average Price ("VWAP") is calculated. Step 4: For each partition and currency pair, the median of these VWAP's by exchange is calculated. Step 5: The Lukka Reference Rate for Hyperliquid is then calculated as the simple average of the partition medians calculated in the previous step.

If a Secondary Source is not available, or if the Sponsor determines in its sole discretion that the Secondary Source is unreliable, the Sponsor may consider the price reported by the Trust's principal market as of 4:00 p.m. ET on the valuation date. If the principal market price is also unavailable or deemed unreliable by the Sponsor, the Sponsor will use its best judgment to determine a good faith estimate of fair value based on all available data (such as pricing data available from the digital asset trading platforms it deems most reliable). The Sponsor does not anticipate that the need to "fair value" Hyperliquid will be a common occurrence. However, to the extent the valuation determined under these policies differs materially from the actual market price of Hyperliquid, the price of the Shares may temporarily or permanently deviate from the global market price of Hyperliquid. This could reduce investor confidence in the ability of Shares to track the value of Hyperliquid and may negatively impact the value of an investment in the Trust.

The ITV will be calculated by ICE Data Indices, LLC using the prior day's closing NAV per Share of the Trust as a base and updating that value throughout the trading day to reflect changes in the most recently reported price level of the CF Hypecoin-Dollar Spot Rate Index. The ITV disseminated during the Exchange core trading session hours should not be viewed as an actual real-time update of the NAV, because NAV per Share is calculated only once at the end of each trading day based upon the relevant end-of-day values of the Trust's investments. The ITV will be disseminated on a per-Share basis every 15 seconds during regular Exchange core trading session hours of 9:30 a.m. ET to 4:00 p.m. ET. The Exchange will disseminate the ITV value through the facilities of CTA/CQ High Speed Lines that allow for high-speed data transmission. In addition, the ITV will be published on the Exchange's website and will be available through online information services such as Bloomberg and Reuters. The ITV (which is based upon the CF Hypecoin-Dollar Spot Rate Index) may differ from the NAV (which is based upon the Pricing Benchmark) due to differences in how the CF Hypecoin-Dollar Spot Rate Index and Pricing Benchmark are calculated. While the Pricing Benchmark is calculated as described in the section above entitled "THE TRUST AND HYPERLIQUID PRICES—– The CF Hype Dollar US Settlement Price," the CF Hypecoin-Dollar Spot Rate Index is calculated once per second, in real time by utilizing the order books of Hyperliquid—U.S. dollar trading pairs operated by all Constituent Platforms. An "order book" is a list of buy and sell orders with associated limit prices and sizes that have not yet been matched, that is reported and disseminated by CF Benchmarks Ltd., as the CF Hypecoin-Dollar Spot Rate Index calculation agent. The order books are aggregated into one consolidated order book by the CF Hypecoin-Dollar Spot Rate Index calculation agent and the bid-price volume curve, ask-price volume curve, mid-price volume curve and mid-spread volume curve are calculated. The mid-price volume curve is the average of the bid-price volume curve (which maps transaction volume to the marginal price per cryptocurrency unit a seller is required to accept in order to sell this volume to the consolidated order book) and the ask-price volume curve (which maps a transaction volume to the marginal price per cryptocurrency unit a buyer is required to pay in order to purchase this volume from the consolidated order book). The mid-price volume curve is weighted by the normalized probability density of the exponential distribution up to the utilized depth (utilized depth being calculated as the maximum cumulative volume for which the mid-spread volume curve does not exceed a certain percentage deviation from the mid-price). The CF Hypecoin-Dollar Spot Rate Index is then given by the sum of the weighted mid-price volume curve obtained in the previous step.

Dissemination of the ITV provides additional information that is not otherwise available to the public and may be useful to investors and market professionals in connection with the trading of the Shares on the Exchange. Investors and market professionals will be able throughout the trading day to compare the market price of the Trust and the ITV. If the market price of the Shares diverges significantly from the ITV, market professionals will have an incentive to execute arbitrage trades. For example, if the Trust appears to be trading at a discount compared to the ITV, a market professional could buy the Shares on the Exchange and sell short futures contracts. Such arbitrage trades can tighten the tracking between the market price of the Trust and the ITV and thus can be beneficial to all market participants.

The Sponsor reserves the right to adjust the Share price of the Trust in the future to maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits. Such splits would decrease (in the case of a split) or increase (in the case of a reverse split) the proportionate NAV per Share, but would have no effect on the net assets of the Trust or the proportionate voting rights of Shareholders or the value of any Shareholder's investment.

The Trust's periodic financial statements may not utilize the NAV of the Trust determined by reference to the Pricing Benchmark to the extent the methodology used to calculate the Pricing Benchmark is deemed not to be consistent with GAAP. The Trust's periodic financial statements will be prepared in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("ASC Topic 820") and utilize an exchange-traded price from the Trust's principal market for Hyperliquid on the Trust's financial statement measurement date. The Sponsor will determine in its sole discretion the valuation sources and policies used to prepare the Trust's financial statements in accordance with GAAP. The Trust intends to engage a third-party vendor to obtain a price from a principal market for Hyperliquid, which will be determined and designated by such third-party vendor daily based on its consideration of several exchange characteristics, including oversight, and the volume and frequency of trades. Under GAAP, such a price is expected to be deemed a Level 1 input in accordance with the ASC Topic 820 because it is expected to be a quoted price in active markets for identical assets or liabilities.

To determine which market is the Trust's principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust's financial statements, the Trust follows ASC 820-10, which outlines the application of fair value accounting. ASC 820-10 determines fair value to be the price that would be received for Hyperliquid in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Trust to assume that Hyperliquid is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. The Trust may transact through Hyperliquid Trading Counterparties, in multiple markets, and its application of ASC 820-10 reflects this fact. The Trust anticipates that, while multiple venues and types of markets will be available to the Hyperliquid Trading Counterparties from whom the Sponsor acquires or disposes of the Trust's Hyperliquid, the principal market in each scenario is determined by looking at the market-based level of volume and Hyperliquid trading activity. Hyperliquid Trading Counterparties may transact in a Brokered Market, a Dealer Market, Principal-to-Principal Markets and Exchange Markets, each as defined in the FASB ASC Master Glossary. Based on information reasonably available to the Trust, Exchange Markets have the greatest volume and level of activity for the asset. The Trust therefore looks to accessible Exchange Markets as opposed to the Brokered Market, Dealer Market and Principal-to-Principal Markets to determine its principal market. As a result of the aforementioned analysis, an Exchange Market has been selected as the Trust's principal market. The Trust determines its principal market (or in the absence of a principal market the most advantageous market) on a quarterly basis to determine which market is its Principal Market for the purpose of calculating fair value for the creation of quarterly and annual financial statements.

The process that the Sponsor has developed for identifying a principal market, as prescribed in ASC 820-10, which outlines the application of fair value accounting. The process begins by identifying publicly available, well established and reputable Hyperliquid trading venues (Exchange Markets, as defined in the FASB ASC Master Glossary), which are selected by the Sponsor and its affiliates in their sole discretion. Those markets include Binance, Bitfinex, Bitflyer, Bitstamp, Coinbase Pro, Crypto.com, Gemini, HitBTC, Huobi, Kraken, KuCoin, OKEx and Poloniex. The Sponsor then, through a service provider, calculates on each valuation period, the highest volume venue during the 60-minute period prior to 4:00 p.m. ET for Hyperliquid. The Sponsor then identifies that market as the principal market for Hyperliquid during that period, and uses the price for Hyperliquid from that venue at 4:00 p.m. ET as the principal market price.

**Additional Information About The trust**

**The Trust**

The Trust is a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Trust continuously issues common shares representing units of undivided beneficial ownership of the Trust that may be purchased and sold on the Exchange. The Trust operates pursuant to the First Amended and Restated Trust Agreement dated as of December 9, 2025. CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust. The Trust is managed and controlled by the Sponsor. The Sponsor is a limited liability company formed in the State of Delaware on June 4, 2018.

The Trust is passively managed and does not pursue active management investment strategies. Additionally, the Sponsor does not actively manage the Hyperliquid held by the Trust. This means that the Sponsor does not sell Hyperliquid at times when its price is high or acquire Hyperliquid at low prices in the expectation of future price increases. It also means that the Sponsor does not make use of any of the hedging techniques available to professional Hyperliquid investors to attempt to reduce the risks of losses resulting from price decreases. The Hyperliquid held by the Trust will only be delivered to pay its only ordinary expense (the Sponsor Fee) in Hyperliquid. The Trust will only sell Hyperliquid (1) in connection with the Cash Redemptions, (2) on an as-needed basis to pay Trust expenses not assumed by the Sponsor, (3) in the event the Trust terminates and liquidates its assets, or (4) as otherwise required by law or regulation. The delivery or sale of Hyperliquid to pay fees and expenses by the Trust is a taxable event to Shareholders. See "United States Federal Income Tax Consequences."

The Trust is not registered as an investment company under the Investment Company Act and the Sponsor believes the Trust is not required to register under such act. The Trust does not hold or trade in commodity futures contracts, "commodity interests" or any other instruments regulated by the Commodity Exchange Act, as administered by the CFTC or National Futures Association. The Sponsor believes that the Trust is not a commodity pool for purposes of the Commodity Exchange Act, and that neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity trading adviser in connection with the operation of the Trust.

The number of outstanding Shares is expected to increase and decrease from time to time as a result of the creation and redemption of Baskets.

The Trust has no fixed termination date.

**The Trust's Fees and Expenses**

The Trust will pay the unitary Sponsor Fee of 0.67% per annum of the Trust's Hyperliquid holdings.

The Sponsor Fee is paid by the Trust to the Sponsor as compensation for services performed under the Trust Agreement and Sponsor Agreement. Except during periods in which all or a portion of the Sponsor Fee is being waived, the Sponsor Fee will accrue daily and will be payable in Hyperliquid monthly in arrears. The Administrator will calculate the Sponsor Fee on a daily basis by applying a 0.67% annualized rate to the Trust's total Hyperliquid holdings, and the amount of Hyperliquid payable in respect of each daily accrual shall be determined by reference to the Pricing Benchmark. The NAV of the Trust is reduced each day by the amount of the Sponsor Fee calculated each day. On or about the last day of each month, an amount of Hyperliquid will be transferred from the Trust Hyperliquid Account to the Sponsor Hyperliquid Account equal to the sum of all daily Sponsor Fees accrued for the month in U.S. dollars divided by the Pricing Benchmark on the last day of the month. The Trust is not responsible for paying any fees or costs associated with the transfer of Hyperliquid to the Sponsor. In exchange for the Sponsor Fee, the Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee's monthly fee and out-of-pocket expenses, the fees of the Trust's regular service providers (Cash Custodian, Hyperliquid Custodian, Marketing Agent, Transfer Agent and Administrator), exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and up to $500,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion based upon prevailing circumstances to assume legal fees and expenses of the Trust in excess of $500,000 per annum. The Sponsor will also pay the costs of the Trust's organization.

The additional Hyperliquid generated by the Trust's staking program will be subject to fees shared among the Staking Agent(s) and the Sponsor. The amounts owed or paid to the Staking Agent(s) and the Sponsor are collectively referred to as the Staking Expenses. The Staking Expenses will equal 15% of the amount of the additional Hyperliquid generated by the staking of the Trust's Hyperliquid. The Staking Expenses will reduce the amount of Hyperliquid generated from the staking of the Trust's Hyperliquid that is ultimately retained by the Trust. The Trust's NAV will reflect the amount of Hyperliquid the Trust is entitled to under its staking program after deduction of all Staking Expenses.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including, but not limited to, taxes and governmental charges, any applicable brokerage commissions, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Hyperliquid Blockchain, any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, Hyperliquid Custodian, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor Fee in its sole discretion. To the extent not already disclosed in the Prospectus, the Sponsor may notify Shareholders of its intent to commence, or cease, waiving the Sponsor Fee on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports.

In addition, the Sponsor may, in its sole discretion, agree to rebate all or a portion of the Sponsor Fee attributable to Shares held by certain large investors or entities. Any such rebate will be subject to negotiation and written agreement between the Sponsor and the investor/entity on a case-by-case basis. The Sponsor is under no obligation to provide any rebates of the Sponsor Fee. Neither the Trust nor the Trustee will be a party to any Sponsor Fee rebate arrangements negotiated by the Sponsor.

The Administrator and/or the Sponsor will direct the Hyperliquid Custodian to transfer Hyperliquid from the Trust Hyperliquid Account to the Sponsor Hyperliquid Account to pay the Sponsor Fee and any other Trust expenses not assumed by the Sponsor. To pay for expenses not assumed by the Sponsor that are denominated in U.S. dollars, the Sponsor, on behalf of the Trust, may sell the Trust's Hyperliquid as necessary to pay such expenses. The Sponsor, on behalf of the Trust, will typically seek to buy and sell Hyperliquid at a price as close to the Pricing Benchmark as practical. Transfers of Hyperliquid from the Trust Hyperliquid Account to the Sponsor Hyperliquid Account, and from the Sponsor Hyperliquid Account to the Hyperliquid Trading Counterparty are "on-chain" transactions represented on the Hyperliquid Blockchain. Transfer fees with respect to this on-chain transfer of Hyperliquid will be paid by the Hyperliquid Custodian. The Hyperliquid Custodian will not pay such transfer fees with the Trust's assets. The cash proceeds of the sale will be sent to the Sponsor, which will use such proceeds to pay the expenses. Any remaining cash will be distributed back to the Cash Custodian. Each delivery or sale of Hyperliquid by the Trust to pay the Sponsor Fee or other Trust expenses will be a taxable event to Shareholders. See "United States Federal Income Tax Consequences."

The Trust does not engage in any activity designed to derive a profit from changes in the price of Hyperliquid. Hyperliquid not needed to redeem Baskets, or to cover the Sponsor Fee and Trust expenses not assumed by the Sponsor, is held by the Hyperliquid Custodian. As a result of the recurring deliveries of Hyperliquid necessary to pay the Sponsor Fee and potential sales of Hyperliquid to pay in cash the Trust expenses not assumed by the Sponsor, the NAV of the Trust and, correspondingly, the amount of Hyperliquid represented by each Share will decrease proportionately over the life of the Trust. New deposits of Hyperliquid, purchased with the cash received in connection with Cash Creations of Baskets, will not reverse this trend.

**Distributions**

Pursuant to the terms of the Trust Agreement, the Trust may make distributions on the Shares in cash or in kind.

If the Trust is required to terminate and liquidate, or the Sponsor determines in accordance with the terms of the Trust Agreement that it is appropriate to terminate and liquidate the Trust, the Sponsor will sell the Trust's Hyperliquid and will distribute to the Shareholders any amounts of the cash proceeds of the liquidation remaining after the satisfaction of all outstanding liabilities of the Trust and the establishment of reserves for applicable taxes, other governmental charges and contingent or future liabilities as the Sponsor will determine. Under no circumstances will the Trust distribute Hyperliquid to Shareholders.

See "ADDITIONAL INFORMATION ABOUT THE TRUST—Termination of the Trust." Shareholders of record on the record date fixed by the Transfer Agent for a distribution will be entitled to receive their pro rata portions of any distribution.

**Forks**

In the event of a hard fork in the Hyperliquid Blockchain, the Sponsor will, pursuant to the terms of the Trust Agreement, use its discretion to determine which blockchain should properly be considered the issuer of the Hyperliquid digital asset for the Trust's purposes. The Sponsor will base its determination on a range of relevant factors at the time, including, but not limited to, the Sponsor's views regarding the expectations of Hyperliquid core developers, users, service providers, businesses, miners, and other stakeholders, as well as the actual ongoing acceptance of and community engagement with the Hyperliquid Network. There is no assurance that the Sponsor will select the fork or version of Hyperliquid that ultimately proves to be the most valuable, and this decision could negatively impact the value of the Shares. Additionally, the Sponsor may have a differing view from Shareholders, the Hyperliquid Custodian, security vendors, or the Benchmark Provider as to what is generally accepted as Hyperliquid and should therefore be considered "Hyperliquid" for the Trust's purposes, which could also adversely affect the value of the Shares.

**Incidental Rights and IR Assets**

From time to time, the Trust may come into possession of rights incident to its ownership of Hyperliquid, which permit the Trust to acquire other digital assets. These rights are generally expected to be Forked Assets that arise in connection with hard forks in the Hyperliquid Blockchain, airdrops offered to holders of Hyperliquid and digital assets arising from other similar events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are referred to as "Incidental Rights" and any digital assets acquired through Incidental Rights are referred to as "IR Assets." Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets. Such assets are not considered assets of the Trust at any point in time and will not be taken into account for purposes of determining the Trust's NAV and the NAV per Share.

Pursuant to the Trust Agreement, to the extent that the Trust involuntarily receives such assets in a Trust wallet, it will, as soon as practicable, and, if possible, immediately, distribute such assets to the Sponsor. At such time, the Incidental Right(s) and/or IR Asset(s) will be the property of the Sponsor. Once acquired, the Sponsor, subject to a reasonable, good faith determination, may take any lawful action necessary or desirable in connection with its acquisition of such assets. In the event that the Sponsor decides to sell the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental Right(s) and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset which may subsequently be exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to DTC to be distributed to Shareholders in proportion to the number of Shares owned.

Although the Sponsor intends, if possible, to arrange for the sale of any Incidental Right(s) and/or IR Asset(s) it receives from the Trust and subsequently contribute such cash proceeds back to the Trust, it is under no obligation to do so. There are likely to be operational, tax, securities law, regulatory, legal and practical issues that significantly limit, or prevent entirely, the Sponsor's ability to realize a benefit from any such Incidental Right(s) and/or IR Asset(s). The Sponsor may choose to evaluate any such fork, airdrop or similar occurrence on a case-by-case basis in consultation with its legal advisers, tax consultants and custodian. In determining whether to attempt to acquire and/or retain any Incidental Right(s) and/or IR Asset(s), the Sponsor expects to take into consideration whatever factors it deems relevant in its discretion, including, without limitation:

● the availability of a safe and practical way to custody the Incidental Right or IR Asset;

● the cost or operational burden of taking possession and/or maintaining ownership of the Incidental Right or IR Asset and whether such cost or burden exceed the benefits of owning such Incidental Rights or IR Asset or the proceeds that would be realized from a sale thereof;

● whether there are any legal or regulatory restrictions on or risks or consequences arising from, or tax implications with respect to, the acceptance, retention, ownership, sale, transfer, abandonment, distribution or disposal or disposition of the Incidental Right or IR Asset, regardless of whether there is a safe and practical way to custody and secure such Incidental Right or IR Asset;

● the existence of a suitable market into which the Incidental Right or IR Asset may be sold; and

● whether claiming, owning, selling, or otherwise taking any action in respect of Incidental Rights or IR Asset may create legal or regulatory risks, liability, or burdens of any kind for the Sponsor (including, without limitation, if such Incidental Right or IR Asset is, or may be, a security under federal securities laws or a commodity interest under the Commodity Exchange Act).

The Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives from the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently and irrevocably for no consideration. Before the Trust claims any Incidental Right(s) and/or IR Asset(s) resulting from a fork or airdrop in the Hyperliquid Blockchain (other than Hyperliquid), the Trust would need to seek and obtain certain regulatory approvals, including an amendment to the Trust's registration statement of which this Prospectus is a part and approval of an application by the Exchange to amend its listing rules.

**Termination of the Trust**

The Sponsor will notify Shareholders at least 30 days before the date for termination of the Trust Agreement and the Trust if any of the following occurs:

● Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five (5) business days of their delisting;

● One hundred eighty days have elapsed since the Trustee notified the Sponsor of the Trustee's election to resign or since the Sponsor removed the Trustee, and a successor trustee has not been appointed or accepted its appointment;

● The SEC determines that the Trust is an investment company under the Investment Company Act, and the Sponsor has made the determination that termination of the Trust is advisable;

● The CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act, and the Sponsor has made the determination that termination of the Trust is advisable;

● The Trust is determined to be a "money services business" under the regulations promulgated by FinCEN under the authority of the Bank Secrecy Act of 1970 and is required to comply with certain FinCEN regulations thereunder or is determined to be a "money transmitter" (or equivalent designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply with state licensing requirements, and the Sponsor has made the determination that termination of the Trust is advisable;

● A U.S. regulator requires the Trust to shut down or forces the Trust to liquidate its Hyperliquid;

● Any ongoing event exists that prevents the Trust from making or makes impractical the Trust's reasonable efforts to make a fair determination of the price of Hyperliquid for purposes of determining the NAV of the Trust;

● The Sponsor determines that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

● The Trust fails to qualify for treatment, or ceases to be treated, as a "grantor trust" under the Code or any comparable provision of the laws of any state or other jurisdiction where that treatment is sought, and the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

● Sixty days have elapsed since DTC or another depository has ceased to act as depository with respect to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;

● The Trustee elects to terminate the Trust after the Sponsor is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or

● The Sponsor elects to terminate the Trust after the Trustee, Administrator or Hyperliquid Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor is engaged.

In addition, the Trust may be dissolved at any time for any reason by the Sponsor in its sole discretion. In respect of termination events that rely on Sponsor determinations to terminate the Trust (e.g., if the SEC determines that the Trust is an investment company under the Investment Company Act; the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act; the Trust is determined to be a money transmitter under the regulations promulgated by FinCEN; the Trust fails to qualify for treatment, or ceases to be treated, as a grantor trust for U.S. federal income tax purposes; or, following resignation by a trustee or custodian, the Sponsor determines that no replacement is acceptable to it), the Sponsor may consider, without limitation, the profitability to the Sponsor and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust relating to the determination's triggering event, and the ability to market the Trust to investors. To the extent that the Sponsor determines to continue operation of the Trust following a determination's triggering event, the Trust will be required to alter its operations to comply with the triggering event. In the instance of a determination that the Trust is an investment company, the Trust and Sponsor would have to comply with the regulations and disclosure and reporting requirements applicable to investment companies and investment advisers. In the instance of a determination that the Trust is a commodity pool, the Trust and the Sponsor would have to comply with regulations and disclosure and reporting requirements applicable to commodity pools and commodity pool operators or commodity trading advisers. In the event that the Trust is determined to be a money transmitter, the Trust and the Sponsor will have to comply with applicable federal and state registration and regulatory requirements for money transmitters and/or money service businesses. In the event that the Trust ceases to qualify for treatment as a grantor trust for U.S. federal tax purposes, the Trust will be required to alter its disclosure and tax reporting procedures and may no longer be able to operate or to rely on pass-through tax treatment. In each such case and in the case of the Sponsor's determination as to whether a potential successor trustee or custodian is acceptable to it, the Sponsor will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

Upon the dissolution of the Trust, the Sponsor (or in the event there is no Sponsor, such person (the "Liquidating Trustee") as the majority of the Shareholders may propose and approve and who agrees to serve hereunder) shall take full charge of the Trust Property. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor under the terms of the Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the DSTA, the affairs of the Trust shall be wound up and all Hyperliquid owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof and in such a manner so as to effectuate orderly sales and a minimal market impact. The Liquidating Trustee may thereafter hold the net proceeds of any such sale, together with any other cash then held by it under the Trust Agreement, uninvested and without liability for interest, for the pro rata benefit of Shareholders that had not theretofore been redeemed. The Liquidating Trustee shall not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions of Section 8.01 of the Trust Agreement. The Liquidating Trustee may suspend its sales of Hyperliquid upon the occurrence of unusual or unforeseen circumstances, including, but not limited to, a suspension in trading of Hyperliquid or similar market event. Upon receipt of proceeds from the sale of the last Hyperliquid held hereunder, all proceeds shall be applied and distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. pay
 to Sponsor from the Trust an amount equal to the sum of (1) any compensation due it
 for extraordinary or other services, (2) any advances made but not yet repaid and (3) reimbursement
 of any other disbursements as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. deduct
 from the Trust any amounts that the Liquidating Trustee, in its sole discretion, shall deem
 necessary or appropriate to pay on behalf of the Trust any applicable taxes or other governmental
 charges that may be payable by the Trust and any other contingent or future liabilities of
 the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. distribute
 each Shareholder's interest in the remaining assets of the Trust. Such distribution
 shall consist of cash. Under no circumstances will the Trust distribute Hyperliquid to Shareholders.

Following the dissolution and windup of the Trust, including distribution of the assets of the Trust, the Trust shall terminate and the Sponsor or the Liquidating Trustee, as the case may be, shall instruct the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the DSTA at the expense of the Sponsor or the Liquidating Trustee, as the case may be. Notwithstanding anything to the contrary contained in the Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. Upon the termination of the Trust, the Sponsor will be discharged from all obligations under the Trust Agreement except for certain of its obligations that survive termination of the Trust Agreement.

**Amendments**

The Trust Agreement can be amended by the Sponsor in its sole discretion and without the Shareholders' consent by making an amendment, a Trust Agreement supplemental thereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement to the Trust Agreement will be effective on such date as designated by the Sponsor in its sole discretion. However, any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustee will require the Trustee's prior written consent, which it may grant or withhold in its sole discretion. Every Shareholder, at the time any amendment so becomes effective, will be deemed, by continuing to hold any Shares or an interest therein, to consent and agree to such amendment and to be bound by the Trust Agreement as amended thereby. In no event will any amendment impair the right of Authorized Participants to surrender Baskets and receive therefor the Hyperliquid represented thereby (less fees in connection with the surrender of Shares and any applicable taxes or other governmental charges), except in order to comply with mandatory provisions of applicable law.

**The Trust's Service Providers**

**The Sponsor**

Bitwise Investment Advisers, LLC, as Sponsor, arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the United States and the listing of Shares on the Exchange. The Sponsor will not exercise day-to-day oversight over the Trustee, the Hyperliquid Custodian, the Administrator, the Transfer Agent or CF Benchmarks Ltd. The Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares, and will exercise the marketing plan of the Trust on an ongoing basis.

The principal office of the Sponsor is 250 Montgomery Street, Suite 200, San Francisco, CA 94104.

**Officers of the Sponsor**

The following is a biographical summary of the business experience of each of the officers, directors and other key employees of the Sponsor:

 

*Hunter Horsley* is the Chief Executive Officer of Bitwise Asset Management, Inc., the parent of the Sponsor, and has served in such role since October 2016. He serves as President and Treasurer of the Sponsor. Prior to Bitwise, Mr. Horsley was a product manager at Facebook and Instagram leading efforts in monetization from 2015 to 2016. He graduated from the Wharton School at the University of Pennsylvania with a Bachelor of Science in Economics in 2015. Mr. Horsley took two years off from school from 2011 to 2013 to be on the founding team of a technology company called Lore (formerly known as CourseKit) to assist in the development of an online learning tool incorporating social networking features. Lore raised over $6 million in equity, grew to 20 employees and was sold to Noodle Education, Inc., in 2013.

 

*Paul "Teddy" Fusaro* is the President of Bitwise Asset Management, Inc., and has served in such capacity since January 2021. Prior to joining Bitwise in April 2018, Mr. Fusaro was Senior Vice President and Head of Portfolio Management and Capital Markets at IndexIQ, the exchange-traded fund unit of New York Life Investment Management, a firm with over $550 billion in AUM. In this capacity he oversaw portfolio management, trading, and operations for a suite of alternative strategy exchange-traded funds, mutual funds, and separately managed accounts. Prior to that, from 2009 to 2013, Mr. Fusaro was Vice President of Portfolio Management and co-head of Trading and Operations at Direxion Investments, a $13 billion alternative exchange-traded fund manager. Earlier in his career, Mr. Fusaro spent time in both equity derivatives and credit derivatives at Goldman Sachs & Co. Mr. Fusaro is a graduate of Providence College.

The following is a biographical summary of the business experience of certain key officers of Bitwise Asset Management, the parent of the Sponsor:

 

*Matthew "Matt" Hougan* is the Chief Investment Officer of Bitwise Asset Management and has served in such capacity since October 2020 after joining Bitwise in February 2018. Prior to Bitwise, Mr. Hougan was the Chief Executive Officer of Inside ETFs and Managing Director of Global Finance at Informa PLC, an FTSE 100 company. Before that, he was Chief Executive Officer of ETF.com, a venture-backed start-up that was sold in three separate transactions, with the data business sold to FactSet in 2015, the Events business sold to Informa in 2015, and the Media business sold to BATS Global Markets in early 2016. Mr. Hougan was also the editor for nine years of the Journal of Indexes. Mr. Hougan is a three-time member of Barron's ETF Roundtable and co-author of the CFA (Chartered Financial Analyst) Institute's monograph on exchange-traded funds. Mr. Hougan is a graduate of Bowdoin College.

 

*Hong Kim* is the Chief Technology Officer of Bitwise Asset Management and has served in such capacity since Bitwise's inception. Prior to Bitwise, Mr. Kim worked in cybersecurity for the South Korean Military. He later worked on Google's backend infrastructure for Drive. Mr. Kim attended the University of Pennsylvania where he graduated with a Bachelor of Science in Computer Science.

**The Trustee**

CSC Delaware Trust Company, a Delaware trust company, acts as the trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act (the "DSTA"). The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

The principal address of CSC Delaware Trust Company, as Trustee is 251 Little Falls Drive, Wilmington, DE 19808.

**General Duty of Care of Trustee**

The Trustee is a fiduciary under the Trust Agreement; provided, however, that the fiduciary duties and responsibilities and liabilities of the Trustee are limited by, and are only those specifically set forth in, the Trust Agreement.

**Resignation, Discharge or Removal of Trustee; Successor Trustees**

The Trustee may resign at any time by giving at least 30 days' advance written notice to the Sponsor. The Sponsor may remove the Trustee at any time by giving at least 30 days' advance written notice to the Trustee. Upon effective resignation or removal, the Trustee will be discharged of its duties and obligations.

If the Trustee resigns or is removed, the Sponsor, acting on behalf of the Shareholders, is required to use reasonable efforts to appoint a successor trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the DSTA. Any resignation or removal of the Trustee and appointment of a successor Trustee cannot become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor will become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under the Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. If no successor Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.

If the Trustee resigns and no successor trustee is appointed within 180 days after the date the Trustee issues its notice of resignation, the Sponsor will terminate and liquidate the Trust and distribute its remaining assets.

**The Administrator**

Under the Trust Administration and Accounting Agreement, the Administrator provides necessary administrative, tax and accounting services and financial reporting for the maintenance and operations of the Trust. In addition, the Administrator makes available the office space, equipment, personnel and facilities to provide such services.

The principal address of BNY Mellon, as Administrator, Transfer Agent and Cash Custodian, is 240 Greenwich Street, New York, NY 10286.

**The Transfer Agent**

The Transfer Agent (1) issues and redeems Shares of the Trust; (2) responds to correspondence by Shareholders and others relating to its duties; (3) maintains Shareholder accounts; and (4) makes periodic reports to the Trust.

**The Hyperliquid Custodian**

The Hyperliquid Custodian is responsible for safekeeping the Hyperliquid owned by the Trust. The Hyperliquid Custodian was selected by the Sponsor. The Hyperliquid Custodian has responsibility for opening the Trust Hyperliquid Account and facilitating the transfer of Hyperliquid required for the operation of the Trust.

The Sponsor may, in its sole discretion, add or terminate Hyperliquid custodians at any time. The Sponsor may, in its sole discretion, change the custodian of the Trust's Hyperliquid holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such custodians. However, the Sponsor will only enter into Hyperliquid custody arrangements with custodians that meet the Sponsor's criteria, including an agreement to maintain Trust assets in a segregated account, to maintain insurance and to store the Trust's private keys in a manner as the Sponsor determines provides reasonable protection for the Trust's assets from loss or theft.

**The Cash Custodian**

The Cash Custodian is the custodian of the Trust's cash holdings.

**The Marketing Agent**

The Marketing Agent is responsible for: (1) working with the Transfer Agent to review and approve, or reject, Creation Orders and Redemption Orders of Baskets placed by Authorized Participants with the Transfer Agent; and (2) reviewing and approving the marketing materials prepared by the Trust for compliance with applicable SEC and FINRA advertising laws, rules, and regulations.

**Custody of the Trust's Assets**

The Trust has entered into an agreement with the Hyperliquid Custodian, the Hyperliquid Custody Agreement, pursuant to which the Hyperliquid Custodian will custody all of the Trust's Hyperliquid in a segregated account from time to time (the Trust Hyperliquid Account). The Hyperliquid Custodian will maintain the private keys associated with the Trust's Hyperliquid in HSMs with embedded built-in custom business logic designed to provide security for the digital assets held by the Hyperliquid Custodian or similarly secure technology. These HSMs may connect to the internet securely in order to broadcast transactions. While such connectivity is intended to be limited and secure, it may nonetheless expose the system to cybersecurity risks, including potential vulnerabilities in software, firmware, or network architecture. Any compromise of the HSM environment, including unauthorized access or exploitation of its internet-connected features, could result in the loss or theft of digital assets, and may adversely affect the value of the Shares or the Trust's ability to transact. The Sponsor expects that all of the Trust's assets and private keys will be held HSMs with embedded built-in custom business logic or similarly secure technology of the Hyperliquid Custodian on an ongoing basis.

Custody of Hyperliquid typically involves the generation, storage and utilization of private keys. These private keys are used to effect transfer transactions (i.e., transfers of Hyperliquid from an address associated with the private key to another address). Storage of private keys on HSMs with built-in logic involves keeping such keys on a networked computer or electronic device with custom policy rules embedded directly inside the HSM allowing the hardware itself to validate and approve or reject transactions. Storage in and HSM with built-in logic is a safeguarding method with multiple layers of protections and protocols, by which the private key(s) corresponding to the Trust's Hyperliquid is (are) generated and stored. Private keys are generated in computers that instead of blindly signing data, check consensus requirements, whitelists, and other policies before any transactions are approved so that they are resistant to being hacked. This ensures that even if external systems are compromised, unauthorized transactions involving the Trust's Hyperliquid cannot be approved. By holding the private keys in devices that are online they are more accessible than is they were held in non-networked devices, leading to more efficient transfers, though they are potentially more vulnerable to being hacked. The Trust's Hyperliquid held on HSMs by the Hyperliquid Custodian are held in segregated wallets and therefore are not commingled with the Hyperliquid Custodian's or other customer assets. The private key materials are stored within secure storage facilities within the United States. For security reasons exact locations are never disclosed. A limited number of employees at the Hyperliquid Custodian are involved in private key management operations, and the Hyperliquid Custodian has represented that no single individual has access to full private keys. The Hyperliquid Custodian carefully considers the design of the physical, operational and cryptographic systems for secure storage of the Trust's private keys in an effort to lower the risk of loss or theft. No such system is perfectly secure and loss or theft due to operational or other failure is always possible.

The Hyperliquid Custodian may receive deposits of Hyperliquid but may not send Hyperliquid without use of the corresponding private keys. In order to send Hyperliquid when the private keys are kept in HSMs, unsigned transactions must be approved by a consensus of authorized users via multiple layers of biometric authentication. At that point, the Hyperliquid Custodian can validate the fully signed transaction and transfer the Hyperliquid. Because the Hyperliquid Custodian will need approval from a consensus of authorized users, the initiation or crediting of withdrawals or other transactions may be delayed.

The Transfer Agent will facilitate the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants. The Trust has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as custodian of the Trust's cash and cash equivalents.

The Trust may engage third-party custodians or vendors besides the Hyperliquid Custodian and the Cash Custodian to provide custody and security services for all or a portion of its Hyperliquid and/or cash, and the Sponsor will pay the custody fees and any other expenses associated with any such third-party custodian or vendor. The Sponsor is responsible for overseeing the Hyperliquid Custodian and the Trust's other service providers. The Sponsor may, in its sole discretion, add or terminate Hyperliquid custodians at any time. The Sponsor may, in its sole discretion, change the custodian of the Trust's Hyperliquid holdings, but it will have no obligation whatsoever to do so or to seek any particular terms for the Trust from other such custodians. However, the Sponsor will only enter into Hyperliquid custody arrangements with custodians that meet the Sponsor's criteria, including an agreement to maintain Trust assets in a segregated account, to maintain insurance and to store the Trust's private keys in a manner as the Sponsor determines provides reasonable protection for the Trust's assets from loss or theft.

**Form of Shares**

**Registered Form**

Shares are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring Shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the registry ("Register"). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC.

**Book-Entry**

Individual certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited by the Transfer Agent with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies ("DTC Participants"), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant ("Indirect Participants"), and (3) those who hold interests in the Shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of Shares. DTC Participants acting on behalf of investors holding Shares through such participants' accounts in DTC will follow the delivery practice applicable to securities eligible for DTC's Same-Day Funds Settlement System. Shares are credited to DTC Participants' securities accounts following confirmation of receipt of payment.

**DTC**

DTC has advised the Sponsor as follows: It is a limited-purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.

**Transfer of Shares**

The Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their Shares through DTC by instructing the DTC Participant holding their Shares (or by instructing the Indirect Participant or other entity through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.

DTC has advised the Sponsor that it will take any action permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

 **SEED CAPITAL INVESTOR** 

Bitwise Asset Management, Inc., the parent of the Sponsor, served as seed capital investor to the Trust (the "Seed Capital Investor"). The Seed Capital Investor agreed to purchase $200 in Shares on November 24, 2025, and on November 24, 2025, took delivery of 8 Shares at a per-Share price of $25 (the "Seed Shares"). The $200 the Trust received in consideration for the sale of the Seed Shares served as the basis of the audit described in the sections entitled "REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" and "STATEMENT OF ASSETS AND LIABILITIES."

The Sponsor will not receive from the Trust or any of its affiliates any fee or other compensation in connection with the Seed Capital Investor's purchase of the Seed Shares.

**Plan of Distribution**

**Buying and Selling Shares**

Most investors buy and sell Shares in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol "BHYP." Shares are bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through a broker, most investors incur customary brokerage commissions and charges. Shareholders are encouraged to review the terms of their brokerage account for details on applicable charges.

Bitwise Investment Manager, LLC, an affiliate of the Sponsor, is expected to purchase the initial Baskets of Shares for $2,500,000, at a per-Share price of $25 for these 100,000 Shares (the Seed Baskets). Such proceeds are expected to be used by the Trust to purchase Hyperliquid at or prior to the listing of Shares on the Exchange. Bitwise Investment Manager, LLC will act as a statutory underwriter in connection with the initial purchase of the Seed Baskets.

***Authorized Participants***

The offering of the Shares is a best efforts offering. The Trust continuously offers Baskets consisting of 10,000 Shares to Authorized Participants. Authorized Participants pay a transaction fee for each order they place to create or redeem one or more Baskets. The Sponsor believes that the Basket size of 10,000 Shares will enable Authorized Participants to manage inventory and facilitate an effective arbitrage mechanism for the Trust, however, the Sponsor may adjust the Baskets in order to improve the effectiveness of the activities of Authorized Participants in the secondary market for the Shares if the Sponsor determines it to be necessary or advisable. Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a "distribution," as such term is used in the 1933 Act, will be occurring.

The offering of Baskets is being made in compliance with Conduct Rule 2310 of FINRA. Accordingly, Authorized Participants will not make any sales to any account over which they have discretionary authority without the prior written approval of a purchaser of Shares.

By executing an Authorized Participant Agreement, an Authorized Participant becomes part of the group of parties eligible to purchase Baskets from, and put Baskets for redemption to, the Trust. An Authorized Participant is under no obligation to create or redeem Baskets or to offer to the public Shares of any Basket it does create. As of December 11, 2025, Macquarie Capital (USA) and Virtu Americas LLC have executed an Authorized Participant Agreement with the Trust. Pursuant to the terms of that Authorized Participant Agreements, such Authorized Participant may conduct Cash Creations, Cash Redemptions, In-Kind Creations and In-Kind Redemptions.

Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Trust, a "distribution," as such term is used in the 1933 Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus-delivery and liability provisions of the 1933 Act. Any purchaser who purchases Shares with a view toward distribution of such Shares may be deemed to be a statutory underwriter. In addition, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Basket from the Trust, breaks the Basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would not be deemed "underwriting." For example, an Authorized Participant may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular market participant is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus-delivery and liability provisions of the 1933 Act.

Dealers who are neither Authorized Participants nor "underwriters" but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the 1933 Act.

While the Authorized Participants may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from the Trust or the Sponsor for their purchases of Baskets.

 ****

***Selling Shareholders***

The Sponsor or its affiliates, or a fund for which the Sponsor or an affiliate of the Sponsor serves as sponsor or investment adviser, may purchase Shares of the Trust through a broker-dealer or other investors, including in secondary market transactions, and because the Sponsor and its affiliates may be deemed affiliates of the Trust, the Shares are being registered to permit the resale of these Shares by affiliates of the Trust from time to time after any such purchase. The Trust will not receive any of the proceeds from the resale of such Shares.

Selling shareholders (each, a "Selling Shareholder"), including the Seed Capital Investor, may sell Shares owned by them directly or through broker-dealers, in accordance with applicable law, on any national securities exchange on which the Shares may be listed or quoted at the time of sale, through trading systems, in the OTC market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected through brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or through any other means authorized by applicable law. Selling Shareholders may redeem Shares held in Basket size through an Authorized Participant. See "CONFLICTS OF INTEREST."

**Creation and Redemption of Shares**

When the Trust creates or redeems its Shares, it will do so only in Baskets (blocks of 10,000 Shares) based on the quantity of Hyperliquid attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares comprising a Basket (10,000). This is called the "Basket Amount." The Basket Amount required to create each Basket changes from day to day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Hyperliquid constituting the Basket Amount as appropriate to reflect accrued expenses and any loss of Hyperliquid that may occur. The computation is made by the Administrator each business day prior to the commencement of trading on the Exchange. The Administrator determines the Basket Amount for a given day by dividing the number of Hyperliquid held by the Trust as of the opening of business on that business day, adjusted for the amount of Hyperliquid constituting estimated accrued but unpaid fees and expenses of the Trust as of the opening of business on that business day, by the quotient of the number of Shares outstanding at the opening of business, multiplied by 10,000. Fractions of Hyperliquid smaller than 0.00000001 are disregarded for purposes of the computation of the Basket Amount. The Basket Amount so determined is communicated via electronic mail message to all Authorized Participants and made available on the Sponsor's website for the Shares. The Exchange also publishes the Basket Amount determined by the Administrator as indicated above.

The Trust may either create and redeem Shares in-kind for Hyperliquid (In-Kind Creations and In-Kind Redemptions, respectively) or for cash (Cash Creations and Cash Redemptions respectively). When the Trust creates or redeems its Shares, it does so in blocks of 10,000 Shares (each, a Basket) based on the quantity of Hyperliquid attributable to each Share of the Trust (net of accrued but unpaid expenses and liabilities) multiplied by the number of Shares (10,000) comprising a Basket (the Basket Amount).

In connection with an In-Kind Creation Order, an Authorized Participant shall deliver or cause to be delivered by an Authorized Participant Designee to the Hyperliquid Custodian the amount of Hyperliquid represented by the Basket Amount. In connection with a Cash Creation Order, an Authorized Participant shall deliver to the Transfer Agent the amount of U.S. dollars needed to purchase the Basket Amount of Hyperliquid, as well as the per-order transaction fee.

In connection with a Redemption Order, an Authorized Participant shall deliver to the Trust's account at DTC the Basket(s) to be redeemed. To the extent such order is an In-Kind Redemption Order, the Sponsor shall arrange for a Basket Amount of Hyperliquid to be distributed to a Hyperliquid account designated by the Authorized Participant or Authorized Participant Designee. To the extent such order is a Cash Redemption Order, the Sponsor shall arrange for the Basket Amount of Hyperliquid to be sold and the resulting U.S. dollars to be distributed to the Authorized Participant.

***Authorized Participants***

Authorized Participants are the only persons that may place orders to create and redeem Baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions described below, and (2) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of the Hyperliquid, cash or Shares required for such creation and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust, without the consent of any Shareholder or Authorized Participant. Authorized Participants must pay the Transfer Agent a non-refundable fee for each Creation Order and Redemption Order they place. The transaction fee may be waived, reduced, increased or otherwise changed by the Sponsor in its sole discretion. Authorized Participants who make deposits with the Trust in exchange for Baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Each Authorized Participant will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing with FINRA, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and will be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Under the Authorized Participant Agreement, the Sponsor, and the Trust under limited circumstances, have agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.

The following description of the procedures for the creation and redemption of Baskets is only a summary and an investor should refer to the relevant provisions of the Trust Agreement and the form of Authorized Participant Agreement for more detail. The Trust Agreement and form of Authorized Participant Agreement are filed as exhibits to the registration statement of which this Prospectus is a part.

**Creation Procedures**

On any business day, an Authorized Participant may create Shares by placing a Creation Order to purchase one or more Baskets with the Transfer Agent through the Marketing Agent in exchange for Hyperliquid or cash. Such orders are subject to approval by the Marketing Agent and Transfer Agent. For purposes of processing Creation Orders and Redemption Orders, a "business day" means any day other than a day when the Exchange is closed for regular trading. Creation Orders must be placed by 3:59 p.m., ET or the close of regular trading on the Exchange, whichever is earlier, for In-Kind Creation Orders, or 2:00 p.m., ET, or two hours before the close of regular trading on the Exchange, whichever is earlier, for Cash Creation Orders (the "Order Cut-Off Time"). The Order Cut-Off time may be modified by the Sponsor in its sole discretion. The day on which a Creation Order is accepted by the Transfer Agent is considered the "Creation Order Date."

The Sponsor may in its sole discretion limit the number of Shares created pursuant to Creation Orders on any specified day without notice to the Authorized Participants and may direct the Marketing Agent to reject any Creation Orders in excess of such capped amount. The Sponsor may choose to limit the number of Shares created pursuant to Creation Orders when it deems so doing to be in the best interest of Shareholders. It may choose to do so when it believes the market is too volatile to execute a Hyperliquid transaction, when it believes the price of Hyperliquid is being inconsistently, irregularly, or discontinuously published from Hyperliquid trading venues and other data sources, or when it believes other similar circumstances may create a scenario in which accepting Creation Orders would not be in the best interests of the Shareholders. The Sponsor does not believe that the Trust's ability to arrive at such a determination will have a significant impact on the Shares in the secondary market because it believes that the ability to create Shares would be reinstated shortly after such determination is made, and any entity desiring to create Shares would be able to do so once the ability to create Shares is reinstated. However, it is possible that such a determination would cause the Shares to trade at premiums or discounts relative to the Trust's NAV on the secondary market if arbitrageurs believe that there is risk that the creation and redemption process is not available, as this process is a component of keeping the price of the Shares on the secondary market closely aligned to the Trust's NAV. The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement.

By placing an In-Kind Creation Order, an Authorized Participant agrees to facilitate (either directly or through an Authorized Participant Designee) the deposit of Hyperliquid with the Hyperliquid Custodian. An Authorized Participant who places an In-Kind Creation Order is responsible for facilitating the delivery of the required amount of Hyperliquid to a Trust Hyperliquid Account at the Hyperliquid Custodian by 3:00 p.m. ET, on the business day following the Creation Order Date. The Authorized Participant or Authorized Participant Designee will normally send the required Hyperliquid in an "on chain" transaction over the Hyperliquid Network. Such on chain transactions are subject to the risks associated with Hyperliquid Network transactions, including the irreversibility of transactions made in error or unavoidable delays due to Hyperliquid Network congestion. Upon receipt of the required amount of Hyperliquid in a Trust Hyperliquid Account at the Hyperliquid Custodian, the Hyperliquid Custodian will notify the Transfer Agent, the Distributor, the Authorized Participant and the Sponsor that the Hyperliquid has been deposited. The Transfer Agent will then direct DTC to credit the number of Shares created to the Authorized Participant's DTC account.

By placing a Cash Creation Order, an Authorized Participant agrees to deposit, or cause the deposit of, cash with the Trust in an equivalent amount of cash equal to the required amount of Hyperliquid as described above, multiplied by the Pricing Benchmark price, plus any additional cash required to account for the price at which the Trust agrees to purchase the requisite amount of Hyperliquid to the extent it is greater than the Pricing Benchmark price on each Creation Order Date. On each Creation Order Date, the Administrator will communicate to the Authorized Participant the full cash amount required to settle the transaction. Authorized Participants may not withdraw a Creation Order. If an Authorized Participant fails to consummate the foregoing, the Creation Order will be cancelled. The Sponsor causes to be published each night the amount of Hyperliquid that will be acquired in exchange for each Creation Order, from which can be computed the estimated amount of cash required to create each Basket, prior to accounting for any additional cash required to acquire the requisite amount of Hyperliquid if the price paid by the Trust is in excess of the Pricing Benchmark on each Creation Order Date. If the amount of cash required to acquire the requisite amount of Hyperliquid is less than the amount deposited by the Authorized Participant, the full amount of cash deposited by the Authorized Participant will be returned to the Authorized Participant (at the Authorized Participant's expense) and the Authorized Participant will then re-send the correct amount.

An Authorized Participant who places a Cash Creation Order is responsible for facilitating the delivery of the required amount of cash to the Cash Custodian by 3:00 p.m. ET on the business day following the Creation Order Date (the "Creation Order Settlement Date").

The Sponsor, on behalf of the Trust, is responsible for acquiring Hyperliquid from an approved Hyperliquid Trading Counterparty in an amount equal to the Basket Amount. When seeking to purchase Hyperliquid on behalf of the Trust, the Sponsor will seek to purchase Hyperliquid at a price as close to the Pricing Benchmark as practical. Once the trade has been agreed upon with a Hyperliquid Trading Counterparty, the transaction will generally occur on an "over-the-counter" basis. Transfers of Hyperliquid from the Hyperliquid Trading Counterparty to a Trust Hyperliquid Account are "on-chain" transactions represented on the Hyperliquid Network. Upon receipt of the deposit amount of Hyperliquid in a Trust Hyperliquid Account at the Hyperliquid Custodian from the Hyperliquid Trading Counterparty, the Hyperliquid Custodian will notify the Sponsor that the Hyperliquid has been received. The Sponsor will then notify the Transfer Agent that the Hyperliquid has been received, and the Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant's DTC account and will wire the cash previously sent by the Authorized Participant to the Hyperliquid Trading Counterparty to complete settlement of the Cash Creation Order and the acquisition of the Hyperliquid by the Trust. If the Hyperliquid Trading Counterparty fails to deliver the Hyperliquid to the Hyperliquid Custodian, no cash is sent from the Cash Custodian to the Hyperliquid Trading Counterparty, no Shares are transferred to the Authorized Participant's DTC account, the cash is returned to the Authorized Participant, and the Cash Creation Order is cancelled.

As between the Trust and the Authorized Participant, the expense and risk of the difference between the value of Hyperliquid calculated by the Administrator for daily valuation using the Pricing Benchmark and the price at which the Trust acquires the Hyperliquid will be borne solely by the Authorized Participant to the extent that the Trust pays more for Hyperliquid than the price used by the Trust for daily valuation. Any such additional cash amount will be included in the amount of cash calculated by the Administrator on the Creation Order Date, communicated to the Authorized Participant on the Creation Order Date, and wired by the Authorized Participant to the Cash Custodian on the Creation Order Settlement Date.

**Rejection of Creation Orders**

The Sponsor or its designee has the absolute right, but does not have any obligation, to reject any Creation Order or deposit of cash or Hyperliquid for any reason, including if the Sponsor determines that:

● the Creation Order is not in proper form;

● it would not be in the best interest of the Shareholders;

● the acceptance of the Creation Order would have adverse tax consequences to the Trust or its Shareholders;

● the acceptance or receipt of which would, in the opinion of counsel to the Sponsor, be unlawful; or

● circumstances outside the control of the Trust, the Sponsor, the Marketing Agent, the Transfer Agent, the Cash Custodian or the Hyperliquid Custodian make it, for all practical purposes, not feasible to process Baskets (including if the Sponsor determines that the investments available to the Trust at that time will not enable it to meet its investment objective).

None of the Sponsor, the Marketing Agent, the Cash Custodian or the Hyperliquid Custodian will be liable for the rejection of any Creation Order.

**Redemption Procedures**

On any business day, an Authorized Participant may place an order a Redemption Order with the Transfer Agent through the Marketing Agent to redeem one or more Baskets. Redemption Orders must be placed by 3:59 p.m. ET, or the close of regular trading on the Exchange, whichever is earlier, for In-Kind Redemption Orders, or 2:00 p.m. ET, or the close of regular trading on the Exchange, whichever is earlier, for Cash Redemption Orders (the "Redemption Order Cut-Off Time"), which. The Redemption Order Cut-Off Time may be modified by the Sponsor in its sole discretion. A Redemption Order will be effective on the date it is accepted by the Transfer Agent ("Redemption Order Date"). The redemption distribution from the Trust in exchange for a redemption of Shares consists of a movement of the Basket Amount of Hyperliquid or cash representing the Basket Amount of Hyperliquid, less any trading expenses incurred by the Trust in liquidating the Hyperliquid, to the redeeming Authorized Participant or its designee. An Authorized Participant may not withdraw a Redemption Order without the prior consent of the Sponsor in its discretion.

In the case of an In-Kind Redemption Order, the redemption distribution from the Trust consists of a movement of Hyperliquid to the designated wallet address of the Authorized Participant or Authorized Participant Designee. The Authorized Participant must deliver the Shares represented by the Basket to be redeemed to the Trust's DTC account by end of day ET on the business day following the Redemption Order Date (the "Redemption Order Settlement Date"). Once the Authorized Participant has delivered the Shares represented by the Basket to be redeemed to the Trust's DTC account and the Transfer Agent has notified the Sponsor that the Shares have been deposited, the Sponsor will cause the transfer of the requisite amount of Hyperliquid to the Authorized Participant or Authorized Participant Designee. This transfer of Hyperliquid from the Trust to the Authorized Participant or Authorized Participant Designee will normally be done pursuant to an "on chain" transaction over the Hyperliquid Network. Such on chain transactions are subject to the risks associated with Hyperliquid Network transactions, including the irreversibility of transactions made in error or unavoidable delays due to Hyperliquid Network congestion.

The procedures by which an Authorized Participant can redeem one or more Baskets mirror the procedures for the creation with an additional safeguard on Hyperliquid being removed from a Trust Hyperliquid Account, which will not occur until cash has been received by the Cash Custodian in an amount equal to the Basket Amount of Hyperliquid multiplied by the price at which the Trust agrees with the Hyperliquid Trading Counterparty to sell the Hyperliquid on the Redemption Order Date. When seeking to sell Hyperliquid on behalf of the Trust, the Sponsor will seek to sell Hyperliquid at a price as close to the Pricing Benchmark as practical. Once the trade has been agreed upon with a Hyperliquid Trading Counterparty, the transaction will generally occur on an "over-the-counter" basis. Transfers of Hyperliquid from a Trust Hyperliquid Account to the Hyperliquid Trading Counterparty are "on-chain" transactions represented on the Hyperliquid Network. The Authorized Participant must deliver the Shares represented by the Basket to be redeemed to the Trust's DTC account by end of day ET on the Redemption Order Settlement Date. The Hyperliquid Custodian will not send the Basket Amount of Hyperliquid from a Trust Hyperliquid Account to the Hyperliquid Trading Counterparty until the Cash Custodian has received the cash from the Hyperliquid Trading Counterparty and is instructed by the Sponsor to make such transfer. Once the Hyperliquid Trading Counterparty has sent the cash to the Cash Custodian in an agreed-upon amount to settle the agreed upon sale of the Basket Amount of Hyperliquid, the Transfer Agent will notify the Sponsor. The Sponsor will then notify the Hyperliquid Custodian to transfer the Hyperliquid to the Hyperliquid Trading Counterparty, and the Transfer Agent will facilitate the redemption of Shares in exchange for cash. Once the Authorized Participant has delivered the Shares represented by the Basket to be redeemed to the Trust's DTC account, the Cash Custodian will wire the requisite amount of cash to the Authorized Participant. Transfers of Hyperliquid from a Trust Hyperliquid Account to the Hyperliquid Trading Counterparty are "on-chain" transactions represented on the Hyperliquid Network. In the event that by the end of the day on the Redemption Order Settlement Date, the Trust's account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order the Transfer Agent shall send to the Authorized Participant and the Sponsor via fax or electronic mail message notice of such fact and the Authorized Participant shall have two (2) business days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) business day period, the Transfer Agent (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or the Hyperliquid Custodian related to the cancelled Redemption Order.

**Suspension or Rejection of Redemption Orders**

The Sponsor may, in its discretion, suspend the right of creation or redemption or may postpone the Redemption Order Settlement Date, for (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) any period during which an emergency exists as a result of which the fulfillment of a creation order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption in services or availability of the Hyperliquid Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications, internet services, or network provider services, unavailability of Fedwire, SWIFT or banks' payment processes, significant technical failure, bug, error, disruption or fork of the Hyperliquid Network, hacking, cybersecurity breach, or power, internet, or Hyperliquid Network outage, or similar event), or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. In the event that the Sponsor suspends the right of creation or redemption of Baskets, it shall notify Shareholders on the Trust's website, in a prospectus supplement and/or through a current report on Form 8-K. Suspension of creation and redemption privileges may adversely impact how the Shares are traded and arbitraged in the secondary market, which could cause Shares to trade at levels materially different (premiums and discounts) from the value of their underlying Hyperliquid.

If the Sponsor has difficulty liquidating the Trust's positions (*e.g.*, because of a market disruption event or persistent issues regarding the Trust's ability to un-stake its Hyperliquid), it may be appropriate to suspend redemptions until such time as such circumstances are rectified. In addition, pursuant to the Trust's Liquidity Policies, the Sponsor may cause the delivery of redemption proceeds to be issued in connection with a Redemption Order to be delayed as a result of stressed liquidity conditions arising from the Trust's staking activities. In the event that such a delay is deemed necessary, the Trust or Sponsor shall cause the Authorized Participant to be promptly notified and shall deliver the redemption proceeds as soon as practicable following the resolution of the issue. None of the Sponsor, the person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement, the Hyperliquid Custodian or the Cash Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

In the event that the Sponsor suspends the right of creation or redemption of Baskets, it shall notify Shareholders on the Trust's website, in a prospectus supplement and/or through a current report on Form 8-K. Suspension of creation and redemption privileges may adversely impact how the Shares are traded and arbitraged in the secondary market, which could cause Shares to trade at levels materially different (premiums and discounts) from the value of their underlying Hyperliquid.

Redemption Orders must be made in whole Baskets. The Sponsor acting by itself or through the person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement may, in its sole discretion, reject any Redemption Order (1) the Sponsor determines not to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control of the Sponsor, the person authorized to take redemption orders in the manner provided in the Authorized Participant Agreement or the Hyperliquid Custodian make it for all practical purposes not feasible for the Shares to be delivered under the Redemption Order. The Sponsor may also reject a Redemption Order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 100,000 Shares (*i.e.*, ten Baskets) or fewer.

**Creation and Redemption Transaction Fee**

To compensate the Transfer Agent for expenses incurred in connection with the creation and redemption of Baskets, an Authorized Participant is required to pay a transaction fee to the Transfer Agent to create or redeem Baskets, which does not vary in accordance with the number of Baskets in such order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor. No costs or transaction fees associated with creations and redemptions are payable by the Trust.

**Tax Responsibility**

Authorized Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation or redemption of Baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree to indemnify the Sponsor and the Trust if they are required by law to pay any such tax, together with any applicable penalties, additions to tax and interest thereon.

**Secondary Market Transactions**

As discussed above, Authorized Participants are the only persons that may place Creation Orders and Redemption Orders. Authorized Participants must be registered broker-dealers or other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem Baskets, and an Authorized Participant is under no obligation to offer to the public Shares of any Basket it does create.

Authorized Participants that do offer to the public Shares from the Basket they create will do so at per-Share offering prices that are expected to reflect, among other factors, the trading price of the Shares on the Exchange, the NAV of the Trust at the time the Authorized Participant purchased the Baskets, the NAV of the Shares at the time of the offer of the Shares to the public, the supply of and demand for Shares at the time of sale, and the liquidity of Hyperliquid or other portfolio investments. Baskets are generally expected to be redeemed when the price per Share is at a discount to the NAV per Share. Shares initially comprising the same Basket but offered by Authorized Participants to the public at different times may have different offering prices. An order for one or more Baskets may be placed by an Authorized Participant on behalf of multiple clients. Authorized Participants who make deposits of Hyperliquid or cash with the Trust in exchange for Baskets receive no fees, commissions or other forms of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person has any obligation or responsibility to the Sponsor or the Trust to effect any sale or resale of Shares.

Shares are expected to trade in the secondary market on the Exchange. Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per Share. The amount of the discount or premium in the trading price relative to the NAV per Share may be influenced by various factors, including the number of investors who seek to purchase or sell Shares in the secondary market and the liquidity of Hyperliquid.

**Use of Proceeds**

Proceeds received by the Trust in connection with the issuance of Baskets consist of Hyperliquid and cash. In addition, the Trust will receive proceeds derived from its staking program that consist of Hyperliquid. Deposits of Hyperliquid received by the Trust pursuant to an In-Kind Creation are held by the Hyperliquid Custodian on behalf of the Trust until (i) delivered out in connection with an In-Kind Redemption of Baskets or (ii) caused to be transferred or sold by the Sponsor to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the Sponsor. Deposits of cash proceeds received by the Trust in connection with Cash Creation Orders will be used to acquire Hyperliquid. Such deposits of cash are held by the Cash Custodian on behalf of the Trust until (i) used to acquire Hyperliquid, (ii) accrued and distributed to pay Trust expenses and liabilities not assumed by the Sponsor, (iii) distributed to Authorized Participants in connection with Cash Redemptions of Baskets, or (iv) disposed of in a liquidation of the Trust.

In the event that the Trust is terminated and its assets are to be liquidated, all of the Trust's Hyperliquid will be sold and the cash proceeds will be distributed to Shareholders. Under no circumstances will the Trust distribute Hyperliquid to Shareholders.

**Ownership oF Beneficial Interest in the Trust**

The beneficial interest in the Trust is divided into Shares. Each Share of the Trust represents an equal beneficial interest in the net assets of the Trust, and each holder of Shares is entitled to receive such holder's pro rata share of distributions of income and capital gains, if any.

All Shares are fully paid and non-assessable. No Share will have any priority or preference over any other Share of the Trust. All distributions, if any, will be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor, Shareholders will have no preemptive or other right to subscribe to any additional shares or other securities issued by the Trust.

The Sponsor will have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders (a) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor may from time to time determine, (b) to divide the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Sponsor will determine, (c) to issue Shares without limitation as to number (including fractional Shares), to such persons and for such amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (d) to divide or combine the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares in the assets held, and (e) to take such other action with respect to the Shares as the Sponsor may deem desirable. The ownership of Shares will be recorded on the books of the Trust or a transfer or similar agent for the Trust. No certificates certifying the ownership of Shares will be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make such rules as it considers appropriate for the issuance of share certificates, transfer of Shares and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, will be conclusive as to the identity of the Shareholders and as to the number of Shares held from time to time by each.

**Conflicts of Interest**

There are present and potential future conflicts of interest in the Trust's structure and operation you should consider before you purchase Shares. The Sponsor will use this notice of conflicts as a defense against any claim or other proceeding made. If the Sponsor is not able to resolve these conflicts of interest adequately, it may impact the Trust's ability to achieve its investment objectives.

The officers, directors and employees of the Sponsor do not devote their time exclusively to the Trust. These persons are directors, officers or employees of other entities, or otherwise work in respect of other clients, which may compete with the Trust for their services. They could have a conflict between their responsibilities to the Trust and to those other entities.

The Sponsor has adopted policies and procedures that identify the conflicts of interest associated with these companies and their principals, officers, directors and employees when and if trading Hyperliquid, Hyperliquid futures and related contracts or other Hyperliquid-linked derivatives. These policies are intended to prevent conflicts of interest occurring where the Sponsor or their principals, officers, directors or employees could give preferential treatment to their own accounts or trade their own accounts ahead of or against the Trust. Pursuant to these policies, all principals, officers, directors and employees of the Sponsor, and their family members, must receive prior written clearance from the Sponsor's chief compliance officer before entering into a transaction in Hyperliquid, Hyperliquid futures or any other Hyperliquid-linked derivative equal if such transaction exceeds $4,999 in current market value. To the extent any such transaction constitutes a purchase of Hyperliquid, Hyperliquid futures or other Hyperliquid-linked derivative exceeds $4,999 in current market value, the policies require that such Hyperliquid, Hyperliquid futures or Hyperliquid-linked derivative must be held for 60 days before it can be traded or sold.

The Sponsor has sole current authority to manage the investments and operations of the Trust, and this may allow it to act in a way that furthers its own interests, which may create a conflict with a Shareholder's best interests. Except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders have no voting rights, which will limit their ability to influence matters such as amendment of the Trust Agreement, a change in the Trust's basic investment policy, dissolution of the Trust, or the sale or distribution of the Trust's assets.

The Sponsor serves as the sponsor for the Trust. The Sponsor may have a conflict to the extent that its trading decisions for the Trust may be influenced by the effect they would have on the other funds it manages, including, but not limited to, the Bitwise 10 Crypto Index Fund, LLC; the Bitwise 10 Index Offshore Fund Ltd.; the Digital Asset Index Fund; the Bitwise Bitcoin Fund, LLC; the Bitwise Ethereum Fund, LLC; the Bitwise DeFi Crypto Index Fund; the Bitwise Bitcoin ETF; the Bitwise Ethereum ETF; Bitwise Solana Staking ETF; Bitwise XRP ETF and Bitwise Dogecoin ETF. In addition, the Sponsor may be required to indemnify its officers, directors and key employees with respect to their activities on behalf of the other funds, if the need for indemnification arises. This potential indemnification could cause the Sponsor's assets to decrease. If the Sponsor's other sources of income are not sufficient to compensate for the indemnification, it could cease operations, which could in turn result in Trust losses and/or termination of the Trust.

If the Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Trust, it will have no duty to offer such opportunity to the Trust. The Sponsor will not be liable to the Trust or the Shareholders for breach of any fiduciary or other duty if the Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity to the Trust. Neither the Trust nor any Shareholder has any rights or obligations by virtue of the Trust Agreement, the trust relationship created thereby, or this Prospectus in such business ventures or the income or profits derived from such business ventures. The pursuit of such business ventures, even if competitive with the activities of the Trust, will not be deemed wrongful or improper.

The Sponsor is affiliated with Attestant Limited, a Staking Agent. When allocating the Trust's Hyperliquid among the Staking Agents with whom the Trust has executed a Staking Services Agreement, the Sponsor may preference the use of the Staking Agent with whom it is affiliated.

**Resolution of Conflicts Procedures**

The Trust Agreement provides that whenever a conflict of interest exists between the Sponsor or any of its affiliates, on the one hand, and the Trust or any Shareholders or any other person, on the other hand, the Sponsor will resolve such conflict of interest considering the relative interest of each party (including its own interest) and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable accepted accounting practices or principles.

**Fiduciary and Regulatory Duties AND OBLIGATIONS of the Sponsor**

The general fiduciary duties that would otherwise be imposed on the Sponsor (which would make its operation of the Trust as described herein impracticable due to the strict prohibition imposed by such duties on, for example, conflicts of interest on behalf of a fiduciary in its dealings with its beneficiaries) are defined and limited in scope by the terms of the Trust Agreement (to which terms all Shareholders, by subscribing to the Shares, are deemed to consent).

Additionally, under the Trust Agreement, the Sponsor has the following obligations as a sponsor of the Trust:

● To execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;

● To retain independent public accountants to audit the accounts of the Trust;

● To employ attorneys to represent the Trust;

● To select the Trust's Trustee, administrator, transfer agent, custodian(s), digital asset trading platform counterparties and OTC market participant counterparties, Pricing Benchmark, Benchmark Provider, marketing agent(s), insurer(s) and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s);

● To negotiate and enter into insurance agreements to secure and maintain the insurance coverage to the extent described in this Prospectus;

● To develop a marketing plan for the Trust on an ongoing basis and prepare marketing materials regarding the Trust;

● To maintain the Trust's website;

● To acquire and sell Hyperliquid, subject in each instance to the limitations imposed by the Trust Agreement, with a view to providing Shareholders with exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations, valuing the Trust's net assets and the Shares daily with reference to the Pricing Benchmark, or any other pricing methodology adopted by the Sponsor in its discretion (for the avoidance of doubt, the Sponsor may select such subsequent pricing methodology without Shareholder approval);

● In connection with a hard fork of the Hyperliquid Blockchain to which the Sponsor has actual knowledge, to determine, in good faith, whether the digital asset network running the modified or the extant Hyperliquid Blockchain software is generally accepted to be the Hyperliquid Blockchain and should therefore be considered to be Hyperliquid for the purposes of the Trust's ongoing operations;

● To enter into an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;

● To receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted Creation Orders, as described in the Trust Agreement and in the Authorized Participant Agreement;

● In connection with In-Kind Creation Orders, to receive from Authorized Participants directly or through its delegates the required amount of Hyperliquid;

● In connection with Cash Creation Orders, to receive from Authorized Participants directly or through its delegates the required amount of cash;

● In connection with Creation Orders, after accepting a Creation Order and receiving the required amount of Hyperliquid or cash, as applicable, either directly or through its delegates to direct the Transfer Agent to credit the Baskets to fill the Creation Order within one (1) business day immediately following the Creation Order Date;

● To receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted Creation Orders, as described in the Trust Agreement and in the Authorized Participant Agreement;

● To assist in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic updating of the Registration Statement and this Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies;

● To use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes, including by making such elections, filing such tax returns, and preparing, disseminating and filing such tax reports as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any state or political subdivision thereof, or other jurisdiction having taxing authority in respect of the Trust or its administration; the expense of accountants employed to prepare such tax returns and tax reports will be an expense of the Trust;

● To monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances and, if necessary, to renegotiate the fee structure to obtain such rates and services for the Trust;

● To perform such other services as the Sponsor believes the Trust may from time to time require; and

● In general, to carry out any other business in connection with or incidental to any of the foregoing powers; to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others; and to do every other act or thing incidental or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers.

To the extent that a law (common or statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities relating thereto to the Trust, the Shareholders or any other person, the Sponsor will not be liable to the Trust, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or this Prospectus unless such reliance constitutes gross negligence, bad faith, or willful misconduct on the part of the Sponsor.

**Liability and Indemnification**

**Trustee**

The Trustee will not be liable for the acts or omissions of the Sponsor, nor will the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under the Trust Agreement. The Trustee will not be personally liable under any circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee will not be personally liable for any error
of judgment made in good faith except to the extent such error of judgment constitutes gross negligence on its part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 provision of the Trust Agreement will require the Trustee to expend or risk its personal
 funds or otherwise incur any financial liability in the performance of its rights or powers
 hereunder, if the Trustee shall have reasonable grounds for believing that the payment of
 such funds or adequate indemnity against such risk or liability is not reasonably assured
 or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under
 no circumstances will the Trustee be personally liable for any representation, warranty,
 covenant, agreement, or indebtedness of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Trustee will not be personally responsible for or in respect of the validity or sufficiency
 of the Trust Agreement or for the due execution hereof by the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Trustee will incur no liability to anyone in acting upon any signature, instrument, notice,
 resolution, request, consent, order, certificate, report, opinion, bond or other document
 or paper reasonably believed by it to be genuine and reasonably believed by it to be signed
 by the proper party or parties. The Trustee may accept a certified copy of a resolution of
 any governing body of any corporate party as conclusive evidence that such resolution has
 been duly adopted by such body and that the same is in full force and effect. As to any fact
 or matter the manner of ascertainment of which is not specifically prescribed herein, the
 Trustee may for all purposes hereof rely on a certificate, signed by an authorized officer
 of the Sponsor or any other corresponding directing party, as to such fact or matter, and
 such certificate will constitute full protection to the Trustee for any action taken or omitted
 to be taken by it in good faith in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the exercise or administration of the trust hereunder,
the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Trustee
will not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys will have been selected by the
Trustee in good faith and with due care and (ii) may consult with counsel, accountants and other skilled persons to be selected by it
in good faith and with due care and employed by it, and it will not be liable for anything done, suffered or omitted in good faith by
it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 as expressly provided in Article III of the Trust Agreement, the Trustee acts solely as a
 trustee under the Trust Agreement and not in its individual capacity, and all persons having
 any claim against the Trustee by reason of the transactions contemplated by the Trust Agreement
 will look only to the Trust's property for payment or satisfaction thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Trustee will not be liable for punitive, exemplary, consequential, special or other similar
 damages under any circumstances.

The Trustee or any officer, affiliate, director, employee, or agent of the Trustee (each, an "Indemnified Person") will be entitled to indemnification from the Sponsor or the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, "Trustee Losses"), to the extent that such Trustee Losses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of the Trust Agreement or the transactions contemplated in the Trust Agreement; provided, however, that the Sponsor and the Trust will not be required to indemnify any Indemnified Person for any Trustee Losses that are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Sponsor and the Trust to indemnify the Indemnified Persons will survive the termination of the Trust Agreement.

**Sponsor**

The Sponsor will not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Hyperliquid or other assets held in trust hereunder; provided, however, that this provision will not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee's counsel or any other Indemnified Person for any matters arising hereunder. The Sponsor will in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for herein. The Trust will not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

In addition, as described in the Trust Agreement, (i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the other hand; or (ii) whenever the Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor will act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Sponsor will resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor will not constitute a breach of the Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

The Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "Sponsor Indemnified Party") will be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations under the Trust Agreement or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under Section 4.06 of the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**Provisions of Law**

According to applicable law, indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or conduct that gave rise to the claim for indemnification was in the best interest of the Trust and the act, omission or activity that was the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Trust.

**Provisions of Federal and State Securities Laws**

This offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met.

These conditions require that no indemnification of the Sponsor or any underwriter for the Trust may be made in respect of any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator of the state or states in which the plaintiffs claim they were offered or sold interests.

**Provisions of the 1933 Act and NASAA Guidelines**

Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to the Sponsor or its directors, officers, or persons controlling the Trust, the Trust has been informed that the SEC and the various state administrators believe that such indemnification is against public policy as expressed in the 1933 Act and the North American Securities Administrators Association, Inc. ("NASAA") commodity pool guidelines and is therefore unenforceable.

**Management; Voting by Shareholders**

Except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Act default voting rights are provided to holders of beneficial interests). The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders' right to vote on any specific matter, the Shareholders' right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders.

**Meetings**

Meetings of the Trust's Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or the Trust Agreement. All notices of meetings will be sent or otherwise given to each Shareholder of record not less than seven nor more than one hundred twenty days before the date of the meeting in the manner determined by the Sponsor. The notice will specify: (a) the place, date and hour of the meeting; and (b) the general nature of the business to be transacted. Shareholders may vote in person, by proxy, or in any manner determined by the Sponsor at any such meeting. Except when a larger quorum is required by applicable law or by the Trust Agreement, the presence (in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote will constitute a quorum at a Shareholders' meeting. Any action taken by Shareholders may be taken without a meeting so long as Shareholders holding a majority of Shares entitled to vote on the matter (or such larger proportion thereof as will be required by any express provision of the Trust Agreement or federal law) or holding a majority (or such larger proportion as aforesaid) of the Shares entitled to vote separately on the matter consent to the action in writing or by other electronic means. Such consent will be treated for all purposes as a vote taken at a meeting of Shareholders.

**Books and Records**

The Trust keeps its books of record and account at the office of the Sponsor located at 250 Montgomery Street, Suite 200, San Francisco, CA 94104, or at the offices of the Administrator, or at such office, including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to inspection by any person who establishes to the Trust's satisfaction that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the Trust.

The Trust keeps a copy of the Trust Agreement on file in the Sponsor's office which will be available for inspection by any Shareholder at all times during the Trust's usual business hours upon reasonable advance notice.

**Statements, Filings, and Reports to Shareholders**

After the end of each fiscal year, the Sponsor will cause to be prepared an annual report for the Trust containing audited financial statements. The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information that the Sponsor determines shall be included. The annual report will be filed with the SEC and the Exchange and will be distributed to such persons and in such manner as is required by applicable laws, rules and regulations.

The Sponsor is responsible for the registration and qualification of the Shares under federal securities laws. The Sponsor will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will assist and support the Sponsor in the preparation of such reports.

The Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports as it is advised to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.

**Fiscal Year**

The fiscal year of the Trust is the calendar year. The Sponsor may select an alternate fiscal year.

**Governing Law; Consent to Delaware Jurisdiction**

**Legal Matters**

**Litigation and Claims**

Within the past five years of the date of this Prospectus, there have been no material administrative, civil or criminal actions against the Sponsor, the Trust or any principal or affiliate of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

**Legal Opinion**

Chapman and Cutler LLP has advised the Sponsor in connection with the Shares being offered. Chapman and Cutler LLP also advises the Sponsor with respect to its responsibilities as sponsor of, and with respect to matters relating to, the Trust. Fenwick & West LLP rendered an opinion regarding the material U.S. federal income tax consequences of ownership of the Shares. Certain opinions of counsel have been filed with the SEC as exhibits to the Registration Statement of which this Prospectus is a part.

**Experts**

The statement of assets and liabilities of the Trust as of November 24, 2025 has been included herein and in the registration statement in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

**Material Contracts**

**Fund Administration and Accounting Agreement**

Pursuant to the Fund Administration and Accounting Agreement, the Administrator is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Administrator include (i) establishing appropriate expense accruals and computing expense ratios, maintaining expense files and coordinating the payment of Trust-approved invoices; (ii) calculating Trust-approved income and per Share amounts required for periodic distributions to be made by the Trust; (iii) calculating total return information; (iv) coordinating the Trust's annual audit; (v) supplying various normal and customary portfolio and Trust statistical data as requested on an ongoing basis; and (vi) preparing financial statements for the Trust.

The responsibilities of the Administrator also include providing various valuation and computation accounting services for the Trust, including (i) maintaining certain financial books and records for the Trust, including creation and redemptions books and records, and Trust accounting records; (ii) computing the Trust's NAV; (iii) obtaining quotes from pricing services as directed and approved by the Sponsor or, if such quotes are unavailable, then obtaining such prices from the Sponsor and, in either case, calculating the market value of the Trust's assets in accordance with the Trust's valuation policies or guidelines; and (iv) transmitting or making available a copy of the daily portfolio valuation to the Sponsor.

The Trust will indemnify the Administrator and any affiliate of the Administrator ("Indemnitees"), and the Indemnitees will incur no liability for their reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's offering materials or documents (excluding information provided by the Administrator), (iii) any instructions, or (iv) any written opinion of legal counsel for the Trust or the Administrator, or arising out of transactions or other activities of the Trust that occurred prior to the commencement of the Fund Administration and Accounting Agreement; provided, however, that the Trust shall not indemnify any Indemnitee for any losses arising out of such Indemnitees' own bad faith, gross negligence or willful misconduct in the performance of the Fund Administration and Accounting Agreement.

The Fund Administration and Accounting Agreement shall be effective commencing upon regulatory approval by the SEC permitting shares of the Trust to be offered for sale and, unless terminated pursuant to its terms, shall continue until 11:59 p.m. on the date which is the third anniversary of such date (the "Initial Term"), at which time such Agreement shall terminate, unless renewed in accordance with the terms hereof. The Fund Administration and Accounting Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Trust or the Administrator gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, the Fund Administration and Accounting Agreement shall terminate at 11:59 p.m. on the last day of the Initial Term or Renewal Term, as applicable.

**Transfer Agency and Service Agreement**

Pursuant to the Transfer Agency and Service Agreement, the Transfer Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Transfer Agent include: (i) performing and facilitating the performance of creations and redemptions of Baskets; (ii) preparing and transmitting by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares, if any, declared by the Trust; (iii) maintaining the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder; and (iv) recording the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding and authorized, based upon data provided to it by the Trust.

The Transfer Agency and Service Agreement will have a one-year initial term and will automatically be renewed for successive one-year periods, unless terminated by either party pursuant to the terms of the agreement.

**Hyperliquid Custody Agreement**

The Hyperliquid Custody Agreement with Anchorage Custody establishes the rights and responsibilities of the Hyperliquid Custodian, Sponsor, and the Trust with respect to the Hyperliquid in the Trust Hyperliquid Account, which is established and maintained by the Hyperliquid Custodian.

*Access to the Custody Account; Transfers and Storage*

The Hyperliquid Custodian has been engaged to keep the Trust's Hyperliquid in safe custody. The Hyperliquid Custodian will provide the Sponsor with the information that is necessary for third parties to make deposits to the Trust Hyperliquid Account. To support the Trust's ordinary course deposits and withdrawals, the Hyperliquid Custodian's services will allow the Sponsor to receive a recipient address for deposits by a third party, and to initiate the transfer and broadcast to the blockchain supporting the relevant asset. Subject to completed blockchain transactions to the provided recipient addresses and completion of required transaction screening by the Hyperliquid Custodian, the Hyperliquid Custodian will credit all Hyperliquid properly authorized by the Trust or the Sponsor to the Trust Hyperliquid Account.

The Hyperliquid Custodian will only allow withdrawals of Hyperliquid from the Trust Hyperliquid Account based on authorized instructions from the Sponsor or the Trust.

*Standard of Care; Limitations of Liability*

Under the Hyperliquid Custody Agreement, at minimum, the Hyperliquid Custodian (and its affiliates) shall at all times perform its obligations under the Hyperliquid Custody Agreement with the reasonable care, skill, and diligence of a prudent, professional, competent, and regulated provider of custody services in the financial industry, unless a higher standard is specified by this agreement or applicable law or regulation. Except for Anchorage Custody's gross negligence, willful misconduct or fraud, Anchorage Custody shall not be liable for any losses, whether in contract, tort or otherwise, incurred by the Trust, for any amount in excess of fees paid by the Trust in the twelve (12) months prior to when the liability arises. Further, in no event will Anchorage Custody be liable (i) for acts or omissions under a mere negligence standard, (ii) losses which arise from Anchorage Custody's compliance with applicable laws, including sanctions laws administered by OFAC; or (iii) special, indirect or consequential damages, or lost profits or loss of business arising in connection with the Hyperliquid Custody Agreement. This limitation of liability shall not limit any losses or claims arising from the Hyperliquid Custodian's gross negligence, willful misconduct or fraud. Anchorage Custody shall not be liable to the Trust for delays, suspension of operations, whether temporary or permanent, failure in performance of the Hyperliquid Custody Agreement, or interruption of service in each case to the extent it is directly due to a cause or condition entirely beyond the reasonable control of Anchorage Custody.

*Indemnity*

Under the Hyperliquid Custody Agreement, the Trust shall defend and indemnify and hold harmless Anchorage Custody, its affiliates, and their respective officers, directors, agents, employees and representatives from and against any and all third party claims and losses arising out of or relating to the Hyperliquid Custody Agreement, except to the extent they arise out of (i) Anchorage Custody's gross negligence, willful misconduct or fraud as determined by a non-appealable, adjudication by an arbiter of competent jurisdiction, *provided, however,* that Anchorage Custody shall be released and held harmless for any action it take at the direction of the Trust, even if following such direction constitutes gross negligence or willful misconduct by Anchorage Custody or (ii) Anchorage Custody's breach of any obligations, warranties or representations under the Hyperliquid Custody Agreement. This obligation will survive any termination of the Hyperliquid Custody Agreement as it relates to the claims and losses arising during the term of the Hyperliquid Custody Agreement or as it relates to activity during such term. The Trust may not settle any claim without the prior written consent of Anchorage Custody where such proposed settlement may limit, materially interfere with, or otherwise adversely affect the rights of Anchorage Custody under the Hyperliquid Custody Agreement .

*Insurance*

Hyperliquid is not subject to the protections or insurance provided by the FDIC or SIPC. Any insurance coverage obtained by or for the Hyperliquid Custodian is solely for the benefit of the Hyperliquid Custodian and does not guarantee or insure the Trust in any way. There is no third-party insurance held on behalf of the Trust Hyperliquid Accounts.

*Inspection and Audit Rights*

 

The Trust does not enjoy audit or inspection rights under the Hyperliquid Custody Agreement. The Sponsor relies on the Hyperliquid Custodian's System and Organization Controls ("SOC") reports to provide assurances as to the controls that support the proof of existence of the Trust's Hyperliquid at the Hyperliquid Custodian. SOC reports are internal control evaluations conducted by independent auditors. A SOC 1 report addresses the controls at a service organization that are likely to be relevant to user entities' internal control over financial reporting. A SOC 2 report addresses controls at a service organization relevant to security, availability, processing integrity, confidentiality, or privacy in order to support users' evaluations of their own systems of internal control. The Hyperliquid Custodian engages an independent auditor to conduct both a SOC 1, Type II audit and a SOC 2, Type II audit. The SOC 1, Type II and SOC 2, Type II reports include controls over private key management.

*Modification of Agreement*

The Hyperliquid Custodian may be modified only by written agreement signed by both the Trust and the Hyperliquid Custodian.

*Term and Termination*

The initial term of the Hyperliquid Custody Agreement is one (1) year with a renewal term of one (1) year. The Trust or Anchorage Custody may terminate the Hyperliquid Custody Agreement in its entirety for any reason and without cause by providing written notice at least thirty (30) days' prior to the expiration of the then current term of the Hyperliquid Custody Agreement. Both the Trust and Anchorage Custody may terminate the Hyperliquid Custody Agreement for cause upon a material breach which is not cured within thirty (30) days after receipt by the breaching party of written notice from the non-breaching party of such breach. The Hyperliquid Custody Agreement may also be terminated immediately by either party, without an opportunity to cure, upon written notice under certain circumstances outlined in the Hyperliquid Custody Agreement.

 **Cash Custody Agreement** 

The Trust has entered into the Cash Custody Agreement with BNY Mellon under which BNY Mellon acts as custodian of the Trust's cash and cash equivalents (in such capacity, the "Cash Custodian"). The Cash Custodian has agreed to provide its services under the Cash Custody Agreement until terminated in accordance with the provisions of the Cash Custody Agreement. Either the Cash Custodian or the Trust may terminate the Cash Custody Agreement by giving written notice to the counterparty as set forth in the Cash Custody Agreement.

The fees of the Cash Custodian are paid by the Trust. In addition, the Trust shall reimburse the Cash Custodian for any out-of-pocket and incidental expenses incurred by the Cash Custodian in connection with the Cash Custody Agreement.

The Cash Custodian shall exercise the standard of care and diligence that a professional custodian would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("Standard of Care"). Except as otherwise expressly provided in the Cash Custody Agreement, the Cash Custodian's liability arising out of or relating to the Cash Custody Agreement shall be limited solely to those direct damages that are caused by the Cash Custodian's failure to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care. The Trust agrees to indemnify the Cash Custodian and hold the Cash Custodian harmless from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by the Cash Custodian arising out of or relating to the Cash Custodian's performance under the Cash Custody Agreement, except to the extent resulting from the Cash Custodian's failure to perform its obligations under the Cash Custody Agreement in accordance with the Standard of Care. The Cash Custody Agreement is governed by the substantive laws of the State of New York.

**Marketing Agent Agreement**

Pursuant to the Marketing Agent Agreement, the Marketing Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities of the Marketing Agent include (i) at the request of the Trust, assisting the Trust with facilitating Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Baskets of the Trust; (ii) maintaining copies of confirmations of Basket creation and redemption order acceptances and producing such copies upon reasonable request from the Trust or Sponsor; (iii) making available copies of this Prospectus to Authorized Participants who have purchased Baskets in accordance with the Authorized Participant Agreements; (iv) maintaining telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent; (v) reviewing and approving, prior to use, certain Trust marketing materials submitted by the Trust for review ("Marketing Materials") for compliance with applicable SEC and FINRA advertising rules, and filing all such Marketing Materials required to be filed with FINRA; (vi) ensuring that all direct requests by Authorized Participants for copies of this Prospectus are fulfilled; and (vii) working with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent.

The Trust shall indemnify, defend and hold the Marketing Agent, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Marketing Agent within the meaning of Section 15 of the 1933 Act (collectively, the "Marketing Agent Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Marketing Agent Losses") that any Marketing Agent Indemnitee may incur arising out of or relating to (i) the Trust's breach of any of its obligations, representations, warranties or covenants contained in the Marketing Agent Agreement; (ii) the Trust's failure to comply in all material respects with any applicable laws, rules or regulations; or (iii) any claim that this Prospectus, sales literature and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading provided, however, that the Trust's obligation to indemnify any of the Marketing Agent Indemnitees shall not be deemed to cover any Marketing Agent Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in this Prospectus or any such advertising materials or sales literature or other information filed or made public by the Trust in reliance upon and in conformity with information provided by the Marketing Agent to the Trust, in writing, for use in this Prospectus or any such advertising materials or sales literature.

The Marketing Agreement shall continue in effect for two years. Thereafter, if not terminated, the Marketing Agreement shall continue automatically in effect for successive one-year periods.

**Master Purchase and Sale Agreement for Digital Assets**

The Sponsor, on behalf of the Trust, has entered into a Master Sale and Purchase Agreement with each Hyperliquid Trading Counterparty. This agreement set forth the general parameters under which a transaction in Hyperliquid will be effectuated, should any transaction with a Hyperliquid Trading Counterparty occur. The agreement shall remain in effect until terminated in writing by either the Trust or the Hyperliquid Trading Counterparty. The Hyperliquid Trading Counterparty shall have no liability: (i) with respect to any breach of the agreement which does not arise from its bad faith or gross negligence, (ii) for any act or omission (including insolvency) or delay of any third party, including any bank, digital wallet provider or digital currency exchange or any of their agents or subcontractors, (iii) for any interruption or delays of service, system failure, or errors in the design or functioning of any electronic system, or (iv) for any consequential, indirect, incidental, or any similar damages (even if informed of the possibility or likelihood of such damages). The Trust and Sponsor will each, on a several basis (and without duplication), indemnify, defend and hold the Hyperliquid Trading Counterparty harmless together with its officers, directors, members, partners, affiliates and employees, agents and licensors (the "Indemnified Parties") from and against all losses, liabilities, judgments, proceedings, claims, damages and costs (including attorneys' fees) resulting from any third-party action related to: (i) Counterparty's breach of the terms of the agreement, (ii) the Trust's violation of any applicable law, rule or regulation, (iii) Hyperliquid Trading Counterparty's reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by the Trust, or (iv) other acts or omissions in connection with the execution of transactions with the Hyperliquid Trading Counterparty.

 **Staking Services Agreement** 

Each of the Sponsor and the Trust (the "Customer") has entered into a Staking Services Agreement with Attestant Ltd. (the "Provider"). The Staking Services Agreement governs the provision of staking services for supported cryptoassets, specifically Hyperliquid. The Provider assists the Customer in setting up hardware and software for staking, offers access to its infrastructure and validation software, maintains the software, and provides dashboards and performance reports. Importantly, the Provider does not offer custody, safekeeping, brokerage, or investment advice, nor does it itself stake or un-stake assets; rather, it enables the Customer to do so using its software. Eligibility for services requires the Customer to be duly organized, legally permitted to use the services, and compliant with all applicable laws, including anti-money laundering and sanctions regulations. The Customer must understand the risks associated with cryptographic systems and staking, and is responsible for ensuring the services are appropriate for its financial situation. The Customer is also required to provide information for identity verification and anti-money laundering checks, and acknowledges that access to services may be affected by the results of these checks.

The Customer is solely responsible for the use, custody, and safekeeping of its supported assets and access keys. It must comply with protocol requirements, pay all applicable fees and taxes, and not use the services for anything other than supported assets. The Customer must also avoid interfering with the services, breaching laws, or introducing security risks. The Provider's liability is strictly limited to the provision of staking services and excludes responsibility for losses outside its control, including protocol changes, third-party issues, and force majeure events. The Provider's total liability is capped at the fees paid by the Customer in the six months preceding any claim, and excludes indirect or consequential losses.

Termination and suspension provisions allow either party to terminate for material breach, insolvency, or other specified events. The Provider may suspend or terminate services immediately for legal or regulatory reasons, security concerns, suspected breaches, or other specified circumstances. Upon termination, the Provider will assist with unstaking and migration of assets, provide final reports, and return or destroy confidential information, subject to legal retention requirements. No additional fees are charged for termination assistance beyond agreed network fees and professional services.

The Provider may change the terms of the agreement for various reasons, including changes in law, supported assets, or service improvements, with notice to the Customer and an option to terminate in case of material changes. The agreement is governed by New York law, with exclusive jurisdiction in New York courts, and includes a waiver of jury trial rights. The Order Form specifies Hyperliquid as the supported asset, a 12-month minimum term with automatic renewal, and payment of fees on-chain in Hyperliquid.

The agreement provides detailed risk disclosure, emphasizing the high risks associated with staking, including protocol risks, market volatility, regulatory uncertainty, and the potential for loss of assets due to technical failures, hacking, or human error. The Customer is required to independently assess these risks before using the services.

**Pricing Benchmark License Agreement**

The Sponsor has entered into an agreement with the Benchmark Provider (the "Pricing Benchmark License Agreement") providing the Trust with a non-exclusive, non-transferable, non-sub-licensable, perpetual, worldwide, license to access, view and use the Pricing Benchmark to develop, create, calculate, settle, maintain or support and market the Trust for the term of the Pricing Benchmark License Agreement. The Pricing Benchmark License Agreement is subject to a three-year initial term period and will automatically be renewed for successive one-year periods, unless terminated pursuant to the terms of the Pricing Benchmark License Agreement.

**United States Federal Income Tax Consequences**

The following discussion of the material U.S. federal income tax consequences that generally will apply to the purchase, ownership and disposition of Shares by a U.S. Shareholder (as defined below), and certain U.S. federal income consequences that may apply to an investment in Shares by a Non-U.S. Shareholder (as defined below), represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications described therein, the opinion of Fenwick & West LLP, special U.S. federal income tax counsel to the Sponsor. The discussion below is based on the Internal Revenue Code of 1986 (the "Code"), Treasury Regulations promulgated thereunder and judicial and administrative interpretations of the Code, all as in effect on the date of this Prospectus and all of which are subject to change either prospectively or retroactively. The tax treatment of Shareholders may vary depending upon their own particular circumstances. Certain Shareholders (including, but not limited to, banks, financial institutions, insurance companies, regulated investment companies, real estate investment trusts, tax-exempt organizations, tax-exempt or tax-advantaged retirement plans or accounts, brokers or dealers, traders, partnerships for U.S. federal income tax purposes, persons holding Shares as a position in a "hedging," "straddle," "conversion," "constructive sale" or other integrated transaction for U.S. federal income tax purposes, persons whose "functional currency" is not the U.S. dollar, persons with "applicable financial statements" within the meaning of Section 451(b) of the Code, or other investors with special circumstances) may be subject to special rules not discussed below. In addition, the following discussion applies only to investors who will hold Shares as "capital assets" within the meaning of Section 1221 of the Code. Moreover, the discussion below does not address the effect of any state, local or foreign tax law consequences that may apply to an investment in Shares. Purchasers of Shares are urged to consult their own tax advisers with respect to all federal, state, local and foreign tax law considerations potentially applicable to their investment in Shares.

For purposes of this discussion, a "U.S. Shareholder" is a Shareholder that is:

● an individual who is treated as a citizen or resident of the United States for U.S. federal income tax purposes;

● a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

● a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust, or a trust that has made a valid election under applicable Treasury Regulations to be treated as a domestic trust.

A Shareholder that is not a U.S. Shareholder as defined above is considered a "Non-U.S. Shareholder" for purposes of this discussion. If a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares, the tax treatment of a partner generally depends upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding Shares, the discussion below may not be applicable and we urge you to consult your own tax adviser for the U.S. federal income tax implications of the purchase, ownership and disposition of such Shares.

**Taxation of the Trust**

The Sponsor and the Trustee will treat the Trust as a "grantor trust" for U.S. federal income tax purposes. In the opinion of Fenwick & West LLP, although not free from doubt due to the lack of directly governing authority, the Trust should be classified as a "grantor trust" for U.S. federal income tax purposes (and the following discussion assumes such classification). As a result, the Trust itself should not be subject to U.S. federal income tax. Instead, the Trust's income and expenses should "flow through" to the Shareholders, and the Trustee will report the Trust's income, gains, losses and deductions to the Internal Revenue Service (the "IRS") on that basis.

As stated above in the Prospectus under the heading "Staking," the current intention of the Trust is to amend the Registration Statement to allow for staking as a secondary investment objective in the future. Although the precise details of any such staking cannot be currently determined, it is intention of the Trust that any such staking and amendment of the Trust agreement would occur in a manner which sustains the opinion that the trust should be classified as a "grantor trust" for U.S. federal income tax purposes. Note in this regard that on November 10, 2025, the IRS released Revenue Procedure 2025-31, which provides a safe harbor under which a widely held fixed investment trust may stake digital assets without preventing the trust from qualifying as an investment trust under Treasury Regulation Section 301.7701-4(c) and as a grantor trust under Sections 671 et seq. of the Code, provided that fourteen separate requirements are met. Revenue Procedure 2025-31 states that no inferences should be drawn as any Federal income tax consequences not expressly addressed in Revenue Procedure 2025-31, including with respect to whether income attributable to staking would be treated as income effectively connected with the conduct of a trade or business within the United States or as unrelated business taxable income. To the extent that any future staking by the Trust does not comply with all of the requirements of the Revenue Procedure, the safe harbor would not be available to assure the Trust's status as a grantor trust. There can be no assurance that any future staking by the Trust will comply with Revenue Procedure 2025-31. Accordingly, the Trust may rely on principles of underlying law in respect of grantor trusts that hold other assets, such as rental real estate and securities, which conclude that limited or ministerial actions with respect to the Trust corpus does not represent a power to vary the investment of the Trust certificate holders. Further, the Trust intends to arrange its affairs to limit staking so that any staking that occurs is non-discretionary, will not vary based on market conditions, and does not contain the indicia of a trade or business as provided in extant authority. However, there can be no assurance that in the event the safe harbor's requirements are not met the IRS will not take a contrary view or that any such contrary view would not be sustained by a Court if challenged.

Moreover, the opinion of Fenwick & West LLP represents only its best legal judgment and is not binding on the IRS or any court. Accordingly, there can be no assurance that the IRS will agree with the conclusions of counsel's opinion and it is possible that the IRS or another tax authority could assert a position contrary to one or all of those conclusions and that a court could sustain that contrary position. Neither the Sponsor nor the Trustee will request a ruling from the IRS with respect to the classification of the Trust for U.S. federal income tax purposes or with respect to any other matter. Because of the evolving nature of digital assets, it is not possible to predict potential future developments that may arise with respect to digital assets, including forks, airdrops and other similar occurrences. Assuming that the Trust is currently a grantor trust for U.S. federal income tax purposes, certain future developments could render it impossible, or impracticable, for the Trust to continue to be treated as a grantor trust for such purposes. If the IRS were to assert successfully that the Trust is not classified as a "grantor trust," the Trust would likely be classified as a partnership for U.S. federal income tax purposes, which may affect the timing and other tax consequences to the Shareholders, and might be classified as a publicly traded partnership that would be taxable as a corporation for U.S. federal income tax purposes, in which case the Trust could be taxed in the same manner as a regular corporation on its taxable income and distributions to Shareholders out of the earnings and profits of the Trust would be taxed to Shareholders as ordinary dividend income.

**Uncertainty Regarding the U.S. Federal Income Tax Treatment of Digital Assets**

Each beneficial owner of Shares will be treated for U.S. federal income tax purposes as the owner of an undivided interest in the Hyperliquid held in the Trust. Due to the new and evolving nature of digital assets and the absence of comprehensive guidance with respect to digital assets, many significant aspects of the U.S. federal income tax treatment of digital assets are uncertain.

With the exception of certain reporting standards under Section 6045 and related provisions of the Code, there have been no binding pronouncements of law with respect to the U.S. federal income tax treatment of digital assets. In 2014, the IRS released a notice (the "Notice") discussing certain aspects of the treatment of "convertible virtual currency" (which would likely include Hyperliquid) for U.S. federal income tax purposes. In the Notice, the IRS stated its position that, for U.S. federal income tax purposes, such digital assets (i) are property, (ii) are not "currency" for purposes of the provisions of the Code relating to foreign currency gain or loss and (iii) may be held as a capital asset. Later, the IRS released a revenue ruling and a set of "Frequently Asked Questions" (the "2019 Ruling & FAQs") stating its position that, under certain circumstances, hard forks of digital assets are taxable events giving rise to ordinary income and guidance with respect to the determination of the tax basis of digital assets. In 2023, the IRS released another revenue ruling stating its position that tokens "received" as a result of staking give rise to income upon assertion of dominion and control (the "2023 Ruling & FAQs"; the 2019 Ruling & FAQs and the 2023 Ruling & FAQs together, the "Rulings & FAQs"). The Notice and the Rulings & FAQs are not, however, binding pronouncements of law, and a court would not be obligated to treat them as binding legal authority. Moreover, the Notice and the Rulings & FAQs do not address other significant aspects of the U.S. federal income tax treatment of digital assets, and there continues to be significant uncertainty with respect to the timing and amount of the income inclusions, if any, relating to staking, hard forks, airdrops, and other cryptocurrency specific transactions.

Other countries' treatment of digital assets does not necessarily comport with the Notice, the Rulings & FAQs, or U.S. federal income tax more broadly. If one or more foreign countries recognizes Hyperliquid as legal currency, and if the IRS recognizes Hyperliquid as a "foreign currency," the tax consequences of an investment in the Trust will change. Gains or losses in respect of foreign currencies are generally ordinary gains or losses. In general, entering or acquiring forward contracts, futures contracts, options or similar financial instruments is treated as a foreign currency contract that produces ordinary gain or loss. However, ordinary gain or loss treatment does not apply (unless elected) to contracts that require delivery of, or the settlement of which depends on the value of, a foreign currency in respect of which positions are traded through regulated futures contracts. Instead, such contracts are treated as having 60% long-term capital gain or loss and 40% short-term capital gain or loss. Such contracts are also required to be marked to market at the end of each year.

The remainder of this discussion assumes that Hyperliquid, and any Incidental Rights or IR Assets, is properly treated for U.S. federal income tax purposes as property that may be held as a capital asset and that is not currency for purposes of the provisions of the Code relating to foreign currency gain and loss.

Shareholders are urged to consult their tax advisers regarding the tax consequences of an investment in the Trust and in digital currencies in general, including, in the case of Shareholders that are generally exempt from U.S. federal income taxation, whether such Shareholders may recognize "unrelated business taxable income" ("UBTI") as a consequence of a fork, airdrop or similar occurrence.

**Incidental Rights and IR Assets**

From time to time, the Trust may come into possession of rights incident to its ownership of Hyperliquid, which permit the Trust to acquire other digital assets. These rights are generally expected to be Forked Assets that arise in connection with hard forks in the Hyperliquid Blockchain, airdrops offered to holders of Hyperliquid and digital assets arising from other similar events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are referred to as "Incidental Rights" and any digital assets acquired through Incidental Rights are referred to as "IR Assets." Pursuant to the Trust Agreement, the Trust has explicitly disclaimed all Incidental Rights and IR Assets. Such assets are not considered assets of the Trust at any point in time and will not be taken into account for purposes of determining the Trust's NAV and the NAV per Share.

Pursuant to the Trust Agreement, to the extent that the Trust receives such assets in a Trust wallet, it will, as soon as practicable, and, if possible, immediately, distribute such assets to the Sponsor. At such time, the Incidental Right(s) and/or IR Asset(s) will be the property of the Sponsor. Once acquired, the Sponsor, subject to a reasonable, good faith determination, may take any lawful action necessary or desirable in connection with its acquisition of such assets. In the event that the Sponsor decides to sell the Incidental Right(s) and/or IR Asset(s), it will seek to do so for cash. This may be a sale of the Incidental Right(s) and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset that may subsequently be exchanged for cash. The Sponsor would then contribute that cash back to the Trust, which in turn would distribute the cash to DTC to be distributed to Shareholders in proportion to the number of Shares owned. Such distribution would generally be a taxable event giving rise to ordinary income for a U.S. Holder.

**Taxation of U.S. Shareholders**

Shareholders will be treated for U.S. federal income tax purposes as if they directly owned a pro rata share of the underlying assets held in the Trust. Shareholders also will be treated as if they directly received their respective pro rata shares of the Trust's income, if any, and as if they directly incurred their respective pro rata shares of the Trust's expenses. In the case of a Shareholder that acquires Shares as part of the creation of a Basket in cash, the delivery of cash to the Trust in exchange for a pro rata share of the underlying Hyperliquid represented by the Shares and the additional Hyperliquid purchased with the cash will not be a taxable event to the Shareholder, and the Shareholder's tax basis and holding period for the Shareholder's pro rata share of the Hyperliquid held in the Trust will be based upon the amount of cash contributed and the date that the Trust purchased the Hyperliquid with the cash. In the case of a Shareholder that acquires Shares as part of the creation of a Basket in kind, the delivery of Hyperliquid to the Trust in exchange for a pro rata share of the underlying Hyperliquid represented by the Shares will not be a taxable event to the Shareholder, and the Shareholder's tax basis and holding period for the Shareholder's pro rata share of the Hyperliquid held in the Trust will be the same as its tax basis and holding period for the Hyperliquid delivered in exchange therefor. For purposes of this discussion, and unless stated otherwise, it is assumed that all of a Shareholder's Shares are acquired on the same date and at the same price per Share. Shareholders that hold multiple lots of Shares, or that are contemplating acquiring multiple lots of Shares, should consult their own tax advisers as to the determination of the tax basis and holding period for the underlying Hyperliquid related to such Shares.

Hyperliquid may be used to pay certain expenses of the Trust, which under current IRS guidance will be treated as a sale of such Hyperliquid. If the Trust sells Hyperliquid (for example to generate cash to pay fees or expenses) or is treated as selling Hyperliquid (for example by using Hyperliquid to pay fees or expenses), a Shareholder will recognize gain or loss in an amount equal to the difference between (a) the Shareholder's pro rata share of the amount realized by the Trust upon the sale and (b) the Shareholder's tax basis for its pro rata share of the Hyperliquid that was sold. A Shareholder's tax basis for its share of any Hyperliquid sold by the Trust should generally be determined by multiplying the Shareholder's total basis for its share of all of the Hyperliquid held in the Trust immediately prior to the sale, by a fraction the numerator of which is the amount of Hyperliquid sold, and the denominator of which is the total amount of the Hyperliquid held in the Trust immediately prior to the sale. After any such sale, a Shareholder's tax basis for its pro rata share of the Hyperliquid remaining in the Trust should be equal to its tax basis for its share of the total amount of the Hyperliquid held in the Trust immediately prior to the sale, less the portion of such basis allocable to its share of the Hyperliquid that was sold.

Shareholders' pro rata shares of the expenses incurred by the Trust will be treated as "miscellaneous itemized deductions" for U.S. federal income tax purposes. As a result, for taxable years beginning after December 31, 2017 and before January 1, 2026, a non-corporate U.S. Shareholder's share of these expenses will not be deductible for U.S. federal income tax purposes. Under current law, for taxable years beginning on or after January 1, 2026, a non-corporate U.S. Shareholder's share of these expenses will be deductible for regular U.S. federal income tax purposes only to the extent that the U.S. Shareholder's share of the expenses, when combined with other "miscellaneous itemized deductions," exceeds 2% of the U.S. Shareholder's adjusted gross income for the particular year, will not be deductible for U.S. federal alternative minimum tax purposes and will be subject to certain other limitations on deductibility.

Upon a Shareholder's sale of some or all of its Shares, the Shareholder will be treated as having sold the portion or all, respectively, of its pro rata share of the Hyperliquid held in the Trust at the time of the sale that is attributable to the Shares sold. Accordingly, the Shareholder generally will recognize gain or loss on the sale in an amount equal to the difference between (a) the amount realized pursuant to the sale of the Shares, and (b) the Shareholder's tax basis for the portion of its pro rata share of the Hyperliquid held in the Trust at the time of sale that is attributable to the Shares sold, as determined in the manner described in the preceding paragraph. Based on current IRS guidance, such gain or loss (as well as any gain or loss realized by a Shareholder on account of the Trust selling Hyperliquid) will generally be long-term or short-term capital gain or loss, depending upon whether the Shareholder has a holding period in its pro rata share of the Hyperliquid that was sold of more than one (1) year.

The current maximum tax rate for individuals applicable to capital gains is 20% (subject to an additional tax of 3.8% on net investment income). However, gain from collectibles is subject to a 28% maximum (also subject to the 3.8% additional tax), and currency gain is subject to tax at ordinary income rates. Current guidance indicates that digital assets are treated neither as collectibles nor as currencies, but the IRS has the authority to change its position on the treatment of digital assets.

A redemption of some or all of a Shareholder's Shares in exchange for the underlying Hyperliquid represented by the Shares redeemed generally will not be a taxable event to the Shareholder. The Shareholder's tax basis for the Hyperliquid received in the redemption generally will be the same as the Shareholder's tax basis for the portion of its pro rata share of the Hyperliquid held in the Trust immediately prior to the redemption that is attributable to the Shares redeemed. The Shareholder's holding period with respect to the Hyperliquid received should include the period during which the Shareholder held the Shares redeemed. A subsequent sale of the Hyperliquid received by the Shareholder will be a taxable event, unless a nonrecognition provision of the Code applies to such sale.

After any sale or redemption of less than all of a Shareholder's Shares, the Shareholder's tax basis for its pro rata share of the Hyperliquid held in the Trust immediately after such sale or redemption generally will be equal to its tax basis for its share of the total amount of the Hyperliquid held in the Trust immediately prior to the sale or redemption, less the portion of such basis that is taken into account in determining the amount of gain or loss recognized by the Shareholder upon such sale or, in the case of a redemption, that is treated as the basis of the Hyperliquid received by the Shareholder in the redemption.

If a fork were to occur in the Hyperliquid Blockchain, the Trust would hold both the original Hyperliquid and the alternative new asset. However, such Forked Asset would not constitute an asset of the Trust as, pursuant to the Trust Agreement, the Trust has disclaimed all Incidental Rights and IR Assets, including Forked Assets. The Trust Agreement requires that, if such a transaction occurs, the Trust will, as soon as possible, distribute the Forked Asset to the Sponsor. The Sponsor may then sell the Forked Asset, at which point it would contribute the proceeds of that sale back to the Trust, which would distribute the cash to Shareholders. Such distribution would cause Shareholders to incur a federal income tax liability.

Although the Trust has explicitly disclaimed all Incidental Rights and IR Assets, it is possible that the IRS may not recognize such a disclaimer. Under such circumstances, the receipt, distribution and/or sale of the Forked Asset may cause Shareholders to incur a federal income tax liability. The IRS has taken the position in the Rulings & FAQs that, under certain circumstances, a fork constitutes a taxable event giving rise to ordinary income, and it is clear from the reasoning of the Rulings & FAQs that the IRS generally would treat an airdrop as a taxable event giving rise to ordinary income. Under the Rulings & FAQs, a U.S. Shareholder will have a basis in any IR Asset received in a fork or airdrop equal to the amount of income the U.S. Shareholder recognizes as a result of such fork or airdrop and the U.S. Shareholder's holding period for such IR Asset will begin as of the time it recognizes such income. In the absence of guidance to the contrary, it is possible that any income recognized by a U.S. tax-exempt Shareholder as a consequence of a hard fork, airdrop or similar occurrence would constitute UBTI. A tax-exempt Shareholder should consult its tax adviser regarding whether such Shareholder may recognize some UBTI as a consequence of an investment in Shares.

**3.8% Tax on Net Investment Income**

Certain U.S. Shareholders that are individuals are required to pay a 3.8% tax on the lesser of the excess of their modified adjusted gross income over a threshold amount ($250,000 for married persons filing jointly and $200,000 for single taxpayers) or their "net investment income," which generally includes capital gains from the disposition of property. This tax is in addition to any capital gains taxes due on such investment income. A similar tax applies to estates and trusts. U.S. Shareholders should consult their own tax advisers regarding the effect, if any, this tax may have on their investment in the Shares.

**Brokerage Fees and Trust Expenses**

Any brokerage or other transaction fee incurred by a Shareholder in purchasing Shares will be treated as part of the Shareholder's tax basis in the underlying assets of the Trust. Similarly, any brokerage fee incurred by a Shareholder in selling Shares will reduce the amount realized by the Shareholder with respect to the sale.

Shareholders will be required to recognize the full amount of gain or loss upon a sale or deemed sale of Hyperliquid by the Trust (as discussed above), even though some or all of the proceeds of such sale are used by the Trustee to pay Trust expenses. Shareholders may deduct their respective pro rata shares of each expense incurred by the Trust to the same extent as if they directly incurred the expense. Shareholders who are individuals, estates or trusts, however, may be required to treat some or all of the expenses of the Trust as miscellaneous itemized deductions. An individual may not deduct miscellaneous itemized deductions for tax years beginning after December 31, 2017 and before January 1, 2026. For tax years beginning after December 31, 2025, individuals may deduct certain miscellaneous itemized deductions only to the extent they exceed in the aggregate 2% of the individual's adjusted gross income. Similar rules apply to certain miscellaneous itemized deductions of estates and trusts. In addition, such deductions may be subject to phase-outs and other limitations under applicable provisions of the Code.

**Investment by Certain Retirement Plans**

Individual retirement accounts ("IRAs") and participant-directed accounts under tax-qualified retirement plans are limited in the types of investments they may make under the Code. Potential purchasers of Shares that are IRAs or participant-directed accounts under a Code section 401(a) plan should consult with their own tax advisers as to the tax consequences of a purchase of Shares.

**Taxation of Non-U.S. Shareholders**

A Non-U.S. Shareholder generally should not be subject to U.S. federal income tax with respect to gain recognized upon the sale or other disposition of Shares, or upon the sale or disposition of Hyperliquid by the Trust, unless (1) the Non-U.S. Shareholder is an individual and is present in the United States for 183 days or more during the taxable year of the sale or other disposition, and the gain is treated as being from U.S. sources; or (2) the gain is effectively connected with the conduct by the Non-U.S. Shareholder of a trade or business in the United States and certain other conditions are met. A Non-U.S. Shareholder also will generally not be subject to U.S. federal income or withholding tax with respect to any distribution received from the Trust, whether in cash or in kind.

Provided that it does not constitute income that is treated as "effectively connected" with the conduct of a trade or business in the United States, U.S.-source "fixed or determinable annual or periodical" ("FDAP") income received, or treated as received, by a Non-U.S. Shareholder will generally be subject to U.S. withholding tax at the rate of 30% (subject to possible reduction or elimination pursuant to an applicable tax treaty and to statutory exemptions such as the portfolio interest exemption). Although there is no guidance on point, it is likely that any ordinary income recognized by a Non-U.S. Shareholder as a result of a fork, airdrop or similar occurrence would constitute FDAP income. It is unclear, however, whether any such FDAP income would be properly treated as U.S.-source or foreign-source FDAP income. A non-U.S. Shareholder in the Trust should assume that, in the absence of guidance, a withholding agent (including the Sponsor) may withhold 30% from a Non-U.S. Shareholder's pro rata share of any such income, including by deducting such withheld amounts from proceeds that such Non-U.S. Shareholder would otherwise be entitled to receive in connection with a distribution of Incidental Rights, IR Assets or proceeds from the disposition of Incidental Rights or IR Assets by the Sponsor, or by selling an amount of tokens as necessary to comply with such withholding obligation. A Non-U.S. Shareholder that is a resident of a country that maintains an income tax treaty with the United States may be eligible to claim the benefits of that treaty to reduce or eliminate, or to obtain a partial or full refund of, the 30% U.S. withholding tax on its share of any such income, but only if the Non-U.S. Shareholder's home country treats the Trust as "fiscally transparent," as defined in applicable Treasury Regulations.

Although the nature of the Incidental Rights and IR Assets that the Trust may hold in the future is uncertain and the Trust has sought to disclaim such assets, it is unlikely that any such asset would give rise to income that is treated as "effectively connected" with the conduct of a trade or business in the United States or that any income derived by a Non-U.S. Shareholder from any such asset would otherwise be subject to U.S. income or withholding tax, except as discussed above in connection with the fork, airdrop or similar occurrence giving rise to Incidental Rights or IR Assets. There can, however, be no complete assurance in this regard.

**U.S. Information Reporting and Backup Withholding**

The Trustee will file certain information returns with the IRS and provide certain tax-related information to Shareholders in connection with the Trust. To the extent required by applicable regulations, each Shareholder will be provided with information regarding its allocable portion of the Trust's annual income, expenses, gains and losses (if any). A U.S. Shareholder may be subject to U.S. backup withholding tax, at a rate of 24%, in certain circumstances unless it provides its taxpayer identification number and complies with certain certification procedures. Non-U.S. Shareholders may have to comply with certification procedures to establish that they are not a U.S. person, and some Non-U.S. Shareholders may be required to meet certain information reporting or certification requirements imposed by the Foreign Account Tax Compliance Act, in order to avoid certain information reporting and withholding tax requirements.

The amount of any backup withholding will be allowed as a credit against a Shareholder's U.S. federal income tax liability and may entitle the Shareholder to a refund, provided that the required information is furnished to the IRS in a timely manner.

**Taxation in Jurisdictions Other Than the United States**

Prospective purchasers of Shares that are based in or acting out of a jurisdiction other than the United States are advised to consult their own tax advisers as to the tax consequences under the laws of such jurisdiction (or any other jurisdiction other than the United States to which they are subject) of their purchase, holding, sale and redemption of or any other dealing in Shares and, in particular, as to whether any value added tax, other consumption tax or any transfer tax is payable in relation to such purchase, holding, sale, redemption or other dealing.

**PROSPECTIVE SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISERS BEFORE DECIDING WHETHER TO INVEST IN THE SHARES OF THE TRUST.**

**Purchases By Employee Benefit Plans**

Although there can be no assurance that an investment in the Trust will achieve the investment objectives of an employee benefit plan in making such investment, the Trust has certain features that may be of interest to such a plan. For example, because they are not taxpaying entities, employee benefit plans are not subject to paying annual tax on profits (if any) of the Trust.

**General**

The following section sets forth certain consequences under the Employee Retirement Income Security Act of 1974 ("ERISA") and the Code, which a fiduciary of an "employee benefit plan" as defined in, and subject to the fiduciary responsibility provisions of, ERISA or of a "plan" as defined in and subject to Section 4975 of the Code who has investment discretion should consider before deciding to invest the plan's assets in the Trust (such "employee benefit plans" and "plans" being referred to herein as "Plans," and such fiduciaries with investment discretion being referred to herein as "Plan Fiduciaries"). The following summary is intended not to be complete, but only to address certain questions under ERISA and the Code that are likely to be raised by the Plan Fiduciary's own counsel.

In general, the terms "employee benefit plan" as defined in ERISA and "plan" as defined in Section 4975 of the Code together refer to any plan or account of various types that provide retirement benefits or welfare benefits to an individual or to an employer's employees and their beneficiaries. Such plans and accounts include, but are not limited to, corporate pension and profit sharing plans, "simplified employee pension plans," Keogh plans for self-employed individuals (including partners), individual retirement accounts described in Section 408 of the Code and medical benefit plans.

Each Plan Fiduciary must give appropriate consideration to the facts and circumstances that are relevant to an investment in the Trust, including the role that such an investment in the Trust would play in the Plan's overall investment portfolio. Each Plan Fiduciary, before deciding to invest in the Trust, must be satisfied that such investment in the Trust is a prudent investment for the Plan, that the investments of the Plan, including the investment in the Trust, are diversified so as to minimize the risk of large losses and that an investment in the Trust complies with the documents of the Plan and related trust.

EACH PLAN FIDUCIARY CONSIDERING ACQUIRING SHARES MUST CONSULT WITH ITS OWN LEGAL AND TAX ADVISERS BEFORE DOING SO. AN INVESTMENT IN THE TRUST IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. THE TRUST IS NOT INTENDED AS A COMPLETE INVESTMENT PROGRAM.

**Plan Assets**

ERISA and a regulation issued thereunder (the "Plan Asset Rules") contain rules for determining when an investment by a Plan in an entity will result in the underlying assets of such entity being assets of the Plan for purposes of ERISA and Section 4975 of the Code (*i.e.*, "plan assets"). Those rules provide that assets of an entity will not be plan assets of a Plan that purchases an interest therein if certain exceptions apply, including (i) an exception applicable if the equity interest purchased is a "publicly-offered security" (the "Publicly-Offered Security Exception") and (ii) an exception applicable if the investment by all "benefit plan investors" is not "significant" or certain other exceptions apply (the "Insignificant Participation Exception").

The Publicly-Offered Security Exception applies if the equity interest is a security that is (1) "freely transferable," (2) part of a class of securities that is "widely held," and (3) either (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act, or (b) sold to the Plan as part of a public offering pursuant to an effective registration statement under the 1933 Act and the class of which such security is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred. The Plan Asset Rules state that the determination of whether a security is "freely transferable" is to be made based on all relevant facts and circumstances. Under the Plan Asset Rules, a class of securities is "widely held" only if it is of a class of securities owned by 100 or more shareholders independent of the issuer and of each other.

The Shares of the Trust should be considered to be publicly offered securities. First, the Shares will be sold as part of a public offering pursuant to an effective registration statement under the 1933 Act, and the Shares will be timely registered under the Exchange Act. Second, it appears that the Shares will be freely transferable because the Shares of the Trust will be freely tradable on the Exchange like any other exchange-listed security. Finally, it is anticipated that the Shares will be owned by at least 100 Shareholders independent of the Trust. Therefore, the underlying assets of the Trust should not be considered to constitute assets of any Plan that purchases Shares.

**Ineligible Purchasers**

In general, Shares may not be purchased with the assets of a Plan if the Sponsor, the Administrator, the Trustee, the Transfer Agent, the Hyperliquid Custodian, the Marketing Agent, the Exchange, or any of their respective affiliates or any of their respective employees either: (a) has investment discretion with respect to the investment of such plan assets; (b) has authority or responsibility to give or regularly gives investment advice with respect to such plan assets, for a fee, and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to such plan assets and that such advice will be based on the particular investment needs of the Plan; or (c) is an employer maintaining or contributing to such Plan. A party that is described in clause (a) or (b) of the preceding sentence is a fiduciary under ERISA and the Code with respect to the Plan, and any such purchase might result in a "prohibited transaction" under ERISA and the Code.

Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in the Trust are based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that will not make the foregoing statements incorrect or incomplete.

ALLOWING AN INVESTMENT IN THE TRUST IS NOT TO BE CONSTRUED AS A REPRESENTATION BY THE SPONSOR OR ANY OF ITS AFFILIATES, AGENTS OR EMPLOYEES THAT THIS INVESTMENT MEETS SOME OR ALL OF THE RELEVANT LEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN OR THAT THIS INVESTMENT IS APPROPRIATE FOR ANY SUCH PARTICULAR PLAN. THE PERSON WITH INVESTMENT DISCRETION SHOULD CONSULT WITH THE PLAN'S ATTORNEY AND FINANCIAL ADVISERS AS TO THE PROPRIETY OF AN INVESTMENT IN THE TRUST IN LIGHT OF THE CIRCUMSTANCES OF THE PARTICULAR PLAN, CURRENT TAX LAW AND ERISA.

**Information You Should Know**

This Prospectus contains information investors should consider when making an investment decision about the Shares. Investors should rely only on the information contained in this Prospectus or any applicable prospectus supplement. None of the Trust or the Sponsor has authorized any person to provide investors with different information and, if anyone provides investors with different or inconsistent information, investors should not rely on it. This Prospectus is not an offer to sell the Shares in any jurisdiction where the offer or sale of the Shares is not permitted.

The information contained in this Prospectus was obtained from the Sponsor and other sources the Sponsor believed to be reliable.

Investors should disregard anything we said in an earlier document that is inconsistent with what is included in this Prospectus or any applicable prospectus supplement. Where the context requires, when the Sponsor refers to this "Prospectus," it is referring to this Prospectus and (if applicable) the relevant prospectus supplement.

Investors should not assume that the information in this Prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this Prospectus or the date on the front page of any applicable prospectus supplement.

Cross references in this Prospectus to captions in these materials indicate where an investor can find further related discussions. The table of contents assists in locating these captions.

**Summary of Promotional and Sales Material**

The Trust expects to use the following sales material it has prepared:

● the Trust's website, BHYPetf.com; and

● the Trust Fact Sheet found on the Trust's website.

The materials described above are not a part of this Prospectus or the registration statement of which this Prospectus is a part.

**Intellectual Property**

The Sponsor owns trademark registrations for the Trust. The Sponsor relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations, it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.

The Sponsor also owns trademark registrations for the Sponsor. The Sponsor relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and among current and potential investors. So long as the Sponsor continues to use these trademarks to identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations; it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.

**Where You Can Find More Information**

The Trust has filed a registration statement on Form S-1 with the SEC under the 1933 Act. This Prospectus does not contain all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust or the Shares, please refer to the registration statement, which is available online at www.sec.gov.

Information about the Trust and the Shares can also be obtained from the Trust's website, which is BHYPetf.com. The Trust's website address is only provided here as a convenience and the information contained on or connected to the website is not part of this Prospectus or the registration statement of which this Prospectus is part. The Trust is subject to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the Exchange Act. The Sponsor will file an updated Prospectus annually on behalf of the Trust pursuant to the requirements of the 1933 Act.

The reports and other information are available online at <u>www.sec.gov</u>.

**Privacy Policy**

The Trust and the Sponsor may collect or have access to certain nonpublic personal information about current and former investors. Nonpublic personal information may include information received from investors, such as an investor's name, social security number and address, as well as information received from brokerage firms about investor holdings and transactions in Shares.

The Trust and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. In general, the Trust and the Sponsor restrict access to the nonpublic personal information they collect about investors to those of their and their affiliates' employees and service providers who need access to such information to provide products and services to investors.

The Trust and the Sponsor maintain safeguards that comply with federal law to protect investors' nonpublic personal information. These safeguards are reasonably designed to (1) ensure the security and confidentiality of investors' records and information, (2) protect against any anticipated threats or hazards to the security or integrity of investors' records and information, and (3) protect against unauthorized access to or use of investors' records or information that could result in substantial harm or inconvenience to any investor.

Third-party service providers with whom the Trust and the Sponsor share nonpublic personal information about investors must agree to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically, electronically and procedurally.

A copy of the Sponsor's current Privacy Policy, which is applicable to the Trust, is provided to investors annually and is also available at BHYPetf.com.

**Report of independent registered public accounting firm**

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| | |
|:---|:---|
| ![](fin_001.jpg) | KPMG LLP |
| ![](fin_001.jpg) | 345 Park Avenue |
| ![](fin_001.jpg) | New York, NY 10154-0102 |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholder and the Sponsor of<br> Bitwise Hyperliquid ETF:

*Opinion on the Financial Statement*

We have audited the accompanying statement of assets and liabilities (in organization) of Bitwise Hyperliquid ETF (the Trust) as of November 24, 2025 and the related notes (collectively, the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Trust as of November 24, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

This financial statement is the responsibility of the Trust's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

![](fin_002.jpg)

We have served as the Trust's auditor since 2025.

New York, New York

December 5, 2025

 **Statement of ASSETS AND LIABILITIES** 

**Bitwise Hyperliquid ETF**

Statement of Assets and Liabilities (In Organization)

November 24, 2025

---

| | |
|:---|:---|
| **Assets** | |
| &nbsp;&nbsp;&nbsp; Cash | $200 |
| Total Assets | 200 |
| **Liabilities** |  |
| Total Liabilities | – |
| **Net Assets** | $**200** |
| **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock at $25.00 per share | 200 |
| **Net Assets** | $**200** |
| **Shares issued and outstanding,** no par value, unlimited amount authorized | **8** |
| **Net asset value per Share** | $**25.00** |

---

The accompanying notes are an integral part of this financial statement.

**NOTES TO FINANCIAL STATEMENT**

**1. ORGANIZATION**

Bitwise Hyperliquid ETF (the "Trust"), is an investment trust organized on September 12, 2025 under Delaware law pursuant to a Declaration of Trust and Trust Agreement (the "Trust Agreement"). The Trust's primary investment objective is to seek to provide exposure to the value of Hyperliquid held by the Trust, less the expenses of the Trust's operations, generally just the sponsor's management fee. The Trust's secondary investment objective is to seek to earn staking rewards. In seeking to achieve its primary investment objective, the Trust's sole asset is expected to be Hyperliquid. The Trust is an Exchange Traded Product ("ETP") that issues common shares of beneficial interest ("Shares") that are anticipated to be listed on the NYSE Arca, Inc. (the "Exchange") under the ticker symbol "BHYP", providing investors with an efficient means to obtain market exposure to the price of Hyperliquid.

Bitwise Investment Advisers, LLC (the "Sponsor") serves as the Sponsor for the Trust. The Sponsor arranged for the creation of the Trust and is responsible for the ongoing registration of the Shares for their public offering in the U.S. and the listing of Shares on the Exchange. The Sponsor will develop a marketing plan for the Trust, will prepare marketing materials regarding the Shares, and will operate the marketing plan of the Trust on an ongoing basis. The Sponsor also oversees the additional service providers of the Trust and exercises managerial control of the Trust as permitted under the Trust Agreement. The Sponsor has agreed to pay all operating expenses (except for litigation expenses and other extraordinary expenses) out of the Sponsor's unified management fee.

Delaware Trust Company acts as the trustee of the Trust for the purpose of creating a Delaware statutory trust in accordance with the Delaware Statutory Trust Act ("DSTA"). The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a) of the DSTA that the Trust have at least one trustee with a principal place of business in the State of Delaware.

As of November 24, 2025, the Trust has had no operations other than those actions relating to organizational and registration matters, including the sale and issuance of the Trust's shares to Bitwise Asset Management, Inc., the parent company of the Sponsor, the sole shareholder of eight (8) shares of the Trust. Proceeds from the issuance of these shares were held in cash as presented on the Trust's statement of assets and liabilities.

In the ordinary course of operation, the Trust will purchase and sell Hyperliquid directly and it will create or redeem its Shares either in-kind or in cash-settled transactions in blocks of 10,000 Shares at the Trust's net asset value per Share and only in transactions with financial firms that are authorized to purchase or redeem Shares with the Trust (each, an "Authorized Participant"). An Authorized Participant will deliver, or cause to be delivered, either an amount of Hyperliquid or cash to the Trust when it purchases Shares from the Trust, and the Trust will deliver either an amount of Hyperliquid or cash to an Authorized Participant, or its designee, when it redeems Shares with the Trust. Authorized Participants, and their customers, may then, in turn, offer Shares to the public at prices that depend on various factors, including the supply and demand for Shares, the value of the Trust's assets, and market conditions at the time of a transaction. Investors who buy or sell Shares during the day from their broker may do so at a premium or discount relative to the net asset value of the Shares.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statement. The financial statement has been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Trust is an investment company and follows the specialized accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC" or "Codification") Topic 946, Financial Services—Investment Companies.

**Use of Estimates**

The preparation of the financial statement in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.

**Indemnifications**

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust's maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of loss to be remote.

**Cash**

Cash includes non-interest bearing non-restricted cash with one institution. Cash in a bank deposit account, at times, may exceed U.S. federally insured limits. The Trust has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such bank deposits.

**Income Taxes**

The Trust will be classified as a "grantor trust" for United States federal income tax purposes. As a result, the Trust itself will not be subject to United States federal income tax. Instead, the Trust's income and expenses will "flow through" to the shareholders, and the Bank of New York Mellon (the "Administrator"), will report the Trust's income, gains, losses and deductions to the Internal Revenue Service on that basis. As of November 24, 2025, no amounts had "flowed through" to the shareholder.

**Organizational and offering costs**

The costs of the Trust's organization and the initial offering of the Shares will be borne directly by the Sponsor. The Trust will not be obligated to reimburse the Sponsor.

**3. AGREEMENTS**

As the Trust has had no operations other than those actions relating to organizational and registration matters, including the sale and issuance of the Trust's shares to Bitwise Asset Management, Inc., the parent company of the Sponsor, the Sponsor has not yet begun to charge the Trust an annual management fee, which it anticipates charging once operations commence. Once operations commence, the Trust is expected to pay an annualized management fee to the Sponsor as compensation for services performed under the Trust Agreement; but it has not yet determined the amount of such fee. In exchange for the management fee, the Sponsor has agreed to assume and pay all ordinary expenses of the Trust, including the Trustee's fee and out-of-pocket expenses, the fees of the Trust's regular service providers, Exchange listing fees, SEC registration fees, SEC filing costs, audit fees and ordinary legal expenses. The Sponsor's management fee is paid by delivery of Hyperliquid, monthly on the first Business Day of the month in respect of fees payable for the prior month. The delivery is of that number of Hyperliquid which equals the daily accrual of the Sponsor's Fee for such prior month.

The Trust intends to utilize Bitwise On-chain Solutions, formerly Attestant, Ltd., a wholly owned subsidiary of Bitwise Asset Management, Inc., the parent company of the Sponsor, to be the staking agent for either a portion of or all of the Trust's staked Hyperliquid.

The Sponsor, from time to time, may temporarily waive all or a portion of the Sponsor's Fee at its discretion for a stated period of time.

As of the date of this Financial Statement, there were no amounts payable to related parties.

**4. BENEFICIAL OWNERSHIP**

As of the date of this financial statement Bitwise Asset Management, Inc., the parent company of the Sponsor, owned 100% of the outstanding Shares of the Trust.

**5. SUBSEQUENT EVENTS**

In preparing this financial statement, the Sponsor has evaluated events and transactions for potential recognition or disclosure through the date this financial statement was issued. Management has determined that there were no material events, that would require disclosure in the Trust's financial statement, which occurred subsequent to the statement of assets and liabilities date through December 5, 2025.

**Bitwise Hyperliquid ETF**

**shares**

**prospectus**

**__________, 2025**

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

**Item 13. Other Expenses of Issuance and Distribution.**

The Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. These expenses shall be paid by Bitwise Investment Advisers, LLC, the sponsor of the Trust. Except for the Securities and Exchange Commission Registration Fee and Exchange Listing Fee, all such expenses are estimated:

---

| | | |
|:---|:---|:---|
| SEC registration fee (actual) | $0 | \* |
| Listing fee (actual) | $4500 |  |
| Auditor's fees and expenses | $30000 |  |
| Legal fees and expenses | $125000 |  |
| Printing expenses | $5000 |  |
| Miscellaneous expenses | $- |  |
| Total | $164500 |  |

---

\* An indeterminate number of the securities is being registered as may from time to time be sold at indeterminate prices. In accordance with Rules 456(d) and 457(u), the Trust is deferring payment of all of the additional registration fee and will pay the additional registration fee subsequently on an annual basis. 

**Item 14. Indemnification of Directors and Officers.**

The Trust Agreement provides that the Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "Sponsor Indemnified Party") will be indemnified by the Trust and held harmless against any loss, liability or expense incurred under the Trust Agreement without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under Section 4.06 of the Trust Agreement may be payable in advance or will be secured by a lien on the Trust. The Sponsor will not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; provided, however, that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of the Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action will be expenses and costs of the Trust and the Sponsor will be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties will survive the termination of the Trust Agreement.

**Item 15. Recent Sales of Unregistered Securities.**

On November 24, 2025, the Trust sold 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. No further sales of unregistered securities are contemplated.

**Item 16. Exhibits and Financial Statement Schedules.**

(a) Exhibit.

The exhibits to this registration statement are listed in the Exhibit Index to this registration statement, which is incorporated herein by reference.

(b) Financial Statement Schedules. Not applicable.

**Item 17. Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To
 file, during any period in which offers or sales are being made, a post-effective amendment
 to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of
the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To
 reflect in the Prospectus any facts or events arising after the effective date of the registration
 statement (or the most recent post-effective amendment thereof) which, individually or in
 the aggregate, represent a fundamental change in the information set forth in the registration
 statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
 offered (if the total dollar value of securities offered would not exceed that which was
 registered) and any deviation from the low or high end of the estimated maximum offering
 range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change
 in the maximum aggregate offering price set forth in the "Calculation of Registration
 Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To
 include any material information with respect to the plan of distribution not previously
 disclosed in the registration statement or any material change to such information in the
 registration statement;

Provided, however, that: (1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That,
 for the purpose of determining any liability under the Securities Act of 1933, each such
 post-effective amendment shall be deemed to be a new registration statement relating to the
 securities offered therein, and the offering of such securities at that time shall be deemed
 to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To
 remove from registration by means of a post-effective amendment any of the securities being
 registered that remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That,
 for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the registrant pursuant to Rule
424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included
in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each
 prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of
 a registration statement in reliance on Rule 430B relating to an offering made pursuant to
 Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by
 section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in
 the registration statement as of the earlier of the date such form of prospectus is first
 used after effectiveness or the date of the first contract of sale of securities in the offering
 described in the Prospectus. As provided in Rule 430B, for liability purposes of the issuer
 and any person that is at that date an underwriter, such date shall be deemed to be a new
 effective date of the registration statement relating to the securities in the registration
 statement to which that prospectus relates, and the offering of such securities at that time
 shall be deemed to be the initial bona fide offering thereof. Provided, however, that no
 statement made in a registration statement or prospectus that is part of the registration
 statement or made in a document incorporated or deemed incorporated by reference into the
 registration statement or prospectus that is part of the registration statement will, as
 to a purchaser with a time of contract of sale prior to such effective date, supersede or
 modify any statement that was made in the registration statement or prospectus that was part
 of the registration statement or made in any such document immediately prior to such effective
 date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as
 part of a registration statement relating to an offering, other than registration statements
 relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be
 deemed to be part of and included in the registration statement as of the date it is first
 used after effectiveness; provided, however, that no statement made in a registration statement
 or prospectus that is part of the registration statement or made in a document incorporated
 or deemed incorporated by reference into the registration statement or prospectus that is
 part of the registration statement will, as to a purchaser with a time of contract of sale
 prior to such first use, supersede or modify any statement that was made in the registration
 statement or prospectus that was part of the registration statement or made in any such document
 immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That,
 for the purpose of determining the liability of the registrant under the Securities Act of
 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 preliminary prospectus or prospectus of the undersigned registrant relating to the offering
 required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any
 free writing prospectus relating to the offering prepared by or on behalf of the undersigned
 registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 portion of any other free writing prospectus relating to the offering containing material
 information about the undersigned registrant or its securities provided by or on behalf of
 the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 other communication that is an offer in the offering made by the undersigned registrant to
 the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 undersigned registrant hereby undertakes that, for purposes of determining any liability
 under the Securities Act of 1933, each filing of the registrant's annual report pursuant
 to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
 each filing of an employee benefit plan's annual report pursuant to Section 15(d) of
 the Securities Exchange Act of 1934) that is incorporated by reference in the registration
 statement shall be deemed to be a new registration statement relating to the securities offered
 therein, and the offering of such securities at that time shall be deemed to be the initial
 bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar
 as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
 to directors, officers and controlling persons of the registrant pursuant to the foregoing
 provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
 and Exchange Commission such indemnification is against public policy as expressed in the
 Act and is, therefore, unenforceable. In the event that a claim for indemnification against
 such liabilities (other than the payment by the registrant of expenses incurred or paid by
 a director, officer or controlling person of the registrant in the successful defense of
 any action, suit or proceeding) is asserted by such director, officer or controlling person
 in connection with the securities being registered, the registrant will, unless in the opinion
 of its counsel the matter has been settled by controlling precedent, submit to a court of
 appropriate jurisdiction the question whether such indemnification by it is against public
 policy as expressed in the Act and will be governed by the final adjudication of such issue.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of San Francisco, State of California, on December 15, 2025.

---

| | |
|:---|:---|
| Bitwise Investment Advisers, LLC | Bitwise Investment Advisers, LLC |
| Sponsor of the Bitwise Hyperliquid ETF | Sponsor of the Bitwise Hyperliquid ETF |
| By: | */s/ Hunter Horsley* |
| Name: | Hunter Horsley |
| Title: | President and Treasurer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities\* and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| */s/ Hunter Horsley* | President | December 15, 2025 |
| Hunter Horsley | (Principal Executive Officer)\* |  |
| */s/ Paul ("Teddy") Fusaro* | Chief Operating Officer | December 15, 2025 |
| Paul ("Teddy") Fusaro | (Principal Financial Officer and Principal Accounting Officer)\* |  |

---

\* 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.

EXHIBIT INDEX

---

| |
|:---|
| Exhibit No. |
| 3.1 [Trust Agreement](http://www.sec.gov/Archives/edgar/data/2088139/000121390025091720/ea025815801ex3-1_bitwise.htm)<sup>(1)</sup> |
| 3.2 [Certificate of Trust<sup>(2)</sup>](ea026945401ex3-2_bitwise.htm) |
| 3.3 [First Amended and Restated Declaration of Trust and Trust Agreement<sup>(2)</sup>](ea026945401ex3-3_bitwise.htm) |
| 5.1 [Opinion of Chapman and Cutler LLP as to legality<sup>(2)</sup>](ea026945401ex5-1_bitwise.htm) |
| 8.1 [Opinion of Fenwick & West LLP as to tax matters<sup>(2)</sup>](ea026945401ex8-1_bitwise.htm) |
| 10.1 [Sponsor Agreement<sup>(2)</sup>](ea026945401ex10-1_bitwise.htm) |
| 10.2 [Form of Authorized Participant Agreement<sup>(2)</sup>](ea026945401ex10-2_bitwise.htm) |
| 10.3 [Marketing Agreement<sup>(2)</sup>](ea026945401ex10-3_bitwise.htm) |
| 10.4 [Hyperliquid Custody Agreement<sup>(2)</sup>](ea026945401ex10-4_bitwise.htm) |
| 10.5 [Cash Custody Agreement<sup>(2)</sup>](ea026945401ex10-5_bitwise.htm) |
| 10.6 [Fund Administration and Accounting Agreement<sup>(2)</sup>](ea026945401ex10-6_bitwise.htm) |
| 10.7 [Transfer Agency and Service Agreement<sup>(2)</sup>](ea026945401ex10-7_bitwise.htm) |
| 10.8 [Form of Master Purchase and Sale Agreement for Digital Assets<sup>(2)</sup>](ea026945401ex10-8_bitwise.htm) |
| 10.9 [Staking Services Agreement<sup>(2)</sup>](ea026945401ex10-9_bitwise.htm) |
| 10.10 [Pricing Benchmark License Agreement<sup>(2)</sup>](ea026945401ex10-10_bitwise.htm) |
| 10.11 [Amendment to Pricing Benchmark License Agreement <sup>(2)</sup>](ea026945401ex10-11_bitwise.htm) |
| 23.1 [Consent of Independent Registered Public Accounting Firm<sup>(2)</sup>](ea026945401ex23-1_bitwise.htm) |
| 23.2 [Chapman and Cutler LLP (included in Exhibits 5.1)](ea026945401ex5-1_bitwise.htm)<sup>(2)</sup> |
| 23.3 [Fenwick & West LLP (included in Exhibit 8.1)<sup>(2)</sup>](ea026945401ex8-1_bitwise.htm) |
| 107 [Filing Fee Table<sup>(2)</sup>](ea026945401ex-fee_bitwise.htm) |

---

(1) Incorporated
 by reference to the Trust' Registration Statement, filed on September 25, 2025.

(2) Filed
 herewith.

## Exhibit 3.2

**Exhibit 3.2**

**<u>CERTIFICATE OF TRUST</u>**

**<u>OF</u>**

**<u>BITWISE HYPERLIQUID ETF</u>**

THIS Certificate of Trust of Bitwise Hyperliquid ETF (the "Trust") is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name
 of the statutory trust formed by this Certificate of Trust is Bitwise Hyperliquid ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee</u>.
 The name and address of the trustee of the Trust having a principal place of business in
 the State of Delaware is CSC Delaware Trust Company, 251 Little Falls Drive, Wilmington,
 DE 19808, Attn: Corporate Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date</u>.
 This Certificate of Trust shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned trustee has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

---

| | |
|:---|:---|
| CSC DELAWARE TRUST COMPANY, not in its<br> individual capacity but solely as trustee | CSC DELAWARE TRUST COMPANY, not in its<br> individual capacity but solely as trustee |
| By: | /s/ Gregory Daniels |
| Name: | Gregory Daniels |
| Title: | Vice President |

---

**State of Delaware**<br> **Secretary of State**<br> **Division of Corporations**<br> **Delivered 05:57 PM 09/24/2025**<br> **FILED 05:57 PM 09/24/2025**<br> **SR 20254077203 - File Number 10344538**<br>

## Exhibit 3.3

**Exhibit 3.3**

**FIRST AMENDED AND RESTATED<br> DECLARATION OF TRUST AND TRUST AGREEMENT**

**OF**

**BITWISE HYPERLIQUID ETF**

**DATED AS OF DECEMBER 9, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I. | NAME, PURPOSE AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantor Trust | 4 |
| ARTICLE II. | SHARES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Division of Beneficial Interest | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in the Trust | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Status of Shares and Limitation of Personal Liability | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designation and Rights of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation and Redemption of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation and Issuance of Creation Baskets | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Creation Baskets | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incidental Rights | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Distributions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Distributions | 10 |
| ARTICLE III. | TRUSTEE | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duties | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability of Trustee | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and Expenses of the Trustee | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term; Resignation | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successor Trustee | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification | 12 |
| ARTICLE IV. | THE SPONSOR | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management of the Trust | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authority of Sponsor | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations of Sponsor | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of the Sponsor | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sponsor's Obligations with Respect to Hard Forks | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability of Sponsor and Indemnification | 17 |
| ARTICLE V. | BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Books of Account | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Trust | 18 |
| ARTICLE VI. | AMENDMENT OF TRUST AGREEMENT | 18 |
| ARTICLE VII. | TERM | 18 |
| ARTICLE VIII. | TERMINATION/REORGANIZATION | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of the Trust | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merger and Consolidation | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dissolution of Sponsor Not to Terminate Trust | 20 |

---

- i -

**TABLE OF CONTENTS**

(continued)

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE IX. | SHAREHOLDERS' VOTING POWERS AND MEETINGS | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Powers | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Power and Meetings | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Place of Meetings | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of Shareholders' Meeting | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjourned Meeting; Notice | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting Procedure | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quorum and Required Vote | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action by Written Consent | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.10. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Notice by Consent of Absent Shareholders | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.11. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxies | 22 |
| ARTICLE X. | MISCELLANEOUS PROVISIONS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Matters Relating to Shareholders | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware Law to Govern | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions in Conflict with Law or Regulations | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.06. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.07. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Headings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.08. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.09. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Transparency Act | 25 |

---

- ii -

**BITWISE HYPERLIQUID ETF**

**FIRST AMENDED AND RESTATED<br> DECLARATION OF TRUST AND TRUST AGREEMENT**

**THIS FIRST AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT**, dated as of December 9, 2025, between **BITWISE INVESTMENT ADVISERS, LLC**, a Delaware limited liability company, as sponsor, and **CSC DELAWARE TRUST COMPANY**, a Delaware trust company, as trustee.

**W I T N E S S E T H:**

**WHEREAS,** with the filing of a Certificate of Trust on September 24, 2025 and entry into that certain original trust agreement with the Trustee (the "Original Trust Agreement"), the Sponsor established a trust, to be known as the to be known as the "Bitwise Hyperliquid ETF" pursuant to the Delaware Statutory Trust Act (12 Del. C. § 3801, et seq.); and

**WHEREAS**, the Sponsor and the Trustee desire to amend and restate the Original Trust Agreement; and

**WHEREAS**, the Sponsor desires to establish the terms on which Hyperliquid may be deposited in the Trust; provide for the creation of shares representing fractional undivided beneficial interests in the net assets of the Trust; and provide owners of shares the ability to take delivery of Hyperliquid in exchange for their shares; and

**WHEREAS**, the Sponsor desires to provide for other terms and conditions on which the Trust shall be established and administered, as hereinafter provided.

**NOW, THEREFORE**, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party agrees as follows:

**ARTICLE I.**

**NAME, PURPOSE AND DEFINITIONS**

**Section 1.01. <u>Name</u>**. The Trust shall be known as the "Bitwise Hyperliquid ETF." The Sponsor and the Trustee shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Trustee of an instrument setting forth the new name and the filing of a Certificate of Amendment pursuant to Section 3811(a)(2) of the Delaware Act. Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Trust Agreement.

**Section 1.02. <u>Purpose</u>**. The purpose of the Trust is to provide Shareholders with exposure to Hyperliquid at a price that is reflective of the actual Hyperliquid market in which investors can purchase or sell Hyperliquid, less the expenses of the Trust's operations. The Sponsor intends for the Trust to be operated and treated for U.S. federal income tax purposes as an "'investment' trust" as defined in Treasury Regulation Section 301.7701-4(c)(1) and to be treated as a "grantor trust" described in Sections 671-679 of the Code, as hereinafter defined. All provisions in this Trust Agreement are intended to be construed such that the Trust does not lose its status as an "investment' trust" treated as a "grantor trust." The Trust shall not take any action that it believes could cause the Trust to be treated other than as a grantor trust for U.S. federal income tax purposes. It is not the intention of the Sponsor to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware Statutory Trust. The Trust shall be entitled to exercise all of the powers and privileges granted to a statutory trust formed under the laws of the State of Delaware, now or hereafter in force, except as otherwise provided herein.

**Section 1.03. <u>Definitions</u>**. Whenever used herein, unless otherwise required by the context or specifically provided:

"**<u>Administrator</u>**" means any Person from time to time engaged to perform administration services for the Trust pursuant to authority delegated by the Sponsor.

"**<u>Affiliate</u>**" shall mean, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such Person.

"**<u>Authorized Participant</u>**" means a person who (1) is a registered broker-dealer under the Securities Exchange Act of 1934 and is a member in good standing of the Financial Industry Regulatory Authority ("**FINRA**") or other securities market participant such as a bank or other financial institution that is not required to register as a broker-dealer or be a member of FINRA to engage in securities transactions, (2) is a participant in DTC and (3) has entered into an Authorized Participant Agreement. Only Authorized Participants may place orders to create or redeem one or more Creation Baskets.

"**<u>Authorized Participant Agreement</u>**" shall mean an agreement entered into by each Authorized Participant that provides the procedures for the creation and redemption of Creation Baskets and for the delivery of the Hyperliquid and/or cash required for such creations and redemptions.

"**<u>Business Day</u>**" shall mean any day the Exchange is open for business and the Trust accepts creation and redemption orders for Creation Baskets.

"**<u>By-Laws</u>**" shall mean the By-Laws of the Trust, if any, as amended from time to time, which By-Laws are expressly herein incorporated by reference as part of the "governing instrument" within the meaning of the Delaware Act (as defined herein).

"**<u>Cash Custodian</u>**" means an entity designated to act as custodian of the Trust's cash pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust.

"**<u>Certificate of Trust</u>**" means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Act as amended or restated from time to time.

"**<u>Code</u>**" means the Internal Revenue Code of 1986, as amended.

"**<u>Control</u>**" and/or "**<u>Controlled</u>**" mean that the specified party, directly or indirectly, has the power to direct or cause the direction of the management and policies of an entity through the ownership of voting securities, by contract or otherwise.

"**<u>Creation Basket</u>**" shall mean a block of 10,000 Shares or such other amount as established from time to time by the Sponsor. Multiple blocks are called "Creation Baskets."

"**<u>Custody Agreement (Hyperliquid)</u>**" means a written agreement entered into by the Trust or Sponsor with an Hyperliquid Custodian providing for the deposit, safekeeping or delivery of Hyperliquid held by the Trust and related services.

"**<u>Custody Agreement (cash)</u>**" means a written agreement entered into by the Trust or Sponsor with a Cash Custodian providing for the deposit, safekeeping or delivery of cash held by the Trust and related services.

"**<u>Delaware Act</u>**" shall mean the Delaware Statutory Trust Act (12 Del. C. §3801 *et seq.*), as such statute may be amended or interpreted from time to time, and any legislative enactment that may replace or supersede such Act.

"**<u>DTC</u>**" shall mean the Depository Trust Company. DTC is a limited purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC will act as the securities depository for the Shares.

"**<u>DTC Participant</u>**" shall mean a Participant in DTC, such as a bank, broker, dealer or trust company.

"**<u>Exchange</u>**" means the primary exchange or other securities market on which the Shares are listed for trading.

"**<u>Expenses</u>**" shall have the meaning assigned to such term in Section 3.06 herein.

"**<u>Hyperliquid</u>**" shall mean the unit of account within the Hyperliquid Network, which is based on the decentralized, open source protocol of a peer-to-peer network of computers running the software protocol underlying Hyperliquid involved in maintaining the database of Hyperliquid ownership and facilitating the transfer of Hyperliquid among parties.

"**<u>Hyperliquid Custodian</u>**" means an entity designated to act as custodian of the Trust's Hyperliquid pursuant to a written agreement with the Trust or Sponsor on behalf of the Trust.

"**<u>Incidental Rights</u>**" shall have the meaning assigned to such term in Section 2.10 herein.

"**<u>Indemnified Person</u>**" shall have the meaning assigned to such term in Section 3.06 herein.

"**<u>IR Assets</u>**" shall have the meaning assigned to such term in Section 2.10 herein.

"**<u>Liquidity Policy</u>**" shall mean the written policies and procedures of the Trust, if any, adopted by the Sponsor on behalf of the Trust designed to comply with the rules of the Exchange, as may be amended, modified, or supplemented by the Sponsor from time to time in its sole discretion.

"**<u>Person</u>**" means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign.

"**<u>Prospectus</u>**" shall have the meaning assigned to such term in Section 4.02(e) herein.

"**<u>Purchase Order</u>**" shall have the meaning assigned to such term in Section 2.08 herein.

"**<u>Purchase Order Date</u>**" shall have the meaning assigned to such terms in Section 2.08 herein.

"**<u>Redemption Basket</u>**" means the block of Shares that is redeemed in accordance with Section 2.09 hereof.

"**<u>Redemption Order</u>**" shall have the meaning assigned to such term in Section 2.09 herein.

"**<u>Redemption Order Date</u>**" shall have the meaning assigned to such term in Section 2.09 herein.

"**<u>Registered Owner</u>**" means the Person in whose name Shares are registered on the books of the Trust maintained for that purpose.

"**<u>Registration Statement</u>**" means the current registration statement of the Trust as filed with the SEC, either pending effectiveness or already effective, as the same may at any time and from time to time be amended or supplemented.

"**<u>SEC</u>**" means the U.S. Securities and Exchange Commission.

"**<u>Shareholder</u>**" means a record owner of at least one outstanding Share.

"**<u>Share</u>**" shall mean an equal proportionate unit of beneficial interest into which the beneficial interest of the Trust shall be divided. "Shares" includes fractions of Shares as well as whole Shares.

"**<u>Sponsor</u>**" means Bitwise Investment Advisers, LLC, or any entity into which it may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which it shall be a party, or any entity succeeding to all or substantially all of its business as sponsor of the Trust, or any successor Sponsor designated as such by operation of law or any successor Sponsor appointed as herein provided.

"**<u>Sponsor Agreement</u>**" means an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor's compensation for its services as Sponsor of the Trust.

"**<u>Sponsor Indemnified Party</u>**" shall have the meaning assigned to such term in Section 4.06(c) herein.

"**<u>Trust</u>**" refers to Bitwise Hyperliquid ETF, a Delaware statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on September 24, 2025.

"**<u>Trust Agreement</u>**" shall mean this First Amended and Restated Declaration of Trust and Trust Agreement, as amended or restated from time to time.

"**<u>Trust Property</u>**" means the property of the Trust and, specifically, the Hyperliquid (including any staked Hyperliquid) and cash owned or held by or for the account of the Trust. As set forth in Section 2.10 herein, any Incidental Rights and IR Assets into which the Trust comes into possession shall not be considered Trust Property, but rather the property of the Sponsor.

"**<u>Trustee</u>**" refers to CSC Delaware Trust Company or any successor trustee designated as such by operation of law or appointed as herein, acting not in its individual capacity but solely as trustee of the Trust.

**Section 1.04. <u>Grantor Trust</u>**. Notwithstanding any other provision of the Trust Agreement, it is the intention of the Sponsor and the Trustee that nothing in this Trust Agreement, any Custody Agreement (cash or Hyperliquid), the Sponsor Agreement or otherwise shall be construed to give the Trustee or Sponsor the power to vary the investment of the Shareholders (within the meaning of Treasury Regulation Section 301.7701 4(c) or any similar or successor provision of the Code or the regulations under the Code), nor shall the Sponsor give the Trustee any direction that it believes would vary the investment of the Shareholders. Neither the Trustee nor the Sponsor shall be liable to any Person for any failure of the Trust to qualify as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, except that this sentence shall not limit the Trustee's or Sponsor's responsibility for the administration of the Trust in accordance with this Trust Agreement.

**ARTICLE II.**

**SHARES**

**Section 2.01. <u>Division of Beneficial Interest</u>**. The beneficial interest in the Trust shall be divided into Shares. Each Share of the Trust shall represent an equal beneficial interest in the net assets of the Trust, and each holder of Shares shall be entitled to receive such holder's pro rata share of distributions of income and capital gains, if any.

All Shares issued hereunder shall be fully paid and non-assessable. No Share shall have any priority or preference over any other Share of the Trust. All distributions, if any, shall be made ratably among all Shareholders from the assets of the Trust according to the number of Shares held of record by such Shareholders on the record date for any distribution or on the date of termination of the Trust, as the case may be. Except as otherwise provided by the Sponsor, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Every Shareholder, by virtue of having purchased or acquired a Share, shall have expressly consented and agreed to be bound by the terms of this Trust Agreement.

The Sponsor shall have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders (a) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor may from time to time determine, (b) to divide the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Sponsor shall determine, (c) to issue Shares without limitation as to number (including fractional Shares), to such Persons and for such amount of consideration, subject to any restriction set forth in the By-Laws, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (d) to divide or combine the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares in the assets held, and (e) to take such other action with respect to the Shares as the Sponsor may deem desirable.

**Section 2.02. <u>Ownership of Shares</u>**. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent for the Trust. No certificates certifying the ownership of Shares shall be issued except as the Sponsor may otherwise determine from time to time. The Sponsor may make such rules as it considers appropriate for the issuance of Share certificates, transfer of Shares and similar matters. The record books of the Trust as kept by the Trust, or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders and as to the number of Shares held from time to time by each.

**Section 2.03. <u>Transfer of Shares</u>**. Except as otherwise provided by the Sponsor, Shares shall be transferable on the books of the Trust only by the record holder thereof or by his duly authorized agent upon delivery to the Sponsor, the Trust's transfer or similar agent or other Person designated by the Sponsor of a duly executed instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution and authorization and of such other matters as may be required by the Sponsor. Upon such delivery, and subject to any further requirements specified by the Sponsor or contained in the By-Laws, if any, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder of record of Shares shall be deemed to be the holder of such Shares for all purposes hereunder.

**Section 2.04. <u>Investments in the Trust</u>**. Investments in the Trust may be accepted by the Trust from such Persons, at such times and on such terms as the Sponsor from time to time may authorize. Each investment shall be credited to the Shareholder's account in the form of full and fractional Shares of the Trust at the net asset value per Share next determined after receipt of the investment; *provided, however,* that the Sponsor may, in its sole discretion, impose a sales charge, transaction fee or other charges upon investments or place such other restrictions on investments as the Sponsor, in its sole discretion, deems appropriate.

**Section 2.05. <u>Status of Shares and Limitation of Personal Liability</u>**. The ownership of the Trust Property and the right to conduct the business of the Trust described herein are vested exclusively in the Sponsor and the Trustee. The Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any Trust Property, rights or interests of the Trust, nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. Every Shareholder, by virtue of having purchased a Share, shall become a Shareholder of the Trust and shall be held to have expressly assented and agreed to be bound by the terms hereof and to have become a party hereto. The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust, the Sponsor or the Trustee, but entitles such representative only to the rights of such Shareholder under this Trust Agreement. Ownership of Shares shall not constitute the Shareholders as partners. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Trust Agreement or as specified by the Trust or the Sponsor when creating the Shares). No Shareholder shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law.

**Section 2.06. <u>Designation and Rights of Shares</u>**. Shares of the Trust shall have the following rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Voting</u>****.* All Shares of the Trust entitled to vote on a matter shall vote without differentiation on a one vote per each Share (including fractional votes for fractional shares) basis, as set forth in Article IX herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Equality</u>****.* All the Shares shall represent an equal proportionate undivided interest in the assets of the Trust (subject to the liabilities of the Trust), and each Share shall be equal to each other Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Fractions</u>****.* Any fractional Share shall carry proportionately all the rights and obligations of a whole Share, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust.

**Section 2.07. <u>Creation and Redemption of Shares</u>**. The Trust will create and redeem Shares from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in exchange for delivery to the Trust or the distribution by the Trust of the amount of Hyperliquid or cash represented by the baskets being created or redeemed, the amount of which is equal to the combined NAV of the number of Shares included in the baskets being created or redeemed determined in accordance with the then current Prospectus and Authorized Participant Agreement.

Authorized Participants are the only persons that may place orders to create and redeem baskets. Authorized Participants must be (a) registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions described below, and (b) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with the Sponsor. The Authorized Participant Agreement shall provide, consistent with the creation and redemption procedures set forth below, procedures for the creation and redemption of baskets and for the delivery of the Hyperliquid required for such creation and redemptions. The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Trust or the Sponsor (as the case may be), without the consent of any Shareholder or Authorized Participant. To the extent that the procedures for the creation and redemption of baskets in an Authorized Participant Agreement or Registration Statement conflict with the creation and redemption procedures set forth below, the terms set forth in the Authorized Participant Agreement or Registration Statement shall govern. The Sponsor may require the Authorized Participants to pay the Trust a fee for each order they place to create or redeem one or more Creation Baskets. The transaction fee may be reduced, increased or otherwise changed by the Sponsor in its sole discretion.

Each Authorized Participant shall be required to be registered as a broker-dealer under the Securities Exchange Act of 1934 and a member in good standing with the Financial Industry Regulatory Authority ("**FINRA**"), the self-regulatory agency for the financial services industry, or exempt from being or otherwise not required to be licensed as a broker-dealer or a member of FINRA, and shall be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations. Each Authorized Participant shall have its own set of rules and procedures, internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

Sections 2.08 and 2.09 below specify the procedures that shall be used for the creation and issuance of Creation Baskets and the redemption of Redemption Baskets.

**Section 2.08. <u>Creation and Issuance of Creation Baskets</u>**. The following procedures, except to the extent otherwise provided in the Authorized Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), shall apply to the creation and issuance of Creation Baskets. Subject to the limitations upon and requirements for issuance of Creation Baskets stated herein and in such procedures, the number of Creation Baskets that may be issued by the Trust shall be unlimited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Creation and Issuance of Creation Baskets</u>****.* On any Business Day, an Authorized Participant may place an order to create one or more baskets in the manner provided in the Authorized Participant Agreement (such request by an Authorized Participant, a "**Purchase Order**"). For purposes of processing Purchase and Redemption Orders, a "business day" means any day other than a day when the Exchange is closed for regular trading. Purchase Orders must be placed by 3:59 p.m., New York Time or the close of regular trading on the Exchange, whichever is earlier, for in-kind orders, or 2:00 p.m., New York Time or two hours before the close of regular trading on the Exchange, whichever is earlier, for cash orders. These order placement times are subject to change in the sole discretion of the Sponsor at any time and such changes need not be evidenced by an amendment to this Trust Agreement. The day on which the valid Purchase Order is received in the manner provided in the Authorized Participant Agreement and Registration Statement is referred to as the "Purchase Order Date." Authorized Participants may not withdraw a Purchase Order.

Prior to the delivery of baskets for a Purchase Order, the Authorized Participant must have wired to the Hyperliquid Custodian or the Cash Custodian (as the case may be) the nonrefundable transaction fee, if applicable, due for the Purchase Order. An Authorized Participant shall also be responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge applicable to the transfer of Hyperliquid and the issuance and delivery of Shares pursuant to its Purchase Order, regardless of whether such tax or charge is imposed directly on the Authorized Participant; and by placing a Purchase Order an Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax or charge, together with any applicable penalties, additions to tax and interest thereon.

The manner by which creations are made is dictated by the terms of the Authorized Participant Agreement. By placing a Purchase Order, an Authorized Participant agrees to deposit Hyperliquid with the Hyperliquid Custodian or an equivalent amount of cash with the Cash Custodian. If an Authorized Participant fails to consummate the foregoing, the order will be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Determination of Required Deposits</u>****.* The total deposit required to create each basket ("**Creation Basket Deposit**") changes from day to day and is published each night for the following Business Day. On each day that the Exchange is open for regular trading, the Administrator adjusts the quantity of Hyperliquid constituting the Creation Basket Deposit as appropriate to reflect accrued expenses and any loss of Hyperliquid that may occur, and publishes the required deposit amount for the following Business Day. The computation is made by the Administrator after 4:00 p.m. New York time. The Administrator determines the Creation Basket Deposit required to be delivered the following Business Day by dividing the number of Hyperliquid held by the Trust as of the close of business on that Business Day, adjusted for the amount of Hyperliquid constituting estimated accrued but unpaid fees and expenses of the Trust as of the close of business on that Business Day, by the quotient of the number of Shares outstanding at the close of business, multiplied by 10,000. Fractions of Hyperliquid smaller than 0.00000001 are disregarded for purposes of the computation of the Creation Basket Deposit. The Creation Basket Deposit so determined is communicated via electronic mail message to all Authorized Participants and is made available on the Sponsor's website for the Shares. The Exchange also publishes the Creation Basket Deposit determined by the Administrator as indicated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Delivery of Required Deposits</u>****.* An Authorized Participant who places a Purchase Order is responsible for transferring to the Trust's account with the Hyperliquid Custodian the required amount of Hyperliquid, or the equivalent cash amount with the Cash Custodian, by no later than 3:00 pm New York Time on the Business Day following the Purchase Order Date, or at such later time as may be agreed upon by the Sponsor and the Authorized Participant. Upon receipt of the deposit amount or cash equivalent amount, the Administrator will direct DTC to credit the number of baskets ordered to the Authorized Participant's DTC account. The expense and risk of delivery and ownership of Hyperliquid until such Hyperliquid has been received by the Hyperliquid Custodian on behalf of the Trust shall be borne solely by the Authorized Participant unless otherwise described in the Authorized Participant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Rejection of Purchase Orders</u>****.* Any Purchase Order shall be subject to rejection by the Sponsor at its sole discretion as set forth in the Authorized Participant Agreement. None of the Sponsor, the Person authorized to take Purchase Orders in the manner provided in the Authorized Participant Agreement, or the Hyperliquid Custodian shall be liable for the rejection of any Purchase Order or Creation Basket Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Changes in Creation Procedures</u>****.* The procedures set forth in this Section 2.08 may be changed from time-to-time at the sole discretion of the Sponsor and need not be evidenced by an amendment to this Trust Agreement..

**Section 2.09. <u>Redemption of Creation Baskets</u>**. The following procedures, except to the extent otherwise provided in the Authorized Participant Agreement for each Authorized Participant, which may be amended from time to time in accordance with the provisions of such Authorized Participant Agreement (and any such amendment shall not constitute an amendment of this Trust Agreement), apply to the redemption of Redemption Baskets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***<u>Redemption Baskets</u>****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The procedures by which an Authorized Participant can redeem one or more Redemption Baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Participant may place an order with the Marketing Agent to redeem one or more baskets (each, a "**Redemption Order**"). Redemption Orders must be placed by 3:59 p.m. New York Time or the close of regular trading on the Exchange, whichever is earlier; or 2:00 p.m. New York Time for cash orders or the close of regular trading on the Exchange, whichever is earlier. For a redemption of baskets utilizing the Agent Execution Model (as such term is defined in the Registration Statement), the Authorized Participant may be required to submit a Redemption Order by an early order cutoff time (the "Redemption Early Order Cutoff Time"). The Redemption Early Order Cutoff Time may be as early as 5:00 p.m. New York Time on the Business day prior to Redemption Order Date (as defined below). These order placement times are subject to change in the sole discretion of the Sponsor at any time and such changes need not be evidenced by an amendment to this Trust Agreement. A Redemption Order so received shall be effective on the date it is received in satisfactory form by the Person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement ("**Redemption Order Date**"). The redemption procedures shall allow Authorized Participants to redeem baskets but do not entitle an individual shareholder to redeem any Shares in an amount less than a Redemption Basket, or to redeem baskets other than through an Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) By placing a Redemption Order, an Authorized Participant agrees to deliver the Shares to be redeemed through DTC's book-entry system to the Trust not later than the Business Day following the Redemption Order Date. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Participant must also have wired to the Sponsor's account at the Hyperliquid Custodian or the Cash Custodian (as the case may be) the non-refundable transaction fee due for the Redemption Order. As a condition precedent to the surrender of any Shares or withdrawal of any Trust Property, the Sponsor (i) may require payment from the applicable Authorized Participant of a sum sufficient to reimburse it for any tax or other governmental charges and any transfer or other fee with respect thereto (including any such tax or charge and fee with respect to any Hyperliquid being withdrawn) and payment of any applicable fees as herein provided and (ii) may also require compliance with any regulations the Trust may establish consistent with the provisions of this Agreement. The applicable Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon.

An Authorized Participant may not withdraw a Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The manner by which redemptions are made shall be dictated by the terms of the Authorized Participant Agreement. By placing a Redemption Order, an Authorized Participant agrees to deliver the Shares to be redeemed through DTC's book entry system to the Trust's account through the Transfer Agent no later than the Business Day following the Redemption Order Date. In the event that on the Business Day following the Redemption Order Date, the Trust's account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Redemption Baskets to be redeemed pursuant to such Redemption Order the Transfer Agent shall send to the Authorized Participant and the Sponsor via fax or electronic mail message notice of such fact and the Authorized Participant shall have two (2) Business Days following receipt of such notice to correct such failure. If such failure is not cured within such two (2) Business Day period, the Transfer Agent (in consultation with the Sponsor) will cancel such Redemption Order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Transfer Agent, the Sponsor or the Hyperliquid Custodian related to the cancelled Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***<u>Determination of Redemption Distribution</u>****.* The redemption distribution from the Trust shall consist of a transfer to the redeeming Authorized Participant of an amount of Hyperliquid or an equivalent amount of cash that is determined in the same manner as the determination of Creation Basket Deposits discussed above. An estimate of the redemption distribution per basket shall be published as of the beginning of each Business Day in the manner provided for in the Authorized Participant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***<u>Delivery of Redemption Distribution</u>****.* The redemption distribution due from the Trust shall be delivered to the Authorized Participant no later than the Business Day on which the Trust's DTC account has been credited with the Shares to be redeemed, unless the Sponsor has determined, in its sole discretion, to delay the redemption distribution, as set forth in Section 2.09(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***<u>Suspension or Rejection of Redemption Orders</u>****.* The Sponsor may, in its discretion, suspend the right of purchase or redemption or may postpone the redemption order settlement date, for (1) for any period during which the Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange is suspended or restricted, (2) any period during which an emergency exists as a result of which the fulfillment of a Purchase Order or the redemption distribution is not reasonably practicable (for example, as a result of an interruption in services or availability of the Hyperliquid Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications, internet services, or network provider services, unavailability of Fedwire, SWIFT or banks' payment processes, significant technical failure, bug, error, disruption or fork of the Hyperliquid Network, hacking, cybersecurity breach, or power, internet, or Hyperliquid Network outage, or similar event), or (3) such other period as the Sponsor determines to be necessary for the protection of the Shareholders of the Trust (for example, where acceptance of the U.S. dollars needed to create each Basket would have certain adverse tax consequences to the Trust or its Shareholders). For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Trust's assets. If the Sponsor has difficulty liquidating the Trust's positions (e.g., because of a market disruption event or persistent issues regarding the Trust's ability to unstake its Hyperliquid), it may be appropriate to suspend redemptions until such time as such circumstances are rectified. In addition, pursuant to the Liquidity Policies, the Sponsor may cause the delivery of redemption proceeds to be issued in connection with a Redemption Order to be delayed as a result of stressed liquidity conditions arising from the Trust's staking activities. In the event that such a delay is deemed necessary, the Trust or Sponsor shall cause the Authorized Participant to be promptly notified and shall deliver the redemption proceeds as soon as practicable following the resolution of the issue. None of the Sponsor, the person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement, the Hyperliquid Custodian or the Cash Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

Redemption Orders must be made in whole baskets. The Sponsor acting by itself or through the Person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement may, in its sole discretion, reject any Redemption Order (1) the Sponsor determines not to be in proper form, (2) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, or (3) if circumstances outside the control of the Sponsor, the Person authorized to take Redemption Orders in the manner provided in the Authorized Participant Agreement or the Custodian make it for all practical purposes not feasible for the Shares to be delivered under the Redemption Order. The Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares to 100,000 Shares or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***<u>Creation and Redemption Transaction Fee</u>****.* To compensate the Trust for its expenses in connection with the creation and redemption of baskets, an Authorized Participant shall be required to pay a transaction fee to the Trust to create or redeem baskets, regardless of the number of baskets in such order. The transaction fee may be reduced, increased or otherwise changed by the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***<u>Changes in Redemption Procedures</u>****.* The procedures set forth in this Section 2.09 may be changed from time-to-time at the sole discretion of the Sponsor and need not be evidenced by an amendment to this Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ***<u>Liability of Authorized Participants for Taxes and Other Governmental Charges</u>****.* An Authorized Participant is responsible for any transfer tax, sales or use tax, recording tax, value added tax or similar tax or other governmental charge that may be imposed on the Trust or the Hyperliquid Custodian in connection with any delivery of Hyperliquid by or on behalf of the Authorized Participant to the Hyperliquid Custodian (in the case of a Purchase Order placed by the Authorized Participant), or any delivery of Hyperliquid to or for the account of the Authorized Participant (in the case of a Redemption Order placed by the Authorized Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ***<u>The Authorized Participant</u>****.* The applicable Authorized Participant agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon.

**Section 2.10. <u>Incidental Rights</u>**. From time to time, the Trust may come into possession of rights incident to its ownership of Hyperliquid, which permit the Trust to acquire other digital assets. These rights are generally expected to be "forked assets" that arise in connection with hard forks in the distributed ledger that maintains the full transaction history of the Hyperliquid Network, airdrops offered to holders of Hyperliquid and digital assets arising from other similar events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are referred to as "**Incidental Rights**" and any digital assets acquired through Incidental Rights are referred to as "**IR Assets**." The Trust expressly disclaims all ownership of such Incidental Rights and IR Assets. Such assets are not and shall never be considered Trust Property and will not be taken into account for purposes of determining the Trust's net asset value and the net asset value per Share. Pursuant to the terms of the Sponsor Agreement, the Sponsor agrees that any Incidental Rights and IR Assets into which the Trust comes into possession are considered the property of the Sponsor. Upon receipt of an Incidental Right or IR Asset, the Trust will, as soon as practicable, and, if possible, immediately, distribute such assets to the Sponsor.

**Section 2.11. <u>Cash Distributions</u>**. Whenever the Trust distributes any cash, the Trust shall distribute the amount available for the distribution to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively; *provided, however,* that, if the Trust is required to withhold and does withhold from such cash an amount on account of taxes, the amount distributed to the Registered Owners shall be reduced accordingly. The Trust shall distribute only such amount, however, as can be distributed without attributing to any Registered Owner a fraction of one cent. Any such fractional amounts shall be rounded down to the nearest whole cent. The Trust will not accept any deposits if it holds any cash or other property besides Hyperliquid.

**Section 2.12. <u>Other Distributions</u>**. Whenever the Trust receives any property in respect of Trust Property other than cash proceeds of a sale of Trust Property (including any claim that accrues in favor of the Trust on account of any loss of deposited Hyperliquid or other Trust Property), the Sponsor shall cause the Trust to distribute such property to the Registered Owners entitled thereto, in proportion to the number of Shares held by them respectively, after deduction or upon payment of the expenses of the Trust or the Sponsor (acting for the Trust), in such manner as the Sponsor may deem lawful, equitable and feasible for accomplishing such distribution; *provided, however,* that if in the opinion of the Sponsor such distribution cannot be made proportionately among the Registered Owners entitled thereto, or if for any other reason (including any requirement that the Trust, or the Sponsor on behalf of the Trust, withhold an amount on account of taxes or other governmental charges or that securities must be registered under the Securities Act in order to be distributed to Registered Owners) the Sponsor deems such distribution not to be lawful and feasible, the Trust shall adopt such method as the Sponsor deems lawful, equitable and feasible for the purpose of effecting such distribution, after deduction or upon payment of the expenses of the Trust or the Sponsor (acting for the Trust), including the public or private sale of property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Trust to the Registered Owners entitled thereto as in the case of a distribution received in cash. Neither the Trust not the Sponsor shall be liable for any loss or depreciation resulting from any sale or other disposition of property made by the Trust pursuant to the Sponsor's instruction or otherwise made by the Trust in good faith.

**ARTICLE III.**

**TRUSTEE**

**Section 3.01. <u>Duties</u>**. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and no such duties shall be implied. The duties of the Trustee shall be limited to (a) accepting legal process served on the Trust in the State of Delaware, (b) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Act, and (c) any other duties specifically allocated to the Trustee in this Trust Agreement. To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or any Shareholder, it is hereby understood and agreed by the Sponsor that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly set forth in this Trust Agreement.

**Section 3.02. <u>Liability of Trustee</u>**. The Trustee shall not be liable for the acts or omissions of the Sponsor, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust under this Agreement. The Trustee shall not be personally liable under any circumstances, except for its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee shall not be personally liable for any error of judgment made in good faith except to the extent such error of judgment constitutes gross negligence on its part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no provision of this Agreement shall require the Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under no circumstances shall the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Trustee may accept a certified copy of a resolution of any governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by an authorized officer of the Sponsor or any other corresponding directing party, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the exercise or administration of the trust hereunder, the Trustee (i) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith and with due care and (ii) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and with due care and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except as expressly provided in this Article III, in accepting and performing the trust hereby created the Trustee acts solely as a trustee hereunder and not in its individual capacity, and all persons having any claim against the Trustee by reason of the transactions contemplated by this Trust Agreement shall look only to the Trust's property for payment or satisfaction thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trustee shall not be liable for punitive, exemplary, consequential, special or other similar damages under any circumstances.

**Section 3.03. <u>Compensation and Expenses of the Trustee</u>**. The Trustee (or any successor Trustee) shall be entitled to receive compensation from the Sponsor or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time by the Sponsor and the Trustee or Trust. The Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section, *provided that* no such fees shall be payable to the extent that they are incurred as a result of the Trustee's gross negligence, bad faith or willful misconduct. The Trustee may earn compensation in the form of short-term interest ("**float**") on items like uncashed distribution checks (from the date issued until the date cashed), funds that the Trustee is directed not to invest, deposits awaiting investment direction or received too late to be invested overnight in previously directed investments. Notwithstanding any other provision of this Agreement, all payments to the Trustee, including fees, expenses and any amounts paid in connection with indemnification of the Trustee in accordance with the terms of this Agreement will be payable only in U.S. Dollars.

**Section 3.04. <u>Term; Resignation</u>**. The Trustee shall serve for the duration of the Trust and until the earlier of (a) the effective date of the Trustee's resignation, or (b) the effective date of the removal of the Trustee. The Trustee may resign at any time by giving thirty (30) days written notice to the Sponsor; *provided, however,* that said resignation shall not be effective until such time as a successor Trustee has accepted such appointment. The Trustee may be removed at any time by the Sponsor by providing thirty (30) days written notice to the Trustee; *provided, however,* such removal shall not be effective until such time as a successor Trustee has accepted such appointment.

**Section 3.05. <u>Successor Trustee</u>**. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee. If no successor Trustee shall have been appointed and shall have accepted such appointment within forty-five (45) days after the giving of such notice of resignation or removal, the Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee. Any successor Trustee appointed pursuant to this Section shall be eligible to act in such capacity in accordance with this Trust Agreement and, following compliance with this Section, shall become fully vested with the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Trustee. Any such successor Trustee shall notify the Trustee of its appointment by providing a written instrument to the Trustee. At such time the Trustee shall be discharged of its duties herein. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Trustee shall be a party, or any corporation to which substantially all the corporate trust business of the Trustee may be transferred, shall, subject to the preceding sentence, be the Trustee under this Trust Agreement without further act.

**Section 3.06. <u>Indemnification</u>**. The Trustee or any officer, affiliate, director, employee, or agent of the Trustee (each, an "**Indemnified Person**") shall be entitled to indemnification from the Sponsor or the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including liabilities under State or federal securities laws) of any kind and nature whatsoever (collectively, "**Expenses**"), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of this Trust Agreement or the transactions contemplated hereby; *provided, however,* that the Sponsor and the Trust shall not be required to indemnify any Indemnified Person for any Expenses that are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Sponsor and the Trust to indemnify the Indemnified Persons as provided herein shall survive the termination of this Trust Agreement.

The Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder.

**ARTICLE IV.**

**THE SPONSOR**

**Section 4.01. <u>Management of the Trust</u>**. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Act, the Trust shall be managed by the Sponsor and the operation of the Trust shall be controlled and conducted solely by the Sponsor in its sole discretion in accordance with this Trust Agreement. Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor except as limited, restricted or prohibited by the express provisions of this Trust Agreement (*see, e.g.*, Section 1.04). The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid or any other power.

The Trust shall not engage in any business and shall engage in only those activities authorized by this Trust Agreement or incidental and necessary to carry out the duties and responsibilities set forth in this Trust Agreement. Other than issuance of the Shares, the Trust shall not issue or sell any certificates or other obligations or, except as provided in this Trust Agreement, otherwise incur, assume or guarantee any indebtedness for money borrowed.

**Section 4.02. <u>Authority of Sponsor</u>**. In addition to and not in limitation of any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement (*see, e.g.,* Sections 1.02 and 1.04) or the Delaware Act, the Sponsor shall have and may exercise on behalf of the Trust, all powers and rights the Sponsor, in its sole discretion, deems necessary, proper, convenient or advisable to effectuate and carry out the purposes, activities and objectives of the Trust, which shall include, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To enter into, execute, deliver and maintain, and to cause the Trust to perform its obligations under, contracts, agreements (including, but not limited to, insurance agreements) and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares and the conduct of Trust activities and administration, and the activities and administration of the Trust, including, but not limited to contracts with third parties for services; *provided, however,* that such services may be performed by an Affiliate or Affiliates of the Sponsor so long as the Sponsor has made a good faith determination that the terms and conditions of the agreement pursuant to which such Affiliate is to perform services for the Trust are commercially reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To cause the Trust to enter into arrangements with third parties to cause the Trust's Hyperliquid to be staked by such third parties or their agents or designees; *provided, however*, the Trust is prohibited from seeking to take advantage of variations in the market to improve the investments of Shareholders, including variations based on the value of Hyperliquid or the amount of staking rewards; and *provided, further*, that neither the Trust, the Sponsor, nor any personnel of the Sponsor shall have any legal right or ability to direct or control the activities of such third parties in any way, and will not do so, except solely as is necessary to direct the staking and unstaking of the Trust's Hyperliquid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To set the Sponsor's own compensation for establishing such arrangements with third parties to cause the Trust's Hyperliquid to be staked by such third parities or their agents or designees as provided for in the Sponsor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To establish, maintain, deposit into, and/or otherwise draw upon accounts on behalf of the Trust with appropriate custodial, banking or other institutions, and execute and/or accept any instrument or agreement incidental to and in furtherance of the Trust's purposes, any such instrument or agreement so executed or accepted by the Sponsor in the Sponsor's name shall be deemed executed and accepted on behalf of the Trust, as applicable, by the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To deposit, withdraw, pay, retain and distribute Hyperliquid and Trust Property, or any portion thereof, in any manner consistent with the provisions of this Trust Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To place Hyperliquid orders for the Trust with Hyperliquid exchanges and/or OTC market participants directly or through any electronic or other trading system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To supervise the preparation and filing of the Registration Statement and the Trust's prospectus (the "**Prospectus**") and to execute the Registration Statement on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To pay or authorize the payment of distributions to the Shareholders and pay or authorize the payment of the expenses of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To hold or dispose of Trust Property and to subscribe for, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, or otherwise deal in Trust Property, in each case subject to the limitations imposed by Section 1.04, and to do any and all acts and things for the maintenance, preservation, and protection of Trust Property; provided, however, that if the Sponsor sells Hyperliquid to permit payment of expenses under this Trust Agreement, the Sponsor shall endeavor to sell Hyperliquid for cash at such times and in the smallest amounts required to permit payment of expenses as they come due. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for loss or depreciation resulting or incurred by reason of any sale made pursuant to this Section 4.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To exercise powers and right of subscription or otherwise with respect to the ownership of Trust Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To prepare and file an application to enable the Shares to be traded on the Exchange and to take any other action and execute and deliver any documents that may be necessary to effectuate such trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To litigate, compromise, arbitrate, settle or otherwise adjust claims in favor of or against the Trust, or any matter in controversy, including but not limited to claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To contract with any Person(s) appointing such Person(s), including any Affiliate, to provide services to the Trust, including without limitation, accountants, administrators, auditors, Hyperliquid exchanges and over-the-counter ("**OTC**") market participants, index providers, transfer agents, shareholder servicing agents, marketing agents or other agents for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To determine, in its sole discretion and exclusive authority, the net asset value of the Trust and the net asset value per Share of the Trust. The Sponsor may, and hereby does, delegate to the Administrator the responsibility to calculate the Trust's net asset value and net asset value per Share, based on a pricing source selected by the Sponsor, in its sole discretion, and pursuant to the valution metholodgy set forth in the Trust's Registration Statement and in accordance with the terms of the Fund Administration and Accounting Agreement entered into between the Trust and the Administrator, as may be amended from time to time. The Sponsor may revoke its delegation to the Administrator of the responsibility of calculating the Trust's net asset value and the net asset value per Share at any time in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To enter into the Sponsor Agreement on terms and conditions acceptable to the Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To enter into and effectuate any agreement whereby the Trust will purchase the assets of any other Person(s) pursuant to which such Person(s) contribute assets to the Trust in exchange for Shares of the Trust and/or the assumption by the Trust of the liabilities of such Person(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To prepare and adopt, on behalf of the Trust, a Liquidity Policy, which such policy shall be deemed to be a part of this Trust Agreement and be binding upon the Trust, and to make such amendments or modifications to such Liquidity Policy from time to time as determined by the Sponsor in its sole discretion, and to take any action determined by the Sponsor to be necessary or appropriate to cause the Trust to comply with such Liquidity Policy.

The agreement pursuant to which an Affiliate is to perform services for the Trust shall be terminable by the Trust without penalty upon discovery of acts of fraud or willful malfeasance of the Affiliate in performing its duties thereunder.

**Section 4.03. <u>Obligations of Sponsor</u>**. In addition to the obligations expressly provided by the Delaware Act or this Trust Agreement, the Sponsor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Retain independent public accountants to audit the accounts of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employ attorneys to represent the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Select the Trust's Trustee, administrator, transfer agent, custodian(s), Hyperliquid exchange counterparties and OTC market participant counterparties, index provider, marketing agent(s); insurer(s) and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Develop a marketing plan for the Trust on an ongoing basis and prepare marketing materials regarding the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Maintain the Trust's website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Acquire and sell Hyperliquid, subject in each instance to the limitations imposed by Section 1.04, with a view to providing Shareholders with exposure to Hyperliquid at a price that is reflective of the actual Hyperliquid market where investors can purchase or sell Hyperliquid, less the expenses of the Trust's operations, valuing the Trust's Shares daily based on a pricing methodology adopted by the Sponsor in its discretion (for the avoidance of doubt, the Sponsor may select such pricing methodology without Shareholder approval);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Enter into an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted Purchase Orders, as described in Section 2.08 herein and in the Authorized Participant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In connection with Purchase Orders, receive directly or through its delegates the number of Hyperliquid and/or cash in an amount equal to the net asset value of a Creation Basket from Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In connection with Purchase Orders, after accepting an Authorized Participant's Purchase Order and receiving Hyperliquid and/or cash, as applicable, in an amount equal to the NAV of the Creation Basket(s), the Sponsor or its delegate shall direct the Trust's appointed transfer agent ("**Transfer Agent**") to credit the Creation Baskets to fill the Participant's Purchase Order within one Business Day immediately following the Purchase Order Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Receive directly or through its delegates from Authorized Participants and process or cause its delegates to process properly submitted Redemption Orders, as described in Section 2.09 herein and in the Authorized Participant Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) In connection with Redemption Orders, after receiving the Redemption Order specifying the number of Creation Baskets that the Authorized Participant wishes to redeem and after the Trust's DTC account has been credited with the Creation Baskets to be redeemed, the Sponsor or its delegates shall transfer to the redeeming Authorized Participant: i) in the case of a cash redemption, an amount of cash and ii) in the case of an in-kind redemption, an amount of Hyperliquid, in each case equal to the NAV of the Trust multiplied by the number of Shares to be redeemed under the Redemption Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Assist in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic updating of the Registration Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes, including making such elections, filing such tax returns, and preparing, disseminating and filing such tax reports, as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other jurisdiction having taxing authority in respect of the Trust or its administration. The expense of accountants employed to prepare such tax returns and tax reports shall be an expense of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Perform such other services as the Sponsor believes the Trust may from time to time require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) In general, to carry out any other activity in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers, subject at all times to the limitations described in this Trust Agreement, including, without limitation, Section 1.04 hereof.

The foregoing clauses shall be construed as both objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

The Sponsor shall be entitled to delegate its obligations under this Trust Agreement and applicable law to third parties, including any Affiliate, and shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate was made in accordance with Section 4.02(a).

**Section 4.04. <u>Compensation of the Sponsor</u>**. The Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth in the Sponsor Agreement (the "Sponsor Fee"). The Sponsor Agreement stipulates that the Sponsor Fee is payable monthly in arrears. In limited circumstances and only if deemed in the best interests of Shareholders, the Sponsor is authorized to instruct the Administrator to change the dates on which the Sponsor Fee is deducted as described in the Registration Statement. The Sponsor Fee payment dates may be delayed in order for the Trust, which is a widely held fixed investment trust as defined in Treas. Reg. Section 1.671-5(b)(22), to report in accordance with any of the methods described in Treasury Reg. Section 1.671-5(c)(2)(iv)(B). The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section 4.04. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of its fee payable under this Section 4.04. The Sponsor is under no obligation to waive its fees hereunder, and any such waiver shall create no obligation to waive fees during any period not covered by the applicable waiver. Any fee waiver by the Sponsor shall not operate to reduce the Sponsor's obligations hereunder.

In addition, as partial consideration for arranging for the staking of the Trust's Hyperliquid, the Sponsor shall be entitled to such additional compensation from the Trust or another third party as set forth in the Sponsor Agreement.

**Section 4.05. <u>Sponsor's Obligations with Respect to Hard Forks</u>**. Because Hyperliquid software is open source, any user can download the software, modify it and then propose that Hyperliquid users and validators adopt the modification. When a modification is introduced and a substantial majority of users and validators consent to the modification, the change is implemented and the Hyperliquid Network remains uninterrupted. However, if less than a substantial majority of users and validators consent to the proposed modification, and the modification is nonetheless implemented by some users and validators and the modification is not compatible with the software prior to its modification, the consequence would be what is known as a "fork" (*i.e.,* a "**split**") of the Hyperliquid Network (and the blockchain), with one version running the pre-modified software and the other running the modified software. The effect of such a "hard" fork would be the existence of two (or more) versions of the Hyperliquid Network running in parallel, but with each version's Hyperliquid lacking interchangeability. Additionally, a fork could be introduced by an unintentional, unanticipated software flaw in the multiple versions of otherwise compatible software users run.

Neither the Trust nor the Sponsor shall have any discretion to take any actions that would impact hard fork transactions or similar transactions, and either the Trust or the Sponsor (or both) shall reject any offer to engage in a hard fork or similar transaction should the ability to engage in such a transaction arise. However, if such a transaction does occur despite a lack of participation or outright opposition by the Trust or the Sponsor (or both) and as a result the Trust comes into possession of the original Hyperliquid and the new alternative forked asset, the Sponsor shall promptly determine, in good faith and in its sole discretion, which digital asset network is generally accepted as the Hyperliquid Network and should therefore be considered the appropriate network for the Trust's purposes. The Sponsor will base its determination on a variety of then relevant factors, including, but not limited to, the Sponsor's beliefs regarding expectations of the core developers of Hyperliquid, users, services, businesses, validators and other constituencies, as well as the actual continued acceptance of, validation power on, and community engagement with, the Hyperliquid Network. The outcome of such determination shall determine which asset is "Hyperliquid" and which is the "forked asset." The asset that is not the native currency of the network determined by the Sponsor to be the Hyperliquid Network shall constitute an IR Asset, which, pursuant to Section 2.10 herein, the Trust has expressly disclaimed in favor of the Sponsor. Accordingly, the Trust shall, as soon as practicable, and, if possible, immediately, distribute such assets to the Sponsor. Such forked assets to which the Trust comes into possession are not and shall never be considered Trust Property.

**Section 4.06. <u>Liability of Sponsor and Indemnification</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to this Trust Agreement, or for errors in judgment or for depreciation or loss incurred by reason of the sale of any Hyperliquid or other assets held in trust hereunder; *provided, however,* that this provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by the Trustee, the Trustee's counsel or by any other Person for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for herein. The Trust shall not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which is herein prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whenever a conflict of interest exists or arises between the Sponsor or any of its Affiliates, on the one hand, and the Trust, on the other hand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) whenever this Trust Agreement or any other agreement contemplated herein or therein provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Sponsor and its shareholders, members, directors, officers, employees, Affiliates and subsidiaries (each a "**Sponsor Indemnified Party**") shall be indemnified by the Trust and held harmless against any loss, liability or expense incurred hereunder without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of this Trust Agreement. Any amounts payable to a Sponsor Indemnified Party under this Section 4.06 may be payable in advance or shall be secured by a lien on the Trust. The Sponsor shall not be under any obligation to appear in, prosecute or defend any legal action that in its opinion may involve it in any expense or liability; *provided, however,* that the Sponsor may, in its discretion, undertake any action that it may deem necessary or desirable in respect of this Trust Agreement and the rights and duties of the parties hereto and the interests of the Shareholders and, in such event, the legal expenses and costs of any such action shall be expenses and costs of the Trust and the Sponsor shall be entitled to be reimbursed therefor by the Trust. The obligations of the Trust to indemnify the Sponsor Indemnified Parties as provided herein shall survive the termination of this Trust Agreement.

**ARTICLE V.**

**BOOKS OF ACCOUNT AND CERTIFICATE OF TRUST**

**Section 5.01. <u>Books of Account</u>**. Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust's business as are required by the Securities Act of 1933, as amended, and all other applicable rules and regulations, and as are usually entered into books of account kept by Persons engaged in a business of like character. The books of account shall be kept at the principal office of the Trust, the Administrator or any other service provider engaged by the Sponsor to perform such service.

**Section 5.02. <u>Certificate of Trust</u>**. Except as otherwise provided in the Delaware Act or this Trust Agreement, the Sponsor shall not be required to mail a copy of any Certificate of Trust filed with the Secretary of State of the State of Delaware to each Shareholder; however, such certificates shall be maintained at the principal office of the Trust and shall be available for inspection and copying by the Shareholders in accordance with this Trust Agreement.

**ARTICLE VI.**

**AMENDMENT OF TRUST AGREEMENT**

Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise supplement this Trust Agreement, other than Section 1.4 hereof, by making an amendment, a Trust Agreement supplemental hereto, or an amended and restated declaration of trust and trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by the Sponsor in its sole discretion. Any amendment to the Trust Agreement that affects the duties, liabilities, rights or protections of the Trustee shall require the Trustee's prior written consent, which it may grant or withhold in its sole discretion.

**ARTICLE VII.**

**TERM**

The term for which the Trust shall exist shall be perpetual, unless terminated pursuant to the provisions of Article VIII hereof or as otherwise provided by law.

**ARTICLE VIII.**

**TERMINATION/REORGANIZATION**

**Section 8.01. <u>Termination of the Trust</u>**. Subject to the notice requirements in this Section 8.01, the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may be dissolved at any time and for any reason by the Sponsor in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall be dissolved at any time upon the occurrence of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five Business Days of their delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 180 days have elapsed since the Trustee notified the Sponsor of the Trustee's election to resign or since the Sponsor removed the Trustee, and a successor trustee has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the SEC determines that the Trust is an investment company under the Investment Company Act of 1940, as amended, and the Sponsor has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Commodity Futures Trading Commission determines that the Trust is a commodity pool under the Commodity Exchange Act of 1936, and the Sponsor has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Trust is determined to be a "money services business" under the regulations promulgated by FinCEN under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder or is determined to be a "money transmitter" (or equivalent designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply with state licensing requirements, and the Sponsor has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a United States regulator requires the Trust to shut down or forces the Trust to liquidate its Hyperliquid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any ongoing event exists that either prevents the Trust from making or makes impractical the Trust's reasonable efforts to make a fair determination of the price of Hyperliquid for purposes of determining the net asset value of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Sponsor determines that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Trust fails to qualify for treatment, or ceases to be treated, as a "grantor trust" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, and the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 60 days have elapsed since DTC or another depository has ceased to act as depository with respect to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Trustee, solely at the written direction of the Shareholders, elects to terminate the Trust after the Sponsor is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Sponsor elects to terminate the Trust after the Trustee, Administrator, Hyperliquid Custodian, or the Cash Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor is engaged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Written notice of termination with respect to the Trust, specifying the anticipated date of termination and the anticipated period during which the assets of the Trust will be liquidated, generally shall be given by the Sponsor to Shareholders of the Trust at least thirty (30) days prior to termination of the Trust. Upon the dissolution of the Trust, the Sponsor (or in the event there is no Sponsor, such person (the "Liquidating Trustee") as the majority of the Shareholders may propose and approve and who agrees to serve hereunder) shall take full charge of the Trust Property. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Act, the affairs of the Trust shall be wound up by the Sponsor or the Liquidating Trustee, and all Hyperliquid owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof and in such a manner so as to effectuate orderly sales and a minimal market impact. The Liquidating Trustee may thereafter hold the net proceeds of any such sale, together with any other cash then held by it under this Trust Agreement, uninvested and without liability for interest, for the pro rata benefit of Shareholders that had not theretofore been redeemed. The Liquidating Trustee shall not be liable for or responsible in any way for depreciation or loss incurred by reason of any sale or sales made in accordance with the provisions of this Section 8.01. The Liquidating Trustee may suspend its sales of Hyperliquid upon the occurrence of unusual or unforeseen circumstances, including, but not limited to, a suspension in trading of Hyperliquid or similar market event. Upon receipt of proceeds from the sale of the last Hyperliquid held hereunder, all proceeds shall be applied and distributed in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay to Sponsor from the Trust an amount equal to the sum of (1) any compensation due it for extraordinary or other services, (2) any advances made but not yet repaid and (3) reimbursement of any other disbursements as provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) deduct from the Trust any amounts that the Liquidating Trustee, in its sole discretion, shall deem necessary or appropriate to pay on behalf of the Trust any applicable taxes or other governmental charges that may be payable by the Trust and any other contingent or future liabilities of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) distribute each Shareholder's interest in the remaining assets of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Following the dissolution and windup of the Trust, including distribution of the assets of the Trust, the Trust shall terminate and the Sponsor or the Liquidating Trustee, as the case may be, shall instruct the Trustee in writing to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Act at the expense of the Sponsor or the Liquidating Trustee, as the case may be. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. Upon the termination of the Trust, the Sponsor will be discharged from all obligations under the Trust Agreement except for its certain obligations that survive termination of the Trust Agreement.

**Section 8.02. <u>Merger and Consolidation</u>**. The Sponsor may cause (a) the Trust to be merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (b) the Shares of the Trust to be converted into beneficial interests in another statutory trust (or series thereof); or (c) the Shares of the Trust to be issued or exchanged for shares or assets in another trust or company under or pursuant to any state or federal statute to the extent permitted by law.

For the avoidance of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions contemplated under (a) — (c) above without any vote or other action of the Shareholders.

**Section 8.03. <u>Dissolution of Sponsor Not to Terminate Trust</u>**. The dissolution of the Sponsor, or its ceasing to exist as a legal entity from, or for, any cause, shall not operate to terminate this Trust Agreement insofar as the duties and obligations of the Trustee are concerned.

**ARTICLE IX.**

**SHAREHOLDERS' VOTING POWERS AND MEETINGS**

**Section 9.01. <u>Voting Powers</u>**. Except as required under applicable Federal law or under the rules or regulations of an Exchange, Shareholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction by the Trust or any other matters that under the Delaware Act default voting rights are provided to holders of beneficial interests).The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable and so authorize in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders' right to vote on any specific matter, the Shareholders' right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders. Nothing set forth in this Trust Agreement shall be construed so as to constitute the Shareholders from time to time as partners or members of an association; nor shall any Shareholder ever be liable to any third person by reason of any action taken by the parties to this Trust Agreement, or for any other cause whatsoever. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. Shares may be voted in person or by proxy or in any manner determined by the Sponsor.

**Section 9.02. <u>Voting Power and Meetings</u>**. Meetings of the Shareholders may be called by the Sponsor for such purposes as may be prescribed by law or by this Trust Agreement.

**Section 9.03. <u>Place of Meetings</u>**. A meeting of Shareholders shall be held at any place designated by the Sponsor or an officer of the Trust.

**Section 9.04. <u>Notice of Shareholders' Meeting</u>**. All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not less than seven nor more than one hundred and twenty days before the date of the meeting in the manner determined by the Sponsor. The notice shall specify: (a) the place, date and hour of the meeting; and (b) the general nature of the business to be transacted.

**Section 9.05. <u>Adjourned Meeting; Notice</u>**. Any Shareholders' meeting, whether or not a quorum is present, may be adjourned from time to time by the Sponsor or by the vote of a majority of the Shares of the Trust, as the case may be, represented at that meeting, either in person or by proxy. When any meeting of Shareholders is adjourned to another time or place, notice need not be given of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than sixty days from the date set for the original meeting, in which case the Sponsor shall set a new record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned meeting. At any adjourned meeting, the Trust may transact any business which might have been transacted at the original meeting.

**Section 9.06. <u>Voting Procedure</u>**. The Trust shall be authorized to solicit, and a Shareholder shall be entitled to submit a proxy ballot containing the voting instructions of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media, *provided, however,* that the Sponsor or an officer of the Trust may limit or delineate the types of media and methods by which a Shareholder may submit voting instructions. On any matter any Shareholder may vote part of the Shares in favor of the proposal and refrain from voting the remaining Shares or vote them against the proposal, but if the Shareholder fails to specify the number of Shares which the Shareholder is voting affirmatively, it will be conclusively presumed that the Shareholder's approving vote is with respect to the total Shares that the Shareholder is entitled to vote on such proposal.

**Section 9.07. <u>Quorum and Required Vote</u>**. Except when a larger quorum is required by applicable law or by this Trust Agreement, the presence (in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders' meeting. Any meeting of Shareholders may be adjourned consistent with the provisions of Section 9.05 above, whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the meeting shall decide any questions except when a different vote is required by any provision of this Trust Agreement or by applicable law.

**Section 9.08. <u>Action by Written Consent</u>**. Any action taken by Shareholders may be taken without a meeting so long as Shareholders holding a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement or federal law) or holding a majority (or such larger proportion as aforesaid) of the Shares entitled to vote separately on the matter consent to the action in writing or by other electronic means (such as via telephone or the internet) and such written consent or a record of such electronic consent is filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

**Section 9.09. <u>Record Dates</u>**. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred and twenty days before the date of any meeting of Shareholders, as the record date for determining the Shareholders having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date. For the purpose of determining the Shareholders who are entitled to receive payment of any dividend or of any other distribution, or whenever for any reason there is a split, reverse split or other change in the outstanding Shares, or whenever the Sponsor shall find it necessary or convenient in respect of any matter, the Sponsor may from time to time fix a date, which shall be before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders having the right to receive such dividend or distribution. Without fixing a record date the Sponsor may for voting and/or distribution purposes close the register or transfer books for all or any part of the period between a record date and a meeting of Shareholders or the payment of a distribution.

**Section 9.10. <u>Waiver of Notice by Consent of Absent Shareholders</u>**. Any Shareholder may waive notice, which waiver may be submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver of notice need not specify either the business to be transacted or the purpose of any meeting of Shareholders. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made at the beginning of the meeting.

**Section 9.11. <u>Proxies</u>**. Every person entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the Shareholder's name is placed on the proxy (whether by manual signature, typewriting, telephonic or internet transmission or otherwise) by the Shareholder or the Shareholder's attorney-in-fact. A validly authorized proxy that does not state that it is irrevocable shall continue in full force and effect unless (a) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance at the meeting and voting in person by, the person executing that proxy; or (b) written notice of the death or incapacity of the maker of that proxy is received by the Trust before the vote pursuant to that proxy is counted; *provided however,* that no proxy shall be valid after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy.

**ARTICLE X.**

**MISCELLANEOUS PROVISIONS**

**Section 10.01. <u>Certain Matters Relating to Shareholders</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The death or incapacity of any Shareholder shall not operate to terminate this Trust Agreement or the Trust, nor entitle such Shareholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. Each Shareholder expressly waives any right such Shareholder might have under any rule of law, or the provisions of any statute, or otherwise, to require the Trust, Sponsor or the Trustee at any time to account, in any manner other than as expressly provided in this Trust Agreement, in respect of the Hyperliquid or moneys from time to time received, held and applied by the Sponsor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided under Delaware law, the Shareholders shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Shareholder shall be liable for claims against, or debts of the Trust in excess of his capital contribution and his share of the Trust property and undistributed profits, except in the event that the liability is founded upon misstatements or omissions contained in such Shareholder's Authorized Participant Agreement delivered in connection with his purchase of Shares. In addition, and subject to the exceptions set forth in the immediately preceding sentence, the Trust shall not make a claim against a Shareholder with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption unless, under Delaware law, such Shareholder is liable to repay such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every written note, bond, contract, instrument, certificate or undertaking made or issued by the Sponsor shall give notice to the effect that the same was executed or made by or on behalf of the Trust and that the obligations of such instrument are not binding upon any Shareholder individually but are binding only upon the assets and property of the Trust, and no resort shall be had to the Shareholders' personal property for satisfaction of any obligation or claim thereunder, and appropriate references may be made to this Trust Agreement and may contain any further recital which the Sponsor deems appropriate, but the omission thereof shall not operate to bind any Shareholder individually or otherwise invalidate any such note, bond, contract, instrument, certificate or undertaking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is the intent of the parties that the execution, delivery and performance of the transactions contemplated by this Trust Agreement shall not result in the Trustee's being required to obtain a license or make a registration under any federal or state law including rules pertaining to virtual currencies under Title 23, Part 200 of New York Codes, Rules and Regulations, the U.S. Commodity Exchange Act or any federal or state law regulating, money transmitters, money services business, providers of prepaid or stored value or similar entities, or virtual currency business.

**Section 10.02. <u>Delaware Law to Govern</u>**. The validity and construction of this Trust Agreement and all amendments hereto shall be governed by the laws of the State of Delaware, and the rights of all parties hereto and the effect of every provision hereof shall be subject to and construed according to the laws of the State of Delaware without regard to the conflict of laws provisions thereof; *provided, however,* that causes of action for violations of U.S. federal or state securities laws shall not be governed by this Section 10.02, and *provided further,* that the parties hereto intend that the provisions hereof shall control over any contrary or limiting statutory or common law of the State of Delaware (other than the Delaware Act) and that, to the maximum extent permitted by applicable law, there shall not be applicable to the Trust, the Trustee, the Sponsor, the Shareholders or this Trust Agreement any provision of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts which relate to or regulate in a manner inconsistent with the terms hereof: (a) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (g) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees or managers that are inconsistent with the limitations on liability or authorities and powers of the Trustee or the Sponsor set forth or referenced in this Trust Agreement. Section 3540 of Title 12 of the Delaware Act shall not apply to the Trust. The Trust shall be of the type commonly called a "statutory trust," and without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a statutory trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to statutory trusts and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

**Section 10.03. <u>Submission to Jurisdiction</u>**. Each party hereto, each Authorized Participant by its delivery of an Authorized Participant Agreement and each Registered Owner and Beneficial Owner by the acceptance of a Share irrevocably consents to the jurisdiction of the courts of the State of Delaware, and of any federal court located in New Castle County, Delaware, in connection with any action, suit or other proceeding arising out of or relating to the Shares, the Trust Property or this Agreement or any action taken or omitted under this Agreement and waives any claim of forum non conveniens and any objections as to laying of venue; provided however, that actions for violations of the Securities Act, or the rules and regulations promulgated thereunder, or the Securities Exchange Act of 1934 or the rules and regulations promulgated can be brought in any forum pursuant to applicable federal securities laws. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such Person at such Person's address last specified for purposes of notices hereunder.

**Section 10.04. <u>Provisions in Conflicts with Law or Regulations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Trust Agreement are severable, and if the Sponsor shall determine, with the advice of counsel, that any of such provisions is in conflict with the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Trust Agreement; *provided, however,* that such determination shall not affect any of the remaining provisions of this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Trust Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Trust Agreement in any jurisdiction.

**Section 10.05. <u>Interpretation</u>**. To the fullest extent permitted by law and notwithstanding any other provision of this Trust Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Trust Agreement a Person is permitted or required to make a decision (a) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person, or (b) in its "good faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Trust Agreement shall mean subjective good faith as such term is understood and interpreted under Delaware law.

**Section 10.06. <u>Notices</u>**. All notices and other communications under this Trust Agreement shall be in writing in English, signed by the party giving it, and shall be deemed given, if to the Trustee or the Sponsor, when delivered personally, on the next Business Day after delivery to a recognized overnight courier or mailed first class (postage prepaid) or when sent by facsimile to the parties (which facsimile copy shall be followed, in the case of notices or other communications sent to the Trustee or the Sponsor, by delivery of the original) at the following addresses (or to such other address as a party may have specified by notice given to the other parties pursuant to this provision):

If to the Sponsor, to:

<br> Bitwise Investment Advisers, LLC<br> Attn: Paul ("Teddy") Fusaro<br> 250 Montgomery Street. Suite 200<br> San Francisco, California 94104

If to the Trustee, to:

<br> CSC Delaware Trust Company<br> Attn: Corporate Trust Administration<br> 251 Little Falls Drive<br> Wilmington, DE 19808

Any notice to be given to a Shareholder shall be duly given if mailed or delivered to DTC Participants designated by DTC for delivery to Shareholders.

**Section 10.07. <u>Headings</u>**. The headings used in this Trust Agreement have been inserted for convenience and shall not modify, define, limit or expand the express provisions of this Trust Agreement.

**Section 10.08. <u>Counterparts</u>**. This Trust Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

**Section 10.09. <u>Corporate Transparency Act</u>** The Corporate Transparency Act (31 U.S.C. § 5336) and its implementing regulations (collectively, the "CTA"), may require the Trust to file reports with Financial Crimes Enforcement Network. It shall be Sponsor's duty and not the Trustee's duty to prepare such filings, cause the Trust to make such filings, and to cause the Trust to comply with its obligations under the CTA, if any.

[SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, the parties hereto have caused this First Amended and Restated Declaration of Trust and Trust Agreement to be duly executed and delivered as of December 9, 2025.

---

| | |
|:---|:---|
| **BITWISE INVESTMENT ADVISERS, LLC,** | **BITWISE INVESTMENT ADVISERS, LLC,** |
| as Sponsor | as Sponsor |
| By: | /s/ Paul "Teddy" Fusaro |
| Title: | Chief Operating Officer and Secretary |
| Name: | Paul ("Teddy") Fusaro |

---

---

| | |
|:---|:---|
| **CSC DELAWARE TRUST COMPANY**, | **CSC DELAWARE TRUST COMPANY**, |
| as Trustee | as Trustee |
| By | /s/ Dana Dugan |
| Title: | Assistant Vice President |
| Name: | Dana Dugan |

---

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | **Chapman and Cutler LLP**<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606<br>T 312.845.3000 |

---

December 15, 2025

Bitwise Hyperliquid ETF

250 Montgomery Street, Suite 200

San Francisco, California 94104

Re: <u>Bitwise Hyperliquid ETF</u>

Ladies and Gentlemen:

We have acted as counsel to the Bitwise Hyperliquid ETF, a Delaware statutory trust (the *"Trust"*), with respect to the filing with the U.S. Securities and Exchange Commission of Amendment No. 1 (the *"Amendment"*) to the Trust's Registration Statement on Form S-1 under the Securities Act of 1933, as amended. The Trust filed the Amendment on or about December 15, 2025, in order to register shares (the *"Shares"*) of beneficial interest of the Trust. The Amendment seeks to register an unlimited number of Shares.

We have examined the Trust's Certificate of Trust; its First Amended and Restated Trust Agreement; a form of Authorized Participant Agreement; its Certificate of Good Standing for the Trust; and such other legal and factual matters as we have considered necessary.

This opinion is based exclusively on the Delaware Statutory Trust Act and the federal securities laws of the United States of America governing the issuance of shares of the Trust and does not extend to the securities or "blue sky" laws of the State of Delaware or other States or to other Federal securities or other laws.

We have assumed the following for purposes of this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The legal capacity of all natural persons, the accuracy and completeness of all documents and records
that we have reviewed, the genuineness of all signatures, the authenticity of the documents submitted to us as originals and the conformity
to authentic original documents of all documents submitted to us as certified, conformed or reproduced copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust's Shares will be issued against consideration therefor as described in the Trust's
prospectus relating thereto.

![](ex5-1_001.jpg)

December 15, 2025

This opinion relates solely to the registration of Shares of the Trust and not to the registration of any other series or classes of the Trust that have previously been registered.

Based upon the foregoing, it is our opinion that, upon the effectiveness of the Amendment, the Shares of beneficial interest of the Trust, when issued upon the terms and for the consideration described in the Amendment, will be validly issued, fully paid and non-assessable.

This opinion is being furnished to you for submission to the Commission as an exhibit to the Registration Statement. We hereby consent to the prospectus discussion of this opinion, the filing of this opinion as an exhibit to the Registration Statement and to the use of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act.

Respectfully submitted,

---

| | |
|:---|:---|
| By: | /s/ Chapman and Cutler LLP |
|  | Chapman and Cutler llp |

---

## Exhibit 8.1

**Exhibit 8.1**

December 15, 2025

Bitwise Hyperliquid ETF c/o Bitwise Investment Advisers, LLC

250 Montgomery St., Suite 200

San Francisco, California 94104

Ladies and Gentlemen,

You have requested our opinion as to certain U.S. federal income tax matters in relation to that certain Form S-1 registration statement under the Securities Act of 1933, dated December 15, 2025 (the "**S-1**"), in connection with the sale of Shares by the Bitwise Hyperliquid ETF (the "**Trust**"). We have acted as tax counsel to the Trust in connection with such sale, and have participated in the preparation of the S-1.

This opinion has been requested to satisfy a condition to the filing of the S-1. All section references, unless otherwise indicated, are to the United States Internal Revenue Code of 1986, as amended (the "**Code**"). Capitalized terms not defined herein have the meanings specified in the S-1 unless otherwise indicated.

In rendering our opinion, we have examined and, with your consent, are expressly relying upon (without any independent investigation thereof) the truth and accuracy of the statements, covenants, representations and warranties contained in the following documents (including all schedules and exhibits thereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The S-1 (including any amendments, exhibits, and schedules thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A tax representation letter of the Trust and its Sponsor, signed by an authorized officer of the Sponsor,
delivered to us by the Sponsor for purposes of this opinion and incorporated herein by reference (the "**Representation Letter** ").

In rendering our opinion, we have assumed, without any independent investigation or verification, that all of the information as to factual matters contained in the S-1, Representation Letter and the other documents referred to above are true, correct, and complete and no actions have been taken or will be taken which are inconsistent with such statements, descriptions or representations or which make any such statements, descriptions or representations untrue, incorrect or incomplete. Any inaccuracy with respect to factual matters contained in the documents or incompleteness in our understanding of the facts could alter the conclusions reached herein.

In addition, for purposes of rendering our opinion, we have assumed with your permission, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All signatures on all documents reviewed by us are genuine, all documents submitted to us as originals
are authentic, true and correct, all documents submitted to us as copies are true and correct copies of the originals thereof, and each
natural person signing any document reviewed by us had the legal capacity to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any representation or statement referred to above made "to the knowledge" or otherwise similarly
qualified is correct without such qualification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The parties have complied with and, if applicable, will continue to comply with, the covenants contained
in the S-1, the Representation Letter and any related materials.

Based on the foregoing documents, materials, and assumptions and information, and subject to the qualifications and assumptions set forth herein, it is our opinion that, although it is not free from doubt: (1) the Trust should be characterized as a "grantor trust" for the purposes of Section 671 et seq. of the Code and as an "investment trust" as that term is used in Treasury Regulation Section 301.7701-4(c); and (2) the Trust should not recognize gross income within the meaning of Section 61 of the Code at the time new Hyperliquid tokens are created through staking, in respect of which the Trust is the first owner.

Our opinion is rendered only as of the date hereof, and we undertake no obligation to supplement, update or revise this opinion after the date hereof to reflect any changes (including changes that have retroactive effect) in applicable law or factual matters arising subsequent to the date hereof or the impact of any information, document, certificate, record, statement, representation, covenant, agreement or assumption relied upon herein that becomes untrue, incorrect, or incomplete.

Our opinion set forth above is based upon the existing provisions of the Code, applicable U.S. Treasury Regulations promulgated or proposed under the Code, published administrative rulings and procedures, judicial decisions and other applicable authorities, all as in effect on the date hereof, which are subject to change (possibly with retroactive effect) so as to affect the conclusions stated herein.

Our opinion is limited to the specific U.S. federal tax treatment of the Trust and its staking activities stated above. No opinion is expressed as to any other U.S. federal tax matters relating to the Trust, the Sponsor, the Shareholders, or any other person transaction. In addition, this opinion does not address any estate, gift, state, local or foreign tax consequences relating to the Trust.

No ruling has been or will be requested from the Internal Revenue Service (the "**Service**") concerning the U.S. federal income tax treatment of the Trust. In reviewing this opinion, you should be aware that the opinion set forth above represents our conclusions regarding the application of existing U.S. federal income tax law to the Trust. The law surrounding the taxation of digital assets is uncertain and rapidly evolving, and subsequent developments may affect the legal conclusions expressed in this opinion. Further, if the facts vary from those relied upon (including if any representation, covenant, warranty or assumption upon which we have relied is inaccurate, incomplete, breached or ineffective), our opinion contained herein could be inapplicable. You should be aware that an opinion of counsel represents only counsel's best legal judgment and has no binding effect or official status of any kind. No assurance can be given that contrary positions may not be taken by the Service or that a court considering the issues would not hold otherwise.

This opinion is being delivered in connection with the Trust's sale of Shares pursuant to the S-1. This opinion may not otherwise be relied upon or utilized for any other purpose or by any other person or entity without the prior written consent of Fenwick & West LLP. However, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the U.S. federal tax treatment and U.S. federal tax structure of the Trust and all materials of any kind that are provided to you by us relating to such tax treatment and tax structure.

Very truly yours,

/S/ **Fenwick & West LLP**

a limited liability partnership including

professional corporations

## Exhibit 10.1

**Exhibit 10.1**

**<u>SPONSOR AGREEMENT</u>**

**THIS SPONSOR AGREEMENT** (the "Agreement"), dated as of December 9, 2025, is made by and between Bitwise Investment Advisers, LLC, a Delaware limited liability company ("Sponsor"), and Bitwise Hyperliquid ETF, a statutory trust organized under the laws of Delaware (the "Trust").

**<u>1. Status of the Trust.</u>** The Trust is a Delaware statutory trust established under the Delaware Act by the filing of the Certificate of Trust in the Office of the Secretary of State of the State of Delaware on September 24, 2025. The Trust is not an investment company under the Investment Company Act of 1940 (the "1940 Act") and it is not required to register thereunder. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor. The Sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940 and is not required to register thereunder.

**<u>2. Appointment of Sponsor.</u>** Pursuant to the terms of the Trust's Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement"), the Sponsor is appointed to serve as sponsor for the Trust, with full powers and rights to effectuate and carry out the purposes, activities and objectives of the Trust. Sponsor has accepted such appointment and hereby agrees to render such services on the terms and conditions set forth in this Agreement and the Trust Agreement.

**<u>3. Duties of Sponsor.</u>** Sponsor will perform such duties for the Trust as set forth in Article IV of the Trust Agreement. Sponsor will manage the Trust in accordance with Sponsor's best judgment and consistent with the Trust's investment objectives and strategies outlined in the Trust's prospectus and registration statement filed with the U.S. Securities and Exchange Commission ("SEC"). For the avoidance of doubt, pursuant to the terms of Article IV of the Trust Agreement, the Sponsor is authorized to execute documents for and on behalf of the Trust.

**<u>4. Reporting; Record Keeping.</u>** Sponsor will be available at reasonable times to discuss the activities of the Trust with the trustee of the Trust or its designee. Any written reports supplied by Sponsor to the Trust discussing the activities of the Trust are intended solely for the benefit of the Trust, and the Trust agrees that it will not disseminate such reports to any other party (other than the Trust's service providers) without the prior consent of Sponsor, except as may be required by applicable law. Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as are required to be made or maintained by it in its capacity as Sponsor of the Trust.

**<u>5. Other Accounts.</u>** The Trust understands and acknowledges that Sponsor may act as sponsor for various persons other than the Trust. The Trust acknowledges that Sponsor may give advice and take action concerning other persons that may be the same as, similar to or different from the advice given, or the timing and nature of action taken, concerning the Trust. The Trust also acknowledges that Sponsor may serve as a manager to other investment funds that invest in Hyperliquid or other digital assets with the same investment objective as the Trust, and the Sponsor or its affiliates may serve as a manager to other investment funds that invest in digital assets. Except to the extent necessary to perform Sponsor's obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

**<u>6. Sponsor's Compensation.</u>** (a) The Trust shall pay to Sponsor a fee at the rate set forth in Exhibit A in consideration of Sponsor's (i) services under this Agreement and the Trust Agreement and (ii) the payment by Sponsor of the Trust expenses described in paragraph 7 below (the "Sponsor Fee"). The Sponsor Fee accrues daily at an annualized rate based on the adjusted net asset value of the Trust and is payable monthly in arrears in Hyperliquid. The Sponsor may, from time to time, temporarily waive all or a portion of the Sponsor Fee in its sole discretion. To the extent not already disclosed in the prospectus, the Sponsor may notify shareholders of the Trust ("Shareholders") of its intent to commence, or cease, waiving the Sponsor Fee on the Trust's website, in a prospectus supplement, through a current report on Form 8-K and/or in the Trust's annual or quarterly reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As partial consideration arranging for the staking of the Trust's Hyperliquid pursuant to Section 4.02(b) of the Trust Agreement, the Sponsor may in its sole and absolute discretion provide or arrange for additional compensation which shall be based on the rewards, income or proceeds generated from such activities. The Sponsor may amend, modify, waive, defer or cancel such arrangements from time to time in its sole and absolute discretion.

**<u>7. Fees and Expenses.</u>** The Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee's monthly fee and out-of-pocket expenses, the fees of the Trust's regular service providers (Cash Custodian, Hyperliquid Custodian, Marketing Agent, Transfer Agent and Administrator), Exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and ordinary legal expenses. The Sponsor will also pay the costs of the Trust's organization. None of the expenses to be assumed by the Sponsor are subject to a cap.

The Trust may incur certain extraordinary, non-recurring expenses that are not assumed by the Sponsor, including but not limited to, taxes and governmental charges, any applicable brokerage commissions, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the Shareholders (including, for example, in connection with any fork of the Hyperliquid Network, any Incidental Rights (as defined below) and any IR Asset (as defined below)), any indemnification of the Cash Custodian, Hyperliquid Custodian, Transfer Agent, Administrator or other agents, service providers or counterparties of the Trust, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

**<u>8. Incidental Rights.</u>** From time to time, the Trust may come into possession of rights incident to its ownership of Hyperliquid, which permit the Trust to acquire, or otherwise establish dominion and control over, other digital assets. These rights are generally expected to be "forked assets" that arise in connection with hard forks in the distributed ledger that maintains the full transaction history of the Hyperliquid Network, airdrops offered to holders of Hyperliquid and digital assets arising from other similar events without any action of the Trust or of the Sponsor or Trustee on behalf of the Trust. These rights are referred to as "Incidental Rights" and any digital assets acquired through Incidental Rights are referred to as "IR Assets." Pursuant to Section 2.10 of the Trust Agreement, the Trust has expressly disclaimed all ownership of such Incidental Rights and IR Assets so that such assets are not and shall never be considered the property of the Trust. Sponsor agrees that such Incidental Rights and IR Assets into which the Trust comes into possession shall constitute the property of the Sponsor. Upon receipt of an Incidental Right or IR Asset, the Trust will, as soon as practicable, and, if possible, immediately, distribute such assets to the Sponsor. Once acquired, the Sponsor may take any lawful action necessary or desirable in connection with its acquisition of such assets. The Sponsor is under no obligation to realize any economic benefit from any Incidental Right(s) and/or IR Asset(s) it receives from the Trust. The Sponsor may instead determine, in its sole discretion, to abandon such Incidental Rights or IR Assets permanently and irrevocably for no consideration. In the event that the Sponsor decides to sell the Incidental Right(s) and/or IR Asset(s), it shall seek to do so for cash. This may be a sale of the Incidental Right(s) and/or IR Asset(s) directly in exchange for cash, or in exchange for another digital asset which may subsequently be exchanged for cash. The Sponsor, may, but is not required to, contribute such cash proceeds back to the Trust, which in turn would distribute the cash to the Depository Trust Company to be distributed to Trust shareholders in proportion to the number of shares owned.

**<u>9. Liability and Indemnification.</u>** Sponsor will not be liable for losses to the Trust, and Sponsor shall be indemnified, to the extent provided in Section 4.06 of the Trust Agreement.

**<u>10. Governing Law/Disputes.</u>** This Agreement is entered into in accordance with and shall be governed by the laws of the State of Delaware; provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining laws of the State of Delaware shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial.

**<u>11. Termination.</u>** This Agreement may be terminated (i) by Sponsor at any time upon 30 days' prior written notice; or (ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing its duties hereunder. Any obligation or liability of either party resulting from actions or inactions occurring prior to termination shall not be affected by termination of this Agreement.

**<u>12. Assignment.</u>** This Agreement may be assigned by either party upon prior notice to the other party.

**<u>13. Notices.</u>** All notices and other communications under this Agreement shall be in writing and shall be addressed to the parties at their respective addresses. Sponsor shall comply with, and be entitled to act on, any instructions reasonably believed to be from an authorized representative of the Trust. Sponsor and its employees and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity of the authorization or authority of the persons providing such instructions.

**<u>14. Severability.</u>** In the event any provision of this Agreement is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law, unless a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement.

**<u>15. Integration; Amendment.</u>** This Agreement together with any other written agreements between the parties entered into concurrently with this Agreement contain the entire agreement between the parties with respect to the transactions contemplated hereby and supersede all previous oral or written negotiations, commitments and understandings related thereto. This Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement of both parties. Pursuant to the authority granted to the Sponsor under Article IV of the Trust Agreement, the Sponsor is authorized to execute such written agreement on behalf of the Trust. No waiver by one party of any obligation of the other hereunder shall be considered a waiver of any other obligation of such party.

**<u>16. Further Assurances.</u>** Each party hereto shall execute and deliver such other documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation of the transactions contemplated hereby.

**<u>17. Headings.</u>** The headings of paragraphs herein are included solely for convenience and shall have no effect on the meaning of this Agreement.

**<u>18. Counterparts.</u>** This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to be one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **Bitwise Hyperliquid ETF** | **Bitwise Hyperliquid ETF** |
| Bitwise Investment Advisers, LLC, its Sponsor | Bitwise Investment Advisers, LLC, its Sponsor |
| By: | /s/ Paul (Teddy) Fusaro |
| Name: | Paul (Teddy) Fusaro |
| Title: | Chief Operating Officer |
| **Bitwise Investment Advisers, LLC** | **Bitwise Investment Advisers, LLC** |
| By: | /s/ Paul (Teddy) Fusaro |
| Name: | Paul (Teddy) Fusaro |
| Title: | Chief Operating Officer |

---

## Exhibit 10.2

**Exhibit 10.2**

**AUTHORIZED PARTICIPANT AGREEMENT**

AUTHORIZED PARTICIPANT AGREEMENT (this "**Agreement**") dated as of [xxx], 2025 among (i) [xx] (the "**Authorized Participant**"), (ii) the Bitwise Hyperliquid ETF, a Delaware statutory trust (the "**Trust**") created pursuant to the First Amended and Restated Declaration of Trust (the "**Trust Agreement**"), and (iii) Bitwise Investment Advisers, LLC, a Delaware limited liability company in its capacity as sponsor of the Trust (in such capacity, the "**Sponsor**"). This Agreement is further acknowledged by Bank of New York Mellon, a New York banking corporation in its capacity as transfer agent to the Trust ("**Transfer Agent**").

**R E C I T A L S**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to the provisions of the Trust Agreement, the Trust may from time to time issue or redeem equity securities representing an interest in the assets of the Trust ("**Shares**"), in each case only in aggregate amounts as specified in the Prospectus (such aggregate amount, a "**Basket**", which amount may be modified in the future), and integral multiples thereof, and only in transactions with a party who, at the time of the transaction, shall have signed and in effect an Authorized Participant Agreement with such Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. [xxx] has requested to become an "**Authorized Participant**" with respect to the Trust (as such term is defined in the Trust Agreement), and the Sponsor and the Trust have agreed to such request.

**NOW, THEREFORE**, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, hereto, intending to be legally bound, agree as follows:

Section 1. <u>Procedures</u>. The Authorized Participant will purchase or redeem Baskets of Shares of the Trust in compliance with the Trust Agreement as supplemented by the Creation and Redemption Procedures attached to this Agreement as Schedule 1 (such procedures, as the same may be amended or modified from time to time in compliance with the provisions hereof and thereof, the "**Procedures**"), using either (i) the form attached thereto as Annex I (a "**Purchase Order**", in the case of an order to purchase one or more Baskets of Shares issued by a specified Trust and a "**Redemption Order**", in case of an order to redeem one or more Baskets of Shares issued by a specified Trust) or (ii) through the Trust's electronic order entry system, as such may be made available and constituted from time to time, the use of which shall be subject to the terms and conditions attached thereto as Annex II. All Purchase Orders and Redemption Orders (collectively, "**Orders**") shall be placed and executed in accordance with the Trust Agreement as supplemented by the Procedures. Capitalized terms used in this Agreement and not otherwise defined herein have the meaning ascribed to them in the Procedures. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended.

The portfolio digital assets are the "Digital Assets". and a failure or delay in making delivery of the Digital Assets is a "Digital Asset Delivery Failure". Should a Digital Asset Delivery Failure occur, the relevant Order shall be cancelled in accordance with the terms of this Agreement and any delivered Digital Assets, cash, shares or other consideration shall be returned to the Authorized Participant or the Intermediary, as applicable.

Section 2. <u>Incorporation of Standard Terms</u>. The Standard Terms attached hereto as Schedule 2 are hereby incorporated by reference into, and made a part of, this Agreement.

Section 3. <u>Conflicts Rules</u>. In case of any inconsistency between the provisions of this Agreement and the Trust Agreement, the provisions of such Trust Agreement shall control. In case of inconsistency between the provisions incorporated by reference into this Agreement pursuant to Section 2 above and any other provision of this Agreement, the latter will control. If this Agreement (including the Procedures) conflicts with a Fund's Prospectus, the Prospectus controls for creation/redemption and staking-related matters.

Section 4. <u>Authorized Representatives</u>. Pursuant to Section 2.01 of the Standard Terms, attached hereto as Schedule 3 is a certificate listing the Authorized Representatives of the Authorized Participant.

Section 5. <u>Additional Covenants</u>. The Authorized Participant covenants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to use commercially reasonable efforts to ensure that any Delivery of applicable Digital Assets to the Custodian, or any withdrawal of applicable Digital Assets from the Trust, in connection with an In-Kind Purchase Order or In-Kind Redemption Order placed by the Authorized Participant will take place only through the Custodian and that any Delivery of cash to the Transfer Agent or withdrawal of cash in connection with a Cash Purchase Order or Cash Redemption Order placed by the Authorized Participant will take place only through the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly upon written demand therefore (accompanied by such reasonable evidence as the Authorized Participant may request), to reimburse the Trust or the Custodian the amount of any transfer or similar taxes (including value added taxes) that may be imposed on the Trust or the Custodian in connection with any Delivery of Digital Assets by or on behalf of the Authorized Participant or the Authorized Participant Client (as defined in the Procedures) to the Custodian (in the case of a Purchase Order placed by the Authorized Participant), or any Delivery of Digital Assets to or for the account of the Authorized Participant or the Authorized Participant Client (in the case of a Redemption Order placed by the Authorized Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Authorized Participant designates a third-party ("Intermediary") to facilitate Delivery of Digital Assets to the Custodian for the Authorized Participant or an Authorized Participant Client (in the case of a Purchase Order placed by the Authorized Participant), or any Delivery of Digital Assets to or for the account of the Authorized Participant or an Authorized Participant Client (in the case of a Redemption Order placed by the Authorized Participant), that (i) such Intermediary shall be identified to the Trust and the Sponsor and (ii) Authorized Participant shall instruct such Intermediary to take commercially reasonable steps to comply with the terms of this Agreement and the Procedures and shall supply the Intermediary with a copy of this Agreement and the Procedures.

Section 6. <u>Notices</u>. Except as otherwise specifically provided in the Procedures, all notices required or permitted to be given pursuant hereto shall be given in writing and delivered by personal delivery, overnight courier or by postage prepaid registered or certified United States first class mail, return receipt requested, or by email (with a confirming copy by mail) addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to the Trust: <br>

Attn: Johanna Collins-Wood

250 Montgomery Street, Suite 200

Telephone: <u>415-707-3663</u>

Email: johanna@bitwiseinvestments.com and a copy to legal@bitwiseinvestments.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to the Sponsor: same as above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If to the Authorized Participant: <br>[xxx]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If to the Transfer Agent:

Bank of New York Mellon

Attn: ETF Services

240 Greenwich Street

New York, NY 10286

Telephone: (844) 545-1258

Email: bnymetforderdesk@bnymellon.com

or such other address as any of the parties hereto shall have communicated in writing to the remaining parties in compliance with the provisions hereof.

Section 7. <u>Effectiveness, Termination and Amendment</u>. This Agreement shall become effective upon execution and delivery by each of the parties hereto. This Agreement may be terminated at any time by any party upon sixty days prior written notice to the other parties and may be terminated earlier by the Trust or the Sponsor at any time on the event of a breach by the Authorized Participant of any provision of this Agreement (including the Standard Terms incorporated by Section 2 hereof) or the Procedures. This Agreement shall terminate immediately upon termination of the Trust. This Agreement, along with any other agreement or instrument delivered pursuant to this Agreement, supersedes any prior agreement between or among the parties concerning the matters governed hereby. This Agreement may be amended by the Sponsor from time to time without the consent of the Authorized Participant or any Beneficial Owner by the following procedure: the Sponsor will email and mail a copy of the amendment to the Authorized Participant in compliance with the notice provisions of this Agreement; if the Authorized Participant does not object in writing to the amendment within fifteen (15) Business Days after receipt of the proposed amendment, the amendment will become part of this Agreement in accordance with its terms. Titles and section headings in this Agreement (and in the Standard Terms incorporated by Section 2 hereof and the Procedures) are included solely for convenient reference and are not a part of this Agreement.

Section 8. <u>Governing Law</u>. This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law principles) as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably submit to the exclusive jurisdiction of any New York State or United States Federal court sitting in New York City, Borough of Manhattan over any suit, action or proceeding arising out of, or relating to, this Agreement, or any action taken or omitted hereunder, and waives any claim of forum non conveniens and any objections to the laying of venue. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Section 9. <u>Assignment</u>. No party to this Agreement shall assign any rights, or delegate the performance of any obligations, arising hereunder without the prior written consent of the other parties hereto, which shall not be unreasonably withheld; provided, that any entity into which a party hereto may be merged or converted, or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which a party hereunder shall be a party, shall be the successor of such party hereto. The party resulting from any such merger, conversion, consolidation or succession shall promptly notify the other parties hereto of the change. Any purported assignment or delegation in violation of these provisions shall be null and void.

Section 10. <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

Section 11. <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

[*Signatures Follow on Next Page*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Authorized Participant Agreement as of the date set forth above.

**BITWISE HYPERLIQUID ETF**,

By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Hyperliquid ETF

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**BITWISE INVESTMENT ADVISERS, LLC**

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| Date: |

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**[xxx]**

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| Acknowledged by: |
| **BANK OF NEW YORK MELLON** |
| By: _______________________ |
| Name: |
| Title: |
| Date |

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*Signature page to Authorized Participant Agreement*

**SCHEDULE 1- CREATION AND REDEMPTION PROCEDURES**

**TABLE OF CONTENTS**

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|  | Page |
| ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | 1 |
| Section 1.01. Definitions | 1 |
| Section 1.02. Interpretation | 5 |
| ARTICLE II CREATION PROCEDURES | 6 |
| Section 2.01. Initial Creation of Shares | 6 |
| Section 2.02. Subsequent Creation of Shares | 6 |
| Section 2.03. Provenance of Digital Asset Deposits | 9 |
| ARTICLE III REDEMPTION PROCEDURES | 10 |
| Section 3.01. Redemption of Shares | 10 |
| ANNEX I TO CREATION AND REDEMPTION PROCEDURES | A-1 |
| Creation/Redemption Order Form | A-1 |
| ANNEX II TO CREATION AND REDEMPTION PROCEDURES | A-3 |
| Order Entry System Terms and Conditions | A-3 |

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i

**CREATION AND REDEMPTION PROCEDURES**

Adopted by the Sponsor and Trust (each as defined below) as of *[xxx], 2025*

ARTICLE I<br>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01. <u>Definitions</u>. For purposes of these Procedures, and the Standard Terms incorporated by reference into the Authorized Participant Agreement to which these Procedures are attached, unless the context otherwise requires, the following terms will have the following meanings:

"**1933 Act**" means the U.S. Securities Act of 1933, as amended.

"**Affiliate**" shall have the meaning given to it by Rule 501(b) under the 1933 Act.

"**AP Indemnified Party**" shall have the meaning ascribed to such term in Section 6.01.a of the Standard Terms.

"**Authorized Participant**" shall have the meaning ascribed to the term in the introductory paragraph of the Authorized Participant Agreement.

"**Authorized Participant Agreement**" shall mean each Authorized Participant Agreement among the Authorized Participant, the Trust and the Sponsor into which these Creation and Redemption Procedures are attached as Schedule 1 and the Standard Terms and Conditions attached as Schedule 2 shall have been incorporated by reference.

"**Authorized Participant Client**" means any party on whose behalf the Authorized Participant acts in connection with an Order (whether a customer or otherwise).

"**Authorized Representative**" shall mean, with respect to an Authorized Participant, each individual who, pursuant to the provisions of the Authorized Participant Agreement between such Authorized Participant, the Sponsor, and the Trust, has the power and authority to act on behalf of the Authorized Participant in connection with the placement of Purchase Orders or Redemption Orders and is in possession of the personal identification number (PIN) assigned by the Transfer Agent for use in any communications regarding Purchase or Redemption Orders on behalf of such Authorized Participant.

"**Basket**" means a block of 10,000 Shares.

"**Basket Amount**" shall mean the number of each of the Digital Assets to be delivered by an Authorized Participant, for its own account or for the account of an Authorized Participant Client, in connection with an In-Kind Purchase Order.

"**Beneficial Owner**" shall have the meaning given to it by Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

"**Benchmark Price**" means the U.S.-dollar price per unit of the applicable Digital Asset at the time the Fund calculates its daily NAV (the "Valuation Time"), as reported by the pricing source identified for that Fund in its Prospectus. If that source is unavailable, manifestly erroneous, or not reflective of fair market value (including due to market disruption or other extraordinary circumstances), the Sponsor (or its calculation agent) will determine the Benchmark Price in good faith and in a commercially reasonable manner using one or more alternative sources consistent with the Prospectus.

"**Digital Assets"** shall mean the digital assets comprising the portfolio of the Fund, including Hyperliquid ("HYPE"), the native token of the Hyperliquid network, including any staked HYPE and staking rewards credited to the Fund, and any digital assets distributed to HYPE holders via hard forks, airdrops, or similar events to the extent the Sponsor elects to accept and hold them, in each case as determined by the Sponsor in accordance with the Prospectus and as identified in the Prospectus and/or on the Trust's website.

"**Digital Assets Network"** shall mean the relevant peer-to-peer cryptographic network commonly accepted for the relevant digital asset and for which such digital asset is the native unit of account.

"**Business Day**" shall mean, if and as applicable, (i) each day the exchange on which the relevant Shares trade is open for regular trading, and/or (ii) a New York Business Day.

"**Cash Purchase Order**" shall mean a Purchase Order whereby the Authorized Participant or the Authorized Participant Client, through the Authorized Participant, as agent, shall deliver cash (U.S. dollars, in immediately available funds) in exchange for Shares.

"**Cash Redemption Order**" shall mean a Redemption Order whereby the Authorized Participant or the Authorized Participant Client, through the Authorized Participant, as agent, shall receive U.S. dollars (in immediately available funds) in exchange for its delivery of Shares.

"**Creation**" means the process that begins when an Authorized Participant first indicates to the Transfer Agent its intention or an Authorized Participant Client's intention to purchase one or more Baskets pursuant to these Procedures and concludes with the issuance by the Trust and Delivery to such Authorized Participant or, through the Authorized Participant, to such Authorized Participant Client of the corresponding number of the Trust's Shares.

"**Creation and Redemption Line**" shall mean a telephone number designated as such by the Transfer Agent and specified in Annex I of the Procedures or otherwise communicated to each Authorized Participant in compliance with the notice provisions of the Authorized Participant Agreement.

"**Custodial Account**" shall mean the Digital Asset accounts established by the Trust with the Custodian pursuant to the Custodian Agreement.

"**Custodian**" shall mean Coinbase Custody Trust Company LLC, in its capacity as custodian under the Custodian Agreement and any successor thereto or additional or other custodian appointed in compliance with the provisions of the Trust Agreement and relevant Custodian Agreement.

"**Custodian Agreement**" shall mean the applicable Custodian Agreement by and between the Trust and the Custodian.

"**Delivery**" shall mean a delivery of Digital Assets, Shares or U.S. dollars, as applicable; **provided,** in the case of a delivery of Digital Assets, that Delivery is deemed to have occurred upon the transaction or transactions appearing on the public blockchain of the relevant Digital Assets' Network, as applicable; provided further, that if the block on the Digital Assets Network, as applicable, containing the Delivery transaction is "orphaned", reversed, or otherwise not confirmed consistent with the normal operation of the relevant Digital Assets Network, then Delivery shall be deemed not to have occurred despite any initial confirmation of the Delivery on the relevant Digital Assets Network, as applicable.

"**Depositor**" shall mean any Authorized Participant or Authorized Participant Client, through an Authorized Participant, that deposits (or causes the deposit of) Digital Assets or cash into the Trust, either for its own account or on behalf of another Person that is the owner or beneficial owner of that Digital Assets or cash.

"**Deposit Property**" means any Digital Assets, as applicable, in the case of an In-Kind Purchase Order, or cash (U.S. dollars, in immediately available funds), in the case of a Cash Purchase Order, which must be transferred by the Authorized Participant to the Trust in exchange for Shares.

"**DTC**" shall mean The Depository Trust Company, its nominees and their respective successors.

"**FINRA**" means the Financial Industry Regulatory Authority.

"**In-Kind Purchase Order**" shall mean a Purchase Order whereby the Authorized Participant or Authorized Participant Client, through the Authorized Participant, as agent, shall deliver Digital Assets as applicable, in exchange for Shares.

"**In-Kind Redemption Order**" shall mean a Redemption Order whereby the Authorized Participant or Authorized Participant Client, through the Authorized Participant, as agent, shall receive Digital Assets, as applicable, in exchange for its delivery of Shares.

"**Initial Creation**" shall mean the initial creation of Shares pursuant to the provisions of Section 2.01 hereof.

"**New York Business Day**" shall mean a day (other than a Saturday, Sunday or a public holiday in New York) on which commercial banks generally are open for the transaction of business in New York.

"**Order**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Order Cutoff Time**" shall mean the time by which a Purchase Order or Redemption Order must be placed with the Transfer Agent to be deemed received on a particular Business Day. For In-Kind Purchase Orders and In-Kind Redemption Orders, the Order Cutoff Time is 3:59:59 p.m. (New York time) on any Business Day. For Cash Purchase Orders or Cash Redemption Orders, the Order Cutoff Time is 1:59:59 p.m. (New York time) on any Business Day unless the Sponsor determines, in its sole discretion, to designate an earlier Order Cutoff Time, in which case such alternative Order Cutoff Time shall be communicated by the Sponsor to the Authorized Participant in writing by 9:29:29 am (New York time) on any Business Day.

"**Order Date**" shall mean the Business Day upon which a Purchase Order or Redemption Order shall be deemed to be "accepted" by the Transfer Agent.

"**Person**" shall mean any natural person or any limited liability company, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Procedures**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Prospectus**" or "**Prospectuses**" means the current prospectus for the Shares of the relevant Trust included in its effective registration statement for such Shares (the "**Registration Statement**"), as supplemented or amended from time to time.

"**Purchase Order**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Redemption Order**" shall have the meaning ascribed to it in Section 1 of the Authorized Participant Agreement.

"**Required Cash Amount"** shall mean an amount of U.S. dollars equal to the Basket Amount multiplied by the Benchmark Price on any Order Date plus any transaction costs or less any transaction costs, in the case of a Purchase Order or Redemption Order, respectively.

"**Shares**" means Shares issued by the Trust pursuant to the provisions of the Trust Agreement and as registered with the SEC under the 1933 Act.

"**Sponsor**" shall mean Bitwise Investment Advisers, LLC, a Delaware limited liability company.

"**Sponsor Indemnified Party**" shall have the meaning ascribed to such term in Section 6.01.b of the Standard Terms.

"**Transfer Agent**" shall mean Bank of New York Mellon, a New York banking corporation, in its capacity as transfer agent of the Trust, and any successor thereto in compliance with the provisions thereof.

"**Trustee**" shall mean Delaware Trust Company, a Delaware trust company, in its capacity as Trustee under the Trust Agreement, and any successor thereto in compliance with the provisions thereof.

"**Trust**" means the Bitwise Hyperliquid ETF, a Delaware statutory trust.

"**Trust Agreement**" shall have the meanings ascribed to them in the introductory paragraph of the Authorized Participant Agreement.

Section 1.02. <u>Interpretation</u>. In these Procedures:

Unless otherwise indicated, all references to Sections, clauses, paragraphs, schedules or exhibits, are to Sections, clauses, paragraphs, schedules or exhibits in or to these Procedures.

To the extent that term(s) defined in Section 1.01 apply to the Trust and the Trust has not commenced operations as of any relevant date, such term(s) shall not be operative and any provisions relating to the Trust and its Shares contained in the Authorized Participant Agreement shall have no effect until such Trust commences operations and the Trust Agreement and applicable Custodian Agreement have been executed and delivered whereupon such terms and provisions shall become automatically operative and effective without any further action by the parties to the Authorized Participant Agreement.

The words "hereof", "herein", "hereunder" and words of similar import shall refer to these Procedures as a whole, and not to any individual provision in which such words may appear.

A reference to any statute, law, decree, rule, regulation or other applicable norm shall be construed as a reference to such statute, law, decree, rule, regulation or other applicable norm as re-enacted, re-designated or amended from time to time.

A reference to any agreement, instrument or document shall be construed as a reference to such agreement, instrument or document as the same may have been amended from time to time in compliance with the provisions thereof.

Whenever in these Procedures a Person is permitted or required to make a decision or take an action or omit to do any of the foregoing (i) in its "sole and absolute discretion" or "discretion" or that it deems "necessary or appropriate" or "necessary or advisable" or under a similar grant of authority or latitude, such Person will be entitled to consider such interests and factors, including its own interests, as it desires, and unless required by applicable law, rule or regulation, will have no duty or obligation to consider any other interests or factors affecting the Trust, any Authorized Participant or any other Person or to seek the consent of any Person.

A reference to or contemplation of any delivery (or non-delivery) of digitals assets by the Authorized Participant or to the Authorized Participant in this Agreement, shall be construed to include delivery (or non-delivery) by the Intermediary or to the Intermediary, on behalf of the Authorized Participant, in each case, as the context requires to effectuate the Authorized Participant's designation of the Intermediary in accordance with Section 1(c) of the Agreement.

ARTICLE II<br>CREATION PROCEDURES

Section 2.01. <u>Initial Creation of Shares</u>. The initial creation of Shares of the Trust will take place in compliance with such procedures as the Transfer Agent, the Sponsor and the initial Depositor may agree.

Section 2.02. <u>Subsequent Creation of Shares</u>. After the Initial Creation, the issuance and Delivery of Shares shall take place only in integral numbers of Baskets in compliance with the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized Participants wishing to acquire from the Trust one or more Baskets shall place a Purchase Order with the Transfer Agent no later than the Order Cutoff Time. Purchase Orders received by the Transfer Agent on or after the Order Cutoff Time on a Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For purposes of Section 2.02a. above, a Purchase Order shall be deemed "received" by the Transfer Agent only when either of the following has occurred no later than the Order Cutoff Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Telephone/fax Order — An Authorized Representative shall have placed a telephone call to the Trust's Creation and Redemption Line and has received an Order Number from the Transfer Agent for insertion in the Purchase Order, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Web-based Order — An Authorized Representative shall have accessed the Trust's online services (nexen.bnymellon.com), and informed the Transfer Agent that the Authorized Participant wishes to place a Purchase Order for a specified number of Baskets and, in the case of a telephone order, within 30 minutes following such telephone call the Transfer Agent shall have received a properly completed, irrevocable Purchase Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile or email at the number or address specified in such Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Transfer Agent shall provide a written summary to the Sponsor and the Custodian of all accepted Purchase Orders for such Order Date no later than 6:30 p.m. (New York time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d. As soon as reasonably practicable following receipt of a properly completed Purchase Order, but not later than 6:30 p.m. (New York time) on the Order Date for such Purchase Order, the Transfer Agent shall send to the Authorized Participant (with copy to the Sponsor and the Custodian, via facsimile or electronic mail message, a copy of the corresponding Purchase Order endorsed "Accepted" by the Transfer Agent and indicating the Basket Amount (in the case of an In-Kind Purchase Order) or Required Cash Amount (in the case of a Cash Purchase Order) that the Authorized Participant shall Deliver (or cause to be Delivered) to the Custodian (in the case of an In-Kind Purchase Order) or Transfer Agent (in the case of a Cash Purchase Order) in respect of each Basket. Prior to the transmission of the Transfer Agent's acceptance as specified above, a Purchase Order will only represent the Authorized Participant's unilateral offer to Deliver, or cause to be Delivered, the Basket Amount or Required Cash Amount, as applicable, in exchange for Baskets of Shares and will have no binding effect upon the Trust or any other party. Following the transmission of the Transfer Agent's acceptance as specified above, a Purchase Order will be a binding agreement among the Trust and the Authorized Participant for the Creation and purchase of Baskets of Shares and the deposit of the Basket Amount or Required Cash Amount pursuant to the terms of the Purchase Order and these Procedures unless cancelled, including due to a Digital Asset Delivery Failure. If a Purchase Order is rejected, the Transfer Agent shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 6:30 p.m. (New York time) on the Order Date for such Purchase Order, a copy of the corresponding Purchase Order endorsed "Declined" by the Transfer Agent and indicating the reason. The preceding sentence notwithstanding, Purchase Orders received before the Order Cutoff Time for an Order Date and not accepted by the Transfer Agent by 6:30 p.m. (New York time) on the Order Date shall be deemed cancelled. A Purchase Order which is not accepted by the Transfer Agent and is determined by the Transfer Agent not to be properly completed will be deemed invalid and rejected by the Transfer Agent; the Authorized Participant may submit a corrected Purchase Order within the time period specified in Section 1.09 of the Standard Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Each Purchase Order shall settle on the Business Day following the Order Date. For In-Kind Purchase Orders, the Basket Amount corresponding to each Basket must be Delivered to the Custodial Account no later than 3:00 p.m. (New York time) on the Business Day following the Order Date; **provided, however,** the Sponsor may, in its sole discretion, extend such deadline to accommodate delays or disruptions on, as applicable, any relevant Digital Assets Network For Cash Purchase Orders, although the Required Cash Amount corresponding to each Basket must be deposited with the Transfer Agent no later than 3:00 p.m. (New York time) on the Business Day following the Order Date. If after extension of the deadline for Delivery for more than 10 Business Days from the originally scheduled settlement date, the Purchase Order shall be deemed cancelled and the Trust shall return the Required Cash Amount and all other consideration and Deposit Payments received in respect to such Purchase Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. For In-Kind Purchase Orders, the Custodian shall advise the Sponsor in writing of the Deliveries made to the Custodial Account in connection with each In-Kind Purchase Order. For Cash Purchase Orders, the Transfer Agent shall advise the Sponsor in writing of the Required Cash Amount deposits made to the Transfer Agent in connection with each Cash Purchase Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. On the Business Day following the Order Date corresponding to a Purchase Order, or on such earlier date and time as the Sponsor in its absolute discretion may agree with the Authorized Participant, the Trust shall issue the aggregate number of Shares corresponding to the number of Baskets ordered by the Authorized Participant and Deliver them, by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order, provided that, on the date such issuance and Delivery is to take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an In-Kind Purchase Order, the Custodian shall have reported in writing to the Sponsor, and the Sponsor shall have reported to the Transfer Agent that the Basket Amount has been Delivered to the Custodial Account in compliance with the provisions of Section 2.02e. above and the Authorized Participant shall have paid the Transfer Agent the per order transaction fee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of a Cash Purchase Order, the Authorized Participant shall have paid the Transfer Agent the Required Cash Amount and a per order transaction fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In all other cases, the Trust shall issue the aggregate number of Shares corresponding to the number of Baskets ordered by the Authorized Participant and deliver them by credit to the account at DTC which the Authorized Participant shall have identified for such purpose in its Purchase Order on the Business Day following the date on which the conditions set forth in either clause (i) or (ii) of Section 2.02g. above shall have been met. In the event that on the Business Day following the Order Date of a Purchase Order, in the case of an In-Kind Purchase Order, the Basket Amount shall not have been Delivered to the Custodial Account, or, in the case of a Cash Purchase Order, the Required Cash Amount shall not have been Delivered to Transfer Agent, in compliance with the provisions of section 2.02e. above, the Sponsor shall notify the Authorized Participant of such failure and the Authorized Participant shall have two (2) Business Days to correct such failure. If such failure is not cured within such two (2) Business Day period, the Sponsor shall direct the Transfer Agent to cancel such Purchase Order and will send via electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all direct, reasonable costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Order (excluding any costs incurred to replace the Order with another authorized participant, hedging costs or any incidental or consequential damages) and shall reimburse such Persons for the same to the extent paid by such Persons subject to the prompt return to the Authorized Participant or Intermediary, as applicable, of all cash, Digital Assets and shares delivered to the Trust or its service providers in connection with the cancelled Order; **provided,** for the avoidance of doubt, that any obligation of an Authorized Participant to bear costs pursuant to this sentence shall not affect such Authorized Participant's indemnification obligations and limitation of liability under these Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable (including for costs) resulting from any failure or delay to Deliver any portion of a Deposit Payment and none of the Trust, the Sponsor, the Transfer Agent, the Custodian, the Authorized Participant shall be liable for any failure or delay in making Delivery of Shares or any Digital Assets, as applicable, in respect of a Purchase Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy, internet and computer failures, act of God such as fires, floods, extreme weather conditions, pandemics, market conditions or activities causing trading halts, delays, systems failures involving computer, network, blockchain or other information systems affecting the Trust, the Transfer Agent, the Sponsor or the Custodian and similar extraordinary events beyond their control. In the event of any such delay, the time to complete Delivery in respect of a Purchase Order will be extended for a period equal to that during which the inability to perform continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Except as provided in Sections 2.02d., 2.02f. and 2.02h., none of the Trust, the Transfer Agent, the Sponsor, or the Custodian are under any duty to give notification of any defects or irregularities in any Purchase Order or the delivery of the Basket Amount or Required Cash Amount, as applicable, and shall not incur any liability for the failure to give any such notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Purchase Orders may be rejected under the circumstances specified in the applicable Prospectus.

Section 2.02.(I) <u>Staking; Settlement Flexibility.</u>

The Sponsor may stake a portion of the Hyperliquid ETF's HYPE. Creations and redemptions will not require unstaking. If in-kind settlement is impracticable or inadvisable due to staking activation/deactivation, validator or custodian constraints, or a network disruption, the Sponsor may require cash settlement (in whole or in part) and adjust the Required Cash Amount to reflect reasonable conversion and network costs. Staking rewards (net of fees/slashing) belong solely to the Trust and are reflected in NAV; the Authorized Participant has no entitlement to any pending or undistributed rewards. Any slashing or missed rewards impact the Trust through NAV and do not give rise to separate compensation.

Section 2.03. <u>Provenance of Digital Asset Deposits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized Participant represents and warrants that any Digital Asset it Delivers (or causes to be Delivered) to the Custodial Account in connection with an In-Kind Purchase Order shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be Delivered free and clear of any lien, pledge, encumbrance, right, charge or claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not have been acquired by the Authorized Participant or any Intermediary facilitating such delivery as part of an employee compensation plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) be Delivered by a Person duly authorized by the Authorized Participant to make such deposit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) be Delivered by it or another Person that or who has been vetted by the Authorized Participant pursuant to policies and procedures reasonably designed to ensure that the Digital Asset was not be derived from, or related to, any activity that is deemed criminal under the United States law, including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Authorized Participant shall cooperate, and use its reasonable efforts to cause any Intermediary facilitating delivery of the relevant Digital Asset on its behalf to cooperate, with the Sponsor and the Transfer Agent in respect of any reasonable request for information regarding such the Authorized Participant's or Authorized Participant Client's (as applicable) cost basis in such Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Authorized Participant acknowledges that the Sponsor or the Transfer Agent may, but is not required to, facilitate a compliance review relating to the applicable Digital Asset Delivered to the Custodial Account in connection with a Purchase Order and, to the extent that such compliance review results in an inquiry in respect of the provenance of such Digital Asset, the Sponsor or Transfer Agent may make inquiries of the Authorized Participant or reject such deposit of such Digital Asset.

ARTICLE III<br>REDEMPTION PROCEDURES

Section 3.01. Redemption of Shares. Redemption of Shares shall take place only in integral numbers of Baskets in compliance with the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized Participants wishing to redeem one or more Baskets on their own behalf or for an Authorized Participant Client shall place a Redemption Order with the Transfer Agent no later than the Order Cutoff Time on any Business Day. Redemption Orders received by the Transfer Agent on or after the Order Cutoff Time on any Business Day shall be considered received at the opening of business on the next Business Day and shall have as their Order Date such next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For purposes of Section 3.01a. above, a Redemption Order shall be deemed "received" by the Transfer Agent only when either of the following has occurred no later than the Order Cutoff Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Telephone/fax Order — An Authorized Representative shall have placed a telephone call to the Trust's Creation and Redemption Line and has received an Order Number from the Transfer Agent for insertion in the Redemption Order, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Web-based Order — An Authorized Representative shall have accessed the Trust's online services (nexen.bnymellon.com) and informed the Transfer Agent that the Authorized Participant wishes to place a Redemption Order for a specified number of Baskets for itself or for an Authorized Participant Client and, in the case of a telephone order, within 30 minutes following such telephone call the Transfer Agent shall have received a duly completed, irrevocable Redemption Order in the form set out in Annex I to these Procedures executed by an Authorized Representative of such Authorized Participant, via facsimile at the number specified in such Annex I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Transfer Agent shall provide a written summary to the Sponsor and the Custodian of all accepted Redemption Orders for such Order Date no later than 6:30 p.m. (New York time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Upon receipt of a properly completed Redemption Order, the Transfer Agent shall send to the Authorized Participant (with copy to the Custodian), via facsimile or electronic mail message, as soon as reasonably practicable, but not later than 6:30 p.m. (New York time) on the Order Date for such Redemption Order a copy of the corresponding Redemption Order endorsed "Accepted" by the Transfer Agent and, in the case of an In-Kind Redemption Order, indicating the Basket Amount that the Custodian shall Deliver to the Authorized Participant (or its Authorized Participant Client), or in the case of a Cash Redemption Order, the Required Cash Amount that the Transfer Agent shall deliver to the Authorized Participant, in respect of each Basket being redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Transfer Agent shall, on the Business Day following the Order Date of a Redemption Order, make available to the Sponsor information regarding whether the Authorized Participant has Delivered to the Trust's account the total number of Shares to be redeemed by such Authorized Participant pursuant to such Redemption Order and has paid the Transfer Agent a per order transaction fee in the published amount*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Provided that the Sponsor has reviewed information from the Transfer Agent that the conditions set forth in Section 3.01e. above have been satisfied, the Sponsor shall, on the same Business Day – or as otherwise agreed by the parties - : (1) in the case of an In-Kind Redemption Order, Deliver, through the Custodian, the Basket Amount specified in the communication sent in compliance with Section 3.01c and 3.01d. above, to the relevant Digital Asset Network address indicated by the Authorized Participant for itself or the Authorized Participant Client in its Redemption Order; or (2) in the case of a Cash Redemption Order, the Transfer Agent shall distribute to the Authorized Participant or the Authorized Participant Client, in accordance with the instructions of the Authorized Participant, the Required Cash Amount. In the case of an In-Kind Redemption Order, the relevant Digital Asset Network address indicated by the redeeming Authorized Participant shall be properly formatted and in the control of the Authorized Participant or its Authorized Participant Client for receipt of Digital Assets, as applicable. As between the Trust, Transfer Agent, Sponsor and Custodian, on the one hand, and the Authorized Participant (and the Authorized Participant Client and any of their agents, intermediaries or designees) on the other hand, the Authorized Participant (on its behalf and on behalf of the Authorized Participant Client) shall be solely responsible for delivery to the Transfer Agent of the correct Digital Assets Network address for receipt of the Basket Amount. Having caused such Delivery, the Custodian shall send written confirmation thereof to the Sponsor, and the Sponsor shall deliver to the Transfer Agent who shall then cancel the Shares so redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In all other cases involving an In-Kind Redemption Order, Delivery must be completed by the Custodian as soon as, in the reasonable judgment of the Custodian, it is practicable following receipt of written confirmation from the Transfer Agent that the conditions set forth in Section 3.01e. above have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The foregoing provisions notwithstanding, none of the Authorized Participant, the Trust, the Transfer Agent, the Sponsor, or the Custodian shall be liable for any failure or delay in making Delivery of Digital Assets or the Required Cash Amount or the Shares in respect of a Redemption Order arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, act of God such as fires, floods, extreme weather conditions, pandemics, market conditions or activities causing trading halts, delays, systems failures involving computer, network, blockchain or other information systems affecting the Trust, the Transfer Agent, the Sponsor or the Custodian and similar extraordinary events beyond any of their control. Notwithstanding the foregoing, the Trust, Transfer Agent, Sponsor and Custodian shall be responsible for malfunctions in the operations of their and their designee's systems and operations within their reasonable control. Each of the Trust, Transfer Agent, Sponsor and Custodian agrees to maintain its systems and controls in good repair and to maintain at all times reasonable cyber security software and other protections against misappropriation, misuse, destruction or corruption of information and data relating to the Authorized Participant and any Authorized Participant Client. Furthermore, the Trust, the Transfer Agent, the Sponsor or the Custodian shall not be liable to the Authorized Participant or vice versa for any delay or cancellation of a Redemption Order due to a technical or security issue relating to the any Digital Assets Network or the Custodian's security system or a hard fork of any Digital Assets Network. In the event of any such delay, the time to complete Delivery in respect of a Redemption Order will be extended for a period equal to that during which the inability to perform continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In the event that on the Business Day following the Order Date of a Redemption Order – or as otherwise agreed by the parties-, the Trust's account at DTC shall not have been credited with the total number of Shares corresponding to the total number of Baskets to be redeemed pursuant to such Redemption Order the Sponsor shall notify the Authorized Participant of such failure and the Authorized Participant shall have two (2) Business Days to correct such failure. If such failure is not cured within such two (2) Business Day period, the Sponsor shall direct the Transfer Agent to cancel such Redemption Order and will send electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely responsible for all direct, reasonable costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Redemption Order unless the cause of the failure of the Trust's account at DTC to be credited was caused by the gross negligence or willful misconduct of the Trust, the Sponsor, the Transfer Agent or the Custodian, including, without limitation, provision of inaccurate settlement instructions, in which case, the entity that provided the inaccurate instructions shall be liable for all costs actually incurred resulting from the cancelled Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Upon cancellation of an Order, all Deposit Payments Delivered by the Authorized Participant or Intermediary to the Trust or any service provider to the Trust shall be returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The redemption of Shares may be suspended or rejected under the circumstances specified in the applicable Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. For the avoidance of doubt, redemptions are subject to Section 2.02(l).

*[Signatures Follow on Next Page]*

 

**IN WITNESS WHEREOF**, the Trust, the Sponsor and the Transfer Agent have executed these Creation and Redemption Procedures as of the date set forth above.

BITWISE HYPERLIQUID ETF

By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Hyperliquid ETF

By:   <br> Name: <br> Title:

BITWISE INVESTMENT ADVISERS, LLC

By:   <br> Name: <br> Title:

THE BANK OF NEW YORK MELLON, in its capacity as Transfer Agent

By:   <br> Name: <br> Title:

*Signature page to Creation and Redemption Procedures*

ANNEX I TO CREATION AND REDEMPTION PROCEDURES

**BITWISE** **HYPERLIQUID ETF** 

**CREATION/REDEMPTION ORDER FORM**<br>

CONTACT INFORMATION FOR ORDER EXECUTION:

Telephone order number: Fax order number:

Authorized Participant must complete all items in Part 1. The Transfer Agent in its discretion may reject any order not submitted in proper form.

**I. TO BE COMPLETED BY AUTHORIZED PARTICIPANT:**

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| | |
|:---|:---|
| Date:_____________________________ | Time:__________________________________________ |
| Broker Name:______________________ | Authorized Participant Firm Name:__________________ |
| DTC Participant Number:_____________ | Fax Number:____________________________________ |
| Telephone Number:_________________ | Symbol:________________________________________ |

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Type of order (Check Creation or Redemption and Cash or In-Kind please)

Creation:_________________________ Redemption:____________________________________ <br> Cash:_________________________ In-Kind:____________________________________

# of Creation Units:______________________ Number of Creation Units written out:________________

Order #__________________________

If utilizing an Intermediary to facilitate delivery of Digital Assets or the receipt of Digital Assets, please identify:

Digital Asset to be delivered or received: ____________________________

Intermediary Name:______________________ Contact Person Name:__________________

Telephone Number:_________________ Email:________________________________________

Digital Assets Network Address for each Digital Asset receipt/delivery:____________________________________________

This Purchase or Redemption Order is subject to the terms and conditions of the Trust Agreement of the Shares of the Trust as currently in effect and the Authorized Participant Agreement between the Authorized Participant, the Trust and the Sponsor. All representations and warranties of the Authorized Participant set forth in such Trust Agreement (including, if this is a Purchase Order, the representations in the Authorized Participant Agreement are incorporated herein by reference and are true and accurate as of the date hereof.

The undersigned does hereby certify as of the date set forth below that he/she is an Authorized Representative under the Authorized Participant Agreement and that he/she is authorized to deliver this Purchase or Redemption Order to the Transfer Agent on behalf of the Authorized Participant. The Authorized Participant acknowledges and agrees that (1) once accepted by the Transfer Agent, this Purchase or Redemption Order will become a legally binding contract for the delivery by the Authorized Participant of the Basket Amount per Basket for a Purchase Order, or the number of Baskets for a Redemption Order, indicated above, and that the final Basket Amount will be announced at the conclusion of the trading day and, (2) any taxes incurred in connection with this transaction will be the responsibility of, and will be reimbursed upon demand from the Trust, the Transfer Agent, the Sponsor or the Custodian by, the Authorized Participant if required pursuant to the Authorized Participant Agreement.

____________________________________________ ____________________ <br> Authorized Representative's Signature Date

**II. TO BE COMPLETED BY TRANSFER AGENT:**

This certifies that the above order has been:

_______________Accepted by the Transfer Agent

_______________Declined-

Reason:____________________________________________________

____________________________________________________

Type of Digital Asset: _________________

Final # of each Digital Asset: _________________

Final # of Shares: _________________

Final Cash Due to Transfer Agent _______________

________ ________ _________________________________ <br> Date Time Authorized Signature of Transfer Agent

ANNEX II TO CREATION AND REDEMPTION PROCEDURES

<br> ORDER ENTRY SYSTEM TERMS AND CONDITIONS

This Annex II shall govern use by Authorized Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders for Shares (the "**System**"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in Schedule 1 of the Authorized Participant Agreement. In the event of any conflict between the terms of this Annex II and the main body of the Authorized Participant Agreement with respect to the placing of Purchase Orders and Redemption Orders, the terms of this Annex II shall control.

1. (a) Authorized Participant shall provide to The Bank of New York Mellon a duly executed authorization letter, in a form satisfactory to The Bank of New York Mellon, identifying those authorized persons who will access the System (the "**Authorized Persons**"). Authorized Participant shall notify The Bank of New York Mellon in writing in the event that any person's status as an Authorized Person is revoked or terminated as soon as possible, in order to give The Bank of New York Mellon a reasonable opportunity to terminate such Authorized Person's access to the System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for the purpose of the Authorized Participant Agreement. Upon termination of the Authorized Participant Agreement, the Authorized Participant's and each Authorized Person's access rights with respect to System shall be immediately revoked.

2. The Bank of New York Mellon grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Purchase Orders and Redemption Orders and otherwise communicating with The Bank of New York Mellon in connection with the same. Authorized Participant shall use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that The Bank of New York Mellon and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by The Bank of New York Mellon or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without The Bank of New York Mellon's prior written consent. Authorized Participant may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon The Bank of New York Mellon's request. The Bank of New York Mellon agrees to maintain its System in good repair and to maintain at all times robust cyber security software and protections to prevent unauthorized access, destruction, corruption or misuse of the information submitted by Authorized Participant through the System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively, the "**Material**"), which is delivered or made available to Authorized Participant regarding the System is the exclusive and confidential property of The Bank of New York Mellon. Authorized Participant shall keep the Material confidential by using the same care and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized Participant to use the System and shall reproduce The Bank of New York Mellon's proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply to all Material whether or not copyrighted. THE BANK OF NEW YORK MELLON AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of the Authorized Participant Agreement for any reason, upon the request of The Bank of New York Mellon, Authorized Participant shall return to The Bank of New York Mellon all copies of the Material which is in Authorized Participant's possession or under its control.

4. Authorized Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of The Bank of New York Mellon. The Bank of New York Mellon shall be entitled to rely on the information received by it from the Authorized Participant and The Bank of New York Mellon may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was actually transmitted.

5. The Bank of New York Mellon shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder, except for damages incurred by the Authorized Participant as a direct result of The Bank of New York Mellon's gross negligence or willful misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL THE BANK OF NEW YORK MELLON OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF THE BANK OF NEW YORK MELLON OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE BANK OF NEW YORK MELLON OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S REASONABLE CONTROL.

6. The Bank of New York Mellon reserves the right to revoke Authorized Participant's access to the System immediately and without notice upon any breach by the Authorized Participant of the terms and conditions of this Annex II.

7. The Bank of New York Mellon shall acknowledge through the System its receipt of each Purchase Order or Redemption Order communicated through the System, and in the absence of such acknowledgment The Bank of New York Mellon shall not be liable for any failure to act in accordance with such orders and Authorized Participant may not claim that such Purchase Order or Redemption Order was received by The Bank of New York Mellon. The Bank of New York Mellon may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by The Bank of New York Mellon in sufficient time for The Bank of New York Mellon to act upon, or in accordance with such instructions or communications.

8. Authorized Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or attempt to interfere with the proper working of the Systems.

9. Authorized Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. Authorized Participant agrees that The Bank of New York Mellon may deactivate any encryption features at any time, without notice or liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

**SCHEDULE 2- STANDARD TERMS**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| ARTICLE I ORDERS FOR PURCHASE AND REDEMPTION | 1 |
| Section 1.01. Authorization to Purchase and Redeem Baskets | 1 |
| Section 1.02. Procedures for Orders | 1 |
| Section 1.03. Consent to Recording | 1 |
| Section 1.04. Irrevocability | 1 |
| Section 1.05. Costs and Expenses | 2 |
| Section 1.06. Delivery of Property to the Trust | 2 |
| Section 1.07. Title to Deposit Property and Shares Surrendered for Redemption | 3 |
| Section 1.08. Certain Payments or Distributions | 3 |
| Section 1.09. Ambiguous Instructions | 4 |
| <br> ARTICLE II AUTHORIZED REPRESENTATIVES | 5 |
| Section 2.01. Certification | 5 |
| Section 2.02. PIN Numbers | 5 |
| Section 2.03. Termination of Authority | 6 |
| Section 2.04. Verification | 6 |
| ARTICLE III AUTHORIZED PARTICIPANT REPRESENTATIONS, WARRANTIES AND COVENANTS | 6 |
| Section 3.01. Entity Status | 6 |
| Section 3.02. Outstanding Legal Matters | 6 |
| Section 3.03. Compliance with Certain Laws | 7 |
| Section 3.04. Clearing Status | 7 |
| Section 3.05. Broker-Dealer Status | 7 |
| Section 3.06. Foreign Status | 7 |
| Section 3.07. Compliance with Certain Laws | 7 |
| Section 3.08. Authorized Participant Status | 7 |
| Section 3.09. [Reserved] | 8 |
| Section 3.10. Money Laundering and Similar Activities | 8 |
| Section 3.11. Authorized Participant Status | 8 |
| Section 3.12. Authorized Participant Clients | 8 |
| Section 3.13. Sponsor Compliance with Certain Laws | 8 |
| Section 3.14. Registration Statement | 8 |
| ARTICLE IV ROLE OF AUTHORIZED PARTICIPANT | 9 |
| Section 4.01. No Agency | 9 |
| Section 4.02. Rights and Obligations of DTC Participant | 9 |
| Section 4.03. Beneficial Owner Communications | 9 |
| Section 4.04. Authorized Participant Customer Information | 9 |
| ARTICLE V MARKETING MATERIALS AND REPRESENTATIONS AND WARRANTIES | 10 |
| Section 5.01. Authorized Participant's Representation | 10 |
| Section 5.02. Prospectus | 10 |
| Section 5.03. Representations of the Trust |  |
| Section 5.04. Use of Authorized Participant's Name |  |
| ARTICLE VI INDEMNIFICATION; LIMITATION OF LIABILITY | 11 |
| Section 6.01. Indemnification | 11 |
| ARTICLE VII LIABILITY PROVISIONS | 13 |
| Section 7.01. No Special Damages | 13 |
| Section 7.02. Force Majeure | 14 |
| Section 7.03. Reliance on Instructions | 14 |
| Section 7.04. Limited Liability | 14 |
| ARTICLE VIII MISCELLANEOUS | 14 |
| Section 8.01. Commencement of Trading | 14 |
| Section 8.02. Defined Terms | 14 |

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i

**STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS** (the "**Standard Terms**") agreed to as of [xxx] 2025 by and between [xxx] the "Authorized Participant"), Bitwise Hyperliquid ETF (the "**Trust**"), The Bank of New York Mellon, a New York banking corporation (the "**Transfer Agent**"), and Bitwise Investment Advisers, LLC, a Delaware limited liability company (the "**Sponsor**").

ARTICLE I

ORDERS FOR PURCHASE AND REDEMPTION

Section 1.01. <u>Authorization to Purchase and Redeem Baskets</u>. Subject to the provisions of the Authorized Participant Agreement, during the term of the Authorized Participant Agreement the Authorized Participant will be authorized to purchase and redeem Baskets of Shares in compliance with the provisions of the relevant Prospectus.

Section 1.02. <u>Procedures for Orders</u>. Each party hereto agrees to comply with the provisions of the relevant Prospectus, the Procedures, and these Standard Terms to the extent applicable to it.

Section 1.03. <u>Consent to Recording</u>. The phone lines or chat software used by the Transfer Agent, the Sponsor and/or their affiliated persons may be recorded, and the Authorized Participant hereby consents to the recording of all calls or chats with any of those parties. In the event that the Transfer Agent, the Sponsor or any of their affiliated persons becomes legally compelled to disclose to any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable advance written notice identifying the recordings to be so disclosed unless prohibited by applicable rule, regulatory request, law or order, together with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained or the Authorized Participant waives its right to seek such protective order or remedy, the Sponsor will use commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the recorded conversation. The Transfer Agent, the Sponsor or any of their affiliated persons shall not otherwise disclose to any third party any recording involving communications with the Authorized Participant without the Authorized Participant's express written consent, except the Transfer Agent and the Sponsor may disclose to any regulatory or self-regulatory organization, to the extent requested or required by applicable rule or law, any recording involving communications with the Authorized Participant.

Section 1.04. <u>Irrevocability; Cancellation</u>. The Authorized Participant agrees that delivery to the Transfer Agent of an Order shall be irrevocable; provided that the Trust will reject any Order that is not properly completed. In the event that the purchase or redemption of Baskets is suspended by the Transfer Agent or the Sponsor or a Force Majeure event (defined below) occurs so that such purchase or redemption becomes impossible or impractical and such suspension or Force Majeure event affects any Order submitted by the Authorized Participant, the Transfer Agent or Sponsor, as applicable, will promptly notify the Authorized Participant of such suspension. In such case, the Sponsor agrees to undertake commercially reasonable efforts to accommodate any request by the Authorized Participant to cancel a previously placed Order. The parties agree such cancellation will not result in any liability to either the Authorized Participant or the Trust or Sponsor for buy-in costs, consequential damages or other losses, provided that, in the event the cancellation was caused by a failure to Deliver a Deposit Payment by the Authorized Participant or any person represented by it, then the Authorized Participant shall be responsible for paying to the Trust direct, reasonable costs incurred due to the failure in Delivery.

Section 1.05. <u>Costs and Expenses</u>. Except as otherwise set forth in this Agreement, the Procedures or the Trust Agreement, the Authorized Participant shall be responsible for the expenses and costs incurred by the Trust that can be directly attributable to Orders submitted by the Authorized Participant other than ordinary course expenses and costs which are reimbursed through payment of the fee contemplated in Section 2.02(g) of the Procedures or expenses or costs incurred due to the gross negligence or willful malfeasance of the Trust or any service provider to the Trust. The Transfer Agent or the Sponsor shall provide the Authorized Participant with reasonably detailed information relating to such expenses and costs (as well as those described above in connection with cancellation of an Order) upon request by the Authorized Participant.

Section 1.06. <u>Delivery of Property to the Trust and Shares Surrendered for Redemption</u>. The Authorized Participant understands and agrees that in the event Deposit Property is not transferred to the Trust by the time specified for the Purchase Order, or Shares are not delivered to the Trust by the time specified for the Redemption Order and, in each such case, in compliance with the Procedures and the relevant Prospectus, the Purchase Order or Redemption Order will be cancelled by the Transfer Agent and the Authorized Participant will be solely responsible for all direct, reasonable costs incurred by the Trust, the Transfer Agent, the Sponsor or the Custodian related to the cancelled Order (excluding any costs incurred to replace the Order with another authorized participant, hedging costs or any incidental or consequential damages). The Authorized Participant will not, however, be responsible for costs incurred by the Trust, the Transfer Agent, the Sponsor, or the Custodian related to cancelled Orders where the failure to transfer Deposit Property to the Trust is due to the gross negligence, bad faith, or reckless or willful misconduct of the Transfer Agent, the Sponsor, or the Custodian. The foregoing provisions notwithstanding, the Authorized Participant shall not be liable for any failure or delay in making Delivery of Deposit Property in respect of a Purchase Order or for any failure or delay in surrendering Shares for redemption arising from nuclear fission or fusion, radioactivity, war, terrorist event, invasion, insurrection, civil commotion, riot, strike, act of government, public authority, public service or utility problems, power outages resulting in telephone, telecopy and computer failures, acts of God, such as fires, floods, extreme weather conditions, pandemic market conditions or activities causing trading halts, delays systems failures involving computer, network, blockchain or other information systems affecting the Authorized Participant, or similar extraordinary events beyond the Authorized Participant's control (a "Force Majeure event"). Furthermore, the Authorized Participant shall not be liable for any failure or delay in making Delivery of Deposit Property that results from the Custodian halting deposits or the Authorized Participant or any person represented by the Authorized Participant being unable to (or reasonably determining that it should not, for security or illegality reasons, attempt) Deliver Digital Assets due to a technical or security issue relating to, as applicable, each Digital Assets Network or a hard fork of any Digital Assets Network. In the event of any such delays, the time to complete Delivery in respect of a Purchase Order or Redemption Order will be extended for a period equal to that during which the inability to perform continues; provided that the Order shall be deemed cancelled on the first Business Day occurring after an extension has continued for ten Business Days. The Trust, the Transfer Agent, and the Sponsor agree, upon cancellation of an Order, promptly to return or cause to be returned to the Authorized Participant all Deposit Payments and other assets Delivered by the Authorized Participant or any person represented by the Authorized Participant in connection with the cancelled Order to the Authorized Participant or, in the case of Digital Assets, to return such Digital Assets to the account or wallet address of the Authorized Participant Client or other person represented by the Authorized Participant in connection with such Order.

Section 1.07. <u>Title to Deposit Property and Shares Surrendered for Redemption</u>. The Authorized Participant represents and warrants to the Trust, the Transfer Agent and the Sponsor, on behalf of itself and as to each Authorized Participant Client, as applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in connection with each Purchase Order, the Authorized Participant or the Authorized Participant Client, as applicable, will have the right and authority to transfer to the Trust the corresponding Deposit Property, and that upon delivery of such Deposit Property to the Custodian or Transfer Agent, as applicable, in accordance with the Procedures, the Trust will acquire good and unencumbered title to such property, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims or transferability restrictions, whether arising by operation of law or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in connection with a Redemption Order, the Authorized Participant or the Authorized Participant Client, as applicable, will have the right and authority to surrender to the Trust for redemption the corresponding Shares, and upon such surrender the Trust will acquire good and unencumbered title to such Shares, free and clear of all liens, charges, duties imposed on the transfer of assets and encumbrances and not subject to any adverse claims, transferability restrictions (whether arising by operation of law or otherwise), loan, pledge, repurchase or securities lending agreements or other arrangements which, under such circumstances, would preclude the delivery of such Shares to the Trust on the settlement date for the Order Date.

Section 1.08. <u>Certain Payments or Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. With respect to any Purchase Order, the Transfer Agent acknowledges and agrees to return to the Authorized Participant or any Authorized Participant Client for which it is acting any payment, distribution or other amount paid to the Trust in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been paid to the Authorized Participant or any Authorized Participant Client. Likewise, the Authorized Participant acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to the Authorized Participant or any Authorized Participant Client in respect of any Deposit Property transferred to the Trust that, based on the valuation of such Deposit Property at the time of transfer, should have been paid to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. With respect to any Redemption Order, the Authorized Participant on behalf of itself and any Authorized Participant Client acknowledges and agrees to return to the Trust any payment, distribution or other amount paid to it or an Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should have been paid to the Trust. The Trust is entitled to reduce the amount of any property due to the Authorized Participant or any Authorized Participant Client by an amount equal to any payment, distribution or other sum to be paid to the Authorized Participant or to the Authorized Participant Client in respect of any property transferred to the Authorized Participant or any Authorized Participant Client that, based on the valuation of such property at the time of transfer, should be paid to the Trust. If, however, the Trust so reduces an amount of any property appropriately due to the Authorized Participant, the Authorized Participant shall not be required to return to the Trust payments, distributions or other amounts equal to such reduction that has been paid to the Authorized Participant or the Authorized Participant Client as is contemplated in the first sentence of this Section 1.08(b). Likewise, the Trust acknowledges and agrees to return to the Authorized Participant or any Authorized Participant Client any payment, distribution or other amount paid to it in respect of any Shares transferred to the Trust that, based on the valuation of such Shares at the time of transfer, should have been paid to the Authorized Participant or such Authorized Participant Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Sponsor agrees to use commercially reasonable efforts to provide at least five (5) days' prior notice of the Trust's planned treatment of a fork, airdrop, or similar event that will be occurring in the the blockchain of any Digital Asset, which may include (i) disclaiming any new digital asset created; (ii) selling such new digital assets as soon as reasonably practicable and thereafter distributing the cash proceeds to the shareholders; or (iii) distributing the new digital assets in-kind as soon as reasonably practicable to the shareholders or to an agent acting on behalf of the shareholders. The Authorized Participant may contact the Sponsor or its agent, and the Sponsor agrees to use commercially reasonable efforts to respond to the Authorized Participant, to determine if a fork is being selected if the Authorized Participant has determined it is material with respect to its ability to perform under the terms of this Agreement or otherwise conduct its trading activities as an authorized participant in respect of the Shares

Section 1.09. <u>Ambiguous Instructions</u>. In the event that a Purchase Order or Redemption Order contains terms that differ from the information provided in the related telephone call, chat or email transmission, the Transfer Agent will attempt to contact the Authorized Participant to request confirmation of the terms of the order at the telephone number indicated in the Purchase Order or Redemption Order. If an Authorized Representative confirms the terms as they appear in the Purchase Order or Redemption Order, then the order will be accepted and processed. If an Authorized Representative contradicts the terms of the Purchase Order or Redemption Order, the order will be deemed invalid, and a corrected Purchase Order or Redemption Order must be received by the Transfer Agent not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Representative or (ii) thirty (30) minutes after the Order Cutoff Time. For the avoidance of doubt, notwithstanding the invalidation of the initial Purchase Order or Redemption Order pursuant to this paragraph, a Purchase Order or Redemption Order that is otherwise in proper form shall be deemed submitted at the time of its initial submission for purposes of determining when orders are deemed "received." If the Transfer Agent is not able to contact an Authorized Person, then the Purchase Order or Redemption Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that a Purchase Order or Redemption Order contains terms that are illegible, the submission will be deemed invalid and the Transfer Agent will attempt to contact the Authorized Participant to request retransmission. A corrected Purchase Order or Redemption Order must be received by the Transfer Agent, as applicable, not later than the earlier of (i) within fifteen (15) minutes of such contact with the Authorized Participant or (ii) thirty (30) minutes after the Order Cutoff Time.

ARTICLE II

AUTHORIZED REPRESENTATIVES

Section 2.01. <u>Certification</u>. Concurrently with the execution of the Authorized Participant Agreement, the Authorized Participant shall deliver to the Transfer Agent a certificate in a form as attached at Schedule 3 to the Authorized Participant Agreement (an "**Authorized Representative Certificate**") signed by the Authorized Participant's Secretary or other duly authorized person setting forth the names, signatures, e-mail addresses and telephone and facsimile numbers of all persons authorized to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant (each an "**Authorized Representative**"). Such certificate may be accepted and relied upon by the Transfer Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until (i) receipt by the Transfer Agent of a superseding Authorized Representative Certificate, or (ii) termination of the Authorized Participant Agreement. After such Authorized Representative Certificate is accepted by the Transfer Agent, the Authorized Participant may authorize additional Authorized Representatives to give instructions relating to any activity contemplated hereby or any other notice, request or instruction on behalf of the Authorized Participant by delivering to the Transfer Agent an addendum to the certificate described above.

Section 2.02. <u>PIN Numbers</u>. The Transfer Agent shall issue to each Authorized Participant a unique personal identification number ("**PIN Number**") by which such Authorized Participant shall be identified and instructions issued by the Authorized Participant shall be authenticated. The PIN Number shall be kept confidential and only provided to Authorized Representatives. The Authorized Participant may revoke the PIN Number at any time upon written notice to the Transfer Agent, and the Authorized Participant shall be responsible for doing so in the event that it becomes aware that an unauthorized person has received access to its PIN Number or has or intends to use the PIN Number in an unauthorized manner. Upon receipt of such written request, the Transfer Agent shall promptly de-activate the PIN Number. If an Authorized Participant's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon by the Authorized Participant and the Transfer Agent. Except as otherwise provided in these Standard Terms, the Authorized Participant agrees that, absent the Transfer Agent's fraud, gross negligence, bad faith or reckless or willful misconduct in failing to cancel the PIN Number promptly following a written request to do so from the Authorized Participant or the termination of the Authorized Participant Agreement, none of the Trust, the Sponsor, the Transfer Agent or the Custodian shall be liable for losses incurred by the Authorized Participant as a result of unauthorized use of the Authorized Participant's PIN Number prior to the time when the Authorized Participant provides reasonable prior notice to the Transfer Agent of the termination or revocation of authority pursuant to Section 2.03 and the Transfer Agent has de-activated the PIN Number as provided for in this paragraph.

Section 2.03. <u>Termination of Authority</u>. Upon the termination or revocation of authority of an Authorized Representative by the Authorized Participant, the Authorized Participant shall (i) promptly give written notice (email to suffice) of such fact to the Transfer Agent so long as such notice is received by the Transfer Agent reasonable in advance of any orders or instructions and such notice shall be effective upon receipt by the Transfer Agent; and (ii) request a new PIN Number. The Transfer Agent shall promptly de-activate the PIN Number upon receipt of such written notice.

Section 2.04. <u>Verification</u>. The Transfer Agent may assume that all instructions issued to it using the Authorized Participant's PIN Number have been properly placed by Authorized Representatives, unless the Transfer Agent has actual knowledge to the contrary as a result of reasonable prior written notice or the Authorized Participant has revoked its PIN Number. The Transfer Agent shall have no duty to verify that an Order is being placed by an Authorized Representative that uses a valid PIN Number. The Authorized Participant agrees that the Transfer Agent shall not be responsible, absent the Transfer Agent's fraud, gross negligence, bad faith or reckless or willful misconduct, for any losses incurred by the Authorized Participant as a result of an Authorized Representative identifying himself or herself as a different Authorized Representative or an unauthorized person identifying himself or herself as an Authorized Representative, unless the Transfer Agent previously received from the Authorized Participant written notice reasonably in advance of any orders or instructions to revoke its PIN Number.

ARTICLE III

AUTHORIZED PARTICIPANT REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 3.01. <u>Entity Status</u>. The Authorized Participant hereby represents, covenants and warrants that it has all requisite authority, whether arising under applicable federal or state law, the rules and regulations of any self-regulatory organization to which it is subject, or its certificate of incorporation, formation or limited liability company operating agreement or other organizational document, as the case may be, to enter into the Authorized Participant Agreement and to discharge the duties and obligations apportioned to it in accordance with the terms hereof.

Section 3.02. <u>Outstanding Legal Matters</u>. The Authorized Participant hereby represents, covenants and warrants that there are no actions, grievances, proceedings (including, without limitation, arbitration proceedings), orders, inquiries or claims pending, or to the Authorized Participant's knowledge, threatened against or affecting it or any broker or employee (in his or her capacity as such) by the Securities and Exchange Commission, FINRA or any other self-regulatory organization that would affect the Authorized Participant's ability to fulfill its obligations under the Authorized Participant Agreement.

Section 3.03. <u>Compliance with Certain Laws</u>. The Authorized Participant represents and warrants that it shall act in a manner consistent with the instructions of the Trust and materially comply with all applicable laws, including, without limitation, securities laws of each jurisdiction in which the Authorized Participant proposes to carry on the business contemplated by this Agreement. The Authorized Participant's responsibility to the Trust is solely contractual in nature, the Authorized Participant has no fiduciary, advisory, distribution or underwriting or placement agency relationship between the Trust and the Authorized Participant has been created.

Section 3.04. <u>Clearing Status</u>. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. Any change in the foregoing status of the Authorized Participant shall terminate the Authorized Participant Agreement and the Authorized Participant shall give prompt written notice thereof to the Transfer Agent.

Section 3.05. <u>Broker-Dealer Status</u>. The Authorized Participant represents and warrants that it is registered as a broker-dealer under the 1934 Act, and is a member in good standing of FINRA. The Authorized Participant will maintain any such registrations, qualifications and membership in good standing, or, if applicable, exempt status, in full force and effect throughout the term of this Agreement. In carrying out its responsibilities hereunder, the Authorized Participant will comply with all applicable United States federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the Constitution, By-Laws and Conduct Rules of FINRA and shall not offer or sell Shares in any state or jurisdiction where the Sponsor has disclosed to the Authorized Participant they may not lawfully be offered and/or sold.

Section 3.06. <u>Digital Asset Custody</u>. The Authorized Participant hereby represents, covenants and warrants that the Intermediary and/or the Authorized Participant Client with which the Trust will transact in connection with In-Kind Purchase Orders or In-Kind Redemption Orders maintains a wallet or wallets from a reputable Digital Asset wallet software provider, or with a third party provider of applicable Digital Asset wallets. If there is any change in the foregoing, the Authorized Participant shall give immediate notice to the Sponsor of such event.

Section 3.07. <u>[Reserved]</u>.

Section 3.08. <u>Foreign Status</u>. If the Authorized Participant is offering and selling Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified, or a member of FINRA as set forth in the preceding paragraph, the Authorized Participant nevertheless represents and warrants that it shall observe the applicable laws of the jurisdiction in which such offer and/or sale is made and to conduct its business in accordance with the FINRA Conduct Rules, to the extent the foregoing relates to the Authorized Participant's transactions in, and activities with respect to, Shares in such jurisdiction.

Section 3.09. <u>Compliance with U.S.A PATRIOT Act</u>. The Authorized Participant represents and warrants that it and each Authorized Participant Client has adopted and maintains policies and procedures reasonably designed to ensure that is in compliance with the money laundering and related provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA PATRIOT Act"), and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. If there is any change in the foregoing, the Authorized Participant shall give immediate notice to the Sponsor of such event.

Section 3.10. <u>Money Laundering and Similar Activities.</u> The Authorized Participant represents and warrants that, in carrying out its responsibilities hereunder, it shall act in a manner consistent with all applicable laws concerning money laundering to which it is subject. In furtherance of such efforts, the Authorized Participant shall maintain policies and procedures reasonably designed to ensure, that: (i) none of the Digital Assets, cash or any other property that would be paid to or through the Authorized Participant in connection with an investment in the Trust, would be derived from, or related to, any activity that is deemed criminal under the United States law or any other applicable law, including anti-corruption laws, anti-bribery laws, OFAC regulations or otherwise; and (ii) no contribution or payment to the Authorized Participant in connection with an investment in the Trust by such prospective investor would cause the Trust or the Sponsor to be in violation of the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986 or the United States International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001.

Section 3.11. <u>Authorized Participant Status</u>. The Authorized Participant understands and acknowledges that the method by which Baskets of Shares will be created and traded may raise certain issues under applicable securities laws. For example, because new Baskets of Shares may be issued and sold by the Trust on an ongoing basis, at any point a "distribution", as such term is used in the 1933 Act, may occur. The Authorized Participant should consult with its own counsel in connection with entering into this Agreement and submitting a Purchase Order or Redemption Order. The Sponsor agrees not to, and to cause its employees and agents not to, describe the Authorized Participant as an underwriter, a statutory underwriter or a distributor with respect to the Shares. For the avoidance of doubt, the Participant does not admit to being an underwriter of the Shares.

Section 3.12. <u>Authorized Participant Clients</u>. The Authorized Participant represents and warrants that it will not place a Redemption Order for the purpose of redeeming Baskets of the Trust on behalf of an Authorized Participant Client unless it first ascertains that the Authorized Participant Client owns (within the meaning of Rule 200 of Regulation SHO) or has arranged to borrow for delivery on the settlement date of the Redemption Order, and has full legal authority and legal and beneficial right to tender for redemption the Baskets to be redeemed and to receive the Basket Amount or Required Cash Amount, as applicable, associated with such redemption.

Section 3.13. [Reserved.]

Section 3.14. <u>Registration Statement</u>. The Sponsor on behalf of the Trust represents and warrants that (i) the sale and distribution of Shares as contemplated herein will not conflict with or result in a breach or violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Trust or the Sponsor, (ii) the Registration Statement and the Prospectuses contained therein conform, and will conform, in all material respects, to the requirements of the 1933 Act and the rules and regulations of the SEC thereunder, and do not and will not, as of the applicable effective date of the Registration Statement and any amendment thereto and at all times thereafter during which this Agreement is in effect and as of the applicable filing date of the Prospectuses and any amendment or supplement thereto, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (iii) the Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; and (iv) the Shares have been approved for listing on the applicable listing exchange.

ARTICLE IV

ROLE OF AUTHORIZED PARTICIPANT

Section 4.01. <u>No Agency</u>. The Authorized Participant acknowledges and agrees that for all purposes of the Authorized Participant Agreement, the Authorized Participant will have no authority to act as agent for the Trust or the Transfer Agent in any matter or in any respect. The Authorized Participant agrees to make itself and its employees available, upon reasonable request and no more frequently than once quarterly, during normal business hours to consult with the Transfer Agent, the Sponsor or their designees concerning the performance of the Authorized Participant's responsibilities under the Authorized Participant Agreement, including, without limitation, the manner in which the Authorized Participant shall cause the delivery or receipt of Digital Assets in connection with a Purchase Order or Redemption Order, respectively; *provided, however*, that the Authorized Participant shall be under no obligation to divulge or otherwise disclose any information that the Authorized Participant reasonably believes (i) the disclosure of which to third parties is in violation of any applicable law or regulation or is otherwise prohibited, or (ii) is confidential or proprietary in nature.

Section 4.02. <u>Rights and Obligations of DTC Participant</u>. The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all of the obligations of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Procedures.

Section 4.03. <u>Beneficial Owner Communications</u>. The Authorized Participant agrees (i) subject to any limitations arising under federal or state securities laws relating to privacy, its internal privacy policies, or other obligations it may have to its customers, to assist the Transfer Agent or the Sponsor in determining certain information regarding sales of Shares made by or through the Authorized Participant (including, without limitation, the ownership level of each beneficial owner relating to positions in Shares that the Authorized Participant may hold as record holder) upon the request of the Transfer Agent or the Sponsor that is necessary for the Transfer Agent or Sponsor to comply with their obligations to distribute information to beneficial owners of Shares under applicable state or federal securities laws or (ii) in lieu thereof, and at the option of the Authorized Participant, to forward to such beneficial owners written materials and communications received from the Sponsor or the Transfer Agent in sufficient quantities to allow mailing thereof to such beneficial owners, including notices, annual reports, disclosure or other informational materials and any amendments or supplements thereto that may be required to be sent by the Sponsor or the Transfer Agent to such beneficial owners pursuant applicable law or regulation or otherwise, or that the Sponsor or the Transfer Agent reasonably wishes to distribute to such beneficial owners, in each case at the expense of the Sponsor and/or the Trust.

Section 4.04. <u>Authorized Participant Customer Information</u>. The Sponsor and the Transfer Agent agree that the names and addresses and other information concerning the Authorized Participant's customers and designees (including without limitation, the Authorized Participant Client) are and shall remain the sole property of the Authorized Participant, and none of the Sponsor, the Trust, or the Transfer Agent, or any of their respective affiliates shall use such names, addresses or other information for any purpose except in connection with the performance of their duties and responsibilities under the Authorized Participant Agreement, the Procedures, the Standard Terms and the applicable Prospectus and except for servicing and informational mailings related to the Trust referred to in Section 4.03 above.

ARTICLE V

MARKETING MATERIALS

Section 5.01. <u>Authorized Participant's Representation</u>. The Authorized Participant represents, warrants and agrees that, in connection with any sale or solicitation of a sale of Shares, it will not make, or permit any of its representatives to make on its behalf, any representations concerning Shares other than those not inconsistent with the Trust's then current Prospectus or any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor or by the listing exchange. The Authorized Participant agrees not to furnish or cause to be furnished to any person or display or publish any information or materials relating to Shares (excluding, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials not inconsistent with the Trust's then current Prospectus and in accordance with applicable laws and regulations, and any materials prepared and used for the Authorized Participant's internal use only or brokerage communications prepared by the Authorized Participant in the normal course of its business), except such information and materials as may be furnished to the Authorized Participant by the Sponsor and such other information and materials as may be approved in writing by the Sponsor. The Authorized Participant understands that the Trust will not be advertised as offering redeemable securities, and that any advertising materials will prominently disclose that the Shares are not redeemable units of beneficial interest in the Trust. Notwithstanding the foregoing, the Authorized Participant and its Affiliates and representatives may, without the approval of the Sponsor, prepare and circulate in the regular course of their respective businesses, research, reports, marketing materials, sales literature or similar materials that include information, opinions or recommendations relating to Shares (i) for public dissemination, provided that such reports, research, marketing materials, sales literature or other similar materials comply with applicable FINRA rules and (ii) for internal use by the Authorized Participant and its Affiliates and representatives.

Section 5.02. <u>Prospectus</u>. The Sponsor will provide, or cause to be provided, to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in reasonable quantities upon request. The Sponsor will, as promptly as practicable under the circumstances, notify the Authorized Participant when a revised, supplemented or amended Prospectus for the Shares is available, and deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such quantities as may be reasonable to permit the Authorized Participant to comply with any obligation the Authorized Participant may have to deliver such Prospectus to its customers, including the Authorized Participant Clients. The Sponsor will make such revised, supplemented or amended Prospectus available to the Authorized Participant no later than its effective date. The Sponsor shall be deemed to have complied with this Section 5.02 when the Authorized Participant has received such revised, supplemented or amended Prospectus by e-mail, in printable form, with such number of hard copies as may be agreed from time to time by the parties promptly thereafter.

ARTICLE VI

INDEMNIFICATION; LIMITATION OF LIABILITY

Section 6.01. <u>Indemnification</u>. The provisions of this Section 6.01 shall survive termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to any limitation on liability provisions herein, the Authorized Participant shall indemnify and hold harmless the Sponsor, in its capacity as sponsor of the applicable Trust, the Transfer Agent, the Custodian, the Trust and their respective Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each an "**AP Indemnified Party**") from and against any loss, liability, cost and expense (including reasonable attorneys' fees) incurred by such AP Indemnified Party as a result of (i) any material breach by the Authorized Participant of any provision of the Authorized Participant Agreement that relates to the Authorized Participant; (ii) any failure on the part of the Authorized Participant to perform any of its obligations in any material respect or comply, in all material respects, with the procedures set forth in the Authorized Participant Agreement applicable to it; provided, however, in either case the Authorized Participant shall not be required to pay for damages incurred by any AP Indemnified Party as a result of a cancelled Order and the Authorized Participant shall, in respect to a cancelled Order (which is due to failure in delivery or otherwise) be liable solely for reimbursement of direct reasonable costs incurred by such AP Indemnified Party as a result of such cancelled Order; (iii) any failure by the Authorized Participant to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant Agreement; or (iv) actions of such AP Indemnified Party pursuant to any instructions issued in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the AP Indemnified Party to be genuine and to have been given by the Authorized Participant except to the extent that the Authorized Participant had previously provided written revocation of a PIN Number used in giving such instructions or representations (where applicable) and such revocation was given by the Authorized Participant and received by the Transfer Agent in accordance with the terms of Section 2.03 hereto. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim was served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Authorized Participant of any claim shall not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Authorized Participant shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Authorized Participant elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified Parties in the suit and who shall not, except with consent of the AP Indemnified Parties, be counsel to the Authorized Participant. If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its Affiliates, subsidiaries, directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "**Sponsor Indemnified Party**") from and against any loss, liability, cost and expense (including reasonable attorneys' fees) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of the Authorized Participant Agreement that relates to the Sponsor; (ii) any failure on the part of the Sponsor to perform any of its obligations or comply with the procedures set forth in the Authorized Participant Agreement applicable to it; (iii) any failure on the part of the Sponsor to comply in all material respects with applicable laws, including rules and regulations of self-regulatory organizations to the extent such laws, rules and regulations are applicable to the transactions being undertaken pursuant to the Authorized Participant Agreement; (iv) actions of such Sponsor Indemnified Party pursuant to any instructions issued or representations made in accordance with the relevant Prospectus, Authorized Participant Agreement, the Procedures, or the Standard Terms reasonably believed by the Sponsor Indemnified Party to be genuine and to have been given by the Sponsor; (v) any untrue statements or alleged untrue statements or omissions or alleged omissions of a material fact required to be stated therein or necessary to make the statements therein not misleading, made in the Registration Statement, Prospectus or any promotional material or sales literature furnished to the Authorized Participant by the Sponsor or otherwise approved in writing by the Sponsor. The Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Sponsor shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Sponsor Indemnified Parties in the suit and who shall not, except with the consent of the Sponsor Indemnified Parties, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit, it will reimburse the Sponsor Indemnified Parties in the suit for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. No indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Authorized Participant shall not be liable to any AP Indemnified Party for any damages arising out of (i) mistakes or errors in data provided in connection with purchase or redemption transactions except for data provided by the Authorized Participant, (ii) mistakes or errors by, or arising out of interruptions or delays of communications with, the Transfer Agent or any AP Indemnified Party or (iii) any failures by the Authorized Participant to the extent resulting from a Force Majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Except with respect to any mistakes or errors in data provided in connection with purchase or redemption transactions provided by the Authorized Participant, the indemnification provided for in Section 6.01(a) shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part of an AP Indemnified Party. Except with respect to any mistakes or errors in data provided in connection with purchase or redemption transactions provided by a Sponsor Indemnified Party, the indemnification provided for in Section 6.01(b) shall not apply to the extent any such losses, liabilities, damages, costs and expenses are incurred as a result of any fraud, gross negligence, bad faith or reckless or willful misconduct on the part of a Sponsor Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The indemnity agreements contained in this Section 6.01 shall remain in full force and effect and shall survive any termination of this Agreement.

ARTICLE VII

LIABILITY PROVISIONS

Section 7.01. <u>No Special Damages</u>. In no event shall any Party to these Standard Terms be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of revenue, loss of actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised if the likelihood of such loss or damages and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTTC, NSCC or any other securities depository or clearing corporation.

Section 7.02. <u>Force Majeure</u>. No party to these Standard Terms shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation: acts of God; earthquakes; fires; floods; wars; civil or military disturbances; terrorism; sabotage; epidemics; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service; failures or outages of any networks; accidents; labor disputes; acts of civil or military authority or governmental actions.

Section 7.03. <u>Reliance on Instructions</u>. The Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under these Standard Terms and upon any written or oral instruction, notice, request, direction or consent reasonably believed by it to be genuine.

Section 7.04. <u>Limited Liability</u>. In the absence of fraud, bad faith, gross negligence or willful misconduct on its part, the Transfer Agent, whether acting directly or through agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. The Transfer Agent shall not be liable for any error of judgment made in good faith unless in exercising such, it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment. The Transfer Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own fraud, bad faith, gross negligence or willful misconduct.

ARTICLE VIII

MISCELLANEOUS

Section 8.01. <u>Commencement of Trading</u>. The Authorized Participant may not submit an Order prior to the effectiveness of the registration statement, or amendment to the registration statement, filed with the Securities and Exchange Commission and pursuant to which the Authorized Participant is identified as such in the relevant Prospectus.

Section 8.02. <u>Defined Terms</u>. All capitalized terms used in these Standard Terms and not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement and the Procedures.

[*Signatures Follow on Next Page*]

**IN WITNESS WHEREOF**, the Trust, Authorized Participant, the Sponsor and the Transfer Agent have executed these Standard Terms as of the date set forth above.

**BITWISE HYPERLIQUID ETF**,

By: BITWISE INVESTMENT ADVISERS, LLC, solely in its capacity as Sponsor of the Bitwise Hyperliquid ETF

By:   <br> Name: <br> Title:

**BITWISE INVESTMENT ADVISERS, LLC**, in its capacity as Sponsor

By:   <br> Name: <br> Title:

**[xxx]**, in its capacity as Authorized Participant

By:   <br> Name: <br> Title:

**THE BANK OF NEW YORK MELLON**, in its capacity as Transfer Agent

By:   <br> Name: <br> Title:

*Signature page to Standard Terms*

**SCHEDULE 3 : AUTHORIZED REPRESENTATIVES OF THE AUTHORIZED PARTICIPANT**

<u>Certificate of Authorized Representatives of the Authorized Participant</u>

The following are the names, titles and signatures of all persons (each an "Authorized Person") authorized to give instructions relating to any activity contemplated by the Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the Participant Agreement (as hereinafter defined).

Authorized Participant:

---

| | |
|:---|:---|
| Name: | Name: |
| Title: | Title: |
| Signature: | Signature: |
| E-mail: | E-mail: |
| Phone: | Phone: |
| Name: | Name: |
| Title: | Title: |
| Signature: | Signature: |
| E-mail: | E-mail: |
| Phone: | Phone: |

---

The undersigned,_________[name],________[title] of____________[company], does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons pursuant to the Participant Agreement by and among [xxx] and each of Bitwise Hyperliquid ETF and Bitwise Investment Advisers, LLC, dated [___________] (the "Participant Agreement"), and that their signatures set forth above are their own true and genuine signatures.

In Witness Whereof, the undersigned has hereby caused this Agreement to be executed on the date set forth below.

By:

Name:

Title:

Date:

## Exhibit 10.3

**Exhibit 10.3**

**MARKETING AGENT AGREEMENT**

THIS AGREEMENT is made and entered into as of December 4<sup>th</sup>, 2025, by and between Bitwise Hyperliquid ETF, a Delaware statutory trust (the "Trust"), which is sponsored by Bitwise Investment Advisers, LLC, a Delaware limited liability company (the "Sponsor"), and Foreside Fund Services, LLC, a Delaware limited liability company ("ACA Foreside").

**WHEREAS**, the Trust is a statutory trust organized under the laws of the State of Delaware;

**WHEREAS**, the Trust filed with the U.S. Securities and Exchange Commission (the "SEC") a Registration Statement for the Trust under the Securities Act of 1933, as amended (the "1933 Act");

**WHEREAS**, the Trust intends to create and redeem shares of beneficial interest in the Trust (the "Shares") only in creation unit aggregations ("Creation Unit") on a continuous basis, and list the Shares on one or more national securities exchanges;

**WHEREAS**, the Trust desires to retain ACA Foreside to provide certain services in connection with the offering of the Shares (as amended from time to time);

**WHEREAS**, ACA Foreside is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

**WHEREAS**, the Trust desires to retain ACA Foreside to provide certain services to the Trust; and

**WHEREAS**, ACA Foreside is willing to provide certain services for the Trust on the terms and conditions hereinafter set forth.

**NOW THEREFORE**, in consideration of the promises and mutual covenants herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Services.

ACA Foreside agrees to serve as the marketing agent of the Trust on the terms and for the period set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. Definitions .

Wherever they are used herein, the following terms have the following respective meanings:

"<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

"<u>Registration Statement</u>" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such registration statement is amended by any amendments thereto at the time in effect;

All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;3. Duties of ACA Foreside

&nbsp;&nbsp;&nbsp;&nbsp;a) ACA Foreside shall use commercially reasonable efforts to provide the following services to the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at the request of the Trust, ACA Foreside shall assist the Trust with facilitating
Authorized Participant Agreements between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation
and redemption of Creation Units of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain copies of confirmations of Creation Unit creation and redemption order
acceptances and produce such copies upon reasonable request from the Trust or Sponsor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) make available copies of the Prospectus to Authorized Participants who have purchased
Creation Units in accordance with the Authorized Participant Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain telephonic, electronic mail and/or access to direct computer communications
links with the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) review and approve, prior to use, all Trust marketing materials submitted to ACA
Foreside for review by the Trust ("Marketing Materials") for compliance with applicable SEC and FINRA advertising rules, and
file all such Marketing Materials required to be filed with FINRA. ACA Foreside agrees to furnish to the Trust or the Sponsor any comments
provided by FINRA with respect to such Marketing Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that all direct requests by Authorized Participants for Prospectuses are
fulfilled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) work with the Transfer Agent to review and approve orders placed by Authorized
Participants and transmitted to the Transfer Agent. The Trust acknowledges that ACA Foreside shall not be obligated
to approve any certain number of orders for Creation Units; and

&nbsp;&nbsp;&nbsp;&nbsp;b) The services
 furnished by ACA Foreside hereunder are not to be deemed exclusive and ACA Foreside shall
 be free to furnish similar services to others so long as its services under this Agreement
 are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;4. Duties of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;a) The Trust agrees to create, issue, and redeem Creation Units of the Trust in accordance
with the procedures described in the Prospectus. Upon reasonable notice to ACA Foreside, and in accordance with the procedures described
in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;b) The Trust shall deliver to ACA Foreside copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the current Prospectus for the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any relevant policies and procedures adopted by the Sponsor or the Trust or its service providers that
are applicable to the services provided by ACA Foreside; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other documents, materials or information that ACA Foreside shall reasonably request to enable it
to perform its duties pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;c) The Trust shall thereafter deliver to ACA Foreside as soon as is reasonably practical
any and all amendments to the documents required to be delivered under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;d) The Trust shall arrange to provide the listing exchanges with copies of Prospectuses,
Statements of Additional Information, and product descriptions that are required to be provided by the Trust to purchasers in the secondary
market.

&nbsp;&nbsp;&nbsp;&nbsp;e) The Trust will make it known that Prospectuses and Statements of Additional Information
and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the
Trust.

&nbsp;&nbsp;&nbsp;&nbsp;5. Representations, Warranties and Covenants of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust hereby represents and warrants to ACA Foreside, which
representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing under the laws of its jurisdiction of
organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Trust and,
when executed and delivered, will constitute a valid and legally binding obligation of the Trust, enforceable in accordance with its terms,
subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable
laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Trust's Registration Statement and the Trust's Prospectus, and
marketing and promotional literature have been prepared, in all material respects, in conformity with the requirements of the 1933 Act
and SEC rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Trust's Registration Statement (including its statement of additional
information) and Prospectus do not and shall not contain any untrue statement of material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to ACA
Foreside pursuant to this Agreement shall be true and correct in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all marketing or promotional literature shall contain all statements required
to be stated therein in accordance with the 1933 Act and SEC rules and regulations; and do not and shall not contain any untrue statement
of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all necessary approvals, authorizations, consents, or orders of or filings with
any federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained
by the Trust in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, and any
necessary qualification under the securities or blue-sky laws of the various jurisdictions in which the Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. The Trust shall fully cooperate in the efforts of ACA Foreside in the provision of the services. In addition, the Trust shall keep ACA Foreside fully informed of its affairs as they relate to the Trust and shall provide to ACA Foreside from time-to-time copies of all information that ACA Foreside may reasonably request for use in connection with the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;6. Representations, Warranties and Covenants of ACA Foreside.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACA Foreside hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under the laws of the jurisdiction of its organization,
with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by ACA Foreside
and, when executed and delivered, will constitute a valid and legally binding obligation of ACA Foreside, enforceable in accordance with
its terms, subject to bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all
applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business
as now conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act and is a member in good
standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;7. Compensation.

As compensation for the services performed by ACA Foreside under this Agreement, Trust shall pay to ACA Foreside the fees and expenses set forth in Exhibit A hereto (as amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;8. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;a) The Trust shall indemnify, defend and hold ACA Foreside, its affiliates and each
of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled
ACA Foreside within the meaning of Section 15 of the 1933 Act (collectively, the "ACA Foreside Indemnitees"), free and harmless
from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending
any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith)
(collectively, "Losses") that any ACA Foreside Indemnitee may incur arising out of or relating to (i) the Trust's breach
of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Trust's failure to comply
in all material respects with any applicable laws, rules or regulations; or (iii) any claim that the Prospectus, marketing literature
and advertising materials or other information filed or made public by the Trust (as from time to time amended) includes or included an
untrue statement of a material fact or omits or omitted to state a material fact required to be stated therein or necessary in order to
make the statements therein not misleading provided, however, that the Trust's obligation to indemnify any of the ACA Foreside Indemnitees
shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission
made in the Prospectus or any such advertising materials or marketing literature or other information filed or made public by the Trust
in reliance upon and in conformity with information provided by ACA Foreside to the Trust, in writing, for use in such Prospectus or any
such advertising materials or marketing literature.

&nbsp;&nbsp;&nbsp;&nbsp;b) ACA Foreside shall indemnify, defend and hold the Trust, its affiliates, and each
of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Trust within
the meaning of Section 15 of the 1933 Act (collectively, the "Trust Indemnitees"), free and harmless from and against any
and all Losses that any Trust Indemnitee
may incur under the 1933 Act, the 1934 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under
common law or otherwise, arising out of or relating to (i) ACA Foreside's breach of any of its obligations, representations, warranties
or covenants contained in this Agreement; (ii) ACA Foreside's failure to comply in all material respects with any applicable laws,
rules, or regulations; or (iii) any claim that the Prospectus, marketing literature and advertising materials or other information filed
or made public by the Trust (as from time to time amended) include or included an untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the statements therein not misleading, insofar as such statement
or omission was made in reliance upon, and in conformity with information furnished to the Trust by ACA Foreside, in writing, for use
in such Prospectus, marketing literature and advertising materials or other information filed or made public by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;c) In no case (i) is the indemnification provided by an indemnifying party to be deemed
to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement,
or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless
the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first
written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified
party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;d) Failure to notify the indemnifying party of any claim shall not relieve the indemnifying
party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless
failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The
indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any
suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel
chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit
and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying
party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of
any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation
or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units
or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;e) No indemnified party shall settle any claim against it for which it intends to
 seek indemnification from the indemnifying party, under the terms of section 8(a) or 8(b) above, without prior written notice to and
 consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall
 settle any claim unless the settlement contains a full release
of liability with respect to the other party in respect of such action. This section 8 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9. Limitations on Damages.

Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Force Majeure.** 

Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities, and the other party shall have no right to terminate this Agreement in such circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Duration and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;a) This Agreement shall become effective as of the date first set forth above. Unless
sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated,
this Agreement shall continue automatically in effect for successive one-year periods.

&nbsp;&nbsp;&nbsp;&nbsp;b) Notwithstanding the foregoing, this Agreement may be terminated, without the payment
of any penalty, upon no less than sixty (60) days' written notice by either party.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Confidentiality.** 

During the term of this Agreement, ACA Foreside and the Trust may have access to non-public confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means non-public or proprietary information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes non-public or proprietary information that may be financial information, proposals and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except (i) as required in the course of this Agreement, (ii) as provided by the other party, or (iii) as required by applicable law, rule, or regulation or (iv) in response to (A) a routine self- regulatory examination or (B) a request for information directed at the receiving party. In the event Distributor becomes aware of critical vulnerabilities in any of its proprietary system(s) in which the Trust's data is stored or through which the Trust's data can be accessed, Distributor will use commercially reasonable efforts to mitigate material risks related to such vulnerabilities within 30 days or as promptly thereafter as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Notice** 

Any notice required or permitted to be given hereunder by either party to the other shall be deemed sufficiently given if in writing and personally delivered or sent by electronic mail, or registered, certified or overnight mail, postage prepaid, addressed by the party giving such notice to the other party at the address furnished below unless and until modified by ACA Foreside or the Trust, as the case may be. Notice shall be given to each party at the following address, as amended from time to time:

---

| | |
|:---|:---|
| (i) **To ACA Foreside:** | (ii) **If to the Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreside Fund Services, LLC <br> Three Canal Plaza, Suite 100 <br> Portland, ME 04101<br> Attn: Legal Department Telephone:<br> (207) 553-7110<br> Email: legal@foreside.com<br>With a copy to:<br> etp-services@Foreside.com | Bitwise Hyperliquid ETF<br> c/o Bitwise Investment Advisers, LLC<br> 250 Montgomery Street, Suite 200 San<br> Francisco, CA 94104<br> Attn: Johanna Collins-Wood<br> Telephone: <u>415-707-3663</u><br> Email: johanna@bitwiseinvestments.com and<br> a copy to legal@bitwiseinvestments.com |
| **With a copy to Sponsor:** |  |
| Bitwise Investment Advisers, LLC<br> 250 Montgomery Street, Suite 200<br> San Francisco, CA 94104<br> Attn: Johanna Collins-Wood<br> Telephone: <u>415-707-3663</u><br> Email: johanna@bitwiseinvestments.com and<br> a copy to legal@bitwiseinvestments.com |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Transfer Agent** 

ACA Foreside and the Trust agree that in the course of ACA Foreside's services that ACA Foreside may need information from time to time from the transfer agent ("Transfer Agent") as depicted below. The Trust shall promptly notify ACA Foreside in writing of any changes to the Transfer Agent or its contact information.

THE BANK OF NEW YORK MELLON, 240 Greenwich Street, New York, New York 10286

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by ACA Foreside and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Assignment.** This Agreement may not be assigned by either party without the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties' representatives, successors, heirs, and permitted assigns, as applicable. A change in control shall not be construed to be an assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Survival.** The provisions of Sections 8, 9, 10, 12, 15, 18, 19 and 21 of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Anti-Money Laundering.** ACA Foreside and Trust both represent and warrant to the other that it has, and shall maintain, an anti-money laundering program ("AML Program") that, at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both ACA Foreside and the Trust and no presumptions shall arise favoring any party by virtue of authorship of any provision of this Agreement. This Agreement may be executed by the parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document. Nothing herein contained shall prevent ACA Foreside from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Liability of Sponsor**. It is expressly understood and agreed by ACA Foreside that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement is executed and delivered on behalf of the Trust by the Sponsor, not individually or personally, but solely as Sponsor of the Trust in the exercise of the powers and authority conferred and vested in it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the representations, covenants, undertakings and agreements herein made on the part of the Trust are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of the Trust either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under no circumstances shall the Sponsor be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Entire Agreement.** This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereto, and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

---

| | |
|:---|:---|
| Foreside Fund Services, LLC | Foreside Fund Services, LLC |
| By: | /s/ Teresa Cowan |
| Name: | Teresa Cowan |
| Title: | President |

---

---

| | |
|:---|:---|
| Bitwise Investment Advisers, LLC, Sponsor, on behalf of the Bitwise Hyperliquid ETF | Bitwise Investment Advisers, LLC, Sponsor, on behalf of the Bitwise Hyperliquid ETF |
| By: | /s/ Phuong Black |
| Name: | Phuong Black |
| Title: | Vice President |

---

**EXHIBIT A**

<u>Compensation</u>

**<u>FEES</u>**

---

| | | |
|:---|:---|:---|
| **Name** | **Price** | **Term** |
| Implementation Fee | Payable upon execution | One-time service |
| Marketing Agent (33 Act Commodity Pool) | <br> Asset fee, subject to a minimum per Fund fee, based on total assets in the Funds calculated monthly and invoiced in arrears). | Annually recurring |
| Review of Fund Marketing Material |  | Standard fee per communication piece for the first 10 pages (minutes if audio or video)  |
|  |  | Fee after 10 pages/minutes |
|  |  | Expedited fee per communication piece requiring 24 hour expedited review for the first 10 pages (minutes if audio or video)  |
|  |  | Fee after 10 pages/minutes (expedited) |

---

*Notes: Fees are subject to a 5% annual increase based on the Effective Date of the Agreement.*

 

**<u>OUT-OF-POCKET EXPENSES</u>**

Out-of-pocket and ancillary expenses incurred by ACA Foreside in connection with the provision of services pursuant to this Agreement. Such expenses may include, without limitation, regulatory filing fees; marketing materials regulatory review fees; communications; postage and delivery service fees; bank fees; reproduction and record retention fees; travel, lodging and meals with advance written approval from Sponsor.

## Exhibit 10.4

**Exhibit 10.4**

![](ex10-4_001.jpg)

**ORDER FORM**

---

| | |
|:---|:---|
| **Anchorage Contact** | **Client Contact** |
| Name: Tricia Lin | Name: Teddy Fusaro |
| Email: tricia@anchorlabs.com | Email: teddy@bitwiseinvestments.com |

---

This MASTER CUSTODY SERVICE AGREEMENT ("**Agreement**") is made and entered into as of the Effective Date provided herein, by and between Anchorage Digital Bank N.A. ("**Anchorage"**), and each Client as provided herein (each a "**Client**") (Anchorage and Client, each a "**Party**" and collectively, the "**Parties**").

The Agreement consists of the terms in this Order Form and the following Terms and Conditions attached hereto.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**1. Effective Date:** | &nbsp;&nbsp;2/16/2021 \| 7:10 AM PST |
| &nbsp;&nbsp;**2. Initial Term:** | &nbsp;&nbsp;One (1) year |
| &nbsp;&nbsp;**3. Renewal Term:** | &nbsp;&nbsp;One (1) year |
| &nbsp;&nbsp;**4. Client(s).** Each "Client" listed herein is subject to the Agreement as if this Agreement were between such individual(Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients' Assets Under Custody. | &nbsp;&nbsp;**4. Client(s).** Each "Client" listed herein is subject to the Agreement as if this Agreement were between such individual(Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients' Assets Under Custody. |
|  | &nbsp;&nbsp;Bitwise DeFi Crypto Index Fund LP, a Delaware limited partnership |
|  | &nbsp;&nbsp;Bitwise Investment Advisers, LLC, a Delaware limited liability company |

---

5. FEES

In full consideration for Anchorage's provision of the Services described herein, Client will pay Anchorage the following Fees. Fees will commence the earlier of (i) the date the Account is opened; or (ii) one (1) month from the Effective Date ("**Fees Commencement Date**").

Changes to the Services, including the inclusion of new assets or Clients, are subject to changes in Fees.

1 <br> Anchorage Proprietary and Confidential

---

| | | |
|:---|:---|:---|
| | | &nbsp;&nbsp;**Access Speed<br> <24 hours** |
| <br>&nbsp;&nbsp;**FEE TYPE** | <br>&nbsp;&nbsp;**AUC** | &nbsp;&nbsp;**Annual Basis Points** |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**One-Time Onboarding Fee** |  |  |
| &nbsp;&nbsp;**On-Chain Services** |  |  |

---

6. Address
 for Notices:

---

| | |
|:---|:---|
| **To Client(s):** | teddy@bitwiseinvestments.com |
|  | 300 Brannan Street |
|  | Suite 201 |
|  | San Francisco, CA 94107 |

---

---

| | |
|:---|:---|
| **To Anchorage:** | legal@anchorage.com AND |
|  | nathan@anchorage.com |
|  | Anchorage Digital Bank N.A. |
|  | 4901 S. Isabel Place, Suite 200 |
|  | Sioux Falls, South Dakota 57108 |

---

2 <br> Anchorage Proprietary and Confidential

IN CONSIDERATION AND WITNESS WHEREOF, Anchorage and Client, by their duly authorized representatives, hereby execute this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ANCHORAGE DIGITAL BANK N.A.** | **ANCHORAGE DIGITAL BANK N.A.** | **ON BEHALF OF EACH CLIENT HEREIN** | **ON BEHALF OF EACH CLIENT HEREIN** |
| By: | /s/ Nathan P McCauley | By: | /s/ Teddy Fusaro |
| Name: | Nathan P McCauley | Name: | Teddy Fusaro |
| Title: | CEO | Title: | Chief Operating Officer |
|  |  | Company: | Bitwise Asset Management, Inc. |

---

3 <br> Anchorage Proprietary and Confidential

**AFFILIATED BUSINESS DISCLOSURE AND CONFLICT OF INTEREST WAIVER**

Anchorage Digital Bank N.A. is affiliated with Anchor Labs, Inc., Anchorage Hold LLC, Anchorage Lending, LLC, and Anchorage Lending CA, LLC (each an "**Anchorage Affiliate**"), through common ownership and management. In particular, Anchor Labs, Inc. provides certain administrative, technology, marketing, and other support services for custodial accounts on behalf of Anchorage Digital Bank. Because the two companies are under common ownership and management, the owners of Anchor Labs, Inc. will receive an indirect benefit from any fees you pay to Anchorage Digital Bank. In addition, Anchorage Digital Bank and Anchorage Affiliates may also refer clients to each other for the performance of services offered by such companies. Your use of services of Anchorage Digital Bank may result in benefits from such referral to the other companies by virtue of the companies' common ownership and management.

<u>ACKNOWLEDGEMENT</u>

I, duly authorized and on behalf of each Client as set forth in the Order Form, have read this disclosure form, and I acknowledge and understand that Anchorage Digital Bank and Anchorage Affiliates are under common ownership and control. I further acknowledge and understand that by retaining Anchorage Digital Bank, I am providing an indirect financial benefit to the owners of Anchorage Affiliates. Understanding the common ownership and control of the companies, I agree to utilize the services of Anchorage Digital Bank freely and with no influence from anyone. I also understand and agree that referrals for services among Anchorage Digital Bank and Anchorage Affiliates may result in the owners of the referring company receiving an indirect financial benefit from the services provided.

**ON BEHALF OF EACH CLIENT SET FORTH HERETO**

---

| | |
|:---|:---|
| By: | /s/ Teddy Fusaro |
| Name: | Teddy Fusaro |
| Title: | Chief Operating Officer |
| Company: | Bitwise Asset Management, Inc. |

---

4 <br> Anchorage Proprietary and Confidential

**ANCHORAGE DIGITAL BANK**

**TERMS AND CONDITIONS** 

*See Schedule A (Definitions) for capitalized defined terms not defined in the Order Form, body of this Agreement or supporting Schedules.*

 

1. Anchorage Appointment and Provision of the Services.

1.1. <u>Appointment</u>. Client appoints Anchorage to provide the Services, including acting as custodian of Client Digital Assets pursuant to this Agreement, and Anchorage hereby accepts such appointment. The Parties agree that for purposes of this Agreement, Anchorage shall be considered to be an "excluded fiduciary" under SDCL 55-1B-2 and shall follow the directions of Client. Client for such purposes shall be considered to be a Trust Advisor (in its capacity as a custody account holder) under SDCL 55-1B-1(3), and the provisions of such statutes shall apply to the responsibilities of the parties hereunder.

1.2. <u>Provision of the Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to (i) Client's successful completion of the account acceptance process as provided
 in Section 2.1, and (ii) Anchorage's or Client's right to cancel On-Chain Services
 (as defined in Section 2.4) at any time, and (iii) provided that Client is in compliance
 with this Agreement, during the Term, Anchorage will provide the Services to Client.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Anchorage
 will, in its sole discretion, determine the requirements for any Action, including Authenticated
 Instructions, and whether such requirements have been satisfied as to any Action. Anchorage
 is entitled to rely upon information, data, and instructions submitted by Client (or any
 Client designee) related to an Action in all respects, including information that was not
 submitted through the Services. Client acknowledges that (i) Anchorage's acceptance
 of Client's deposit and withdrawal instructions for assets is based on the parameters
 of Authenticated Instructions and in accordance with Anchorage's Services procedures;
 and (ii) Anchorage has no duty to inquire into or investigate the legality, validity, or
 accuracy of any information, data, or instructions related to an Action.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Client
 acknowledges that Anchorage will not monitor Digital Assets for actions taken by the issuer
 of such Digital Asset, if any. Such actions may include an issuer instruction requiring the
 holder of a Digital Asset to transfer it to a certain location. For the avoidance of doubt,
 Client is solely responsible for satisfying or responding to any such actions of an issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless
 acting in accordance with Section 1.2(e) or (f), Anchorage shall only follow the directions
 of Client, and is released and held harmless by Client for following the directions of the
 Client, Client Service Providers and Control Parties, when acting in accordance with any
 Client Service Provider Agreement or Control Agreement, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 the event Client enters into any of the following agreements (any such agreement, a "**Client Service Provider Agreement** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) A
 brokerage services agreement with Anchorage Hold, LLC ()"**Trader** "), under
 which Client appoints Trader to act as Client's agent to issue directions or instructions
 to Anchorage for the transfer of Client's Digital Assets or fiat currency to an Account
 or Vault in the name of, and solely controlled by, Trader or its affiliates, for the purpose
 of trading, clearing, settling, netting, accounting for, and providing other services in
 connection with, Client's Digital Assets or fiat currency;

ii) A lending agreement, a loan agreement and security agreement, or other similar agreement, regardless of how titled, with Anchorage Lending CA, LLC ("**Lending**"), under which Client appoints Lending to act as Client's agent to issue directions or instructions to Anchorage for the transfer of Client's Digital Assets or fiat currency to or from an Account or Vault in the name of, and solely controlled by, Lending or its affiliates, or an omnibus account held for Client's benefit, for the purpose of (i) advancing Client's Digital Assets or fiat currency to Lending; or (ii) borrowing Digital Assets or fiat currency from Lending and providing collateral in connection therewith; or

iii) An agency appointment with any other party, under which Client appoints such third party ("**Agent**") to act as Client's agent to issue directions or instructions to Anchorage for any purpose set forth in the appointment;

then, in each applicable case, Client shall promptly notify Anchorage in writing of any such agency appointment using a form of notice acceptable to Anchorage. Where Client has duly appointed any of Trader, Lending, or Agent (each, a "**Client Service Provider**") as its agent pursuant to the foregoing agreements, Client directs Anchorage to follow, and Anchorage shall follow, any Action initiated by a Client Service Provider related to Digital Assets or Fiat Services as if initiated directly by the Client provided that such Actions followed by Anchorage shall be limited to those contemplated by a Client Service Provider Agreement or otherwise agreed between Client Service Provider and Anchorage, including, without limitation, through an Authenticated Instruction by a Client Service Provider on Client's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;(f) In
 the event Client enters into an account control agreement, vault control agreement, or other
 similar agreement (regardless of how titled, a "**Control Agreement**") with
 Anchorage, a lender (a "**Control Party**") and any other parties (each, an
 "**Ancillary Party** "), under which Client directs Anchorage to follow such
 Control Party's instructions as described therein, Client directs Anchorage to follow,
 and Anchorage shall follow, any Action initiated by such Control Party related to Digital
 Assets or Fiat Services as if initiated directly by the Client. Actions of a Control Party
 or Ancillary Party may be initiated by any method contemplated by a Control Agreement or
 otherwise agreed between a Control Party, Ancillary Party and Anchorage, including, without
 limitation, through an Authenticated Instruction by a Control Party on Client's behalf
 or Ancillary Party on Client's behalf.

5 <br> Anchorage Proprietary and Confidential

1.3. <u>Storage of Digital Assets</u>. Anchorage will receive Digital Assets for storage by generating Private Keys and their Public Key pairs, with Anchorage retaining custody of such Private Keys. Upon receipt, Anchorage will custody the Digital Assets in Client's name or Accounts established for the benefit of the Client. Anchorage shall be deemed to have received a Digital Asset after the Digital Asset's receipt has been confirmed on the relevant Blockchain or otherwise ledgered to Anchorage's satisfaction.

1.4. <u>Accounting for Digital Assets</u>. Anchorage will record on its books and records all Digital Assets and fiat currency (if applicable) received by it for the Client's Account, and will segregate Digital Assets from those of any other person or entity, unless otherwise specified in (i) an applicable Client Service Provider Agreement, or (ii) instructions provided by a Client Service Provider or a Control Party pursuant thereto.

Anchorage will provide Client on-demand, online or mobile application access to transaction records and holdings, and will provide Client monthly statements that show balances and transaction records of Client Digital Assets. Upon commercially reasonable notice to Anchorage, Anchorage will provide Client copies of the books and records pertaining to the Client that are in the possession or under the control of Anchorage. The books and records maintained by Anchorage will, to the extent applicable, be prepared and maintained in all material respects as required by applicable Laws. For the avoidance of doubt, at all times, Client owns Digital Assets and fiat currency held by Anchorage on behalf of Client under this Agreement, unless otherwise specified in (i) an applicable Client Service Provider Agreement, or (ii) instructions provided by a Client Service Provider or a Control Party pursuant thereto. Client Digital Assets and fiat currency shall not be reflected on Anchorage's balance sheet as assets of Anchorage.

1.5. <u>Authority to Assign or Pledge</u>. Subject to applicable Law, Section 5.4, and any banker's lien to which Anchorage may be entitled, Client's Digital Assets and fiat currency shall not be subject to any right, charge, security interest, lien or claim of any kind in favor of Anchorage or any of its Affiliates or of any creditor of any of them, and Anchorage shall not have the independent right or authority to assign, hypothecate, pledge, encumber or otherwise dispose of any Client Digital Assets or fiat currency. The Digital Assets in Client's Custody Account and the fiat currency in Client's Deposit Account are not general assets of Anchorage or of any of its Affiliates and are not available to satisfy claims of any creditors of Anchorage or of any of its Affiliates.

1.6. <u>Application of UCC</u>. Except as may be otherwise provided in this Agreement or by applicable Law, the Parties agree the relationship between Anchorage and Client is governed by Article 8 of the Uniform Commercial Code ("**UCC**"), as adopted and implemented under South Dakota law, and that for the purposes of this Agreement, (i) Client is an "entitlement holder" and any Digital Assets credited to the Client's Account or fiat currency in Client's Deposit Account, as defined in Section 2.7, shall be treated as a "financial asset" within the meaning of SDCL 57A-8-102(7) and (9); (ii) Anchorage is a "securities intermediary" pursuant to SDCL 57A-8-102(14) with respect to all financial assets held in such securities accounts; and (iii) should Client enter into an agreement with Lending, then instructions given by Lending hereunder are "entitlement orders" pursuant to SDCL 57A-8-507, and Lending is an "entitlement holder" pursuant to SDCL 57A-8-102.

1.7. <u>Rights of Use; Limits on Use</u>. Subject to the terms of this Agreement and specifically compliance with Schedule B (Technical and Equipment Specifications) and Client's confidentiality obligations under Section 8, Anchorage hereby grants to Client a non-exclusive, worldwide right during the Term to access the Technology Platform. The foregoing rights grant extends to access and use by Authorized Persons. Client will not, and will not permit Authorized Persons to: (i) directly or indirectly copy, disseminate, display, distribute, publish, sell, or otherwise use or disclose any part of the Technology Platform, or create any works or other materials based on or derived from any Technology Platform; (ii) reverse engineer, decompile, or disassemble the software used in the Technology Platform; (iii) sell, rent, lease, or license Client's right to use the Technology Platform except as may be set out under this Agreement; or (iv) use the Technology Platform or Services in any other way not expressly authorized by this Agreement. Client will be responsible for all acts and omissions of Authorized Persons in connection with or relating to this Agreement.

1.8. <u>Service Levels; Support and Maintenance</u>. As part of the Services and at no additional cost to Client, Anchorage will (i) provide the Technology Platform in accordance with all applicable service levels set forth in Schedule C (Service Level Agreement), and (ii) provide other support and maintenance Services as described in this Agreement.

6 <br> Anchorage Proprietary and Confidential

1.9. <u>Business Continuity Policy</u>. Anchorage shall maintain a business continuity policy (the "**BCP**") applicable to Anchorage's performance of Services. The BCP may be amended from time to time in Anchorage's sole discretion and shall be provided to Client upon written request.

1.10. <u>Forks, Airdrops</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Should
 a Fork occur: (i) Anchorage retains the right, in its sole discretion, to determine whether
 or not to support (or cease supporting) either Forked Network; (ii) in connection with determining
 to support a Forked Network, Anchorage may suspend certain operations, in whole or in part
 (with or without advance notice), for however long Anchorage deems necessary, in order to
 take the necessary steps, as determined in its sole discretion, to perform obligations hereunder
 with respect to supporting a Forked Network; (iii) Client hereby agrees that Anchorage shall
 determine, in its sole discretion, whether to support such Forked Network and Client shall
 have no right or claim against Anchorage related to value represented by any change in the
 value of any Digital Asset (whether on a Forked Network or otherwise), including with respect
 to any period of time during which Anchorage exercises its rights described herein with respect
 to Forks and Forked Networks; (iv) Anchorage will use commercially reasonable efforts to
 timely select, in its sole discretion, at least one (1) of the Forked Networks to support
 and will identify such selection in a notice; (v) with respect to a Forked Network that Anchorage
 chooses not to support, it may, in its sole discretion, elect to (x) abandon or otherwise
 not pursue obtaining the Digital Assets from that Forked Network, or (y) deliver the Digital
 Assets from that Forked Network to Client within a time period as determined by Anchorage
 in its sole discretion, together with any credentials, keys, or other information sufficient
 to gain control over such Digital Assets (subject to the withholding and retention by Anchorage
 of any amount reasonably necessary, as determined in Anchorage's sole discretion, to
 fairly compensate Anchorage for the efforts expended to obtain and deliver such Digital Assets
 to Client); (vi) with respect to Forked Networks that Anchorage chooses to support, Client
 may be responsible for fee to be negotiated and (vii) Client acknowledges and agrees that
 Anchorage assumes no responsibility with respect to any Forked Network and related Digital
 Assets that it chooses not to support.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client
 acknowledges that Digital Asset values can fluctuate substantially which may result in a
 total loss of the value of Digital Assets. The supply of Digital Assets available as a result
 of a Forked Network and Anchorage's ability to deliver Digital Assets resulting from
 a Forked Network may depend on third party providers that are outside of Anchorage's
 control. Anchorage does not own or control any of the protocols that are used in connection
 with Digital Assets and their related Digital Asset networks, including those resulting from
 a Forked Network. Accordingly, Anchorage disclaims all liability relating to such protocols
 and any change in the value of any Digital Assets (whether on a Forked Network or otherwise),
 and makes no guarantees regarding the security, functionality, or availability of such protocols
 or Digital Asset networks. Client accept all risks associated with the use of Anchorage's
 services to conduct transactions, including, but not limited to, in connection with the failure
 of hardware, software, and internet connections.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 the event that a Digital Asset network attempts to or does contribute (sometimes called "airdropping"
 or "bootstrapping") its Digital Assets (collectively, "**Airdropped Digital Assets**") to holders of Digital Assets on an existing Digital Asset network and
 Client notifies Anchorage in writing of such event, Anchorage may, in its sole discretion,
 elect to: (i) subject to an airdrop fee to be determined, support the Airdropped Digital
 Asset for Custody and, if appropriate, reconcile Account; (ii) abandon or otherwise not pursue
 obtaining the Airdropped Digital; or (iii) deliver the Airdropped Digital Assets from that
 Digital Asset network to Client within a time period as determined by Anchorage in its sole
 discretion, together with any credentials, keys, or other information sufficient to gain
 control over such Airdropped Digital Assets (subject to the withholding and retention by
 Anchorage of any amount reasonably necessary, as determined in Anchorage's sole discretion,
 to fairly compensate Anchorage for the efforts expended to obtain and deliver such Airdropped
 Digital Assets to Client). Airdropped Digital Assets do not create any relationship between
 the sender and/or Digital Asset network and Anchorage and do not subject Anchorage to any
 obligations as it relates to the sender and/or Digital Asset network.

7 <br> Anchorage Proprietary and Confidential

1.11. <u>Generally</u>. Notwithstanding any federal, state or local Law to the contrary regarding any common law or contractual duty, Client agrees that Anchorage will perform only such duties as are expressly set forth herein as Services, and no additional duties or obligations shall be implied. Anchorage has the authority to do all acts that Anchorage reasonably determines are necessary, proper, or convenient for it to perform its obligations under this Agreement, and shall have no obligation to perform acts which it reasonably believes do not comply with applicable Laws. In providing the Services, Anchorage has no duty to inquire as to the provisions of or application of any agreement or document other than this Agreement, notwithstanding its receipt of such agreement or document.

2. Client Responsibilities and Acknowledgements.

2.1. <u>Account Acceptance; Authorized Person Designations; Quorum Approval</u>. Services will be provided only after Client's successful completion of the account acceptance process, as determined in Anchorage's sole discretion. To complete the acceptance process, Client shall provide Anchorage with information and documents, which include but are not limited to, information necessary for Anchorage's compliance with the Bank Secrecy Act ("**BSA**"), and all Laws and regulations relating to anti-money laundering ("**AML**"), Know-Your-Customer ("**KYC**"), counter-terrorist financing, sanctions screening requirements, or any other legal obligations, in each case, as determined by Anchorage in its sole discretion. Upon acceptance of Client by Anchorage, Client shall nominate and manage Authorized Persons; provided that if Client has entered into, or at any time enters into, a Client Service Provider Agreement or Control Agreement that (i) contemplates or requires an Authorized Person to be nominated by a third party or (ii) can only be reasonably implemented through the use of Authorized Persons that are nominated by a third party, then Authorized Persons shall be nominated in accordance with such agreement. With respect to Client's primary custody Account, Client will initially nominate three or more individuals as Authorized Persons prior to initiation of Client on-boarding by Anchorage, and a minimum of two of three Authorized Persons must approve an Authenticated Instruction or other Action. With respect to any Account or Vault opened in connection with a Client Service Provider Agreement or Control Agreement, the applicable third party shall nominate the agreed-upon number of individuals as Authorized Persons, and the Quorum shall be determined as required by such agreement. Subsequent to the approval and on-boarding of initial Authorized Persons, Client or an approved third party (pursuant to a Client Service Provider Agreement or Control Agreement) may nominate additional Authorized Persons or revoke an Authorized Person's status, each through an Action to be approved by a Quorum. In order to be approved as an Authorized Person, nominated persons must agree to data collection permissions and related policies in Anchorage's mobile application and Services portals, including privacy policies and other terms, which may be amended from time to time. A copy of the then-current versions of such privacy policies and other terms will be provided at the request of Client. Client is solely responsible for the actions or inactions of all Authorized Persons at all times, including their intentional, unintentional, or coerced use of the Services.

2.2. <u>Acceptable Devices</u>. Unless expressly agreed upon otherwise, Client shall maintain a separate Acceptable Device for each Authorized Person. The Acceptable Device must have Internet accessibility and meet other technical specifications prescribed by Anchorage in Schedule B.

2.3. <u>Authorized Persons; Anchorage API</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 person nominated by Client as an Authorized Person must be confirmed by Anchorage as an Authorized
 Person. Authorized Persons may be required to successfully complete the onboarding process
 and receive training, which may include (i) installing the Anchorage application onto the
 person's Acceptable Device; and (ii) training on the Services regarding the creation
 of Actions or joining a Quorum. Upon completion of Anchorage's onboarding process and
 any training, to Anchorage's satisfaction in its sole discretion, the nominated person
 will be designated by Anchorage as one of Client's Authorized Persons and their device
 designated by Anchorage as an Acceptable Device, such that they may create Actions or join
 a Quorum.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 part of the Services, Anchorage may provide Client with access to the Anchorage API. Client
 and all Authorized Persons shall use industry best practices to safeguard any Anchorage API
 keys generated by Authorized Persons. Authorized Persons may generate API keys and assign
 roles to an application or Third Party, subject to their compliance with Client's policies
 and procedures and applicable Law. Anchorage shall not be liable for following the instructions
 of any unauthorized person that holds an Anchorage API key unless Anchorage's gross
 negligence or willful misconduct caused such unauthorized person's access to or possession
 of such key.

8 <br> Anchorage Proprietary and Confidential

2.4. <u>On-Chain Services</u>. From time to time, Anchorage may (but shall not be obligated to) offer Client additional optional services involving on-chain transactions (other than deposits and withdrawals included in Anchorage's basic custody service), which may include staking, voting, inflation, signaling, and other activities requiring interaction with the applicable blockchain ("On-Chain Services").

&nbsp;&nbsp;&nbsp;&nbsp;(a) Offer and Acceptance of
 On-Chain Services. Anchorage may offer On-Chain Services by presenting the option to elect such services in the Anchorage App to
 Authorized Persons of Client. Any offer for On-Chain Services will include the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) a basic description of the On-Chain Service;

ii) a disclosure of the material risks of the On-Chain Service;

iii) a description of any associated fees;

iv) any other key terms of the On-Chain Service, as applicable (for example, Anchorage will disclose if Digital Assets must be locked for a minimum period and would not be immediately accessible to Client); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) an option to expressly agree to the On-Chain
 Service.

Any Authorized Person may accept an On-Chain Service on behalf of Client by clicking on the button indicating the Authorized Person's election of such service ("Agree" or similar) on behalf of Client.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Cancellation
 of On-Chain Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Any
 Authorized Person may cancel an On-Chain Service at any time; provided, however, that in
 cases where Digital Assets are locked up for a certain period pursuant to the blockchain
 protocol, Anchorage will release locked Digital Assets when and as permitted by the applicable
 blockchain protocol. If Client desires to cancel an On-Chain service, Client may do so through
 the Anchorage App.

ii) Anchorage may discontinue an On-Chain Service at any time without notice for any reason. If Anchorage decides to discontinue an On-Chain Service, Anchorage will endeavor to provide as much notice to Client as reasonably possible.

2.5. <u>Legal Compliance</u>. Notwithstanding any other provision in this Agreement, Client agrees at all times to (i) fully satisfy Anchorage's information requests and other requirements, including but not limited to those relating to Authorized Persons or Digital Assets; (ii) fully comply with all applicable Laws, including the BSA and all other Laws and regulations related to AML, KYC, counter-terrorist financing, sanctions screening requirements, or other legal obligations; (iii) notify Anchorage it becomes a target of any BSA or Digital Asset related action, investigation or prosecution; (iv) notify Anchorage of any changes in jurisdiction or material ownership. Anchorage will have no obligation to provide the Services if Client or Authorized Persons fail to comply with the foregoing to Anchorage's reasonable satisfaction; and (v) provide Anchorage full cooperation in connection with any inquiry or investigation made or conducted by the U.S. Office of the Comptroller of the Currency ("**OCC**"). Client agrees to immediately notify Anchorage if it becomes aware of any suspicious activity or pattern of activity, or any activity which upon investigation may be a suspicious activity or pattern of activity under applicable Laws.

2.6. <u>Acknowledgements</u>. Client acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Client
 is an "Entitlement Holder" in a "Financial Asset," as defined by,
 and for purposes of, the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client
 is capable of evaluating investment risks independently, both in general and with regard
 to all transactions and investment strategies. Client is solely responsible for, and Anchorage
 has no involvement in, determining whether any investment, investment strategy, or related
 transaction is appropriate for Client.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Anchorage
 has no control over the Blockchains and markets in which Digital Assets are purchased and
 traded, and such may be subject to technology flaws, manipulations, hacks, double spending,
 "51%" attacks, other attacks, and operational limitations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Anchorage
 does not control and makes no guarantee as to the functionality of any Blockchain's
 decentralized governance, which could, among other things, lead to delays, conflicts of interest,
 or operational decisions that may impact Client or its Digital Assets.

9 <br> Anchorage Proprietary and Confidential

&nbsp;&nbsp;&nbsp;&nbsp;(e) Advancements
 in cryptography could render current cryptography algorithms utilized by a Blockchain supporting
 a specific Digital Asset inoperative.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 price and liquidity of Digital Assets has been subject to large fluctuations in the past
 and may be subject to large fluctuations in the future;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Deposits
 into Client Accounts may not be considered deposits under the applicable Laws, rules, or
 regulations in Client's jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Digital
 Assets in Client Accounts are not subject to deposit insurance protection of the Federal
 Deposit Insurance Corporation (**"FDIC"**) insurance and may not be subject
 to the protection afforded customers under the Securities Investor Protection Act of 1970,
 as amended;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Digital
 Assets are not legal tender and are not backed by any government;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Legislative
 and regulatory changes or actions at the state, federal, or international level may adversely
 affect the use, transfer, exchange, and value of Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Transactions
 in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental
 transactions may not be recoverable;

&nbsp;&nbsp;&nbsp;&nbsp;(l) Some
 Digital Asset transactions shall be deemed to be made when recorded on a public ledger, which
 is not necessarily the date or time that transaction was initiated;

&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 value of Digital Assets may be derived from the continued willingness of market participants
 to exchange fiat currency or Digital Assets for Digital Assets, which may result in the potential
 for permanent and total loss of value of a particular Digital Asset should the market for
 that Digital Asset disappear;

&nbsp;&nbsp;&nbsp;&nbsp;(n) There
 is no assurance that a person who accepts a Digital Assets as payment today will continue
 to do so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;(o) Due
 to the volatility and unpredictability of the price of Digital Assets relative to fiat currency
 trading and owning Digital Assets may result in significant loss over a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;(p) The
 nature of Digital Assets may lead to an increased risk of fraud or cyber-attack;

&nbsp;&nbsp;&nbsp;&nbsp;(q) The
 nature of Digital Assets mean that technological difficulties experienced by Anchorage may
 prevent the access to or use of Client's Digital Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;(r) Any
 bond, insurance or trust account maintained by Anchorage for the benefit of its customers
 may not be sufficient to cover all losses by Client.

&nbsp;&nbsp;&nbsp;&nbsp;(s) Client
 agrees to indemnify and hold Anchorage harmless from any loss or liability related to the
 acknowledgments in this paragraph 2.6 (a)-(r), it being recognized that Anchorage is a passive
 custodian only and is treated under this agreement as if it were considered an "excluded
 fiduciary" under SDCL 55-1B-2.

10 <br> Anchorage Proprietary and Confidential

2.7. <u>Fiat Currency Instructions and Acknowledgements; Undirected Cash Disclosures</u>. Anchorage may, in its sole discretion, offer Fiat Services to Client. If Anchorage offers Fiat Services, and Client accepts Fiat Services, Client may direct Anchorage, acting as Client's agent:

&nbsp;&nbsp;&nbsp;&nbsp;(a) To
 deposit all cash deposited by Client with Anchorage, for which the Client has not already
 provided transfer instructions, into deposit accounts at FDIC-insured, regulated depository
 institutions or financial organizations selected by Anchorage at Anchorage's sole discretion
 and without any further approval from the Client, which accounts will be held for the benefit
 of Anchorage clients;

&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 place the funds in one or more non-interest-bearing segregated or pooled custodial deposit
 accounts (**"Deposit Accounts"**);

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 enter into such sub-accounting agreements as may be required or advisable by the nature of
 the Deposit Accounts between the selected financial organizations and Anchorage, under which
 Anchorage may or may not receive a fee from the selected financial organizations to keep
 all records pertaining to Client's share of the Deposit Accounts, which fees will be
 retained by Anchorage, and;

&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 initiate wire transfer requests from time to time for the withdrawal of Client funds from
 the Deposit Accounts, which requests are to be honored by the financial organizations for
 withdrawal of Client's funds from such Deposit Accounts for distributions, investments,
 fees and other disbursements directed or agreed to by the Client or Client's delegate.

Anchorage will keep records to obtain pass-through FDIC coverage of up to the maximum coverage level of $250,000 for the sub-account held for the benefit of Client at a single regulated depository institution or financial organization. Anchorage makes no guarantee that pass-through FDIC coverage will be available, and Client acknowledges and accepts the risk that pass-through FDIC coverage may not be available. Client agrees that the duties and powers described herein to be exercised by Anchorage are ministerial in nature and will not operate to cause Anchorage to cease being an excluded fiduciary with respect to Client's account.

3. Ownership and Intellectual Property Rights.

3.1. <u>Services and Documentation</u>. As between the Parties and subject to Section 3.2 (Outputs of Services) and 3.3 (Client Data), Anchorage owns the Services, the Documentation, and all Intellectual Property Rights in the Services and the Documentation.

3.2. <u>Outputs of Services</u>. Anchorage hereby grants Client a perpetual, royalty-free, non-transferable (except as provided in Section 12.10), non-sublicensable, worldwide license to all output and results from use of the Services by Client or Authorized Persons, including any reports, graphics, data, specification, programs and all other materials or computer output ("**Outputs**").

3.3. <u>Client Data</u>. As between the Parties, Client owns all Client Data and all Intellectual Property Rights in Client Data. Client hereby grants Anchorage, and any of its Affiliates that provide or may provide additional services to Client, a perpetual, royalty-free, non-transferable (except as provided in this Section 3.3 or Section 12.10), non-sublicensable, worldwide license to disclose and use Client Data (i) to operate and manage the Services for Client; (ii) to monitor, process and support Actions or as necessary to effect, administer, or enforce a transaction or directive that Client otherwise requests or authorizes, including to facilitate Client's use of services provided by Anchorage Affiliates; (iii) to comply with legal or regulatory obligations applicable to the Services including financial reporting and retention of related data; and (iv) in de-identified and anonymized form in aggregation with other clients' data, to improve Anchorage's services.

11 <br> Anchorage Proprietary and Confidential

3.4. <u>Feedback</u>. From time to time, Client may submit or provide suggestions, requests for features, recommendations, or ideas to Anchorage ("**Feedback**"). By submitting Feedback, Client grants Anchorage a non-exclusive, worldwide, royalty-free, irrevocable, sub-licensable, perpetual license to use the Feedback, without consideration or compensation to Client or Authorized Persons, Affiliates, agents, partners, or personnel.

4. Term and Termination.

4.1. <u>Term</u>. This Agreement is effective as of the Effective Date, and will continue in full force and effect for the Initial Term period in the Order Form, starting from the Fees Commencement Date, or as otherwise provided in the Order Form, and will be automatically renewed for each successive Renewal Term specified in the Order Form (the Initial Term and each Renewal Term collectively referred to herein as the "**Term**"). For each Renewal Term, Anchorage reserves the right to change the Fees, institute new charges, or to otherwise change the Services upon written notice to Client no less than sixty (60) days prior to the commencement of the Renewal Term. Either Party may elect not to renew the Agreement by providing written notice of cancellation no less than thirty (30) days prior to the expiration of the current Term or unless sooner terminated as set forth in this Agreement.

4.2. <u>Termination for Cause</u>. This Agreement may be terminated by the non-breaching party upon a material breach which is not cured within thirty (30) days after receipt by the breaching Party of written notice from the non-breaching party of such breach. Notwithstanding the foregoing, this Agreement may be terminated immediately (without an opportunity to cure) upon written notice by the non-breaching Party in the following cases: (i) either Party reasonably determines that any part of the Services is or may become in violation of applicable Laws or raises material regulatory, risk, or reputational issue; (ii) Client or Authorized Persons have acted fraudulently or made a willful misrepresentation; (iii) the other Party files bankruptcy or is declared insolvent, or has an administrative or other receiver, manager, trustee, liquidator, administrator, or similar officer appointed over all or any substantial part of its assets; (iv) the other Party enters into or proposes any composition or arrangement with its creditors generally; (v) the other Party violates Section 8; or (vi) there is an SLA Termination Event.

4.3. <u>Effect of Termination Notice</u>. Upon termination of this Agreement, Client will pay Anchorage all Fees, as provided in the Order Form, and documented expenses for Services rendered to Client through the effective date of termination of this Agreement.

4.4. <u>Obligations and Rights on Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Digital
 Assets. Upon termination, Client shall provide Authenticated Instructions and Anchorage will
 return Client's Digital Assets in its custody, pursuant to Authenticated Instructions,
 to Client or to an alternative custodian to be held on behalf of Client, provided that Anchorage
 has received (i) adequate legal assurances from Client and has determined in its sole discretion
 that the destination would comply with applicable Laws; and (ii) payment from Client on all
 Fees and associated costs of such return (if any). A Digital Asset will be deemed to have
 been returned to Client when: (i) a transfer of the Digital Asset initiated by Anchorage
 has received a reasonable number of confirmations on the relevant Blockchain; (ii) Anchorage
 has provided the Private Key associated with the Digital Asset to Client; or (iii) via an
 alternative method mutually agreed upon between Anchorage and Client. To the extent Client
 is unable to transfer Digital Assets out of the Account due to insufficient gas or network
 fees necessary for the transfer, Client agrees to and abandons and forfeits any claims to
 such Digital Assets upon closure of the Account.

12 <br> Anchorage Proprietary and Confidential

&nbsp;&nbsp;&nbsp;&nbsp;(b) Confidential
 Information and Client Data. Upon termination and at Disclosing Party's written request,
 the Receiving Party will return or destroy all of the Disclosing Party's Confidential
 Information. In addition, upon Client's written request, Anchorage will return or destroy
 all Client Data. Notwithstanding the foregoing, either Party may retain a copy of Confidential
 Information and Client Data (i) for audit, legal, accounting or compliance purposes; (ii)
 if included within unstructured backup files or that technically cannot be deleted; (iii)
 as licensed pursuant to Section 3.3; or (iv) as may be required by applicable Laws, including
 requirements of the U.S. Office of the Comptroller of the Currency.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Timeline
 for Claims. The Parties agree that any claim, suit, proceeding, cause of action, or arbitration
 request arising out of or relating to this Agreement must be asserted within twelve (12)
 months of the date of the event or circumstances giving rise to such claim, suit, proceeding,
 cause of action, or arbitration request.

5. Fees and Taxes.

5.1. <u>Fees</u>. Client will pay Anchorage the Fees for the Services as set forth in the Order Form.

5.2. <u>Invoices; Payment Terms</u>. Anchorage will submit invoices for the Services as set forth in the Order Form. Except as otherwise set forth in the Order Form, Client agrees to pay all undisputed invoices net 15 days following receipt. If Client reasonably disputes any portion of an invoice, Client agrees, within the foregoing 15-day period to (i) pay the undisputed amounts; and (ii) provide a detailed explanation with all supporting documentation of the basis for its dispute.

5.3. <u>Taxes.</u> The Fees do not include all taxes, assessments, duties, and other governmental and similar charges ("**Taxes**") that may be assessed on Client or Client's assets by governmental authorities, which are Client's sole obligation to remit unless otherwise mandated by law. Client shall be liable for all Taxes relating to any Digital Assets held on behalf of Client or any transaction related thereto. Client shall remit to Anchorage for the amount of any Tax that Anchorage is required under applicable Laws (whether by assessment or otherwise) to pay on behalf of, or in respect of activity in the Account of Client. In the event that Anchorage is required under applicable law to pay any Tax on behalf of Client, Anchorage shall promptly notify Client of the amount required and Client shall promptly transfer to Custodian the amount necessary to pay the Tax.

5.4. <u>Reserve.</u> Anchorage may establish a reserve account to ensure Client pays Fees ("**Reserve Account**") if Client: (i) breaches this Agreement; (ii) is subject to a material regulatory action or proceeding that Anchorage reasonably determines makes it prudent for it to engage counsel or incur expenses to manage Client's Account; or (iii) is likely to become the subject of bankruptcy or insolvency proceedings, each as reasonably determined by Anchorage. If Anchorage creates a Reserve Account, Anchorage will provide prior written notice to Client of the reasons therefore and the required Reserve Account balance. A Reserve Account balance may be funded through funds Client provides upon Anchorage's request or Client's Digital Assets, in the event that such funds are not provided promptly upon request. Anchorage may use Reserve Account funds to pay Client obligations to Anchorage, and if such funds are used, Anchorage will account to Client for such funds used in Client's monthly statements. In no case shall any amounts held in the Reserve Account constitute "demand deposits" or be withdrawable by check or similar means for payment to third parties or others, within the meaning of 12 U.S.C. 1841(c)(2)(D)(iv)(1).

13 <br> Anchorage Proprietary and Confidential

6. Representations and Warranties; Disclaimers.

6.1. <u>Mutual Representations and Warranties</u>. Each Party represents, warrants, and covenants that: (i) it is a validly organized entity under the laws of the jurisdiction of its incorporation; (ii) it has all rights, power, and authority necessary to enter into this Agreement and perform its obligations hereunder; (iii) its performance of this Agreement, and the other Party's exercise of its rights under this Agreement, will not conflict with or result in a breach or violation of any of the terms or provisions or constitute a default under any agreement by which it is bound or any applicable Laws; and (iv) it will comply with all applicable Laws in performing its obligations under this Agreement.

6.2. <u>Anchorage Representations and Warranties</u>. Anchorage represents, warrants and covenants that: (i) the Services will conform to this Agreement; (ii) it is the owner of or is duly authorized to provide all Services; (iii) it has all rights necessary to grant all the rights and licenses that it purports to grant and perform all of its obligations under this Agreement; (iv) it is not aware of any claim that the Services, and the use thereof by any Authorized Person in accordance with this Agreement, infringe upon or otherwise violate any statutory, common law or other rights of any Third Party in or to any Intellectual Property Rights therein; and (v) as of the Effective Date, there is no pending, threatened, or anticipated claim, suit, or proceeding affecting or that could affect Anchorage's ability to perform and fulfill its obligations under this Agreement.

6.3. <u>Client Representations and Warranties</u>. The Client represents, warrants and covenants that: (i) Client is and has been for the past five (5) years or since its formation, whichever is more recent, based on a reasonable investigation and analysis of such applicable Laws, including but not limited to those relating to anti-money laundering, Know-Your-Customer, customer identification and similar Laws; (ii) Client owns, and will at all times own, all Digital Assets handled under this Agreement, subject only to liens and encumbrances granted to Anchorage pursuant to this Agreement or otherwise created as part of the Client's business; (iii) any Digital Assets or fiat currency deposited into any Account are not proceeds of a crime; and (iv) Client is not directly or indirectly owned or controlled by any person or entity (a) included on the Specially Designated Nationals and Blocked Persons or the Consolidated Sanctions List maintained by the Office of Foreign Assets Controls ("**OFAC**") or similar list maintain by any government entity from time to time; or (b) located, organized, or resident in a country or territory that is the target of sanctions imposed by OFAC or any government entity.

6.4. <u>Anchorage Disclaimers</u>. **Except to the extent set forth in Sections 6.1 and 6.2 above, THE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ANCHORAGE EXPLICITLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF THE COURSE OF DEALING OR USAGE OF TRADE.** The Parties further acknowledge and agree that Anchorage has no obligation to inquire into, and shall not be liable for any damages or other liabilities or harm to any person or entity relating to: (i) the ownership, validity or genuineness of any Digital Asset; (ii) the authority of any Authorized Person to act on behalf of the Client with respect to a Digital Asset; (iii) the accuracy or completeness of any Client Data or information provided by Client or any Authorized Person with respect to a Digital Asset or Action; or (iv) the collectability, insurability, effectiveness, marketability or suitability of any Digital Asset. Client additionally understands and agrees that Anchorage will follow the directions of Client, is considered by this Agreement to be an "excluded fiduciary" under SDCL 55-1B-2, and shall be released and held harmless for following the directions of Client, who is considered by the Agreement to be a Trust Advisor (in its capacity as a custody account holder) under SDCL 55-1B-1(3).

14 <br> Anchorage Proprietary and Confidential

7. Security Requirements; Personal Information.

7.1. <u>Security Requirements</u>. Client will comply with, and cause Authorized Persons, its subcontractors and its personnel to comply with, the terms and conditions set forth in the Data Processing Addendum attached as Schedule D to this Agreement.

7.2. <u>Breach Notifications</u>. Anchorage agrees to use commercially reasonable efforts to notify Client of any Data Security Incident involving Client Data within forty-eight (48) hours of becoming aware of the Data Security Incident.

7.3. <u>Changes in Law</u>. To the extent that applicable data protection Laws impose any additional compliance obligations that are not sufficiently addressed in this Agreement, the Parties agree to enter into good faith discussions regarding amending this Agreement or taking such other steps as may be mutually agreed as reasonably necessary to achieve compliance with those applicable data protection Laws.

8. Confidentiality.

8.1. <u>Use and Disclosure</u>. The Parties acknowledge that, in the course of performance of this Agreement, one Party ("**Disclosing Party**") may find it necessary to disclose or permit access to Confidential Information to the other Party ("**Receiving Party**") and its personnel. Disclosing Party's disclosure of, or provision of access to, Confidential Information to Receiving Party's personnel is solely for the purposes agreed to under this Agreement.

8.2. <u>Confidential Treatment</u>. Confidential Information disclosed to a Receiving Party will be held in confidence by the Receiving Party and not disclosed to others or used except as expressly permitted under this Agreement or as expressly authorized in writing by the Disclosing Party. Each Party will use the same degree of care to protect the other Party's Confidential Information as it uses to protect its own information of like nature, but in no circumstances less than reasonable care.

8.3. <u>Allowances</u>. Notwithstanding anything to the contrary in this Section 8, Confidential Information may be disclosed by a Receiving Party: (i) to those of its employees, agents, service providers, and consultants who require it in connection with their duties in performing such Party's obligations under this Agreement and who are contractually or legally obligated to hold such Confidential Information in confidence and restrict its use consistent with the Receiving Party's obligations under this Agreement; (ii) to the Receiving Party's auditors, outside counsel, accountants and other similar business advisors; or (iii) to the extent required by law, pursuant to a duly authorized subpoena, court order or government authority, provided that: (a) the Receiving Party provides the Disclosing Party with as much advance notice of such disclosure requirement or obligation as is reasonably practicable and legally permissible under relevant law to permit Disclosing Party to seek a protective order or other appropriate remedy protecting its Confidential Information from disclosure; and (b) the Receiving Party limits the release of the Confidential Information to the greatest extent possible under the circumstances. Notwithstanding the foregoing, Anchorage may disclose to the U.S. Office of the Comptroller of the Currency any Confidential Information of Client that is requested from, or required to be provided to, the U.S. Office of the Comptroller of the Currency, or any federal, state, or international governmental or regulatory body with jurisdiction over Anchorage, without prior notice to Client. In addition, notwithstanding the foregoing, Anchorage may disclose the existence and terms of this Agreement in connection with an actual or prospective sale or transfer of Anchorage's assets or stock.

8.4. <u>Exceptions</u>. Except with respect to Personal Information, which will in all circumstances remain Confidential Information, obligations under this Section 8 will not apply to information which: (i) was in the public domain or generally available to the public prior to receipt thereof by the Receiving Party from the Disclosing Party, or which subsequently becomes part of the public domain or generally available to the public through no wrongful act of the Receiving Party or an employee or agent of the Receiving Party; (ii) was in the possession of the Receiving Party without breach of any obligation hereunder to the Disclosing Party prior to receipt from the Disclosing Party; (iii) is later received by the Receiving Party from a Third Party, unless the Receiving Party knows or has reason to know of any confidentiality obligations of the Third Party to the Disclosing Party with respect to such information; (iv) is developed by the Receiving Party independent of such information received from the Disclosing Party; or (v) has previously been disclosed by the Disclosing Party to a Third Party without any confidentiality obligations.

15 <br> Anchorage Proprietary and Confidential

9. Indemnification.

9.1. <u>Indemnification Obligation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Client
 will defend, indemnify, and hold harmless Anchorage, its directors, officers, employees and
 agents (collectively, the "**Anchorage Indemnified Party**") from and against
 losses, damages, fines, fees (including reasonable fees of attorneys and accountants), and
 penalties ()"**Losses**") asserted in or incurred as a result of claims, demands,
 suits, or proceedings ()"**Claims**") by a Third Party arising out of or in
 connection with this Agreement, except to the extent arising out of (i) Anchorage's gross
 negligence, willful misconduct or fraud as determined by a non-appealable, adjudication by
 an arbiter of competent jurisdiction ()"**Bad Acts** "), provided, however, that
 Anchorage shall be released and held harmless for any action it takes at the direction of
 the Client as it would be pursuant to SDCL 55-1B, which is agreed to be applicable hereunder,
 even if following such Client direction constitutes gross negligence or willful misconduct
 by Anchorage; and (ii) any breach by Anchorage of its obligations, warranties and representations
 hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Client
 further agrees to indemnify Anchorage for actual, reasonable legal costs and expenses directly
 related to Client Account(s) or any related account that are a result of any regulatory inquiry,
 legal action, litigation, dispute, or investigation whether such situations occur or are
 anticipated, that arise or relate to Client. Client further agrees to defend, indemnify and
 hold Anchorage Indemnified Party and any financial institution harmless from and against
 any Losses or Claims arising from or related to (i) Anchorage's execution of the Actions
 instituted by Client or anyone acting on Client's behalf or at its direction (such
 as a Client Service Provider or Control Party), including but not limited to requests for
 withdrawals by wire transfer made from Client's portion of the Deposit Accounts; and
 (ii) instructions submitted via the Anchorage API, provided that such instructions were submitted
 pursuant to a validly generated Anchorage API key and such API key performs the functions
 intended for such key, as reflected in the API documentation.

9.2. <u>Notice and Settlement of a Claim</u>. Anchorage will provide Client with prompt notice of any Claim for which indemnification will be sought hereunder and will cooperate in all reasonable respects with Client in connection with any such Claims, at Client's expense. Client will defend Anchorage at Anchorage's request, but failure to give notice will not relieve Client of its obligations under this Section 9. Client will be entitled to control the handling of any such Claim and to defend or settle any such Claim, in its sole discretion, with counsel of its own choosing, except that any settlement for other than money damages will be subject to the approval of the Anchorage, which approval will not be unreasonably withheld. Client may not settle any Claim without the prior written consent of Anchorage where such proposed settlement may limit, materially interfere with, or otherwise adversely affect the rights of Anchorage herein.

10. Liability.

10.1. <u>LIMITATION OF LIABILITY</u>. EXCEPT FOR ANCHORAGE'S BAD ACTS, ANCHORAGE SHALL NOT BE LIABLE FOR ANY LOSSES, WHETHER IN CONTRACT, TORT OR OTHERWISE, INCURRED BY CLIENT, FOR ANY AMOUNT IN EXCESS OF FEES PAID BY CLIENT IN THE TWELVE (12) MONTHS PRIOR TO WHEN THE LIABILITY ARISES. FURTHER, IN NO EVENT WILL ANCHORAGE BE LIABLE (I) FOR ACTS OR OMISSIONS UNDER A MERE NEGLIGENCE STANDARD; (II) LOSSES WHICH ARISE FROM ANCHORAGE'S COMPLIANCE WITH APPLICABLE LAWS, INCLUDING SANCTIONS LAWS ADMINISTERED BY OFAC; OR (III) SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR LOST PROFITS OR LOSS OF BUSINESS ARISING IN CONNECTION WITH THIS AGREEMENT.

FOR THE AVOIDANCE OF DOUBT, THE LIMITATION OF LIABILITY IN THIS SECTION 10.1 IS A SEPARATE LIMITATION OF LIABILITY AS TO EACH CLIENT AND SHALL NOT INCLUDE ANY AMOUNT PAID BY CLIENTS IN THE AGGREGATE. IN ADDITION TO THE FOREGOING, ANCHORAGE SHALL NOT BE LIABLE FOR ANY LOSSES WHICH ARISE AS A RESULT OF THE NON-RETURN OF DIGITAL ASSETS THAT CLIENT HAS DELEGATED TO ANCHORAGE OR A THIRD-PARTY FOR ON-CHAIN SERVICES, SUCH AS STAKING, VOTING, AND INFLATION, UNLESS SUCH LOSSES OCCUR AS A RESULT OF ANCHORAGE'S FRAUD OR INTENTIONAL MISCONDUCT.

16 <br> Anchorage Proprietary and Confidential

11. Dispute Resolution; Binding Arbitration.

11.1. <u>Initial Resolution; Mediation</u>. In the event of any dispute, potential claim, question, or disagreement arising from or relating to this Agreement or the breach thereof (collectively, a "**Dispute**"), the aggrieved Party shall notify the other of the aggrieved Party's intent to address and resolve the Dispute, and the specific terms of such Dispute. The Parties shall use commercially reasonable efforts to promptly settle the Dispute. Such efforts will include, at a minimum, that executives of each Party consult, meet in person, and negotiate with each other in good faith. If the Parties do not resolve the Dispute pursuant to the foregoing paragraph within a period of 30 days following the aggrieved Party's notice, then, upon notice by either Party to the other, the Parties agree to confidentially mediate the Dispute in good faith according to the American Arbitration Association ("**AAA**") Commercial Mediation Procedures in Sioux Falls, South Dakota or another location agreed to by the Parties. The Parties shall work in good faith with the mediator to attempt to complete the mediation within 30 days of such notice.

11.2. Arbitration. If the parties do not resolve the Dispute pursuant to the foregoing paragraph, then, upon notice by either Party to the other, the Dispute shall be finally settled by binding arbitration administered by the AAA in accordance with the provisions of its rules applicable to commercial disputes. The arbitration shall be conducted on a confidential basis in Sioux Falls, South Dakota, or another location agreed to by the Parties. The arbitration shall be conducted before a single arbitrator experienced in contract, finance and technology law. Any decision or award shall be in writing and shall provide an explanation for all conclusions of law and fact. The arbitrator may award the prevailing Party on each claim or defense, if any, as determined by the arbitrator, some or all of its Costs, in the arbitrator's sole discretion. "**Costs**" mean all reasonable pre-award expenses of the arbitration, including the arbitrators' fees, administrative fees, out-of-pocket expenses such as copying and telephone, witness fees, and reasonable attorneys' fees.

No Party shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce any agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

11.3. <u>Exception for Protection of Confidential Information</u>. The Parties each agree that the protection of Confidential Information is necessary and reasonable in order to protect the Disclosing Party and its business. The Parties each expressly agree that monetary damages would be inadequate to compensate the Disclosing Party for any breach of its Confidential Information. Accordingly, each Party agrees and acknowledges that any such violation or threatened violation would cause irreparable injury to the Disclosing Party and that, in addition to any other remedies that may be available, in law, in equity or otherwise, the Disclosing Party shall be entitled to obtain injunctive relief against the threatened breach or continued breach by the Receiving Party, without the necessity of proving actual damages.

12. General Provisions.

12.1. <u>Independent Contractor</u>. It is understood by the Parties that Anchorage is an independent contractor, and that this Agreement does not create or constitute a partnership, joint venture or employment relationship between the Parties.

12.2. <u>No Third Party Beneficiaries</u>. This Agreement is not intended to and shall not be construed to give any Third Party any interest or rights (including, without limitation, any Third Party beneficiary rights) with respect to or in connection with any agreement or provision contained herein or contemplated hereby, except as otherwise expressly provided for in this Agreement.

12.3. <u>Publicity and Client Identification</u>. The existence and subject matter of this Agreement, including Fees, is deemed the Confidential Information of Anchorage. Notwithstanding the foregoing, for the Term of the Agreement, Client may use Anchorage's name and approved trademarks to identify Anchorage as its Digital Asset custodian services provider, and Anchorage may use Client's name and approved trademarks to identify Client as a customer of Anchorage. Any use of a Party's trademarks shall be in a form reasonably acceptable to that Party. Any other use of a Party's name or trademarks by the other may only be made with its prior written consent.

12.4. <u>Force Majeure</u>. Neither Party will be liable to the other Party for the failure to perform or delay in the performance of its obligations under this Agreement to the extent such failure or delay is caused by or results from a Force Majeure Event. The affected Party will not be held liable by the other Party for such non-performance or delay as long as the fact of the occurrence of such Force Majeure Event is duly proven or is reasonably provable. In addition, Anchorage will not be liable to Client for any costs or expenses incurred by Client as a result of any Force Majeure Event. Notwithstanding the foregoing, if the delay in performance exceeds thirty (30) days, the Party awaiting performance will be permitted to terminate this Agreement upon five (5) days' prior written notice to the other Party, with no further obligation to the Party claiming excusable delay.

17 <br> Anchorage Proprietary and Confidential

12.5. <u>Notices</u>. All notices required or permitted under this Agreement will be in writing and delivered by courier, mail, electronic mail, or within the Anchorage application (except for service of legal process which shall be by courier). A Party's email addresses or physical address may be changed from time to time by either Party by providing written notice to the other in the manner set forth above.

12.6. <u>Execution in Counterparts and by Electronic Means</u>. This Agreement may be executed in counterparts and by electronic means and the Parties agree that such electronic means and delivery will have the same force and effect as delivery of an original document with original signatures.

12.7. <u>Entire Agreement; Amendment</u>. This Agreement includes all exhibits, schedules, and attachments referenced herein, all of which are incorporated herein by this reference. This Agreement is the final, complete, and entire agreement of the Parties. There are no other promises or conditions in any other agreement, oral or written. This Agreement supersedes any prior written agreements or oral agreements between the Parties. The Agreement may only be modified or amended if the amendment is made in a tangible writing and is signed by both Parties.

12.8. <u>Remedies Cumulative</u>. Each Party will have all of the rights and remedies provided by law in addition to the rights and remedies set forth in this Agreement and in any other agreement or writing between the Parties. All of a Party's rights and remedies are cumulative and may be exercised from time to time, and the pursuit of one right or remedy will not constitute an exclusive election or otherwise preclude or limit its pursuit of any other or additional right or remedy.

12.9. <u>Severability</u>. If any provision of this Agreement will be held to be invalid or unenforceable for any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provisions will be deemed to be written, construed and enforced as so limited.

12.10. <u>Assignment</u>. No Party may assign any of its rights under this Agreement or delegate its performance under this Agreement without the prior written consent of the other Party; except that Anchorage may assign its rights and delegate its performance under this Agreement to: (i) any entity that acquires all or substantially all of its assets; (ii) any Affiliate that controls, is controlled by, or is under common control with Anchorage; and (iii) any successor in a merger, acquisition, or reorganization, including any judicial reorganization.

12.11. <u>Use of Affiliates</u>. Anchorage Affiliates may provide certain Services as directed by Anchorage. Without limiting the generality of the foregoing, Anchorage hereby discloses that it is a subsidiary of Anchor Labs, Inc., which provides certain administrative services to Anchorage in support of Anchorage's provision of Services hereunder, pursuant to an Intercompany Services Agreement between Anchorage and Anchor Labs, Inc. Anchorage is, and will at all times be, responsible for the acts and omissions of its Affiliates, including Anchor Labs, Inc., and all provisions under this Agreement that are applicable to Anchorage will apply equally to its Affiliates, including Anchor Labs, Inc. For the avoidance of doubt, this section does not apply to Anchorage's use of a Vendor.

12.12. <u>No Waiver of Contractual Right</u>. The failure of either Party to enforce any provision of this Agreement will not be construed as a waiver or limitation of that Party's right to subsequently enforce and compel strict compliance with every provision of this Agreement. A waiver or consent given on one occasion is effective only in that instance and will not be construed as a bar to or waiver of any other right on any other occasion.

12.13. <u>Governing Law</u>. Except to the extent it is governed by federal banking Law, this Agreement will be governed by and construed exclusively in accordance with the laws of the State of South Dakota, without regard to its conflicts of laws provisions or rules. Subject to Section 11, the Parties hereby agree to submit to the exclusive jurisdiction of any appropriate court located in the State of South Dakota or the United States District Court for South Dakota located in the city of Sioux Falls, South Dakota, as a forum for litigation. Each of the Parties hereto hereby waives all right to trial by jury in any lawsuit, action, proceeding or counterclaim arising out of this Agreement.

12.14. <u>Survival</u>. Any expiration or termination of this Agreement will not affect any accrued claims, rights or liabilities of Parties, and all provisions which must survive to fulfil their intended purposes, or by their nature are intended to survive such expiration or termination will survive, including Sections 2 - 12, and the Schedules.

18 <br> Anchorage Proprietary and Confidential

**SCHEDULE A – DEFINITIONS**

"**Access Speed**" means the maximum time for Anchorage to complete its Authenticated Instruction review process after a Quorum has approved an Authorized Person's submission of instructions through the Service. Where submitted instructions initially fail Anchorage's Authenticated Instruction review, the time for Anchorage's review will reset. Access Speed excludes the time for a Blockchain to propagate a block. This Access Speed excludes the time necessary to perform KYC and/or add an Authorized person.

"**Account**" means an account established in the name of, or for the benefit of, an organization, such as a Client, in which the ownership of Digital Assets is recorded and to which Digital Assets are credited. Each Account is recorded separately on Anchorage's books and records and has one or more unique wallet addresses. An organization may have one or more Accounts, and an Account may have one or more Vaults. The Authorized Persons and Quorum requirements for each Account may differ from those of other Accounts.

"**Acceptable Device**" means a hardware device with software configuration set forth in Schedule B.

"**Action**" means any directions, instructions or requests made by Client or Authorized Persons through the Services, including but not limited to requests relating to the storage or transfer of Digital Assets.

"**Affiliate**" means an entity controlling, controlled by or under common control with a Party.

"**Anchorage API**" means the application programming interface, as such may be modified from time to time, through which Client may permit Third Parties authorized by Authorized Persons to access Client data and submit Authenticated Instructions.

"**Anchorage Personnel**" means those employees, representatives, contractors, and agents of Anchorage, Affiliates of Anchorage, or Subcontractors who provide the Services.

"**Anchorage Technology**" means any and all (i) algorithms, computer programs, concepts, ideas, inventions, machines, mask works, procedures, processes, rates, security codes, and works of authorship, including the Anchorage API, in all cases whether or not patentable or copyrightable, that are owned or in-licensed by Anchorage or that otherwise are or have been created, developed, owned, incorporated or generated, in whole or in part, by or on behalf of Anchorage for or into or in connection with features, functions, tools or services to be provided pursuant to this Agreement, (ii) all data and other information that are or can be collected, compiled, or derived by or on behalf of Anchorage from any usage by Client or any other person of any work, invention, or other subject matter referred to in the foregoing, and (iii) any work, invention, or other subject matter that constitutes or relates to a suggestion, enhancement, modification, improvement, upgrade, or update regarding, or that is otherwise based on or derived from or related to, any work, invention, or other subject matter referred to in this the foregoing.

"**Annual Basis Points**" refers to the annual rate for custody fees. Monthly Custody Fees are charged at the rate of one-twelfth of the listed annual rate.

"**AUC**" or "**Assets Under Custody**" means the average daily balance of Client Digital Assets in Anchorage's custody each month, calculated after the conclusion of each month, where the average daily balance is determined by adding each daily balance and dividing the sum of the daily balances by the number of days in such month (or in the case of the first month, by the number of days in such month following the Fees Commencement Date). Daily balances are calculated by applying closing prices, as provided by CryptoCompare.com at the close of each day, or if unavailable, other reliable, reputable third party pricing sources, in Anchorage's sole discretion, to the end of day holdings in the Account. If closing prices are unavailable or unreliable due to low or inconsistent trading volumes for certain Digital Assets from such sources, Anchorage may use fixed pricing as determined in Anchorage's reasonable sole discretion for such Digital Assets*.* The first invoice will be sent after the end of the first full calendar month after the Fees Commencement Date.

19 <br> Anchorage Proprietary and Confidential

"**Authenticated Instruction**" means an Action (i) regarding specific Digital Assets; (ii) to add or remove Authorized Persons; (iii) to generate or remove, or change permissions for, Anchorage API keys; or (iv) which is otherwise provided for by the Services; by (a) an Authorized Person that has received Quorum approval (where such Quorum approval is required) or (b) an authorized application using an Anchorage API key (generated by an Authorized Person). Anchorage's authentication processes and procedures will be determined by Anchorage in its sole discretion from time to time, and will include biometric authentication mechanisms for each Authorized Person (which may include but are not limited to fingerprint, facial recognition, or voiceprint). Where the purpose of an Authenticated Instruction relates to Digital Assets, such an Authenticated Instruction is an Entitlement Order for purposes of the UCC.

"**Authorized Person**" means a person nominated by Client, or another party if so contemplated by a Client Service Provider Agreement or Control Agreement, and thereafter approved by Anchorage, who has completed Anchorage's authentication process and is a member of Client's Quorum.

"**Basis Point**" means 1/100<sup>th</sup> of 1%.

"**Blockchain**" means software operating a distributed ledger which is maintained by a network of computers, and that records all transactions in a Digital Asset in theoretically unchangeable data packages known as blocks, each of which are timestamped to reference the previous block so that the blocks are linked in a chain that evidences the entire history of transactions in the Digital Asset.

"**Client Data**" means any or all of the following, and all copies thereof, regardless of the form or media in which such items are held: (i) Personal Information of Client or an Authorized Person; and (ii) any non-public data or information provided or submitted by or on behalf of Client or an Authorized Person.

"**Confidential Information**" means information and technical data, which is not generally known to the public, whether disclosed directly or indirectly, in writing, orally, or visually, that the Receiving Party knows or should know is confidential or proprietary. Examples of Confidential Information include, but are not limited to, a Party's products, software, websites, apps, marketing plans and materials, business strategies, business methods, models, financial reports or projections, product plans and specifications, designs, processes, manuals, ideas, concepts, drawings, pricing, Fees, operational plans, know-how, employee information, shareholder information, vendor information, customer information, and ownership or investor information.

**"Data Security Incident"** has the meaning provided for in Schedule D.

"**Digital Asset**" means a digital representation of value that may function as a medium of exchange or medium for investment, and which is evidenced on, and can be electronically received and stored using, distributed ledger technology. For the avoidance of doubt, Digital Assets held by Anchorage for the Client are "Financial Assets" for purposes of the UCC and are not assets of Anchorage.

"**Documentation**" means all Client manuals, training and marketing materials, guides, product descriptions, product specifications, technical manuals, supporting materials, and other information relating to the Services and provided by Anchorage to Client.

"**Fiat Services**" means services related to the custody, management and Actions related to fiat currencies owned by Client and held for Client's benefit by Anchorage, including (i) holding Client's fiat currency in an omnibus banking account held for the benefit of Anchorage's clients, and (ii) transferring Client's fiat currency as directed by Client, a Client Service Provider or other Client designee.

20 <br> Anchorage Proprietary and Confidential

"**Force Majeure Event**" means an event caused by a circumstance beyond a Party's reasonable control and that could not have been prevented or avoided by the exercise of due diligence, including, but not limited to natural catastrophes, fire, explosions, pandemic or local epidemic, war or other action by a state actor, public power outages, civil unrests and conflicts, labor strikes or extreme shortages, acts of terrorism or espionage, Domain Name Server issues outside a Party's direct control, technology attacks (e.g., DoS, DDoS, MitM), cyberattack or malfunction on the blockchain network or protocol, or governmental action rendering performance illegal or impossible.

"**Fork**" means (i) that a Digital Asset network has been changed in a way that makes it incompatible with the unchanged version of the Digital Asset network, (ii) a material population of miners and/or users of the Digital Asset network accept the changes, and (iii) that the two resulting Digital Asset networks have not been merged together in a timely manner. A Fork may create two separate Digital Asset networks (each, a "**Forked Network**"), and may result in Anchorage holding an identical amount of Digital Assets associated with each Forked Network.

"**Intellectual Property Right(s)**" means, with respect to any thing, material or work (hereinafter, a "**Work**"): any and all (i) worldwide copyrights, trademarks, trade secrets and any other intellectual property and proprietary rights and legal protections in and to such Work including but not limited to all rights under treaties and conventions and applications related to any of the foregoing; (ii) all patents, patent applications, registrations and rights to make applications and registrations for the foregoing; (iii) all goodwill associated with the foregoing; (iv) all renewals, extensions, reversions or restorations of all such rights; (v) all works based upon, derived from, or incorporating the Work; (vi) all income, royalties, damages, claims, and payments now or hereafter due or payable with respect thereto; (vii) all causes of action, either in law or in equity for past, present or future infringement based on the Work; (viii) rights corresponding to each of the foregoing throughout the world; and (ix) all the rights embraced or embodied therein, including but not limited to, the right to duplicate, reproduce, copy, distribute, publicly perform, display, license, adapt, prepare derivative works from the Work, together with all physical or tangible embodiments of the Work.

"**Laws**" means all United States federal, state and local laws, statutes, ordinances, regulations, rules, executive orders, circulars, opinions, interpretive letters, agency letters, and other official releases, requests, or recommendations of or by any government, or any authority, department or agency thereof.

**"Monthly Custody Fee"** refers to the fees for custody of the Digital Assets.

**"Monthly Minimum"** refers to the minimum Fees per month to Client if AUC is below the designated amount.

"**On-Chain Services**" has the meaning set forth in Section 2.4 and refers to fees for new services offered through the Anchorage application (such as staking or voting) and accepted by an Authorized Person.

"**One-Time Onboarding Fee**" refers to the fees for establishing Client as an Anchorage customer, including: KYC/AML processes; one in-person training session; Authorized Person onboarding; and remote training for up to ten (10) individuals. Credit, if any, may be applied to Client Fees only above the Monthly Minimum, and will be applied fully each month until the credit has been fully expended within the Initial Term. Any remaining credit after the Initial Term shall be forfeited.

"**Personal Information**" means any information relating to an identified or identifiable individual, such as name, postal address, email address, telephone number, date of birth, Social Security number (or its equivalent), driver's license number, account number, personal identification number, health or medical information, fingerprint, voice print, or any other unique logical or biometric identifier specific to an individual, regardless of the media in which it is contained, that is: (i) disclosed to Anchorage, its Affiliates or Anchorage Personnel by Client or an Authorized Person in anticipation of, in connection with or incidental to the Services; (ii) processed at any time by Anchorage, an Anchorage Affiliate or Anchorage Personnel in connection with or incidental to the performance of its obligations under this Agreement; or (iii) derived by Anchorage, an Anchorage Affiliate or Anchorage Personnel from the information described in (i) and (ii) above.

"**Private Key**" means an alphanumeric string known only to the holder of a Digital Asset, which must be used to transact the Digital Asset represented by the corresponding Public Key.

21 <br> Anchorage Proprietary and Confidential

"**Public Key**" means an alphanumeric string on a Blockchain that indicates ownership/possession of a specific amount of a Digital Asset by a specific network participant. The Public Key is visible to all participants in the Blockchain's network.

"**Quorum**" means the minimum number of Authorized Persons required to approve an Action which requires such approval. Each Vault may have a different Quorum. Unless otherwise specified in an applicable Client Service Provider Agreement, Control Agreement, or instructions provided in connection therewith, (i) Client may designate the total number and the minimum number of Authorized Persons required to approve an Authenticated Instruction or other Action and (ii) Client must designate at least three Authorized Persons, with at least two required to approve any Action. Anchorage reserves the right in its sole discretion to change the minimum number of Authorized Persons to be designated or which are required to approve an Action.

"**Services**" means the Technology Platform, Support Services, and any On-Chain Services (defined in Section 2.4) elected by Client, collectively. "Services" also includes Fiat Services if Anchorage has offered Fiat Services to Client, and Client has accepted Fiat Services. For the avoidance of doubt, "Services" expressly excludes: (i) the execution or facilitation of trading of Digital Assets for fiat currency, other Digital Assets, or property of any type, (ii) the purchase of Digital Assets for Client, and (iii) the provision of legal, tax, brokerage, or investment advice or recommendations.

"**SLA Termination Event**" means any circumstances described in the Service Level Agreement representing materially substandard performance, which if they arise, entitle Client, at its option, to terminate this Agreement for cause with no opportunity to cure pursuant to Section 4.2.

"**Subcontractor**" means any unaffiliated Third Party entity retained by Anchorage or its Affiliates to directly provide any of the Services to Client in lieu of Anchorage providing such Services, and specifically excludes a Service Provider.

**"Support Services"** means services supporting the use of the Technology Platform, including through: (i) access to an account manager or account executive to liaise with and provide training to Client regarding the Technology Platform; (ii) access to Anchorage Personnel for questions or discussion; and (iii) account management and transaction review by Anchorage Personnel.

"**Technology Platform**" means the Anchorage Technology, and any changes, improvements, extensions thereto or other versions thereof, as made available to Client to: (i) store Client's Digital Assets and provide related services; (ii) handle Digital Assets according to Authenticated Instructions; and (iii) determine the eligibility of Digital Assets for storage and continued storage.

"**Third Party**" means any legal entity, regulator or governmental entity or authority, company, or person(s) that is not either a Party, an Affiliate of a Party, a Subcontractor, a Client Service Provider, Control Party, or Vendor.

"**Vault**" means a subdivision of an Account. Each Vault is held separately on Anchorage's books and records and may have one or more unique wallet addresses. The Authorized Persons and Quorum requirements for each Vault may differ from those of other Vaults.

"**Vendor**" means any unaffiliated Third Party retained by Anchorage or its Affiliates to provide technical or professional services used by Anchorage or its Affiliates to provide the Services to Client.

22 <br> Anchorage Proprietary and Confidential

**SCHEDULE B – TECHNICAL AND EQUIPMENT SPECIFICATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Acceptable
 Device.

As to each nominated Authorized Person, a unique iPhone with TouchID or FaceID is required for the Services.

*Note: The iPhone SE is specifically excluded from the list of compatible devices. Anchorage also reserves the right, upon notice to Client, to exclude new iPhone versions for a brief period as Anchorage deems necessary in its sole discretion (such as to ensure that the new software and/or device is operable with the Anchorage app and systems, is secure, and free from material bugs).*

 

&nbsp;&nbsp;&nbsp;&nbsp;2. Software
 Specifications.

As to each Acceptable Device of each nominated Authorized Person, the operating system must be iOS 11.2 or later.

&nbsp;&nbsp;&nbsp;&nbsp;3. Changes
 to Schedule B.

Anchorage may, in its sole discretion, amend the Acceptable Device and Software Specification requirements in this Schedule B for security or service purposes, at any time. Anchorage agrees to use commercially reasonable efforts to provide Client prior notice of any such amendment. Upon amendment of any Acceptable Device and Software Specification requirements, as provided hereunder, Client will update and/or replace the Acceptable Device(s) as may be necessary, at its sole expense. Client understands and agrees that ongoing access to the Services will depend on compliance with Anchorage Acceptable Device and Software Specification requirements.

23 <br> Anchorage Proprietary and Confidential

**SCHEDULE C – SERVICE LEVEL AGREEMENT**

1. General.

&nbsp;&nbsp;&nbsp;&nbsp;1.1. This
 Service Level Agreement ()"**SLA**") specifies committed service levels that
 apply to the Anchorage Technology Platform, except as provided in Section 3 below (Exclusions).
 If a service level is not achieved, Client will be entitled to the Service Credits (as defined
 below) set out in this SLA as its sole and exclusive remedy.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. The
 service levels will be reported by Anchorage according to its internal tracking systems.

2. Availability.

---

| | |
|:---|:---|
| 2.1. | Availability will be calculated on a monthly basis as follows: |
|  | ((Total Time - Downtime)/Total Time \* 100) > 99.8% |

---

"**Total Time**" means the total number of minutes over the previous 90 days.

"**Downtime**" means the minutes in the previous 90 days during which the Anchorage Technology Platform is not available, excluding time for Scheduled Maintenance.

"**Scheduled Maintenance**" means the minutes in the previous 90 days during which the Anchorage Technology Platform is not available caused by scheduled maintenance, noticed to Client pursuant to this Section 2.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. Anchorage
 will provide advance notice of any Scheduled Maintenance, and will perform Scheduled Maintenance
 outside of standard Business Hours ()"**Business Hours**" means 6 a.m. to 8
 p.m. Pacific time, Monday through Friday and excluding holidays) or during other hours reasonably
 expected to minimize the impact on Client. Anchorage will use commercially reasonable efforts
 to provide at least 48 hours' advance notice of any Scheduled Maintenance. Anchorage
 will attempt to maximize actual availability of the Anchorage Technology Platform and Services
 during Scheduled Maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. If
 Anchorage fails to meet the foregoing availability in any month, Anchorage will credit Client's
 account (a "**Service Credit**") according to the following calculation:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Service Level (% Availability in a month)** | &nbsp;&nbsp;**Service Credit** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 99.8% and at least 98% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 98% and at least 95% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 95% |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;2.4. An
 SLA Termination Event will occur if Client becomes entitled to any Service Credit for three
 (3) consecutive months.

3. **Exclusions.** During the first six months of (i) any On-Chain Services, starting from the date of acceptance as provided in Section 2.4 of the Agreement; or (ii) the addition of any new Digital Asset to the Services, starting from the date the new Digital Asset is supported by Anchorage, such On-Chain Services or new Digital Asset shall be excluded from this SLA.

24 <br> Anchorage Proprietary and Confidential

**SCHEDULE D – DATA PROCESSING ADDENDUM**

This Data Processing Addendum ("**Addendum**"), effective as of the Effective Date, is between Anchorage (for itself and its Affiliates), and Client.

1. **Definitions**. The following terms apply to this Addendum. Any capitalized terms not defined in this Addendum have the meanings given in the Agreement.

"**Data Processing Laws**" means all applicable United States federal, state, provincial and local laws, rules, regulations, directives and governmental requirements currently in effect and as they become effective relating in any way to the privacy, confidentiality or security of Personal Data including without limitation: (i) the Gramm-Leach-Bliley Act ("**GLBA**"), 15 U.S.C. §§ 6801-6827, and all regulations implementing GLBA; the Fair Credit Reporting Act ("**FCRA**"), 15 U.S.C. § 1681 et seq., as amended by the Fair and Accurate Credit Transactions Act ("**FACTA**"), and all regulations implementing the FCRA and FACTA; Health Insurance Portability and Accountability Act of 1996 ("**HIPAA**") (codified as amended in scattered sections of 29 U.S.C. and 42 U.S.C.), and all regulations implementing HIPAA; the California Consumer Privacy Act of 2018 (the "**CCPA**"); the Controlling the Assault of Non-Solicited Pornography and Marketing Act ("**CANSPAM**"); information security breach notification laws; laws imposing minimum information security requirements; laws requiring the secure disposal of records containing certain Personal Data; all other similar international, federal, state, provincial, and local requirements; and Anchorage's data retention and destruction policies.

"**Personal Data**" means (i) Personal Information, and (ii) other personally identifiable information as defined under Data Processing Laws that is collected, disclosed, stored, accessed or otherwise processed by Anchorage for the purpose of providing the Services to Client.

"**Process**" or "**Processing**" means any operation or set of operations which is performed on Personal Data or on sets of Personal Data, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction.

2. Anchorage Responsibilities.

2.1 <u>Processing</u>. Anchorage will process Personal Data (i) to operate and manage the Services for Client; (ii) to monitor, process and support Actions; (iii) to comply with legal or regulatory obligations applicable to the Services including financial reporting and retention of related data; and (iv) in de- identified and anonymized form in aggregation with other clients' data, to improve Anchorage's services.

2.2 <u>Deletion or Return</u>. Upon Client's written request, Anchorage will delete or return all Personal Data to Client after the end of the provision of the Services, and delete existing copies. Notwithstanding the foregoing, Anchorage may retain a copy of Personal Data (i) to comply with Data Processing Laws and other applicable laws and regulations; (ii) if included within unstructured backup files or that technically cannot be deleted; or (iii) as licensed pursuant to Section 3.3 of the Agreement; provided, however, that protections are extended to such retained information in accordance with the provisions of this Addendum.

25 <br> Anchorage Proprietary and Confidential

2.3 <u>Programs and Policies</u>.

**Security Program.** Anchorage maintains and enforces a security program that addresses the management of security and the security controls employed by Anchorage or any Subcontractor. The security program includes: (i) documented policies that Anchorage formally approves, internally publishes, communicates to appropriate personnel and reviews at least annually; (ii) documented, clear assignment of responsibility and authority for security program activities; (iii) policies covering, as applicable, acceptable computer use, data classification, cryptographic controls, access control, removable media, and remote access; and (iv) regular testing of the key controls, systems and procedures.

**Privacy Program.** Anchorage maintains and enforces a privacy program and related policies that address how Personal Data is collected, used and shared by Anchorage or any Subcontractor.

2.4 <u>Risk and Asset Management</u>.

**Risk Management.** Anchorage performs risk assessments and implements and maintains controls for risk identification, analysis, monitoring, reporting, and corrective action.

**Asset Management.** Anchorage maintains and enforces an asset management program that classifies and controls hardware and software assets throughout their life cycle.

2.5 <u>Worker Education</u>.

**Workers**. All Anchorage employees, agents, and contractors, and those of any Subcontractor (collectively "**Workers**") acknowledge their data security and privacy responsibilities under Anchorage's policies.

**Worker Controls**. For Workers who Process Personal Data, Anchorage or its Subcontractors: (i) implements reasonable and legally-allowed pre-employment background checks and screening; (ii) conducts security and privacy training; (iii) implements disciplinary processes for violations of data security or privacy requirements; and (iv) upon termination or applicable role change, promptly removes or updates Worker access rights and requires the return or destruction of Personal Data.

2.6 <u>Network and Operations Management.</u> 

**Policies and Procedures.** Anchorage and its Subcontractors implement controls and procedures for network and operations management. Such controls and procedures address: hardening, change control, segregation of duties, separation of development and production environments, technical architecture management, network security, virus protection, media controls, protection of data in transit, data integrity, encryption, audit logs, and network segregation.

**Vulnerability Assessments.** Anchorage and its Subcontractors perform periodic vulnerability assessments and network penetration testing on systems and applications that Process Personal Data.

2.7 <u>Access Control</u>.

**Access Control**. Anchorage implements, and will ensure its Subcontractors and Vendors implement, access controls designed to maintain the confidentiality of Personal Data. Such controls will include: (i) authorization processes for physical, privileged, and logical access to facilities, systems, networks, wireless networks, operating systems, mobile devices, system utilities, and other locations containing Personal Data; and (ii) granting access only if it is logged, strictly controlled, and needed for a Worker or third party to perform their job function.

**Authentication**. Anchorage authenticates each Worker's identity through appropriate authentication credentials such as strong passwords, token devices, or biometrics.

26 <br> Anchorage Proprietary and Confidential

2.8 <u>Data Security Incident Management and Notification</u> **.** 

**Incident Management Program.** Anchorage implements a data security incident management program, compliant with Data Processing Laws, that addresses management of data security incidents including a loss, theft, misuse, unauthorized access, disclosure, or acquisition, destruction or other compromise of Personal Data from Anchorage's systems or those of its Subcontractors or Vendors ("**Data Security Incident**" or "**Incident**").

**Incident Notification.** Except to the extent necessary to comply with applicable legal, regulatory or law enforcement requirements, Anchorage must inform Client without unreasonable delay, but in no event more than 48 hours, after it becomes aware of any Incident that has occurred in its systems which affects Personal Data.

**Response**. Anchorage will partner with Client to respond to the Incident. Response may include: identifying key partners, investigating the Incident, providing regular updates, and determining notice obligations. Except as may be required by law, Anchorage may not notify Client's affected customers about an Incident without first consulting Client.

3. Client Responsibilities.

3.1 <u>Custody and Use of Personal Data</u>. Client is responsible for the security of all Personal Data in its possession, custody or control. When using Personal Data in conjunction with the Anchorage Services, Client will only use such Personal Data as permitted by this Addendum or other agreements between Anchorage and Client.

3.2 <u>Anchorage Account Security</u>. Client is responsible for preventing the compromise of its Anchorage Account credentials, and for ensuring that its Anchorage Account is not used or modified without authorization.

3.3 <u>Disclosure to Data Subjects</u>. Client must ensure that the natural persons to which the Personal Data pertains ("**Data Subjects**") are provided with appropriate information regarding the Processing of their Personal Data, including by means of offering a transparent and easily accessible public privacy notice.

3.4 <u>Client Incident Notification</u>. Except to the extent necessary to comply with Data Processing Laws or other applicable Law, Client must inform Anchorage without unreasonable delay, but in no event more than forty eight (48) hours, after it becomes aware of any Data Security Incidents (including a loss, theft, misuse, unauthorized access, disclosure, or acquisition, destruction or other compromise) that has occurred in its systems which affects Personal Data of an Authorized Person ("**Client Data Incident**"). Client will provide reasonable information and cooperation to Anchorage so that Anchorage can fulfill any data breach reporting obligations it may have under (and in accordance with the timescales required by) Data Processing Laws. Client will further take reasonably necessary measures and actions to remedy or mitigate the effects of the Client Data Incident and will keep Anchorage informed of all material developments in connection with the Client Data Incident.

**4. Compliance with Data Processing Laws**. Each Party will perform all of its obligations under applicable Data Processing Laws, including data security and confidentiality obligations. Each Party will hold in strict confidence any and all Personal Data processed under this Addendum.

**5. Termination**. This Addendum will have the same duration as the Agreement. The obligations of Anchorage to implement appropriate security measures with respect to the Personal Data will survive the termination of this Addendum and will apply for so long as Anchorage retains Personal Data.

**6. Governing Law and Dispute Resolution**. The governing law and dispute resolution provisions of the Agreement will apply to this Addendum.

**7. Security Questionnaire.** Upon written request, and no more frequently than annually, Anchorage will provide Client a written data security summary in a form and scope as determined by Anchorage regarding Anchorage's business practices and data technology environment in relation to the Processing of customer data. The summary will be Anchorage's Confidential Information.

27 <br> Anchorage Proprietary and Confidential

**NINTH AMENDMENT TO MASTER CUSTODY SERVICE AGREEMENT**

This NINTH AMENDMENT (the **"Amendment**") to the Master Custody Service Agreement, dated February 16, 2021 (the "**Agreement**"), is made on December 1, 2025 ("**Amendment Effective Date**"), by and between **Anchorage Digital Bank N.A.** (formerly Anchorage Trust Company, herein "**Anchorage**") and each entity listed on the Order Form of the Agreement (each a "**Client**") (Anchorage and Client, collectively, the "**Parties**").

Pursuant to Section 12.7 of the Agreement, and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree to amend the Agreement as follows:

1. Amendments.

1.1. The following Clients are hereby added to Section 4 - "Client(s)" of the Order Form of the Agreement:

Bitwise Investment Manager, a Delaware LLC <br>Bitwise Hyperliquid ETF, a Delaware Statutory Trust

1.2. Section 5 (Fees) of the Order Form of the Agreement is hereby deleted in its entirety and replaced with the following:

5. FEES.

In full consideration for Anchorage's provision of the Services described herein, Client will pay Anchorage the following fees ("**Fees**"). Fees will start accruing from the Effective Date of this Agreement ("**Fees Commencement Date**"). Fees will be due within thirty (30) days from the date of the invoice.

Changes to the Services, including the inclusion of new assets or Clients, are subject to changes in Fees. Fees shall be invoiced by Anchorage, and paid by Client, in US Dollars ("**USD**").

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Trust or Exchange - Traded Funds Fee</u>. The following Fees in this subsection shall apply to
 solely the new Client listed as "Bitwise Hyperliquid ETF" within Section 4 of
 the Order Form.

---

| | | |
|:---|:---|:---|
| **FEE TYPE** | **AUC TIER (graduated basis)** | **Annual Basis Points** |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |
| &nbsp;&nbsp;**One-Time Onboarding Fee** |  |  |
| &nbsp;&nbsp;**Monthly Minimum Fee** |  |  |
| &nbsp;&nbsp;**On-Chain Services** |  |  |

---

**Fees shall be calculated separately on a graduated basis for the amount of AUC in each AUC tier according to the applicable Annual Basis Points for that AUC tier.**

*Example:*

 

Client shall pay a Fee which shall be greater of i) Monthly Custody Fee, or ii) Monthly Minimum Fee.

For the avoidance of doubt, all NFTs in Anchorage's custody shall calculate AUC based on NFT AUC as defined in Schedule A- Definitions.

.B. <u>Standard Fee</u>. The following Fees in in this subsection shall apply to all other Client(s) listed as Client(s)" within Section 4 of the Order Form, excluding Bitwise Hyperliquid ETF.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Access Speed** <br> <24 hours | &nbsp;&nbsp;**Access Speed** <br> <24 hours | &nbsp;&nbsp;**Access Speed** <br> <24 hours |
| &nbsp;&nbsp;**Fee Type** | &nbsp;&nbsp;**AUC** | &nbsp;&nbsp;**BTC/ETH** | &nbsp;&nbsp;**All other Digital Assets** | &nbsp;&nbsp;**NFT** |
| &nbsp;&nbsp;**Fee Type** | &nbsp;&nbsp;**AUC** | &nbsp;&nbsp;**Annual Basis Points** | &nbsp;&nbsp;**Annual Basis Points** | &nbsp;&nbsp;**Annual Basis Points** |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |  |  |
| &nbsp;&nbsp;**Monthly Custody Fee** |  |  |  |  |
| &nbsp;&nbsp;**One-Time Onboarding Fee** |  |  |  |  |
| &nbsp;&nbsp;**Monthly Minimum <br> Fee** |  |  |  |  |
| &nbsp;&nbsp;**On-Chain Services** |  |  |  |  |

---

Client shall pay a Fee which shall be greater of i) Monthly Custody Fee, or ii) Monthly Minimum Fee.

For the avoidance of doubt, all NFTs in Anchorage's custody shall calculate AUC based on NFT AUC as defined in Schedule A- Definitions.

1.4 Hyperliquid
 (HYPE_HYPERCORE) Staking Terms

The following Hyperliquid Staking Terms are incorporated into and made part of this Amendment to the Agreement solely with respect to the Bitwise Hyperliquid ETF.

**Anchorage Digital Services**

Anchorage Digital, including Anchorage Digital Bank National Association, Anchorage Digital Singapore PTE. LTD., or any other related subsidiary or affiliate of Anchorage Labs, Inc. (together, "Anchorage Digital", "we", "us") provides you (or the "Client") with the option to stake your assets with us. Anchorage Digital facilitates the provision of staking to you by serving as a custody provider while you choose to hold and stake your assets with a chosen asset ("Anchorage Digital Hyperliquid Staking Services"). Staking Hyperliquid with Anchorage Digital is optional and within your discretion. You can custody your assets at Anchorage Digital without staking, and you also have the choice to remove your assets from Anchorage Digital at any time, subject to any applicable protocol rules or unbonding periods. To provide the Anchorage Digital Hyperliquid Staking Services, Anchorage Digital may rely on the services and functionality of a third-party provider, or also through an Anchorage Validator ("Anchorage Digital Validator").

The terms of the Staking Services are set forth below and supplement the terms set out in the Anchorage Digital Standard Terms & Conditions, which are regarding On-Chain Services.

Anchorage Digital reserves the right to modify, reduce, or discontinue the Anchorage Digital Staking Services or these Terms of Service at any time upon written notice to you. Written notice may be provided by requiring you to agree to new terms in the Anchorage Digital iOS application.

**Staking HYPE_HYPERCORE**

Anchorage Digital allows you to participate in Hyperliquid staking using your HYPE_HYPERCORE, the native token of the Hyperliquid blockchain. You can collect rewards from the protocol by staking your HYPE_HYPERCORE to a validator of your choice. The payment of rewards by participating in Hyperliquid staking is not guaranteed.

**Staking to a Validator**

You can stake your assets to a particular Hyperliquid validator (i.e., select that validator to stake your HYPE_HYPERCORE tokens) with the HYPE_HYPERCORE held in your Anchorage Digital custody vault.

**Fees (Staking to an Anchorage Digital Validator)**

If you choose to stake HYPE_HYPERCORE to a validator run by Anchorage Digital, Anchorage Digital charges an administrative fee of 10% of the rewards received from Anchorage Digital's validator. The protocol will automatically deduct the 10% fee from rewards received, and the remaining rewards will be deposited into your Anchorage Digital account.

**Fees (Staking to a Partner Validator, On or After Effective Date)**

The fees set out in this section are applicable to clients who choose to stake HYPE_HYPERCORE to a third party validator that is partnered with Anchorage Digital, listed on this Anchorage Digital Validator Partner List (https://anchorage-digital.docsend.com/view/iidfknb2yzmdibz5) (each, a "Validator Partner"), on or after the applicable Effective Date noted on the Anchorage Digital Validator Partner List.

If you choose to stake to a Validator Partner, you are responsible for all fees pursuant to applicable payment terms in place with such third party Validator Partner. You will also be responsible for any fees related to initiating any staking transaction.

Please refer to the Anchorage Digital Validator Partner List (linked above) for a full overview of third party validators that are partnered with Anchorage Digital, as well as information to assist you in selecting those validators. Please also note that this list may be updated from time to Time.

Additionally, should any given Validator Partner cease to be a Validator Partner of Anchorage Digital during the time that your assets are staked, Anchorage Digital will provide you with a notice period of 30 days, after which you will have the option to either (a) unbond any staked assets; or (b) elect to incur a separate Anchorage Digital fee for continuing to stake to that provider.

**Fees (Staking to a Validator Partner, Before Effective Date)**

The fees set out in this section are applicable to clients who have staked HYPE_HYPERCORE **to a Validator Partner** (i.e., a third party validator listed on this Anchorage Digital Validator Partner List) prior to the applicable Effective Date noted on the Anchorage Digital Validator Partner List;

For example, if you have staked HYPE_HYPERCORE to X Staking Company (a hypothetical third party Validator Partner) before the Effective Date, the below fees will be applicable to your HYPE_HYPERCORE staking to any X Staking Company validator that you stake to at any time, now or in the future.

Anchorage Digital charges an administrative fee of 3% of the rewards received (after any third- party validator fee is applied). Anchorage Digital's 3% fee will be reflected on your monthly client invoice. Fees will be billed on a monthly basis in USD and included in your next regular billing cycle as a separate line item.

**Fees (Staking to a non-Validator Partner)**

The fees set out in this section are applicable to clients who choose to stake t**o a non-Validator Partner** (i.e., a third party validator NOT listed on this Anchorage Digital Validator Partner List) at any time.

For example, if you have staked HYPE_HYPERCORE to XYZ Staking (a hypothetical third party non-Validator Partner), the below fees will be applicable to your HYPE_HYPERCORE staking for any XYZ Staking validator that you stake to at any time, now or in the future.

Anchorage Digital charges an administrative fee of 3% of the rewards received (after any third- party validator fee is applied). Anchorage Digital's 3% fee will be reflected on your monthly client invoice. Fees will be billed on a monthly basis in USD and included in your next regular billing cycle as a separate line item.

**Fees (Staking to a non-Validator Partner charging 100% commission)**

The fees set out in this section are applicable to clients who choose to stake **to a non-Validator Partner** (i.e., a third party validator NOT listed on this Anchorage Digital Validator Partner List) that charges 100% commission.

If the third-party validator that you select charges a fee of 100% of staking rewards (i.e., 100% of HYPE_HYPERCORE staking rewards are collected by the validator and not distributed to you), regardless of what your validator charges, Anchorage Digital will charge an administrative fee of one percent (1%) annualized of the average daily value of HYPE_HYPERCORE token staked to any validator during the month preceding each monthly invoice, which means you may lose value by staking. It is important to understand the staking fees that your validator is charging. Average daily value of HYPE_HYPERCORE tokens staked is determined by adding the USD equivalent of staked HYPE_HYPERCORE tokens as of the close of each day (UTC) of a given month, and dividing that amount by the number of days in such month.

To illustrate the annualized fee applied when your chosen validator charges a commission of 100% of staking rewards commission, see the following example:

If your staking balance is equivalent to $10,000 when staking to a validator that charges 100% commission, then Anchorage Digital will charge a monthly staking fee of $8.33 (1/12 of 1%).

Fees will be billed on a monthly basis in **USD** and reflected in your next regular billing cycle as a separate line item.

**Risks of Slashing and Rewards Suppression for non-Anchorage Digital Validator**

Your staked HYPE_HYPERCORE is subject to risk of slashing (i.e., loss of assets) due to the Hyperliquid protocol rules. If the validator you choose gets slashed, the protocol will deduct a fine from funds you have staked to that validator. The slashed amount is set by the protocol, and not within Anchorage Digital's control or discretion. Any slashed amounts will vary depending on the type of slashing event. **For the avoidance of doubt, Anchorage Digital will not reimburse clients for funds lost due to slashing.**

Clients are themselves responsible for vetting any third-party validators chosen for staking. You acknowledge that these validators are controlled and operated by third parties unrelated to Anchorage Digital, and these third party validators may not provide reimbursement for funds lost due to errors or downtime experienced by them.

**Risks of Slashing and Rewards Suppression for Anchorage Digital Validator**

Your staked HYPE_HYPERCORE is subject to risk of slashing (i.e., loss of assets) due to the Hyperliquid protocol rules. If the Anchorage Digital validator gets slashed, the protocol will deduct a fine from funds you have staked to that validator. The slashed amount is set by the protocol, and not within Anchorage Digital's control or discretion. Any slashed amounts will vary depending on the type of slashing event. See section below (Rewards Payout in the Event of Penalty for Anchorage Validator) for a description of the Rewards payout in the event of Slashing.

**Rewards Payout in the Event of Penalty for a Non-Anchorage Digital Validator**

If you stake your HYPE_HYPERCORE, your rewards are distributed on-chain and may be claimed by your Anchorage Digital custody wallet. The amount of rewards you receive for staking your HYPE_HYPERCORE tokens is established by the Hyperliquid protocol. **For the avoidance of doubt, rewards are not guaranteed by Anchorage Digital.**

For any validator not hosted by Anchorage Digital, in the event of a penalty, any rewards payout will be determined by the third party managing that validator. You should ensure that you are aware of any applicable terms prior to delegating to any third party validator.

**Rewards Payout in the Event of Penalty for Anchorage Validator**

Anchorage Digital provides a **99%** uptime guarantee in the event that the Anchorage Digital hosted validator experiences downtime and misses rewards. If Anchorage Digital's hosted validator incurs a slashing penalty or misses rewards that were reasonably within its control, Anchorage Digital will reimburse losses for up to the total staking fees you paid over the previous twelve (12) monthly billing cycle prior to the slashing event. The reimbursement will be provided as a payment, in-kind disbursement, or credit toward future invoices at Anchorage Digital's discretion, and will not exceed the total value of the amount slashed or rewards missed as a result of the slashing event. For the avoidance of doubt, and in Anchorage Digital's sole discretion, if the slashing penalty and resultant amount slashed or rewards missed were deemed to be unavoidable or outside of Anchorage Digital's control, then a reimbursement or credit will not be issued to you.

**Acceptance of Terms**

By selecting "Accept" below, you agree, on behalf of your organization, to elect to participate in the Anchorage Digital Hyperliquid Staking Services, and you acknowledge and accept the risks associated with using the Anchorage Digital Hyperliquid Staking Services (including any risks associated with the Hyperliquid protocol, which are outside of Anchorage Digital's control). You represent and warrant that you are duly authorized to elect the Anchorage Digital Hyperliquid Staking Services on behalf of your organization. You also acknowledge and agree, on behalf of your organization, to any fees for the Anchorage Digital Hyperliquid Staking Services. You further acknowledge and understand that these terms may be updated from time to time and that you are responsible for checking for updated terms periodically. By your continued use of the Anchorage Digital Hyperliquid Staking Services, you will be deemed to have agreed to any updated terms, and all other terms set out in the Anchorage Digital Standard Terms & Conditions shall continue to apply.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Governing Law</u>. This Amendment will be subject to the relevant governing law provision in the Agreement
 (as amended hereto).

&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Effect of Amendments</u>. Except as otherwise amended herein, all other provisions of the Agreement
 remain in full force and effect, and any provision in the Agreement that conflicts with the
 terms of this Amendment shall be deemed to be amended appropriately in order to be consistent
 with this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Capitalized Terms</u>. Capitalized terms not otherwise defined herein shall have the meanings ascribed
 to them in the Agreement, including without limitation Schedule A (Definitions).

&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Execution in Counterparts and by Electronic Means</u>. This Amendment may be executed in counterparts
 and by electronic means, and the Parties agree that such electronic means and delivery will
 have the same force and effect as delivery of an original document with original signatures.

IN WITNESS WHEREOF, by their duly authorized representatives, Anchorage and Client hereby execute this Amendment as of the Amendment Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ANCHORAGE DIGITAL BANK N.A.** | **ANCHORAGE DIGITAL BANK N.A.** | **ON BEHALF OF EACH CLIENT HEREIN** | **ON BEHALF OF EACH CLIENT HEREIN** |
| By: | /s/ Rachel Anderika | By: | /s/ Johanna Collins-Wood |
| Name: | Rachel Anderika | Name: | Johanna Collins-Wood |
| Title: | Bank coo | Title: | General Counsel and Head of Compliance, US Asset Management |
|  |  | Company: | Bitwise Asset Management, Inc. |

---

## Exhibit 10.5

**Exhibit 10.5**

**BNY AND CUSTOMER CONFIDENTIAL**

---

| | |
|:---|:---|
| ![](ex10-5_001.jpg) | EXECUTION |

---

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**BITWISE HYPERLIQUID ETF**

**TABLE OF CONTENTS**

**1.** **DEFINITIONS** **1** 

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** **3** 

2.1 Appointment of Custodian 3

2.2 Establishment of Accounts 3

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** **3** 

3.1 Authorized Persons 3

3.2 Instructions 4

3.3 BNY Actions Without Instructions 5

3.4 Funds Transfers 5

3.5 Electronic Access 5

**4.** **AGENTS** **5** 

4.1 Use of Agents 5

**5.** **TAX MATTERS** **6** 

5.1 Responsibility for Taxes 6

5.2 Payments 6

**6.** **CREDITS AND ADVANCES** **6** 

6.1 Advances 6

6.2 Repayment 6

6.3 Securing Repayment 6

6.4 Setoff 7

**7.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** **7** 

7.1 Statements 7

7.2 Books and Records 7

7.3 Third Party Data 8

**8.** **DISCLOSURES** **8** 

8.1 Foreign Exchange Transactions 8

8.2 Investment of Cash 8

**9.** **REGULATORY MATTERS** **9** 

9.1 USA PATRIOT Act 9

9.2 Sanctions; Anti-Money Laundering 9

**10.** **COMPENSATION** **10** 

10.1 Fees and Expenses 10

10.2 Other Compensation 10

i

**11.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **11** 

11.1 BNY 11

11.2 Customer 11

**12.** **LIABILITY** **11** 

12.1 Standard of Care 11

12.2 Limitation of Liability 11

12.3 Force Majeure 12

12.4 Indemnification 12

**13.** **CONFIDENTIALITY** **13** 

13.1 Confidentiality Obligations 13

13.2 Exceptions 13

**14.** **TERM AND TERMINATION** **13** 

14.1 Term 13

14.2 Termination 13

14.3 Effect of Termination 14

14.4 Survival 14

**15.** **GENERAL** **14** 

15.1 Assignment 14

15.2 Amendment 14

15.3 Governing Law/Forum 14

15.4 Business Continuity/Disaster Recovery 15

15.5 Non-Fiduciary Status 15

15.6 Notices 15

15.7 Entire Agreement 15

15.8 No Third Party Beneficiaries 16

15.9 Counterparts/Facsimile 16

15.10 Interpretation 16

15.11 No Waiver 16

15.12 Headings 16

15.13 Severability 16

ii

**CUSTODY AGREEMENT**

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and **BITWISE HYPERLIQUID ETF**, a **Delaware Statutory Trust** ("**Customer**") and Bitwise Investment Advisers, LLC, a Delaware limited liability company in its capacity as sponsor of the Customer. BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

1. DEFINITIONS

Whenever used in this Agreement, the following words have the meanings set forth below:

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and including, with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *http://www.bny.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY to Customer.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third- party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I to this Agreement then a reference to a Series means Customer.

"**Standard of Care**" has the meaning set forth in Section 12.1.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 7.3(a).

2. APPOINTMENT OF CUSTODIAN; ACCOUNTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Appointment of Custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY as custodian of all Cash to be
held under, and in accordance with the terms of, this Agreement (collectively, "**Assets** "),
and BNY hereby accepts such appointment. The Parties acknowledge and agree that BNY's duties pursuant to such appointment will
be limited solely to those duties expressly undertaken pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, BNY has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets until they are actually received
in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To inquire into, make recommendations, supervise or determine
the suitability of any transactions affecting any Account or to question any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To determine the adequacy of title to, or the validity or
genuineness of, any Assets received by it or delivered by it pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) With respect to any matters related to: the establishment,
maintenance operation or termination of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash held hereunder may be subject to additional deposit terms
and conditions issued by BNY from time to time, including rates of interest and deposit account access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Establishment of Accounts

BNY will establish and maintain a separate account for each Series in which BNY will hold Assets relating to the relevant Series as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account of each Series established under this Agreement shall be maintained separately from the Account of each other Series.

3. AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Authorized Persons

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Instructions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement,
BNY will have no obligation to take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring that (i) only Authorized
Persons issue Instructions to BNY and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes,
passwords and authentication keys used in connection with the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where Customer may or is required to issue Instructions, such
Instructions will be issued by an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY will be entitled to deal with any Authorized Person until
notified otherwise pursuant to Instructions, and will be entitled to act and rely upon any Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Instructions must include all information necessary, and
must be delivered using such methods and in such format as BNY may require and be received within BNY's established cut-off times
and otherwise in sufficient time, to enable BNY to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may in its sole discretion decline to act upon any Instructions
that do not comply with requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY's operating
policies and practices, in which event BNY will promptly notify Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that while it is not part of BNY's
normal practices and procedures to accept Oral Instructions, BNY may in certain limited circumstances accept Oral Instructions. In such
event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an
Oral Instruction will promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing, Customer agrees that the
fact that such written confirmation is not received by BNY, or that such written confirmation contradicts the Oral Instruction, will
in no way affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized
by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer acknowledges and agrees that it is fully informed
of the protections and risks associated with the various methods of transmitting Instructions to BNY and that there may be more secure
methods of transmitting Instructions than the method selected by the sender. Customer agrees that the security procedures, if any, to
be followed by Customer and BNY with respect to the transmission and authentication of Instructions provide to Customer a commercially
reasonable degree of protection in light of its particular needs and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 BNY Actions Without Instructions

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due to the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Endorse for collection checks, drafts or other negotiable
instruments received on behalf of the Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Execute and deliver, solely in its capacity as custodian,
certificates, documents or instruments incidental to BNY's performance under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Funds Transfers

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Electronic Access

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

4. AGENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Use of Agents

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY from its obligations hereunder.

5. TAX MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Responsibility for Taxes

Customer will be responsible and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto. Customer acknowledges and agrees that BNY and its Affiliates are not tax advisers and will not under any circumstances provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Payments

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative or ministerial capacity, and not as the payor, for tax information reporting and withholding purposes.

6. CREDITS AND ADVANCES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Advances

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Repayment

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY, Customer agrees to repay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY to its institutional custody clients in the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Securing Repayment

In order to secure repayment of Customer's obligations and liabilities relating to a Series (whether or not matured) to BNY or any BNY Affiliate, whether or not relating to or arising under this Agreement, and without limiting BNY's or such BNY Affiliate's rights under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY. Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Setoff

BNY has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured) of Customer relating to a Series to BNY or any BNY Affiliate whether or not relating to or arising under this Agreement. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations relating to a Series to BNY or such BNY Affiliate, BNY will have the right without notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Series and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Series in any currency. Any such cash or obligation relating to a Series may be transferred to BNY and any BNY Affiliate in order to effect the above rights.

7. STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Statements

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Books and Records

The books and records directly pertaining to the Accounts which are in the possession of BNY will be the property of Customer. BNY will identify on its books and records the Assets belonging to Customer with respect to each Series. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Third Party Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY will be receiving, utilizing
and relying on Market Data and other data provided by Customer and/or by third parties in connection with its performance of the services
hereunder (collectively, "**Third Party Data** "). BNY
is entitled to rely without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions related to Third Party Data),
and BNY makes no assurances or warranties in relation to the accuracy or completeness of Third Party Data and will not be responsible
or liable for any losses or damages incurred as a result of any Third Party Data that is inaccurate or incomplete. BNY may follow Instructions
with respect to Third Party Data, even if such Instructions direct BNY to override its usual procedures and data sources or if BNY, in
performing services for itself or others (including services similar to those performed for Customer), receives different Third Party
Data for the same or similar Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certain Market Data may be the intellectual property of Market
Data Providers, which impose additional terms and conditions upon Customer's use of such Market Data. Such additional terms and
conditions can be found on the Data Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms
Website from time to time.

8. DISCLOSURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Foreign Exchange Transactions

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Investment of Cash

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

9. REGULATORY MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 USA PATRIOT Act

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Sanctions; Anti-Money Laundering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement, Customer: (i) will
have in place and will implement policies and procedures designed to prevent violations of Sanctions, including measures to accomplish
effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets) and with
respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither Customer
nor any of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or
entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or
resident in a country or territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly,
use the Accounts in any manner that would result in a violation by Customer or BNY of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that, in connection with
the services provided by BNY under this Agreement, each of Customer's authorized participants is not a customer or joint customer
with BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to
each of its authorized participants under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money
Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors that
includes the following: (i) a know-your-customer program in order to understand and verify the identity of each authorized participant,
in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance
and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to
each authorized participant to the appropriate law enforcement and regulatory authorities and to BNY where related to the services provided
by BNY hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will promptly provide to BNY such information as
BNY reasonably requests in connection with the matters referenced in this Section 9.2, including information regarding (i) the Accounts,
(ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, and (iv)
Customer's anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including
with respect to any investor, regardless of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable). Customer
will cooperate with BNY and provide assistance reasonably requested by BNY in connection with any anti-money laundering and terrorist
financing or Sanctions inquiries. Prior to delivering to BNY the assets of any authorized participant, Customer will obtain from each
such authorized participant, and will continue to maintain in effect throughout the term of this Agreement, any consents or waivers that
may be required under applicable law in order to comply with the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY may decline to act or provide services in respect of any
Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters
referenced in this Section 9.2. If BNY declines to act or provide services as provided in the preceding sentence, except as otherwise
prohibited by applicable law or official request, BNY will inform Customer as soon as reasonably practicable.

10. COMPENSATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Fees and Expenses

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY from time to time upon thirty (30) days' prior written notice to Customer) and (b) reimburse BNY for any out-of-pocket and incidental expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to its institutional custody clients in the relevant currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Other Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of BNY's compensation,
BNY will earn interest on Cash balances held by BNY (including disbursement balances, balances arising from purchase and sale transactions
and when Cash otherwise remains uninvested) as provided in BNY's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where a processing error has occurred under this Agreement
that results in an unintended gain, provided that Customer is put in the same or equivalent position as it would have been in had such
processing error not occurred, any such gain will be solely for the account of BNY without any duty to report such gain to Customer.

11. REPRESENTATIONS, WARRANTIES AND COVENANTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 BNY

BNY represents and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement and (c) the individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Customer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that: (i) it is duly organized,
validly existing and in good standing in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to
enter into and to carry out the transactions contemplated by this Agreement and (iii) the individual executing this Agreement on its
behalf has the requisite authority to bind Customer to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer represents and warrants that all actions taken, or
to be taken, by or on behalf of Customer in connection with establishing, maintaining, operating or terminating Customer (including,
any offer, sale or distribution of the shares of, or interest in, Customer) shall be done in compliance with all applicable U.S. state
and federal securities laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

12. LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Standard of Care

In performing its duties under this Agreement, BNY will exercise the standard of care and diligence that a professional custodian would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("**Standard of Care**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Limitation of Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's liability arising out of or relating to this Agreement
will be limited solely to those direct damages that are caused by BNY's failure to perform its obligations under this Agreement
in accordance with the Standard of Care. In no event will BNY be liable for any indirect, incidental, consequential, exemplary, punitive
or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement
(whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary set forth in this
Agreement, in no event will BNY be liable for any losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's or an Authorized Person's decision to invest in or hold Assets in any
 particular country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country;
 (B) a country's prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental
 actions; (D) a country's regulation of the banking or securities industry; (E) currency and exchange controls, restrictions,
 devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or
 impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the
 orderly execution of securities transactions or affect the value of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's reliance on Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For any matter with respect to which BNY is required to act
only upon the receipt of Instructions, (A) BNY's failure to act in the absence of such Instructions or (B) Instructions that are
late or incomplete or do not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY receiving or transmitting any data to or from Customer
or any Authorized Person via any non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Customer's or an Authorized Person's decision
to hold Cash in any currency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The insolvency of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If BNY is in doubt as to any action it should or should not
take, either pursuant to, or in the absence of, Instructions, BNY may obtain the advice of either reputable counsel of its own choosing
or counsel to Customer, and BNY will not be liable for acting in accordance with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Force Majeure

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any event beyond its reasonable control, including acts of God, strikes or other labor disputes, work stoppages, acts of war, terrorism, general civil unrest, governmental or military actions, legal constraint or the interruption, loss or malfunction of utilities or communications or computer systems. BNY will promptly notify Customer upon the occurrence of any such event and will use commercially reasonable efforts to minimize its effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Indemnification

Customer will indemnify and hold harmless BNY from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by BNY arising out of or relating to BNY's performance under this Agreement, except to the extent resulting from BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by BNY in its successful defense of claims that are asserted by Customer against BNY arising out of or relating to BNY's performance under this Agreement. Any obligations of Customer under this Section 12.4 with respect to a particular Series will not be satisfied out of the assets of another Series.

13. CONFIDENTIALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Confidentiality Obligations

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer- related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution, and marketing purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Exceptions

The Parties' respective obligations under Section 13.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

14. TERM AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Term

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Termination

Each Party may terminate this Agreement with respect to one or more Series by giving to the counter-Party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Effect of Termination

Upon termination hereof, Customer will pay to BNY such compensation as may be due to BNY, and will reimburse BNY for other amounts payable or reimbursable to BNY hereunder, through the date of termination. BNY will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY may deliver to Customer such Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Survival

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 11 (Representations, Warranties and Covenants); Section 12 (Liability); Section 13 (Confidentiality); Section 14.3 (Effect of Termination); Section 14.4 (Survival) and Section 15.3 (Governing Law/Forum).

15. GENERAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Assignment

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Amendment

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Governing Law/Forum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard
to its conflicts of law provisions) will govern all matters arising out of or relating to this Agreement, including the establishment
and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague
Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably agrees that all legal actions or proceedings
brought by it against the other Party arising out of or relating to this Agreement will be brought solely and exclusively before the
state or federal courts situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and
waives any objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to
a jury trial with respect to any such actions or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Business Continuity/Disaster Recovery

BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 Non-Fiduciary Status

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Notices

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 Entire Agreement

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 No Third Party Beneficiaries

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 Counterparts/Facsimile

This Agreement may be executed in any number of counterparts, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. This Agreement may also be executed and delivered by facsimile or email with confirmation of delivery and/or receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 Interpretation

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 No Waiver

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers will be in writing and signed by an authorized representative of the waiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 Headings

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 Severability

If a court of competent jurisdiction determines that any provision of this Agreement is illegal or invalid for any reason, such illegality or invalidity will not affect the validity of the remainder of this Agreement. In such case, the Parties will negotiate in good faith to replace each illegal or invalid provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** | **BITWISE INVESTMENT ADVISERS,LLC, <br> AS SPONSOR IN ITS INDIVIDUAL CAPACITY** | **BITWISE INVESTMENT ADVISERS,LLC, <br> AS SPONSOR IN ITS INDIVIDUAL CAPACITY** |
| By: | /s/ Robert M Stein Jr | By: | /s/ Phuong Black |
| Name: | Robert M Stein Jr | Name: | Phuong Black |
| Title: | Vice President | Title: | Vice President |
| Date: | Oct 31, 2025 | Date: | Oct 30, 2025 |

---

---

| | |
|:---|:---|
| **BITWISE INVESTMENT ADVISERS, LLC, <br> BY AND ON BEHALF OF BITWISE <br> HYPERLIQUID ETF AND SOLELY IN ITS <br> CAPACITY AS SPONSOR OF BITWISE<br> HYPERLIQUID ETF** | **BITWISE INVESTMENT ADVISERS, LLC, <br> BY AND ON BEHALF OF BITWISE <br> HYPERLIQUID ETF AND SOLELY IN ITS <br> CAPACITY AS SPONSOR OF BITWISE<br> HYPERLIQUID ETF** |
| By: | /s/ Phuong Black |
| Name: | Phuong Black |
| Title: | Vice President |
| Date: | Oct 30, 2025 |

---

---

| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| The Bank of New York Mellon | Bitwise Hyperliquid ETF |
| 240 Greenwich Street | 250 Montgomery Street, Suite 200 |
| New York, NY 10286 | San Francisco, CA 94104 |
| Attention: Legal Dept. – Asset Servicing | Attention: Legal Dept |
|  | Legal@bitwiseinvestments.com |

---

**APPENDIX I**

Bitwise Hyperliquid ETF

## Exhibit 10.6

**Exhibit 10.6**

---

| | |
|:---|:---|
| ![](ex10-6_001.jpg) | EXECUTION |

---

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of October 31<u> </u>2025 by and between Bitwise Hyperliquid ETF (hereinafter the "Trust"), a Delaware Statutory Trust, having its principal office and place of business at 250 Montgomery Street, Suite 200, San Francisco, CA 94104, Bitwise Investment Advisers, LLC, a Delaware limited liability company in its capacity as sponsor of the Trust and The Bank of New York Mellon, a New York corporation authorized to do a banking business ("BNY Mellon").

<u>W I T N E S S E T H</u> :

WHEREAS, the Trust will issue shares pursuant to the 1933 Act;

WHEREAS, the Trust desires to retain BNY Mellon to provide the services described herein, and BNY Mellon is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u> 

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

<u>"1933 Act"</u> means the Securities Act of 1933, as amended.

<u>"1934 Act"</u> means the Securities Exchange Act of 1934, as amended.

"<u>Anti-Money Laundering Laws</u>" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority over the Trust.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of the Trust, duly authorized to execute this Agreement and to give Instructions on behalf of the Trust. The Parties acknowledge that such list of Authorized Person has been separately provided to BNY Mellon. From time to time the Trust may notify BNY Mellon of a new list of Authorized Person and BNY Mellon shall be entitled to rely on the last list actually received by BNY Mellon.

"<u>BNY Mellon Affiliate</u>" shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.

"<u>Confidential Information</u>" shall have the meaning given in Section 18 of this Agreement.

"<u>Documents</u>" shall mean such other documents, including but not limited to, resolutions of the Sponsor authorizing the execution, delivery and performance of this Agreement by the Trust, and opinions of outside counsel, as BNY Mellon may reasonably request from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY Mellon by S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or system specified by BNY Mellon as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Net Asset Value</u>" shall mean the per share value of the Trust, calculated in the manner described in the Trust's Offering Materials.

"<u>Offering Materials</u>" shall mean the Trust's currently effective prospectus and most recently filed registration statement with the SEC, as applicable, relating to shares of the Trust.

"<u>Organizational Documents</u>" shall mean certified copies of the Trust's articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to the Trust, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY Mellon.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY Mellon under permissible circumstances specified by BNY Mellon, in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY Mellon to be an Authorized Person.

"<u>Sanctions</u>" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over the Trust.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act and the 1934 Act.

"<u>Shares</u>" means the shares of beneficial interest of any series or class of the Trust.

"<u>Sponsor</u>" shall mean the entity identified by the Trust to BNY Mellon as the entity having investment responsibility with respect to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment.</u> 

The Trust hereby appoints BNY Mellon as its agent for the term of this Agreement to perform the services described herein. BNY Mellon hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust will maintain policies and procedures reasonably designed to ensure that all investments for the Trust are conducted in compliance with anti-corruption laws, Anti- Money Laundering Laws, and Sanctions applicable to the Trust. The Trust shall cooperate with BNY Mellon and provide assistance reasonably requested by BNY Mellon in connection with any anti-money laundering, terrorist financing or sanctions-related inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The method of valuation of the assets of the Trust and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Trust. To the extent the performance of any services described in Schedule I attached hereto by BNY Mellon in accordance with the then effective Offering Materials for the Trust would violate any applicable laws or regulations, the Trust shall immediately so notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate values of Trust assets, net asset value or other computation, as the case may be, or, instruct BNY Mellon in writing to value Trust assets and/or compute Net Asset Value or other computations in a manner the Trust specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Trust that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY Mellon as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each person named as Authorized Person hereto is duly authorized by the Trust to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It has implemented, and is acting in accordance with, procedures reasonably designed to ensure that it will disseminate to all market participants, other than Authorized Participants (as defined in its Prospectus and Statement of Additional Information), each calculation of net asset value provided by BNY hereunder to Authorized Participants at the time BNY Mellon provides such calculation to Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the provisions of Section 18 herein, the Trust shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors, and counsel, (ii) for a summary description of this Agreement in the Offering Materials with the prior written approval of BNY Mellon, (iii) to any other person when required by a court order or legal process, or (iv) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Trust shall instruct its employees, regulators, examiners, internal and external accountants, auditors, and counsel who may be afforded access to such information of the Trust's obligations of confidentiality hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Trust shall promptly notify BNY Mellon in writing of any and all legal proceedings or securities investigations filed or commenced against any Fund, the Sponsor or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents.</u> 

The Trust shall promptly provide, deliver, or cause to be delivered from time to time, to BNY Mellon the Trust's Organizational Documents, a copy of any and all SEC exemptive orders issued to the Trust, and Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not be deemed to have notice of any information (other than information supplied by BNY Mellon) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Duties and Obligations of BNY Mellon.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction of the Sponsor and the provisions of this Agreement, BNY Mellon shall provide to the Trust the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing hereunder, BNY Mellon shall provide, at its expense, office space, facilities, equipment and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Trust, distribution of shares of the Trust, maintenance of the Trust's financial records, other than those listed in Schedule I attached hereto, or other services normally performed by the Trust's counsel or independent auditors and the services provided by BNY Mellon do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Trust or any other person, and the Trust acknowledges that BNY Mellon does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY Mellon under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to the Trust, unless the parties hereto expressly agree in writing to any such increase in the scope of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall cause its officers, advisors, Sponsor, distributor, legal counsel, independent accountants, current administrator (if any), transfer agent, and any other service provider to cooperate with BNY Mellon and to provide BNY Mellon, upon request, with such information, documents and advice relating to the Trust as is within the possession or knowledge of such persons, and which in the opinion of BNY Mellon, is necessary in order to enable BNY Mellon to perform its duties hereunder. In connection with its duties hereunder, BNY Mellon shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to the accuracy, validity or propriety of any information, documents or advice provided to BNY Mellon by any of the aforementioned persons. BNY Mellon shall not be liable for any loss, damage or expense resulting from or arising out of the failure of the Trust to cause any information, documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless by the Trust when acting in reliance upon such information, documents or advice relating to the Trust. All fees or costs charged by such persons shall be borne by the Trust. In the event that any services performed by BNY Mellon hereunder rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY Mellon which BNY Mellon in its reasonable judgment deems reliable, BNY Mellon shall not have any responsibility or liability for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall furnish BNY Mellon with any and all instructions, explanations, information, specifications and documentation deemed necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Trust liabilities and expenses. BNY Mellon shall not be required to include as Trust liabilities and expenses, nor as a reduction of net asset value, any accrual for any federal, state, or foreign income taxes unless the Trust shall have specified to BNY Mellon in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce net asset value. The Trust shall also furnish BNY Mellon with valuations for assets of the Trust if BNY Mellon notifies the Trust that same are not available to BNY Mellon from a pricing service utilized, or subscribed to, by BNY Mellon which the Trust directs BNY Mellon to utilize, and which BNY Mellon in its judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY Mellon with valuations for assets of the Trust and instruct BNY Mellon in Instructions to use such information in its calculations hereunder. BNY Mellon shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any pricing service. In no event shall BNY Mellon be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) BNY Mellon may apply to an Authorized Person of the Trust for Instructions with respect to any matter arising in connection with BNY Mellon's performance hereunder, and BNY Mellon shall not be liable for any action taken or omitted to be taken by it in good faith without gross negligence or willful misconduct in accordance with such Instructions. Such application for Instructions may, at the option of BNY Mellon, set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY Mellon shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY Mellon has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) BNY Mellon may consult with counsel to the Trust and shall be fully protected with respect to anything done or omitted by it provided that BNY Mellon acts in good faith in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY Mellon shall have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Trust of: (i) the taxable nature of any distribution or amount received or deemed received by, or payable to, the Trust, (ii) the taxable nature or effect on the Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by the Trust to its shareholders; or (iv) the effect under any federal, state, or foreign income tax laws of the Trust making or not making any distribution or dividend payment, or any election with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY Mellon in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by the Trust and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of assets; the amounts or formula for calculating the amounts and times of accrual of the Trust's liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of Trust assets; and amounts receivable or amounts payable for the sale or redemption of Trust Shares effected by or on behalf of the Trust. BNY Mellon's computations hereunder will rely upon information, including, without limitation, bid, offer or market values of securities or other assets of the Trust, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY Mellon which the Trust directs BNY Mellon to utilize. BNY Mellon shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY Mellon shall not be required to inquire into any valuation of any Trust assets by the Trust or any third party described in this sub-section (k) even though BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of Trust assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) BNY Mellon, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to the Trust is or will be actually paid, but will accrue such interest until otherwise instructed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) BNY Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occurring directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY Mellon, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss, or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. Nor shall BNY Mellon be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY Mellon to supply any instructions, explanations, information, specifications or documentation deemed necessary by BNY Mellon in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Allocation of Expenses.</u> 

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the Trust, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of the Sponsor, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Trust shares or membership interests, as applicable, fees and expenses incident to the registration or qualification under the Securities Laws, state or other applicable securities laws of the Trust or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to the Trust's shareholders or members, as applicable, all expenses incidental to holding meetings of the Trust's shareholders, and extraordinary expenses as may arise, including litigation affecting the Trust and legal obligations relating thereto for which the Trust may have to indemnify its officers, managers, and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Standard of Care; Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by the Trust, except those costs, expenses, damages, liabilities or claims arising out of BNY Mellon's own bad faith, gross negligence or willful misconduct. In no event shall BNY Mellon or any BNY Mellon Affiliate be liable to any Fund or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY Mellon and any BNY Mellon Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Trust, or for delays caused by circumstances beyond BNY Mellon's reasonable control, unless such loss, damage or expense arises out of the bad faith, gross negligence or willful misconduct of BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall indemnify and hold harmless BNY Mellon and any BNY Mellon Affiliate from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Trust), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred or which may be asserted against BNY Mellon or any BNY Mellon Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate without bad faith, gross negligence, or willful misconduct, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Trust's Offering Materials or Documents (excluding information provided by BNY Mellon), (iii) any Instructions, or (iv) any opinion of legal counsel for the Trust, or arising out of transactions or other activities of the Trust which occurred prior to the commencement of this Agreement; <u>provided</u>, that the Trust shall not indemnify BNY Mellon nor any BNY Mellon Affiliate for costs, expenses, damages, liabilities or claims for which BNY Mellon or any BNY Mellon Affiliate is liable under the preceding sub-section 7(a). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Without limiting the generality of the foregoing, the Trust shall indemnify BNY Mellon and any BNY Mellon Affiliate against and save BNY Mellon and any BNY Mellon Affiliate harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY Mellon by any third party described above or by or on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Action or inaction taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate pursuant to Instructions of the Trust or otherwise without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Any action taken or omitted to be taken by BNY Mellon in good faith in accordance with the advice or opinion of counsel for the Trust or its own counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Any improper use by the Trust or its agents, distributor or Sponsor of any valuations or computations supplied by BNY Mellon pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The method of valuation and the method of computing the Trust's net asset value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Any valuations or net asset value provided by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY Mellon in good faith to be from an Authorized Person, or upon the opinion of legal counsel for the Trust or its own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Compensation.</u> 

For the services provided hereunder, the Trust agrees to pay BNY Mellon such compensation as is mutually agreed to in writing by the Trust and BNY Mellon from time to time and such out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY Mellon in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY Mellon, the Trust's net asset value shall be computed at the times and in the manner specified in the Trust's Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Records; Visits.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to the Trust which are in the possession or under the control of BNY Mellon shall be the property of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY Mellon's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided by BNY Mellon to the Trust or to an Authorized Person, at the Trust's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon shall keep all books and records with respect to the services to be performed by BNY Mellon hereunder in the form and manner required by Section 31 of the Investment Company Act of 1940 and the rules thereunder, as if the Trust was subject to such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Term of Agreement.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective commencing upon regulatory approval by the U.S. Securities and Exchange Commission permitting shares of the Trust to be offered for sale, and, unless terminated pursuant to its terms, shall continue until 11:59 PM on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof. For the avoidance of doubt, no services shall be provided to the Trust hereunder until such regulatory approval is obtained by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Trust or BNY Mellon gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non- Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a party materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non- Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Notwithstanding any other provision of this Agreement, BNY Mellon may in its sole discretion terminate this Agreement immediately by sending notice thereof to the Trust upon the happening of any of the following: (i) the Trust commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the Trust any such case or proceeding; (ii) the Trust commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the Trust or any substantial part of its property or there is commenced against the Trust any such case or proceeding; (iii) the Trust makes a general assignment for the benefit of creditors; or (iv) the Trust admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. BNY Mellon may exercise its termination right under this Section 10(d) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by BNY Mellon of its termination right under this Section 10(d) shall be without any prejudice to any other remedies or rights available to BNY Mellon and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 18, notice of termination under this Section 10(d) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust may terminate this Agreement at any time upon ninety (90) days' prior written notice in the event that the Sponsor determines to liquidate the Trust. BNY Mellon may terminate this Agreement at any time upon ninety (90) days' written notice for any reason and upon thirty (30) days' written notice in the event of a breach of the Trust's representations contained in Section 3(i)(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment.</u> 

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY Mellon and the Trust to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Assignment; Subcontracting.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by the Trust without the written consent of BNY Mellon, or by BNY Mellon without the written consent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives the Trust thirty (30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of any of its liabilities hereunder; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent of the Trust and (B) limit BNY Mellon's liability such that BNY Mellon shall only be liable for failure to reasonably select such unaffiliated third party, and BNY Mellon shall have no liability for any acts or omissions to act of such unaffiliated third party; and (iv) BNY Mellon, in the course of providing certain additional services requested by the Trust, including but not limited to, Typesetting or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer, or electronic services provider ("Vendor") to provide BNY Mellon with the ability to generate certain reports or provide certain functionality. BNY Mellon shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY Mellon will disclose the identity of the Vendor and the status of the contractual relationship, and the Trust is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the Trust will pay to BNY Mellon such fees as may be agreed to in writing by the Trust and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY Mellon anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY Mellon pays to the Vendor as compensation for the additional services provided by BNY Mellon in the course of making the Vendor Eligible Services available to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law; Consent to Jurisdiction.</u> 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. The Trust hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction the Trust may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Trust irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability.</u> 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Waiver.</u> 

Each and every right granted to BNY Mellon hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY Mellon to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY Mellon of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notices.</u> 

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

if to the Trust, at

Bitwise Hyperliquid ETF

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Attention: Legal Dept. –Legal@bitwiseinvestments.com

if to BNY Mellon, at

BNY Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party shall keep confidential any information relating to the other party's business ("Confidential Information"). Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Trust or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Trust or BNY Mellon a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory agency request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Trust information provided by BNY Mellon in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. The provisions of this Section 20 shall survive termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Mellon Group"). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes BNY Mellon to disclose information regarding the Trust ("Customer-Related Data") to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY Mellon may store the names and business contact information of the Trust's employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to consent to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Non-Solicitation</u>.

During the term of this Agreement and for one (1) year thereafter, the Trust shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon's employees, and the Trust shall cause the Trust's Sponsor and any affiliates of the Trust to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon's employees. To "knowingly" solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY Mellon employee by the Trust, the Sponsor or an affiliate of the Trust if the BNY Mellon employee was identified by such entity solely as a result of the BNY Mellon employee's response to a general advertisement by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the latest date set forth below.

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| | |
|:---|:---|
| BITWISE INVESTMENT ADVISERS, LLC, BY AND ON BEHALF OF BITWISE HYPERLIQUID ETF AND SOLELY IN ITS CAPACITY AS SPONSOR OF BITWISE HYPERLIQUID ETF | BITWISE INVESTMENT ADVISERS, LLC, BY AND ON BEHALF OF BITWISE HYPERLIQUID ETF AND SOLELY IN ITS CAPACITY AS SPONSOR OF BITWISE HYPERLIQUID ETF |
| By: | /s/ Phuong Black |
| Name: | Phuong Black |
| Title: | Vice President |
| Date: | Oct 30, 2025 |

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| | |
|:---|:---|
| BITWISE INVESTMENT ADVISERS, LLC, AS SPONSOR IN ITS INDIVIDUAL CAPACITY | BITWISE INVESTMENT ADVISERS, LLC, AS SPONSOR IN ITS INDIVIDUAL CAPACITY |
| By: | /s/ Phuong Black |
| Name: | Phuong Black |
| Title: | Vice President |
| Date: | Oct 30, 2025 |

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| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Robert M Stein Jr |
| Name: | Robert M Stein Jr |
| Title: | Vice President |
| Date: | Oct 31, 2025 |

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**<u>SCHEDULE I</u>**

<u>Schedule of Services</u>

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Trust officers, Trust counsel and accountants of the Trust, as may be applicable. The services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as "BNY Mellon".

**<u>VALUATION AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY Mellon shall provide the following valuation and computation accounting services for the Trust:

§ Journalize investment, capital share and income and expense activities;

§ Maintain individual ledgers for Trust assets;

§ Maintain certain financial books and records for the Trust, including creation and redemption books and records, and Trust accounting records;

§ Maintain historical tax lots for Trust assets;

§ Reconcile cash (if applicable) and investment balances of the Trust with the Trust's custodian;

§ Calculate various contractual expenses;

§ Calculate capital gains and losses;

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| § | Obtain quotes from pricing services as directed and approved by the Sponsor, or if such quotes are unavailable, then obtain such prices from the Sponsor, and in either case, calculate the market value of the Trust's assets in accordance with the Trust's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances be under a duty to independently price or value any of the Trust's assets itself or to confirm or validate any information or valuation provided by the Sponsor or any other pricing source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations; |

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§ Compute net asset value, calculated in the manner described in the Trust's Offering Materials;

§ Transmit or make available a copy of the daily portfolio valuation to the Sponsor;

§ Publish basket to NSCC on each day on which trading occurs on the primary exchange on which the Trust's shares trade.

**<u>FINANCIAL REPORTING</u>**

BNY Mellon shall provide the following financial reporting services for the Trust:

§ *Financial Statement Preparation & Review*

● Prepare financial statements for the Trust;

● Prepare the Trust's periodic shareholder reports, including certain information furnished by the Trust to BNY Mellon, as required pursuant to the Securities and Exchange Act of 1934; and

● Prepare, circulate and maintain the Trust's financial reporting production calendar;

**<u>TAX SERVICES</u>**

BNY Mellon shall provide the following tax services for the Trust:

● Prepare annual grantor trust tax reporting statements for client review and approval.

**<u>FUND ADMINISTRATION SERVICES</u>**

BNY Mellon shall provide the following fund administration services for the Trust:

§ Establish appropriate expense accruals and compute expense ratios, maintain expense files and coordinate the payment of Trust approved invoices;

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|:---|:---|
| § | Calculate Trust approved income and per share amounts required for periodic distributions to be made by the Trust; |

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| § | Calculate total return information; |

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§ Coordinate the Trust's annual audit;

§ Supply various normal and customary portfolio and Trust statistical data as requested on an ongoing basis; and

IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY Mellon informs the Trust that any U.S. tax advice contained in any communication from BNY Mellon to the Trust (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.

## Exhibit 10.7

**Exhibit 10.7**

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|:---|:---|
| ![](ex10-7_001.jpg) | EXECUTION |

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**TRANSFER AGENCY AND SERVICE AGREEMENT**

THIS AGREEMENT is made as of the 31 day of October, 2025, by and between Bitwise Hyperliquid ETF (hereinafter the "Trust"), a Delaware statutory trust having its principal office and place of business at 250 Montgomery Street, Suite 200, San Francisco, CA 94104, Bitwise Investment Advisers, LLC, a Delaware limited liability company in its capacity as sponsor of the Trust and THE BANK OF NEW YORK MELLON, a New York corporation authorized to do a banking business having its principal office and place of business at 240 Greenwich Street, New York, New York 10286 (the "Bank").

WHEREAS, the Trust will ordinarily issue for purchase and redeem shares of the Trust (the "Shares) only in aggregations of Shares known as "Creation Units" in aggregate amounts as specified in the Prospectus (each a "Creation Unit") principally in kind;

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC"), or its nominee (Cede & Co.), will be the registered owner (the "Shareholder") of all Shares; and

WHEREAS, the Trust desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Bank desires to accept such appointment;

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1. <u>Terms of Appointment; Duties of the Bank</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Bank to act as, and the Bank agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust's dividend disbursing agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Pursuant to such appointment, the Bank agrees that it will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with the terms and conditions of this Agreement and the Authorized Participant Agreements prepared by the Trust's distributor ("Distributor"), a copy of which is attached hereto as Exhibit A, the Bank shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Perform and facilitate the performance of purchases and redemption of Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare and transmit by means of DTC's book-entry system payments for dividends and distributions on or with respect to the Shares, if any, declared by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Maintain the record of the name and address of the Shareholder and the number of Shares issued by the Trust and held by the Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are outstanding and authorized, based upon data provided to it by the Trust. The Bank shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare and transmit to the Trust and the Trust's administrator and to any applicable securities exchange (as specified to the Bank by the Trust or its administrator) information with respect to purchases and redemptions of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) On days that the Trust may accept orders for purchases or redemptions, calculate and transmit to the Distributor and the Trust's administrator the number of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) On days that the Trust may accept orders for purchases or redemptions (pursuant to the Authorized Participant Agreement), transmit to the Bank, the Trust and DTC the amount of Shares purchased on such day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Confirm to DTC the number of Shares issued to the Shareholder, as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Prepare and deliver other reports, information and documents to DTC as DTC may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Extend the voting rights to the Shareholder for extension by DTC to DTC participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units, dividends and distributions, variation margin on derivative securities and collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Maintain those books and records of the Trust specified by the Trust in Schedule A attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to each Authorized Participant (as defined in each Authorized Participant Agreement) purchasing or redeeming Shares, the amount of Shares purchased or redeemed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Receive from the Distributor (as defined in the Authorized Participant Agreement) or from its agent purchase orders from Authorized Participants for Creation Unit Aggregations of Shares received in good form and accepted by or on behalf of the Trust by the Distributor, transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold such Shares in the account of the Shareholder of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Receive from the Authorized Participants redemption requests, deliver the appropriate documentation thereof to the Trust's sponsor with respect to redemptions for cash and for redemptions in-kind, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the Authorized Participants submitting the same; transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held in the account of the Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Confirm the name, U.S taxpayer identification number and principle place of business of each Authorized Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The Bank may execute transactions directly with Authorized Participants to the extent necessary or appropriate to enable the Bank to carry out any of the duties set forth in items (i) through (xvi) above. The Trust will be responsible for confirming the receipt of assets in connection with creation activity and the withdrawal of assets in connection with redemption activity prior to the creation or redemption of Creation Units by the Bank. The Bank has no responsibility to independently verify the accuracy of such information provided to it by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Except as otherwise instructed by the Trust, the Bank shall process all transactions for the Trust in accordance with the policies and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to purchases received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other matters set forth in items (i) through (xvi) above as these policies and procedures are intended to address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance of its duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; and the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed appropriate by the Bank in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the services set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder, maintaining the items set forth on Schedule A attached hereto, and performing such services identified in each Participant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The following shall be delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual and semi-annual reports of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Trust proxies, proxy statements and other proxy soliciting materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Trust prospectus and amendments and supplements thereto, including stickers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Bank shall keep records relating to the services to be performed hereunder, in the form and manner to the extent required by Section 31 of the Investment Company Act of 1940 and the rules thereunder (the "Rules") as if the Trust was subject to such Rules, all such books and records shall be the property of the Trust, will be preserved, maintained and made available in accordance with such Section and Rules, and will be surrendered promptly to the Trust on and in accordance with its request.

2. <u>Fees and Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Bank shall receive from the Trust such compensation for its services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties.

The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon the termination of this Agreement before the end of any month, the fee for the part of the month before such termination shall be prorated according to the proportion which such part bears to the full monthly period and shall be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank for reasonable out-of-pocket expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee schedule or relating to dividend distributions and reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In addition, any other expenses incurred by the Bank at the request or with the consent of the Trust, will be reimbursed by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Trust agrees to pay all fees and reimbursable expenses within ten business days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies, Trust reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date of such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Trust hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Trust in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to such adviser or sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Trust or the Trust's sponsor and that, if required by applicable law, the Trust or the Trust's sponsor has approved or will approve the terms of this Agreement, and any such fees, expenses, and benefits.

3. <u>Representations and Warranties of the Bank</u>

The Bank represents and warrants to the Trust that:

It is a banking company duly organized and existing and in good standing under the laws of the State of New York.

It is duly qualified to carry on its business in the State of New York.

It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter into, and perform its obligations under, this Agreement.

All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

4. <u>Representations and Warranties of the Trust</u>

The Trust represents and warrants to the Bank that:

It is duly organized and existing and in good standing under the laws of Delaware.

It is empowered under applicable laws and by its Declaration of Trust and Trust Agreement to enter into and perform this Agreement.

A registration statement under the Securities Act of 1933, as amended, on behalf of the Trust has become effective, will remain effective, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale.

5. <u>Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Bank shall not be responsible for, and the Trust shall indemnify and hold the Bank and its directors, officers, employees and agents harmless from and against, any and all losses, damages, costs, charges, counsel fees, including, without limitation, those incurred by the Bank in a successful defense of any claims by the Trust, payments, expenses and liability ("Losses") which may be sustained or incurred by or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank's actions or omissions with respect to this Agreement, or as a result of acting upon any instructions reasonably believed by the Bank to have been duly authorized by the Trust or upon reasonable reliance of information or records given or made by the Trust; except for any Losses for which the Bank has accepted liability pursuant to Article 6 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 This indemnification provision shall apply to actions taken or omissions pursuant to this Agreement or a Participant Agreement.

6. <u>Standard of Care and Limitation of Liability</u>

The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for direct money damages caused by its own gross negligence or willful misconduct or that of its employees. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and not Section 4-209 of the Uniform Commercial Code which shall be superseded by this Article. In no event shall the Bank be liable for special, indirect or consequential damages, regardless of the form of action and even if the same were foreseeable. For purposes of this Agreement, none of the following shall be or be deemed a breach of the Bank's standard or care:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The conclusive reliance on or use by the Bank or its agents or subcontractors of information, records, documents or services which (i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any previous transfer agent or registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The conclusive reliance on, or the carrying out by the Bank or its agents or subcontractors of, any instructions or requests of the Trust or instructions or requests on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The offer or sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state.

7. <u>Concerning the Bank</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may employ agents or attorneys-in-fact which are not affiliates of the Bank with the prior written consent of the Trust (which consent shall not be unreasonably withheld), and shall not be liable for any loss or expense arising out of, or in connection with, the actions or omissions to act of such agents or attorneys-in-fact, provided that the Bank acts in good faith and with reasonable care in the selection and retention of such agents or attorneys-in-fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank may, without the prior consent of the Trust, enter into subcontracts, agreements and understandings with any Bank affiliate, whenever and on such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Bank from its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and reasonably believed by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of the same day that such oral instructions are given to the Bank. The Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 The Bank shall establish and maintain a disaster recovery plan and back-up system at all times satisfying the requirements of its regulators (the "Disaster Recovery Plan and Back-Up System"). The Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control which are not a result of its gross negligence, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of transportation, computer (hardware or software) or communication services; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that the Bank has established and is maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any such delay or failure the Bank shall use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Participation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 At any time the Bank may apply to an officer of the Trust, but is not obligated to do so, for written instructions with respect to any matter arising in connection with the Bank's duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, the Bank has received written or oral instructions in response to such application specifying the action to be taken or omitted. In connection with the foregoing, the Bank may consult with legal counsel of its own choosing, but is not obligated to do so, and advise the Trust if any instructions provided by the Trust at the request of the Bank pursuant to this Article or otherwise would, to the Bank's knowledge, cause the Bank to take any action or omit to take any action contrary to any law, rule, regulation or commercially reasonable practice for similarly situated service providers. In the event a situation or circumstance arises whereby the Bank adopts a course of conduct in reliance upon written legal advice it has received (which need not be a formal opinion of counsel) and the course of conduct is not identical to the course of conduct contained in the instructions received from the Trust, the Bank may reply upon and follow the written legal advice without liability hereunder provided it otherwise acts in compliance with this Agreement and notifies the Trust of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in Trust data residing on the Bank's electronic system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no duty or obligation to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The legality of the issue, sale or transfer of any Shares, the sufficiency of the amount to be received in connection therewith, or the authority of the Trust to request such issuance, sale or transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The legality of the purchase of any Shares, the sufficiency of the amount to be paid in connection therewith, or the authority of the Trust to request such purchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The legality of the declaration of any dividend by the Trust, or the legality of the issue of any Shares in payment of any stock dividend; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The legality of any recapitalization or readjustment of the Shares.

8. <u>Providing of Documents by the Trust and Transfers of Shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Trust shall promptly furnish to the Bank with a copy of its Declaration of Trust and Trust Agreement and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 In the event that DTC ceases to be the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other change in the total number of Shares authorized to be issued:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the amendment to the Trust's Declaration of Trust and Trust Agreement with respect to such increase, decrease or change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (<u>i.e.</u>, if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or otherwise, and prior to any reduction in the number of Shares outstanding, the Trust shall deliver to the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certified copy of the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (<u>i.e.</u>, if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable securities exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors, accountants, regulators, employees, agents, attorneys-in-fact or counsel, except as may be, or may become required by law, by administrative or judicial order or by rule. The foregoing confidentiality obligation shall not apply to any information to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party: (iii) it is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the receiving party without reference to the information provided by the protected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 In case of any requests or demands for the inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person.

9. <u>Termination of Agreement</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The term of this Agreement shall be three years commencing upon regulatory approval by the U.S. Securities and Exchange Commission permitting shares of the Trust to be offered for sale (the "Initial Term") and shall automatically renew for additional one-year terms (each a "Subsequent Term") unless either party provides written notice of termination at least ninety (90) days prior to the end of the Initial Term or any Subsequent Term or, unless earlier terminated as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Either party hereto may terminate this Agreement prior to the expiration of the Initial Term in the event the other party breaches any material provision of this Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such violation within 90 days of receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come due. Either party hereto may exercise its termination right under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust may terminate this Agreement at any time upon ninety (90) days' prior written notice in the event that the Trust's sponsor determines to liquidate the Trust. The Bank may terminate this Agreement at any time upon ninety (90) days' written notice for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Should the Trust exercise its right to terminate, all out-of-pocket expenses associated with the movement of records and material will be borne by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any termination of this Agreement.

10. <u>Additional Series</u>

In the event that the Trust establishes one or more additional series of Shares with respect to which it desires to have the Bank render services as transfer agent under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing to provide such services, such additional issuance shall become Shares hereunder.

11. <u>Assignment</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party; provided, however, either party may assign this Agreement to a party controlling, controlled by or under common control with it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

12. <u>Severability and Beneficiaries</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon provision of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 This Agreement is solely for the benefit of the Bank and the Trust, and none of any Authorized Participant (as defined in the Authorized Participant Agreement), the Distributor, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement.

13. <u>Amendment</u>

This Agreement may be amended or modified by a written agreement executed by both parties.

14. <u>New York Law to Apply</u>

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Trust and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Trust and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

15. <u>Merger of Agreement</u>

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

16. <u>Notices</u>

All notices and other communications as required or permitted hereunder shall be in writing and sent by first class mail, postage prepaid, addressed as follows or to such other address or addresses of which the respective party shall have notified the other.

If to the Bank:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: ETF Operations

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

If to the Trust:

Bitwise Hyperliquid ETF

250 Montgomery Street, Suite 200

San Francisco, CA 94104

Attention: Legal Dept. – Legal@bitwiseinvestments.com

17. <u>Information Sharing</u>

The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Mellon Group"). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust ("Customer-Related Data") to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) the Bank may store the names and business contact information of the Trust's employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to consent to the foregoing.

18. <u>Counterparts</u>

This Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

[Signature page follows.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the latest date set forth below.

---

| | | |
|:---|:---|:---|
| BITWISE INVESTMENT ADVISERS, LLC, BY AND ON BEHALF OF BITWISE HYPERLIQUID ETF AND SOLELY IN ITS CAPACITY AS SPONSOR OF BITWISE HYPERLIQUID ETF | BITWISE INVESTMENT ADVISERS, LLC, BY AND ON BEHALF OF BITWISE HYPERLIQUID ETF AND SOLELY IN ITS CAPACITY AS SPONSOR OF BITWISE HYPERLIQUID ETF | BITWISE INVESTMENT ADVISERS, LLC, BY AND ON BEHALF OF BITWISE HYPERLIQUID ETF AND SOLELY IN ITS CAPACITY AS SPONSOR OF BITWISE HYPERLIQUID ETF |
| By: | /s/ Phuong Black | /s/ Phuong Black |
|  | Name: | Phuong Black |
|  | Title: | Vice President |
|  | Date: | Oct 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| BITWISE INVESTMENT ADVISERS, LLC, AS SPONSOR IN ITS INDIVIDUAL CAPACITY | BITWISE INVESTMENT ADVISERS, LLC, AS SPONSOR IN ITS INDIVIDUAL CAPACITY | BITWISE INVESTMENT ADVISERS, LLC, AS SPONSOR IN ITS INDIVIDUAL CAPACITY |
| By: | /s/ Phuong Black | /s/ Phuong Black |
|  | Name: | Phuong Black |
|  | Title: | Vice President |
|  | Date: | Oct 30, 2025 |

---

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Robert M Stein Jr | /s/ Robert M Stein Jr |
|  | Name: | Robert M Stein Jr |
|  | Title: | Vice President |
|  | Date: | Oct 31, 2025 |

---

**<u>SCHEDULE A</u>**

**<u>Books And Records To Be Maintained By The Bank</u>**

Source Documents requesting Creations and Redemptions (including dates and times of orders)

Correspondence/AP Inquiries

Reconciliations, bank statements, copies of canceled checks, cash proofs

Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC

Dividend Records

Year-end Statements and Tax Forms

**<u>EXHIBIT A</u>**

Form of Authorized Participant Agreement

## Exhibit 10.8

**Exhibit 10.8**

**MASTER PURCHASE AND SALE AGREEMENT**

**FOR DIGITAL ASSETS**

This MASTER PURCHASE AND SALE AGREEMENT FOR DIGITAL ASSETS (this "<u>Agreement</u>"), is made and entered into as of this [●] day of [●], 2025, by and between [●], a [●] ("<u>Liquidity Provider</u>") and Bitwise Investment Advisers, LLC, a limited liability company registered in Delaware (the "<u>Sponsor</u>"), for and on behalf of the Bitwise Hyperliquid ETF ("<u>Counterparty</u>", and together with Liquidity Provider, the "<u>Parties</u>").

**WHEREAS**, Counterparty from time to time may offer quotations for the purchase and sale of certain digital assets, including the execution of orders to purchase and sell Digital Assets (each such trade, a "<u>Transaction</u>");

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

ARTICLE I.

<u>SALE AND PURCHASE OF DIGITAL ASSETS</u>

Section 1.01 Section 1.1 <u>Execution</u>. The Parties may execute Transactions under this Agreement via email, instant message, SWIFT or the internet ("together, "<u>Electronic Communication</u>"). Once the Parties agree to the terms of a Transaction via Electronic Communication, the terms of such Transaction shall become binding on both Parties. Upon such agreement, Liquidity Provider will send Counterparty a confirmation substantially in the form of <u>Exhibit A</u> (a "<u>Confirmation</u>"). Confirmations shall be deemed to be correct, absent manifest error. The failure to send a Confirmation of the Transaction does not affect the validity of an agreed-upon Transaction.

Section 1.2 <u>Settlement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise agreed and subject always to the Settlement Conditions Precedent, as promptly as reasonably possible (in light of operational limitations) following the commencement of the Settlement Window, Liquidity Provider shall initiate the transfer of digital assets or cash, as applicable, to Counterparty's wallet or account, as applicable, as provided by or on behalf of Counterparty; provided that such transfer shall be completed prior to the end of the Settlement Window. The delivery will be complete once (i) in the case of digital assets, the transaction is verified by the relevant number of confirmations from the blockchain for the applicable digital asset as specified in the Confirmation or otherwise as reasonably determined by Liquidity Provider, and the assets are available to Counterparty, in its designated digital wallet or (ii) in the case of cash, the cash is available to Counterparty in its designated account. Counterparty acknowledges that Liquidity Provider's delivery may be delayed to any digital wallets or accounts that have not been pre-cleared by Liquidity Provider in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise agreed, promptly after receiving delivery in accordance with Section 1.2(b), Counterparty shall initiate the transfer of digital assets or cash, as applicable, to Liquidity Provider's wallet or account, as applicable, as provided by Liquidity Provider. The delivery will be complete once (i) in the case of digital assets, the transaction is verified by the relevant number of confirmations from the blockchain for the applicable digital asset as specified in the Confirmation or otherwise as reasonably determined by Liquidity Provider, and the assets are available to Liquidity Provider, in its designated digital wallet or (ii) in the case of cash, the cash is available to Liquidity Provider in its designated account. Once Counterparty's delivery is complete, the Transaction is finally and irrevocably settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Settlement Conditions Precedent</u>" means the conditions precedent to Liquidity Provider initiating settlement of a Transaction that (1) Counterparty has provided adequate assurance, supported by reasonable evidence if requested by Liquidity Provider, that it has sufficient assets to timely settle such Transaction upon Liquidity Provider's performance under Section 1.2(b), and (2) there has not occurred an Event of Default or potential Event of Default (i.e., an event that with the giving of notice or passage of time, or both, would constitute an Event of Default) in respect of Counterparty or Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Settlement Window</u>" means, unless otherwise agreed, if such Transaction is executed on T (T being a Business Day), the period commencing at 12am EST on T+1 (T+1 being a Business Day) and ending at 11:59 pm EST on T+1. A Business Day is defined as any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

Section 1.3 <u>Transaction Netting</u>. Unless otherwise agreed by the Parties, if the Parties enter into two or more outstanding Transactions with each other in a given settlement period, then: (a) the Party obligated to deliver the greater amount of a given digital asset across any such Transactions will deliver the net outstanding balance of such digital asset; and (b) the Party obligated to deliver the greater amount of cash across any such Transactions will deliver the net outstanding balance of cash.

Section 1.4 <u>Authorized Traders</u>. Liquidity Provider may rely on any communication provided by any person that Liquidity Provider reasonably believes is authorized by Counterparty, whether or not such person has actual authority, and Counterparty agrees to be bound by such communications. Counterparty will provide Liquidity Provider with a list of Authorized Traders.

Section 1.5 <u>Forks and Airdrops</u>. Unless otherwise agreed, any purchased digital asset will not include any additional digital assets resulting from a fork or airdrop that has occurred after execution and before settlement.

Section 1.6 <u>Clearly Erroneous Transactions</u>. Neither Party will be liable for clearly erroneous transactions. A "clearly erroneous transaction" is an executed Transaction that the parties agree is erroneous or that Liquidity Provider reasonably and in good faith determines is erroneous. Liquidity Provider may cancel or correct a clearly erroneous transaction and Counterparty agrees to be bound by such action.

ARTICLE II.

<u>REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS</u>

Section 2.1 <u>Representations and Warranties.</u> Each Party and, in the case of paragraphs (a), (b), (c), (e) and (h), Sponsor represents and warrants to the other, as of the date hereof and as of the date of each Transaction that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) It is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized; (ii) it has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate any Transactions; and (iii) its execution and delivery of this Agreement, its performance of its obligations hereunder and the consummation of the Transactions have been duly authorized by all requisite action on its part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly executed and delivered by it and constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the execution and delivery of this Agreement, nor the consummation of the Transactions, does or will violate any applicable law, rule or regulation or conflict with, violate or constitute a default under any material agreement to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is trading as principal for its own account, out of immediately available assets, and not for the account of any other individual, person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is not (i) on a list of specially designated nationals and blocked persons under the Office of Foreign Assets Control, (ii) a shell bank or (iii) resident in, or transferring funds from, a non-cooperative jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any digital asset such Party sells, transfers and delivers to the other Party, the transferring Party is the lawful owner of such digital asset with good and marketable title thereto, and the transferring Party has the absolute right to sell, assign, convey, transfer and deliver such digital asset. Such digital asset is free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It is the owner of each wallet to which it instructs the other Party to make a transfer, and has good title thereto. Each of its wallets is owned and operated solely for the benefit of such Party, and no person has any right, title or interest in any such wallet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is at all times during the term of this Agreement and any Transaction hereunder, in material compliance with all applicable laws, rules and regulations. It is not, and has never been, engaged in any market manipulation, front running, spoofing or any other illegal activity.

Additionally, the Sponsor represents and warrants to Liquidity Provider, as of the date hereof and as of the date of each Transaction that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Counterparty has granted to Sponsor, and Sponsor has, actual authority to enter into this Agreement and any Transaction on behalf of Counterparty and to perform on behalf of Counterparty all of Counterparty's obligations hereunder.

Section 2.2 <u>Acknowledgements</u>. Counterparty and Sponsor each agrees, understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liquidity Provider engages in the bilateral purchase and sale of digital assets, including any Transaction contemplated by this Agreement, solely on a proprietary basis for its own account, and does not act as an exchange, broker or custodian for Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liquidity Provider is not providing and will not provide any fiduciary, advisory, exchange or other similar services with respect to Counterparty or Sponsor, any person related to or affiliated with Counterparty or Sponsor, any customers of Counterparty or Sponsor, or any transaction subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Counterparty and Sponsor are solely responsible for any decision to enter into a Transaction subject to this Agreement, including the evaluation of any and all risks related to any such Transaction. In entering into any Transaction, neither Counterparty nor Sponsor has relied on any statement or other representation of Liquidity Provider.

ARTICLE III.

<u>DEFAULT</u>

Section 3.1 <u>Events of Default</u>. Any of the following events in respect of a Party or Sponsor constitutes an event of default ("<u>Event of Default</u>") (if such event occurs in respect of (x) Liquidity Provider, the non-defaulting Party shall be Counterparty and Counterparty shall be the defaulting Party, and (y) Counterparty or Sponsor, the non-defaulting Party shall be Liquidity Provider and the defaulting Party shall be Counterparty):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A failure to comply with Section 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any representation or warranty proves to be untrue in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A material breach in the performance by a Party of any other agreements, conditions, covenants, provisions or stipulations contained
in the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution
proceedings shall be instituted by or against a Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sponsor (i) ceases to, or ceases to have authority to, act for or on behalf of Counterparty, or (ii) has instituted against it
any bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution proceedings.

Section 3.2 <u>Remedies</u>. Upon the occurrence of any Event of Default, the non-defaulting Party may, at its option: (i) close-out, cancel, liquidate, sell, accelerate and/or terminate (a "<u>Close Out</u>") any Transaction any related positions; (ii) use the proceeds obtained from any such Close Out to discharge any of the defaulting Party's obligations to the non-defaulting Party, including any unpaid or undelivered amounts, losses and costs (including losses due to the change in the market value of any applicable digital assets); (iii) in lieu of effecting a Close Out of any Transactions or related positions, elect to determine in good faith and in a commercially reasonable manner its losses and costs in connection with the defaulting Party's obligations and calculate the amounts owed by the defaulting Party to the non-defaulting Party (including any unpaid and undelivered amounts, and including losses due to the change in the market value of any applicable digital assets); and (iv) set-off, net, and recoup any due and payable obligations to the defaulting Party under this Agreement against any due and payable obligations to the non-defaulting Party. The non-defaulting Party's rights and remedies hereunder are cumulative and are in addition to any other rights and remedies available in law or equity. The defaulting Party shall remain liable for any unpaid or undelivered amounts, and, to the extent permitted by law, for interest on any amount not paid when due.

ARTICLE IV.

<u>CONFIDENTIALITY</u>

Section 4.1 <u>Non-Disclosure</u>. Each receiving entity (i.e., a Party or Sponsor) shall at all times maintain the confidentiality of Confidential Information with the same standard of care as it uses for its own confidential information, but no less than a reasonable standard of care. The receiving entity may disclose Confidential Information: (i) to its affiliates and its and their employees, officers, directors, advisers, lenders, rating agencies, agents, affiliates and representatives who have been informed of the confidential nature of the information, or (ii) to the extent such information is required or requested to be disclosed by law, rule, regulation or judicial order (including by any self-regulatory organization having jurisdiction or claiming to have jurisdiction over the receiving Party). In all other circumstances, the receiving entity shall not disclose any Confidential Information, either directly or indirectly, to any third party without the disclosing entity's prior written consent.

"<u>Confidential Information</u>" means, with respect to a disclosing entity (i.e., a Party or Sponsor), any non-public information or data provided or disclosed by any entity to the another entity in any form or medium including information regarding the disclosing entity's or its affiliates' financial condition, management and business, business relationships, accounting practices, systems, contracts, and/or investment strategies as well as the terms and existence of this Agreement and any Transaction. Notwithstanding the above, Confidential Information shall not include information that (i) is or becomes available to the general public other than by disclosure by the receiving entity or its representatives; (ii) was known to the receiving entity previously or was rightfully obtained by the receiving entity from a third party, provided that, in either case, the source of such information was not known to be bound by a confidentiality obligation with respect to such information; or (iii) is independently developed by the receiving entity.

Section 4.2 <u>Publicity</u>. Neither Liquidity Provider on the one hand, nor Counterparty or Sponsor on the other hand, shall use the other's trade names, trademarks, service marks, or domain name, or otherwise refer to the other in any promotional material, website, advertisement, news release or any other publication without the other's prior written consent.

Section 4.3 <u>Data</u>. Liquidity Provider is the sole owner of, and retains all right, title and interest in, any price quotation available via the Liquidity Provider ("Data"), including all intellectual or proprietary rights therein or related thereto. Counterparty may only use Data for the purpose of entering into Transactions with Liquidity Provider. Neither Counterparty nor Sponsor will, nor will either of them permit anyone to, copy, reproduce, retransmit, redistribute, furnish, communicate or otherwise make available any portion, derivation or revision of the Data in any medium, print or electronic, in any manner, whether within or outside Counterparty, without the express written consent of Liquidity Provider, except on an anonymized basis to its customers solely for the purpose of facilitating Transactions hereunder. Data constitutes "Confidential Information" of Liquidity Provider under this Agreement, subject to the exception in the previous sentence. Without limiting the generality of the foregoing, Counterparty may only share Data with its employees on a need to know basis for purposes of OTC trading.

ARTICLE V.

<u>LIMITATION OF LIABILITY; INDEMNITY</u>

Section 5.1 <u>Limitation of Liability</u>. Liquidity Provider shall have no liability: (i) with respect to any breach of this Agreement which does not arise from its bad faith or gross negligence, (ii) for any act or omission (including insolvency) or delay of any third party, including any bank, digital wallet provider or digital currency exchange or any of their agents or subcontractors, (iii) for any interruption or delays of service, system failure, or errors in the design or functioning of any electronic system, or (iv) for any consequential, indirect, incidental, or any similar damages (even if informed of the possibility or likelihood of such damages).

Section 5.2 <u>Indemnity</u>. Counterparty and Sponsor will each, on a several basis (and without duplication), indemnify, defend and hold Liquidity Provider harmless together with its officers, directors, members, partners, affiliates and employees, agents and licensors (the "<u>Indemnified Parties</u>") from and against all losses, liabilities, judgments, proceedings, claims, damages and costs (including attorneys' fees) resulting from any third-party action related to: (i) Counterparty's breach of the terms of this Agreement, (ii) Counterparty's violation of any applicable law, rule or regulation, (iii) Liquidity Provider's reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by Counterparty, or (iv) other acts or omissions in connection with the execution of Transactions with Liquidity Provider. Neither Counterparty nor Sponsor will, settle any matter without Liquidity Provider's prior written consent of unless such settlement contains a full release of the Indemnified Parties and does not otherwise require an admission of liability by any Indemnified Party. For the avoidance of doubt, this indemnity provision shall survive any termination of this Agreement.

ARTICLE VI.

<u>MISCELLANEOUS</u>

Section 6.1 <u>Term</u>. This Agreement shall remain in effect until terminated in writing by either Party.

Section 6.2 <u>Taxes</u>. Each Transaction is exclusive of any applicable taxes. Each Party shall be responsible for paying its own taxes, if any, in connection with any Transaction. Prior to entering into any Transactions hereunder, each Party will provide the other Party with a valid, complete IRS Form W-9 or applicable IRS Form W-8.

Section 6.3 <u>Notices, Consents, etc.</u> Notices hereunder will be effective upon delivery, if in writing and sent by hand, certified mail, or by overnight courier, return receipt requested, if to Counterparty, to the address on record and invoices to backoffice@bitwiseinvestments.com, and if to Liquidity Provider, [●], Attention: [●], with an email copy to [●]. If to Counterparty legal notice: Attn: Katherine Dowling, katherine@bitwiseinvestments.com, 250 Montgomery Street, Suite 200, San Francisco, CA 94104.

Section 6.4 <u>Amendments; Waivers</u>. This Agreement may be amended only by written consent of both Parties. No Party by its failure or delay to exercise, or by its single or partial exercise of, a right or remedy, will be deemed to have waived any right or remedy, by operation of law or otherwise.

Section 6.5 <u>Assignments</u>. Neither Party nor Sponsor may assign this Agreement without the written consent of the other party; provided that Liquidity Provider may assign to an affiliate at any time with prompt notice to Counterparty.

Section 6.6 <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

Section 6.7 <u>Governing Law</u>. This Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to principles of conflicts of law. The parties to this agreement will submit all disputes arising under this agreement to arbitration in New York, New York in accordance with the rules of the American Arbitration Association ("AAA"). The parties hereby consent to service of process by email, in accordance with such rules. No party to this agreement will challenge the jurisdiction or venue provisions as provided in this section.

Section 6.8 <u>Entire Agreement</u>. This Agreement and each Transaction executed after the date hereof constitutes the entire agreement between the Parties and supersedes any existing agreements between the Parties, oral or written, concerning this subject matter.

Section 6.9 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which when so executed and delivered shall be an original, but all such counterparts taken together shall constitute one and the same instrument. Electronic transmission of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart.

[*Signature page follows*]

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first above written.

[●], as Liquidity Provider

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| |
|:---|
| By: |
| Name: |
| Title: |

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**Bitwise Investment Advisers, LLC**, by and on behalf of Bitwise Hyperliquid ETF and solely in its capacity as Sponsor of the Bitwise Hyperliquid ETF

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

**Bitwise Investment Advisers, LLC**, as Sponsor in its individual capacity

---

| |
|:---|
| By: |
| Name: |
| Title: |

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**Exhibit A: Form of Confirmation for Manual Execution**

Date: [ ] [Time]

Buyer: [ ]

Seller: [ ]

Ticker: [ ]

Quantity: [ ]

Price: [ ]

Currency: [ ]

Net Amount: [ ]

---

| |
|:---|
| [Liquidity Provider Bank Information for USD: |
| Bank Name:_______________________ |
| SWIFT ID: _________________________ |
| Account Number:_____________________ |

---

or

Liquidity Provider Wallet Information

Wallet destination: ____________________________]

Please confirm that you agree with the details of the trade and provide us with your [bank account] [digital wallet] information. Please note that any bank account or digital wallet that has not been pre-cleared by Liquidity Provider may delay settlement.

[For sales by Liquidity Provider: [Quantity/ ticker] will be sent after receipt of the funds.]

[For purchases by Liquidity Provider: [Price] will be sent after [number of] confirmations.]

**9**

## Exhibit 10.9

**Exhibit 10.9**

**ATTESTANT STAKING**

**MASTER SERVICES AGREEMENT**

**Table OF Contents**

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| | | |
|:---|:---|:---|
| 1. | Interpretation | 1 |
| 2. | Provider Services | 4 |
| 3. | Eligibility for Services | 4 |
| 4. | Customer anti-money laundering obligations | 5 |
| 5. | Customer general obligations | 6 |
| 6. | Personal information | 7 |
| 7. | Provider liability | 7 |
| 8. | Customer liability | 9 |
| 9. | Suspension and termination | 10 |
| 10. | Intellectual property | 12 |
| 11. | Confidentiality | 13 |
| 12. | Changing the terms of this Agreement | 13 |
| 13. | Communications | 14 |
| 14. | Complaints and queries | 17 |
| 15. | Records | 17 |
| 16. | Tax evasion and bribery | 17 |
| 17. | Novation | 18 |
| 18. | General | 18 |
| Schedule 1 Risks | Schedule 1 Risks | 21 |
| Schedule 2: Order Form | Schedule 2: Order Form | 25 |

---

i

This Master Services Agreement is dated December 4, 2025 (this "**Agreement**").

**INTRODUCTION**

(A) The Attestant corporate group provides staking, delegated staking and re-staking (referred to collectively as "**staking** ")
services to its clients to enable them to earn yield on their Supported Assets.

(B) Bitwise Investment Advisers, LLC, a Delaware limited liability company, in its capacity as sponsor (the
" **Sponsor**" or the "**Customer**") of the entities set forth in Schedule 3 (each, a "**Trust** "
and together, the "**Bitwise Trusts** "), wishes to earn yield on the Supported Assets of the Bitwise Trusts.

(C) To that end, the relevant entity within the Attestant corporate group as specified in the Order Form (the
" **Provider**") and the Customer are entering into this Agreement which sets out the rights and obligations of the Customer
and the Provider in relation to the Provider's Services.

**BACKGROUND**

**AGREED TERMS**

**1.** **INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The definitions and rules of interpretation in this clause apply in this Agreement.

---

| | | |
|:---|:---|:---|
| **"Access Key"** | refers to any key, device or equivalent that the Customer uses to access / send instructions in relation to the Services and / or the Customer's Supported Assets, as well as any copy of an Access Key where this can be used as a substitute for an Access Key; | refers to any key, device or equivalent that the Customer uses to access / send instructions in relation to the Services and / or the Customer's Supported Assets, as well as any copy of an Access Key where this can be used as a substitute for an Access Key; |
| **"Adequate Procedures"** | means in respect of any person, adequate procedures designed to prevent persons associated with it from undertaking conduct causing it to be guilty of an offence under the applicable Anti-Bribery Laws; | means in respect of any person, adequate procedures designed to prevent persons associated with it from undertaking conduct causing it to be guilty of an offence under the applicable Anti-Bribery Laws; |
| **"Anti-Bribery Laws"** | means any and all applicable statutes, statutory instruments, bye-laws, orders, directives, treaties, decrees and laws (including without limitation any common law, judgment, demand, order or decision of any court, regulator or tribunal) which relates to anti-bribery and/or anti-corruption; | means any and all applicable statutes, statutory instruments, bye-laws, orders, directives, treaties, decrees and laws (including without limitation any common law, judgment, demand, order or decision of any court, regulator or tribunal) which relates to anti-bribery and/or anti-corruption; |
| **"Authorised Persons"** | has the meaning set out at clause 13.2; | has the meaning set out at clause 13.2; |
| **"Business Day"** | means any day that is both a UK Business Day and a US Business Day; | means any day that is both a UK Business Day and a US Business Day; |
| **"Commencement Date"** | means the later of: | means the later of: |
|  | &nbsp;&nbsp;&nbsp;- | the date of this Agreement, as set out above; or |
|  | &nbsp;&nbsp;&nbsp;- | the date on which the Customer has satisfied all obligations which are required to be met before the Provider can provide the Services, including, in accordance with clauses 3 and 4, all eligibility for Services and Customer anti-money laundering requirements; |

---

---

| | |
|:---|:---|
| **"Confidential Information"** | means all non-public information in respect of the business, affairs or activities of a party including the terms of this Agreement; |
| **"Data Protection Laws"** | means all applicable law relating to data protection, the processing of personal data and privacy; |
| **"Force Majeure Events"** | has the meaning set out in clause 7.3; |
| **"Information"** | has the meaning set out in clause 10.1; |
| **"Order Form"** | shall refer to the Order Form set out in Schedule 2; |
| **"Period"** | means each calendar quarter ending on 31 March, 30 June, 30 September and 31 December respectively; |
| **"Prohibited Act"** | means: (A) directly or indirectly offering, promising or giving any person a financial or other advantage to: (i) induce that person to perform improperly a relevant function or activity; or (ii) benefit that person for improper performance of a relevant function or activity; (B) directly or indirectly requesting, agreeing to receive or accepting any financial or other advantage as an inducement or a benefit for improper performance of a relevant function or activity in connection with this Agreement; and / or (C) committing any offence under Anti-Bribery Laws, legislation creating offences concerning fraudulent acts and / or at common law concerning fraudulent acts relating to this Agreement or the Services; |
| **"Protocol"** | refers to the protocol(s) on which each Supported Asset is run, and in relation to which the Provider provides its Services; |
| **"Required Amount"** | refers to the minimum requirement (if any) in order to stake a particular Supported Asset, as determined by the Provider and the relevant Protocol; |
| **"Services"** | has the meaning set out in clause 2; |
| **"Slashing"** | refers to the process by which staked Supported Assets are partly or wholly burned in response to supposed misconduct attributed to a validator; |
| **"Supported Assets"** | refers to those cryptoassets and Protocols which are supported by the Services, as listed in the relevant Order Form. Where a new asset is created, for example because of a fork in a Protocol, it will not be a Supported Asset unless and until the parties agree in writing to add it; |
| **"Termination Date"** | means the date on which termination takes effect and the Services are no longer provided in accordance with clause 9; |

---

---

| | |
|:---|:---|
| **UK Business Day** | means any day other than Saturday, Sunday or a day on which banks in London, United Kingdom are authorized or required by law to close; |
| **US Business Day** | means any day other than Saturday, Sunday or a day on which banks in New York, New York, USA are authorized or required by law to close; |
| **"Validator Rewards"** | refers to the transaction fees, rewards and any other Supported Assets generated by or otherwise received by a validator; and |
| **"Virus"** | refers to any viruses, bugs, vulnerabilities, glitches, weaknesses, spyware, malware, adware or other harmful or deleterious programs, material, code and / or software. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 References to clauses and Schedules are to the clauses of and Schedules to this Agreement. Each Order
Form and the Schedules all form part of this Agreement and shall have effect as if set out in full in the body of this Agreement and any
reference to this Agreement includes each Order Form the Schedules. Clause and Schedule paragraph headings shall not affect the interpretation
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 A reference to this Agreement or to any other agreement or document referred to in this Agreement is a
reference to this Agreement or such other document or agreement as amended or varied in accordance with its terms from time to time. A
reference to a "**party**" shall include that party's personal representatives, successors and permitted assigns.
A reference to "**writing**" or "**written**" includes email but not faxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Unless the context otherwise requires, words in the singular shall include the plural and the plural shall
include the singular, and a reference to one gender shall include a reference to the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 A "**person**" includes a natural person, corporate or unincorporated body (whether or
not having separate legal personality) and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Any words following the terms "**including** ", "**include** ", "**in particular** ", "**for example** ", "**such as**" or any similar expression shall be construed as
illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 References to "**dealing in**" or "**deal in**" are references to any participation
in cryptoassets including buying, acquiring, accepting, holding, selling, staking, disposing of and / or otherwise making use of cryptoassets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 A reference to a statute, statutory provision or subordinate legislation is a reference to it as it is
in force from time to time, and includes any statute, statutory provision or subordinate legislation which it amends or re-enacts and
subordinate legislation for the time being in force made under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.

2. PROVIDER SERVICES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Provider will provide the following services to the Customer with all due skill, care and diligence (the "**Services** ")
from the Commencement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 providing commercially reasonable assistance as agreed with the Customer with a view to setting up the
hardware and software components in order for the Customer to be able to stake Supported Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 giving the Customer the ability to use the Provider's infrastructure and validation software, and
providing maintenance of software for Customer while Customer retains the Access Keys to the address to which staked Supported Assets
are returned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 providing a dashboard to facilitate the Customer's use of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 providing reports as agreed with the Customer from time to time regarding the performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The Provider does not provide the following services under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 services in relation to Supported Assets which constitute a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 safekeeping and custody of Supported Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 itself carry out the activity of staking or un-staking of Supported Assets, but rather the Provider enables
the Customer to undertake the activity of staking Supported Assets using the Provider's software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 any form of suitability assessment of a Supported Asset as a potential investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 brokerage, crypto exchange services or management of Supported Assets.

3. ELIGIBILITY FOR SERVICES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 In agreeing to this Agreement and / or using the Services, the Customer at all times represents that the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 is duly organised and validly existing under the laws of the jurisdiction of the Customer, and has full
power, authority and right to bind itself to this Agreement and to receive the Services, including as regards performing all actions and
obligations under this Agreement, which therefore constitute valid and legally binding obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 is legally permitted under all applicable laws and requirements to receive and make use of the Services,
there is no other reason to prevent the Customer from entering into this Agreement, and the Customer has taken all actions required to
execute and agree to this Agreement and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 (and any related party) is in compliance with all applicable laws and regulations (including regulations
relating to sanctions, anti-money laundering, terrorism and proliferation financing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 understands the inherent risks associated with cryptographic systems, Access Keys and their usage, and
has an understanding of public/private key cryptography, native cryptographic tokens, blockchain-based software systems, as well as cryptocurrencies,
protocols and digital assets generally. A non-exhaustive illustrative list of potential risks is set out at Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 has sufficient access to computers, internet and software as may be required to use the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 can afford to lose everything the Customer uses to participate in the Services, as staking involves a
high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Customer must only use the Services where the Customer has independently (or with the assistance of
an independent advisor) determined that the Services are compatible with the Customer's requirements and appropriate for the Customer
generally in light of the Customer's individual financial situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 In the event that the Customer ceases to be eligible for the Services, the Customer must immediately inform
the Provider using a method of communication in accordance with clause 13.

4. CUSTOMER ANTI-MONEY LAUNDERING OBLIGATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Customer will at all times before and whilst using the Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 provide the Provider any information the Provider may request for the purposes of verifying the Customer's
identity (including if relevant that of any of the Customer's beneficial owners) and carrying out checks required in relation to
the prevention of money laundering, terrorist financing, fraud, or any other financial crime and the Customer permits the Provider to
keep a record of such information. This includes completing any verification procedures and customer identity checks that the Provider
may require in relation to the Services at onboarding and periodically thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 authorise the Provider to make any inquiries, whether directly or through third parties, that the Provider
considers necessary to verify the Customer's identity or to protect the Customer and/or the Provider against fraud or other financial
crime, and to take any action the Provider reasonably deems necessary based on the results of such inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Customer acknowledges that the Customer's access to the Services may be altered, on an ongoing basis, as a
result of the information provided under this clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Customer acknowledges that in carrying out inquiries, the Customer's personal information may
be disclosed by the Provider to identity verification, credit reference and fraud prevention or financial crime agencies and that these
agencies may respond to inquiries in full. This is an identity check only and should have no adverse effect on the Customer's credit
rating.

5. CUSTOMER GENERAL OBLIGATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Customer acknowledges and agrees that the Customer is solely responsible for all use the Customer makes of any of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Customer agrees that the Customer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 comply with the requirements of the relevant Protocol when staking Supported Assets, including in respect
of ensuring that the Customer (if required) stakes at least the Required Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 be fully responsible for all custody and safekeeping of the Customer's Supported Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 take full responsibility for keeping all Access Keys safe and secure and not providing them to any person
who is not authorised by the Customer to hold them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 allow the Provider to maintain the Services and any related software as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 not use the Services to stake anything other than Supported Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6 not provide any lien, charge or other security interest in any staked Supported Assets where this could
interfere with the performance of this Agreement and the rights of the parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7 not interfere with or disrupt the provision of any of the Services or use any of the Services in a way
that interferes with anyone else's use of any of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.8 not further any criminal or fraudulent activity or impersonate another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.9 not breach the rights of any person (including, but not limited to rights of privacy and intellectual
property rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.10 not republish, redistribute or re-transmit the dashboard, any software or information provided in relation
to the Services, or otherwise copy or store such software or information, other than for the Customer's use of the Services as permitted
by this Agreement and as may occur incidentally in the normal course of such use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.11 not attempt to circumvent the security of or interfere with the proper working of the Services or any
server on which they are hosted, or otherwise introduce, or permit the introduction of, any Virus into any software used in relation to
the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.12 not use the Services in a way that might damage the Provider's name or reputation or that of any
of the Provider's affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.13 ensure that neither the Customer nor any person acting on the Customer's behalf in connection with
this Agreement shall, by any act or omission commit, cause, facilitate or contribute to the commission by any person of a tax evasion
offence or facilitation of a tax evasion offence (for these purposes, a tax evasion offence includes cheating a public revenue authority
or being knowingly concerned in, or in taking steps with a view to, the fraudulent
evasion of tax, and tax includes duties and social security contributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.14 comply with all applicable laws with respect to the Customer's activities under this Agreement, and only
use the Services as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Customer will pay the fees set out in the Order Form, as well as any other fees, taxes or actually
incurred costs imposed by a third party other than the Provider, including any gas or other transaction fees in relation to Supported
Assets and any taxes, assessments, duties and other governmental charges. To the extent that the Provider pays these on behalf of the
Customer, the Customer shall indemnify the Provider for the resulting loss incurred on request.

6. PERSONAL INFORMATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Customer will provide the Provider with all information required for the Provider to provide the Services
in accordance with this Agreement. If the Customer does not provide information requested by the Provider, then the Provider may be unable
to provide the Customer with all or any of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Provider may share information concerning the Customer, including personal information: (i) with the
Provider's professional service providers (including, but not limited to, auditors, attorneys and advisors) to the extent necessary
to conduct ordinary business operations; (ii) with appropriate regulatory and government authorities, and / or (iii) as otherwise required
by law, rule, regulation, legal process or a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Further information on how the Provider processes personal data and complies with Data Protection Laws
is available at <u>https://www.attestant.io/privacy</u>.

7. PROVIDER LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Nothing in this clause 7 or any other term of this Agreement shall limit or exclude the Provider's liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 for death or personal injury caused by the Provider's negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 for the Provider's fraud and / or fraudulent misrepresentation; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 for any other liability that, by law, may not be limited or excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 For the avoidance of doubt, the Provider's obligations under this Agreement are strictly limited
to the provision of the staking Services. The Provider shall have no liability whatsoever for any services, acts or omissions falling
outside the scope of this Agreement, including, without limitation, any services provided by any third-party distributor or custodian.
Furthermore, no third-party distributor or custodian shall incur any liability to the Customer under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 The Order Form sets out the entity which is the Provider in relation to that Order Form, and no other
entity is liable to the Customer in relation to the provision of Services pursuant to that Order Form. Furthermore, the
Provider is not liable for any loss (regardless of whether that loss is foreseeable and / or consequential) as a consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 steps reasonably taken to execute the instructions of the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 anything attributable to the Customer's safekeeping and custody and safekeeping of the Customer's
Supported Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 one or more of the risks set out at Schedule 1 materialising;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 the Customer (if required) staking less than the Required Amount, or otherwise not complying with the
requirements of the relevant Protocol or otherwise using the Services in relation to any asset or thing other than Supported Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.5 any use the Customer makes of the Customer's Access Key(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.6 the Customer breaching the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.7 changes to a Protocol, including where loss is a consequence of a decision the Provider makes (at its
sole discretion) in relation to whether the Provider supports a change to a Protocol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.8 any issue with the operation of a Protocol, or otherwise in relation to any code that is not created and
implemented by the Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.9 Supported Assets being lost as a result of a determination of a Protocol, so long as the Provider has
taken commercially reasonable steps to prevent this loss within the scope of the Services provided under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.10 terminating or suspending the provision of the Services in accordance with clause 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.11 the Customer using the Services in any way which either causes the Provider to perform a regulated activity
for which the Provider is not authorised, or which otherwise results in a breach of applicable law and / or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.12 anything done by or any issue with third party providers the Customer uses in connection with the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.13 exercising any of its rights under this Agreement, including any right to suspend or terminate provision
of the Services; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.14 events outside the Provider's reasonable control, including acts of God, epidemics or pandemics,
earthquakes, strikes, or shortages and unavailability of materials or resources, operations and actions of and changes to Protocols and
any other events outside of the Provider's reasonable control ()"**Force Majeure Events** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Although the Provider will take all reasonable care to ensure all electronic communications and attachments
the Provider sends to the Customer are free from any known Virus, the Provider shall maintain and regularly update reasonable administrative,
technical, and physical safeguards (including industry-standard
anti-malware, email security, access controls, patch management, and monitoring) designed to prevent, detect, and mitigate Viruses and
similar threats and will promptly notify the Customer upon becoming aware of any security incident affecting the Services. The Provider
will not be responsible for any loss or damage resulting from any attack by a third party on the Provider's systems, or any Virus
or any other malicious or technologically harmful material that may infect the Customer's computer equipment, computer programs,
data or other material due to the Customer's use of the Services. The Customer also acknowledges and accepts the risks inherent
in communicating by email, particularly of its unauthorised interception and of its not reaching the intended recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 To the extent that the Provider may be deemed by any applicable law to owe the Customer any fiduciary
duties or to be in a fiduciary relationship, the Provider explicitly excludes and rejects any such duties or relationship to the extent
permitted by applicable law. The Provider also does not provide, nor accepts responsibility for, legal, tax or accounting advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The Provider is in no event liable for any losses, including any loss of Supported Assets, other than
where caused directly and reasonably foreseeably by the Provider's negligence (and in no event shall the Provider be liable for
any indirect or consequential losses, or for any loss of profit, revenue, contracts, data, goodwill or other similar losses). The Provider
shall be under no obligation to inquire into, and shall not be liable for, any losses incurred by the Customer or any other person as
a result of the maintenance, transfer, receipt or delivery of fraudulent, defective or otherwise impaired Supported Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 The Provider's total liability for losses under this Agreement shall not exceed the fees payable
by the Customer for the relevant Services during the six (6) months immediately preceding the event giving rise to any claim, and is strictly
limited to losses that were reasonably foreseeable. Losses are foreseeable where they could be contemplated by both parties as at the
time they enter into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 This clause 7 may change from time to time in accordance with clause 12.

8. CUSTOMER LIABILITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Customer agrees to indemnify the Provider for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 actual, reasonable legal costs and expenses directly related to any regulatory inquiry, legal action,
litigation, dispute or investigation, whether such situations occur or are anticipated, that relate to the Customer, any Authorised Person(s)
and any custodian used by the Customer in relation to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 any loss directly resulting from breach of any of the terms of this Agreement by the Customer, any Authorised
Person(s), and / or any custodian used by the Customer in relation to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3 damage or interruptions caused by the Customer and or its contracting parties, including as a result of
any computer viruses or other malicious code that may affect computers, or other equipment, or any phishing, spoofing or other attack.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 For the avoidance of doubt, the indemnity in clause 8.1 is not limited by the fact that the relevant loss
is the result of any action or omission of any Authorised Person(s) or any custodian used by the Customer in relation to this Agreement.

9. SUSPENSION AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Each party to this Agreement may terminate it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 in relation to each Supported Asset in accordance with the relevant Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 immediately if the other party is in material breach of this Agreement and fails to remedy the same (if
capable of remedy) within 30 days of being required to do so; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 immediately if the other party is unable to pay its debts as they fall due or a petition for winding up
is presented or it shall go into liquidation (save for the purpose of amalgamation or reorganisation) or enters into an arrangement with
its creditors generally or an administrator, an examiner or any equivalent has been appointed thereto or has a receiver appointed over
all or any part of its assets or suffers any execution over such assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Provider may suspend the Services and / or terminate the provision of Services (in whole or part)
under this Agreement with immediate effect where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 the Provider is of the reasonable opinion that it is required to do so by applicable law, regulation,
any court and / or by other authority to which the Provider and / or the Customer is subject in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 this is in relation to any Supported Asset which is determined to be a security (and in the event that
it is unclear whether a Supported Asset is a security, the Provider may at its discretion commission a legal opinion that shall be considered
determinative as to whether a Supported Asset is a security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 required to avoid a breach of a legal and/or regulatory requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4 the Provider suspects that any information provided by the Customer is materially incomplete, inaccurate
or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.5 the Provider suspects the Customer of acting in material breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.6 the Provider has concerns about the security of the Customer's Supported Assets or the Provider
suspects the Services are being used in a fraudulent or unauthorised way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.7 the Provider suspects the Customer of money laundering, terrorist financing, fraud, dealing with the proceeds
of crime or any other financial crime or unlawful conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.8 the Customer's use of the Services is subject to any (pending) litigation, investigation, or government
proceeding and/or the Provider perceives a heightened risk of legal or regulatory non-compliance associated with the Customer's
use of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.9 the Customer abuses promotions which the Provider may offer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.10 the Customer (if required) fails to stake the Required Amount at any time (and in the event that the Provider
chooses at its discretion to suspend the provision of Services on this basis, it shall not affect the Customer's obligation to pay
fees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.11 an event occurs which is outside the Provider's reasonable knowledge and control which impacts the
Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Provider may suspend provision of the Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 if the Customer fails to pay any undisputed fees when they become due and such amounts remain unpaid for
more than thirty (30) days from the invoice date (for clarity, bona fide disputed amounts documented in writing before the due date are
not grounds for suspension or termination); in such cases the Provider may suspend the Services and may terminate this Agreement upon
written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 in order to update and / or maintain the infrastructure and / or validation software used in providing
the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 The Customer may also terminate this Agreement in the event of a change to its terms in accordance with
clauses 12.2 or 12.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 On the Termination Date, the Customer will no longer be able to use or have any right to the Services.
In addition, the Customer must pay all undisputed outstanding fees owed to the Provider and will not receive a refund for any fees paid
in relation to Services received up to the Termination Date. Termination is without prejudice to either party's accrued rights and
obligations as of the Termination Date, all of which shall survive, together with any provisions intended by their nature to survive (including
confidentiality, limitations of liability, indemnities, audit, and payment). Upon termination of the Services, the Provider will (a) promptly
cease initiating any new staking actions or lock-ups and disable any optional features unless otherwise directed in writing by Customer;
(b) promptly initiate unstaking for all Customer staked Supported Assets in the next eligible window and cooperate in good faith to redelegate
or migrate to Customer's designated provider, subject to network restrictions and protocol timelines; (c) continue to safeguard
keys/credentials and perform only those minimal actions necessary to preserve and return assets; (d) credit or remit to Customer any Rewards
that accrue or are distributed during the unbonding/cool-down/withdrawal period (net of agreed fees and network costs) and transfer any
pending or subsequently released Rewards to Customer promptly upon receipt; (e) provide a final statement and per-epoch report through
the completion of the unwind, including validator addresses, transactions, Rewards, penalties, and fees; and (f) return or destroy (to
the extent technologically feasible) Customer Confidential Information upon request, subject to any retention required by law. No additional
fees shall be charged by Provider for termination assistance other than agreed pass-through network/protocol fees and any mutually agreed
professional services at the rates set out in the Order Form.

10. INTELLECTUAL PROPERTY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Provider licenses, but do not sell, the Services and any related software or provided information
(including the dashboard, documents, text, graphics, photographs and other images, videos, sound, trademarks and logos (all together,
" **Information** ")) to the Customer for the Customer's own personal use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Provider and its licensors (if any) is at all times the owner of all intellectual property relating
to the Services and any related software or provided Information. Nothing in this Agreement gives the Customer any rights in respect of
any intellectual property owned by the Provider or its licensors (if any) and the Customer does not acquire any ownership rights by using
or receiving any software or any provided Information in relation to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Customer shall not, except as may be allowed by applicable law which is incapable of exclusion by
agreement between the parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 except to the extent expressly permitted under this Agreement, attempt to copy, modify, duplicate, create
derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of any software and / or
Information used and / or provided in relation to the Services in any form or media or by any means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form
all or any part of any software and / or Information used and / or provided in relation
to the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 access all or any part of the Services, including any software and / or Information used and / provided
in relation to the Services, in order to build a product or service which competes with the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4 (except and solely to the extent specifically permitted by the Provider in writing) license, sell, rent,
lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Services, and any software
and / or Information provided in relation to the Services, available to any third party; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.5 attempt to obtain, or assist third parties in obtaining, access to the Services (including any software
and / or Information provided in relation to the Services) other than as permitted by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Software may contain code, commonly referred to as open source software, which is distributed under any
of the many known variations of open source licence terms, including terms which allow the free distribution and modification of the relevant
software's source code and/or which require all distributors to make such source code freely available upon request, including any
contributions or modifications made by such distributor (collectively, "**Open Source Software** "). To the extent that
the Services or related software use or contain any Open Source Software, that element only is licensed to the Customer under the relevant
licence terms of the applicable third party licensor ()"**Open Source Licence Terms**") and not under the terms of this
Agreement, and the Customer accepts and agrees to be bound by such Open Source Licence Terms. A reference to the source code for any Open
Source Software contained in any software used to deliver the Services and the relevant
Open Source Licence Terms will be made available to the Customer upon request.

11. CONFIDENTIALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Each party agrees to keep Confidential Information received from the other party in connection with the
negotiation or performance of this Agreement confidential and use it solely in connection with the performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The provisions of clause 11.1 shall not apply to the extent that the relevant Confidential Information
held by a party is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 lawfully obtained after the date of this Agreement otherwise than directly or indirectly from the other
party to this Agreement and, is to the knowledge of the obtaining party, free of any duty of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 in the public domain other than as a result of a breach of this clause 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 required to be disclosed by that party pursuant to a statutory or regulatory obligation (provided it gives
the other party prior written notice of the intention or obligation to make the disclosure, to the extent permitted by applicable law,
and is disclosed only for that purpose);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4 disclosed to that party's or that party's group's employees, agents, sub-contractors,
professional advisors or auditors under terms of confidentiality and for reasonable purposes related to the performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5 disclosed with the other party's prior written consent; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6 (in the case of Confidential Information held by the Provider only) disclosed to a third party service
provider, where such disclosure is required or desirable in order for the Provider to fulfil its regulatory or contractual obligations
in relation to this Agreement and the relevant third party is subject to obligations of confidentiality.

12. CHANGING THE TERMS OF THIS AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Provider reserves the right to make changes to any aspect of the Services and / or to this Agreement
which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 to reflect changes in the Supported Assets listed in the Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 to reflect changes to relevant law or regulation, or to reflect a court decision, including as regards
the way the Provider and / or the Services are taxed (including the requirement to pay any government or regulatory levy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 to reflect changes required by any regulatory and / or tax authority or industry guidance or codes of
practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4 to reflect changes in the way Supported Assets and / or cryptoassets generally work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.5 for reasons of ensuring security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.6 to reflect changes to the manner in which the Services are provided, where this does not impact the characteristics
or level of service the Customer receives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.7 to reflect changes to the fees applicable to the Services which have not yet been provided, so long as
reasonable advance notice is provided of these changes in accordance with clause 12.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.8 as a result of circumstances beyond the Provider's reasonable control meaning that it has become
impossible or impractical, in the Provider's reasonable opinion, to carry out any of the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.9 to reflect improvements to the Services; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.10 to make the terms of this Agreement easier to understand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Provider will always give the Customer as much prior notice as the Provider reasonably can of any
significant changes to this Agreement. In relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1 the addition or removal of a new Supported Asset to the list in the Order Form, this Agreement will be
updated with effect from the date specified in the notice (which may include the change being with immediate effect). In the event that
a Supported Asset is removed from the list in the Order Form, the notice will set out any steps required from the Customer for the orderly
wind-down of the provision of the relevant Services. In the event that the Customer does not take the required steps in accordance with
the notice, the Provider will not be liable for any loss as a consequence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2 other material changes to this Agreement, the Customer will then have the option of accepting them or
terminating this Agreement without penalty, and termination in these circumstances will take effect, and the Services will no longer be
provided, from the date the changes would otherwise come into effect. If the Customer does not terminate this Agreement before the date
on which the changes come into effect (as notified to the Customer), this will mean that the Customer has accepted them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 In certain circumstances, the Provider may have to make changes without giving the Customer prior notice,
for example because of changes to relevant law or regulation, changes required by any regulatory or tax authority or industry guidance
or codes of practice, changes in the way Supported Assets work, or changes otherwise beyond the Provider's reasonable control. Where
this is the case, and the changes are not simply improvements in the Services, the Provider will give the Customer appropriate opportunity
to terminate this Agreement on a forward-looking basis without penalty.

13. COMMUNICATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Communications between the parties shall be in English. Should the Provider receive a communication which
purports to be from the Customer, the Provider is entitled, but not obliged, to rely on and conclusively
presume that such communication or instruction has been given by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Customer, before receiving the Services, must provide the Provider with a list of persons ()"**Authorised Persons**") who have the authority to provide the Provider with instructions in relation to the Services. This list of Authorised
Persons will consist only of certain persons within the Customer and any custodian used by the Customer in relation to this Agreement.
The Provider will confirm receipt of the list of Authorised Persons, as well as any additional persons the Customer may add to the list
from time to time (as also duly authorised), and, until the Provider does so, the Provider shall have no obligation to accept or otherwise
act upon or respond to any instruction and / or communication made by any such person. The Provider will, however, be entitled to act
on the instructions of a person should the Provider believe in good faith that that person is intended to be an Authorised Person and
the Provider has received appropriate confirmation to this effect. The Provider and the Customer will agree in advance who may add or
remove persons to / from the list of Authorised Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 The Provider is entitled to rely upon any instruction received from, or reasonably believed by the Provider
to be from, any Authorised Person(s), listed on the parties' most recent written authorization list delivered to the Provider (or
as updated from time to time in the way agreed between the parties), provided the Provider follows its agreed authentication procedures
and acts without gross negligence or wilful misconduct, whether or not they have actual authority to give instructions. Any communication
by the Provider to any Authorised Person shall be deemed a communication to the Customer. In the event that someone is no longer an Authorised
Person, the Provider must be informed immediately. However, except to the extent of the Provider's gross negligence, wilful misconduct,
or failure to follow the agreed procedures, the Provider is not liable if the Provider acts on the instructions of someone who is no longer
an Authorised Person. Any act or omission of any Authorised Person, whether within the Customer or the custodian used by the Customer
in relation to this Agreement, shall be deemed an act or omission of the Customer directly. All Authorised Persons may only enjoy any
rights granted under this Agreement solely to the extent they do so in their capacity as agent acting on the Customer's, and not
in their own, capacity. The Customer is responsible for ensuring that all Authorised Persons approved by the Customer act in accordance
with the Customer's obligations set out in this Agreement, and any reference in this Agreement to an obligation applying to the
Customer includes an obligation on the Customer to ensure that all Authorised Persons comply with such obligation. The Provider will maintain
records of instructions received and authentication steps performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Communications to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1 the Provider may be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1.1 by email to contact@attestant.io; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.1.2 by telephone at +44 (0) 203 468 3060.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2 the Customer may be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2.1 by email to operations@bitwiseinvestments.com and a copy to legal@bitwiseinvestments.com;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2.2 by telephone at 415-632-9395; and / or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4.2.3 personally or by courier service to 250 Montgomery Street, Suite 200, San Francisco, CA;

as such details may from time to time be amended by each party providing written notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Communications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.1 by email will be deemed received on the earlier of the time at which it is accessed or 2 Business Days
after receipt (except as regards emails sent to the Provider or the Customer, if there is a bounce-back stating the communication has
not been delivered, the communication shall be deemed not sent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.2 if hand delivered, will be deemed received when delivered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5.3 if delivered by courier, will be deemed received when proof of receipt is provided by the courier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 The Customer and the Provider will also agree how the Customer will access the Provider's
 infrastructure and validation software for the purpose of sending instructions in relation to the Services, and this may be through
 the use of an Access Key. The exact nature of any Access Key will be as agreed by the Customer and the Provider from time to time.
 The Provider is entitled to rely upon any instruction received from, or believed in good faith by the Provider to be from, any
 Access Key believed by the Provider to be under the control of / accessible by the Customer, whether or not the Customer has
 actually authorised those instructions, and the Provider is not liable for any loss (of whatever nature and regardless of whether
 direct or indirect) caused by and / or as a consequence
of the Provider acting on such an instruction. The staking/unstaking instructions to software, and any protocol-event communications may
be submitted and are deemed received when sent to the agreed operational channels, regardless of UK or US Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 The Customer is responsible at all times for keeping the Access Key safe, secure, protected and under
the Customer's control. The Provider is not responsible for any loss (of whatever nature and regardless of whether direct or indirect),
in the event that an Access Key is lost, destroyed, damaged or used by an unauthorised person and / or for an unauthorised purpose. If
the Access Key is lost, destroyed, damaged or used by an unauthorised person and / or for an unauthorised purpose, then the Provider will
assist the Customer with replacing the Access Key. However, as it is the Customer's responsibility to safeguard the Access Key,
the Provider shall not be responsible for any loss (of whatever nature and regardless of whether direct or indirect) which may result
from unauthorised use of an Access Key before a replacement Access Key is issued, and this is regardless of whether such loss is caused
during any period of delay that may exist before or whilst the Provider issues the new Access Key.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 The parties agree that operational software communications and reporting apply notwithstanding UK or US
bank/public holidays. Where both London and New York are closed, Provider will continue to process operational items on a best-effort
basis.

14. COMPLAINTS AND QUERIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Provider is committed to providing the Customer with the Services. If anything does go wrong, the
Provider will aim to put it right quickly and efficiently. If the Provider cannot resolve a problem quickly, the Provider will contact
the Customer to tell the Customer what the Provider is doing about it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 If the Customer wishes to complain about, or has any queries or concerns in relation to, any aspect of
the Services, the Customer may contact the Provider by email to support@attestant.io. A copy of the Provider's complaint handling
policy is available on request.

15. RECORDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Without limitation to any duties imposed by applicable law, each party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 maintain accurate and up to date records sufficient to evidence its compliance with its obligations under
this Agreement, including records regarding all Validator Rewards gained by the Customer using the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 on reasonable advance notice in writing from the other, permit the other to obtain a copy of such records
in such form as it reasonably requests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 retain such records for until at least the longer of six years after the Termination Date or as required
by applicable law.

16. TAX EVASION AND BRIBERY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 The Customer will endeavour to ensure that it shall not, by any act or omission commit, cause, facilitate
or contribute to the commission by any person of a tax evasion offence or facilitation of a tax evasion offence. For these purposes, a
tax evasion offence includes cheating a public revenue authority or being knowingly concerned in, or in taking steps with a view to, the
fraudulent evasion of tax, and tax includes duties and social security contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 The Customer will, and will take reasonable steps to ensure that the Customer's agents and delegates will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.1 not do or omit to do any act or thing which constitutes or may constitute a Prohibited Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.2 without prejudice to clause 16.2.1 not do or omit to do any act or thing which causes or may cause the
Provider to be guilty of an offence under the applicable Anti-Bribery Laws (or would or may do so if the Provider were unable to prove
that the Provider had in place Adequate Procedures designed to prevent persons associated with the Provider from undertaking such conduct).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.3 have, and comply with, Adequate Procedures (to the extent relevant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2.4 from time to time, at the Provider's reasonable request, confirm in writing that the Customer has
complied with this clause 16 as relevant, and provide information as reasonably requested by the Provider in support of such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 The Customer shall as soon as reasonably practicable give the Provider written notice upon a breach, or
suspected breach, of any of the Customer's obligations in relation to this clause 16, and on the Customer becoming aware of any
allegation, investigation, evidence or report relating to a breach or possible breach of any of requirement set out in this clause 16.

17. NOVATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Provider may propose to appoint another entity to take over all or some of our rights and obligations
under this Agreement (the "**New Entity** "). The Provider will provide the Customer with prior written notice of the proposed
novation, including reasonable details of the New Entity. The novation will not take effect unless and until (i) Customer provides its
written consent (not to be unreasonably withheld or delayed), or (ii) (only in the case of a novation to an entity which is not part of
the same corporate group) Costumer elects not to consent and instead terminate this Agreement (or the affected Order Form(s)) without
penalty at any time up to ninety (90) days after Provider's notice. Provider will continue to perform the Services during this period
and continue to accrue and receive all relevant fees and Rewards in respect of any Services provided during this period. As soon as reasonably
practicable following such novation, Provider shall notify the Customer of the effective date of such novation. From such effective date,
all references in this Agreement to "Attestant", "Provider", "we", "us", or "our"
shall be deemed to be references to the New Entity. Any novation will require the New Entity to assume all obligations under this Agreement
by written deed of novation on terms no less protective to the Customer (including fees, service levels, security, confidentiality, and
data protection), and Provider remain responsible for obligations and liabilities accrued prior to the novation effective date.

18. GENERAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 The Customer may not assign, transfer, charge or create third party interests over any of the Customer's
rights or responsibilities in relation to this Agreement, nor may the Customer agree to do any of the same, without the prior written
consent of the Provider (such consent may be withheld at the Provider's sole discretion). However, both parties may assign or otherwise
transfer this Agreement to any of their group affiliates or subsidiaries or as part of a merger, acquisition or other corporate reorganization
involving the relevant party, so long as this does not hinder their ability to satisfy their obligations as set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The Provider may delegate the provision of any aspects of the Services, so long as the Provider takes
due skill and care in selecting and overseeing its delegee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Each of the provisions of this Agreement are separate, severable and enforceable. If any provision of
this Agreement is found by any court or body or authority of competent jurisdiction to be illegal, unlawful, void or unenforceable, such
term will be deemed to be severed from this Agreement and this will not affect the remainder of this Agreement which will continue in
full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 No waiver or variation of any part of this Agreement shall be effective unless in writing. No failure
or delay by a party to exercise any right, power or remedy under this Agreement shall operate as a waiver or variation of that right,
or any other right, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise of that
right or any other right, power or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 The Provider shall be entitled to set off any amount owed to it by the Customer for any reason whatsoever
from time to time against any sum which the Provider owes to the Customer, and payment of the net amount shall discharge both sums due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 The terms of this Agreement constitute the entire agreement between the parties to it and supersedes any
prior agreement or arrangement in respect of its subject matter. Neither party has entered into this Agreement in reliance upon, and will
have no remedy in respect of, any misrepresentation, representation or statement which is not expressly set out in this Agreement, and
the only remedies available for any misrepresentation or breach of any representation or statement which was made prior to entry into
this Agreement and which is expressly set out in the terms of this Agreement will be for breach of contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 Except as set out in this Agreement, the Provider does not make or give any representation or warranty
as to the accuracy, completeness, currency, correctness, reliability, integrity, quality, fitness for purpose or originality of any information
provided regarding the Services and, to the fullest extent permitted by law, all implied warranties, conditions or other terms of any
kind are excluded and the Provider accepts no liability for any loss or damage of any kind incurred as a result of the Customer or anyone
else relying on such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 This clause 18.8 is subject to clause 17 and the parties intend that persons within the Attestant corporate
group shall have the right to enforce any rights granted to them under these Terms. The parties also intend that each Authorised Person
shall have the right to provide instructions to the Provider in accordance with clauses 13.2 and 13.3. Save as aforesaid, the parties
do not intend that the provisions of this Agreement shall be enforceable by any person not a party to it. Notwithstanding any provision
of this Agreement, the consent of any custodian used by the Customer in relation to this Agreement, any Authorised Person or any other
third party is not required for any variation (including any release or compromise of any liability) or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 Nothing in this Agreement is intended to or shall operate to create a partnership between the parties,
nor authorise either party to act as agent for the other. Neither party shall have the authority to act in the name of or on behalf of
or otherwise to bind the other in any way (including the making of any representation or warranty, the assumption of any obligation or
liability and the exercise of any right or power).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 The Provider will always endeavour to act in the Customer's best interests as the Provider's
client. However, circumstances can arise where the Provider or one of the Provider's other clients may have some form of interest
in business being transacted for the Customer. If this happens or if the Provider becomes aware that it could happen, the Provider will
take appropriate steps to manage the conflict of interests fairly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 This Agreement and all the transactions hereunder shall be governed by and interpreted in accordance with
the laws of the State of New York (regardless of the laws that might otherwise govern under applicable New York conflict law principles)
as to all matters including matters of validity, construction, effect, performance and remedies. The parties irrevocably submit to the
exclusive jurisdiction of any New York State or United States Federal court sitting in New York City, Borough of Manhattan over any suit,
action or proceeding arising out of, or relating to, this Agreement, or any action taken or omitted hereunder, and waives any claim of
forum non conveniens and any objections to the laying of venue. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 This Agreement shall not prevent each party from entering into similar agreements with third parties,
or from independently developing, using, selling or licensing documentation, products and/or services which are similar to those provided
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 This Agreement takes effect and binds the parties to it with effect from the date of this Agreement or
the date on which the Customer commences using the Services, whichever is the earlier.

This Agreement has been executed on the date stated at the beginning of this Agreement.

---

| | | | |
|:---|:---|:---|:---|
| **ATTESTANT LIMITED** | **ATTESTANT LIMITED** | | |
| By: | Hong Kim | /s/ Hong Kim | /s/ Hong Kim |
| Date: | 12/4/2025 | Title: | Director |

---

**BITWISE INVESTMENT ADVISERS, LLC** in its capacity as a sponsor of the Bitwise Trusts

---

| | | | |
|:---|:---|:---|:---|
| By: | Johanna Collins-Wood | /s/ Johanna Collins-Wood | /s/ Johanna Collins-Wood |
| Date: | 12/4/2025 | Title: | Vice President, Bitwise Investment Advisers, LLC |
|  |  | General Counsel and Head of Compliance, US Asset Management, Bitwise Asset Management, Inc. | General Counsel and Head of Compliance, US Asset Management, Bitwise Asset Management, Inc. |

---

**SCHEDULE 1**

**RISKS**

**STAKING INVOLVES A HIGH DEGREE OF RISK. SET OUT BELOW IS AN OVERVIEW OF SOME OF THESE RISKS, HOWEVER THIS LIST IS NOT EXHAUSTIVE AND THE CUSTOMER MUST ONLY USE THE SERVICES AFTER TAKING AN INDEPENDENT ASSESSMENT OF THE POTENTIAL RISKS INVOLVED. IN USING THE SERVICES THE CUSTOMER CONFIRMS THAT THE CUSTOMER UNDERSTANDS AND ACCEPTS THE RISKS INVOLVED.**

**Part 1**

**Protocol and other software risks**

1. The Provider will not to its knowledge provide the Customer with any Virus, however the Customer accepts
that the nature of the Services provided means that there is a risk of software containing Viruses. As such, by using the Services the
Customer agrees to act reasonably in performing the Customer's own checks for potential Viruses and to provide the Provider with
reasonable assistance in identifying and remedying any Virus. The Provider shall maintain reasonable administrative, technical and physical
safeguards (including industry-standard anti-malware, email security, access controls and patch management) designed to prevent, detect
and mitigate Viruses and will promptly notify the Customer upon becoming aware of any security incident affecting the Services. To the
extent that the Customer interacts with software provided by or on behalf of a third party, the Customer accepts that the Provider cannot
check such software for Viruses and as such the Provider cannot take responsibility for checking any such software.

2. The Provider neither owns nor controls the software Protocols which govern the operation of Supported
Assets. The Provider is not responsible for the operation of Protocols and cannot guarantee their functionality, security, or ongoing
availability. The nascent nature of Protocols means that there may be risks in terms of robustness or potential for a Virus, for example,
which are outside of the Provider's control. Furthermore, Protocols may be relatively untested, and as such may not generate the
expected, or any, yield.

3. As Protocols and related software are still being developed, there could be unforeseen Viruses in them
that might result in events which lead to the Customer losing Supported Assets. In addition, there may be further changes in the future
to the Protocols and related software which the Provider may temporarily suspend supporting for regulatory, legal, security or protocol-level
reasons on notice to the Customer; any permanent addition of a Supported Asset shall be by mutual written agreement pursuant to the Order
Form(for example, if there is a fork of a Protocol leading to the creation of a new digital asset, the Provider will not provide Services
in relation to such new digital asset unless and until the parties agree in writing to add it).

4. Hackers or other malicious groups or organizations may attempt to interfere with the Protocols and related
software in a variety of ways, including, but not limited to, malware attacks, denial of service attacks, consensus-based attacks, sybil
attacks, smurfing and spoofing, as well as attacks which overpower the mechanisms on which the Protocols are built and attacks which interfere
with or otherwise cause the Protocols to malfunction. These attacks are outside of the Provider's control. The Provider will use
commercially reasonable efforts to notify the Customer of any material incident of which it becomes aware that is reasonably likely to
affect the Services.

5. Certain Protocols may have restrictions, which could for example restrict the amount that can be staked,
change the Required Amount to be able to stake, or change the ability to deal in Supported Assets (such as the ability to make
transfers). Such restrictions may be temporary or permanent, and are outside of the Provider's reasonable control. The Provider
will use commercially reasonable efforts to execute instructions in the next available window and to minimize missed participation time,
subject to such restrictions.

6. Where the Customer interacts with other software providers the Customer accepts that there may be additional
risks in relation to such other software, that it is the Customer's responsibility to assess the suitability and appropriateness
of any such software and any loss caused by such use is not the Provider's responsibility.

**Part 2 Risks in relation to Supported Assets**

The following are market and regulatory risks outside the Provider's control and are provided for disclosure only; nothing in this Part limits the Provider's express obligations under this Agreement (including key safekeeping, timely execution of valid instructions and agreed security standards) or the Provider's liability for its gross negligence, wilful misconduct or breach.

1. The value of Supported Assets is reliant on the success of the relevant project. As such, Supported Assets
generally have all of the risks and uncertainties normally associated with an early-stage business. Financial and operational risks are
significant and Supported Assets are generally not immune to these. The start-up market in which the Supported Assets compete is highly
competitive, and the percentage of cryptoassets that survive and prosper is small. The lack of an operating history may make it difficult
for the Customer to evaluate the operating prospects in connection with Supported Assets. Generally, there is a chance that a Supported
Asset might be unsuccessful or otherwise become valueless.

2. An Access Key is generally necessary to control and dispose of Supported Assets. Accordingly, the Customer's
loss of requisite Access Key(s) associated with the Customer's digital wallet or vault storing Supported Assets will result in loss
of such. Moreover, any third party that gains access to such Access Key(s), including by gaining access to the login credentials of a
hosted wallet service the Customer uses, may be able to misappropriate the Customer's Supported Assets. Any errors or malfunctions
caused by or otherwise related to the wallet the Customer chooses to receive and store Supported Assets, including the Customer's
own failure to properly maintain or use such wallet, may also result in the loss of the Customer's Supported Assets.

3. Investing in cryptoassets is a high-risk investment. Risks include but are not limited to: hacking, fraud,
glitches, malfunctions, breakdown, abandonment, volatility, information asymmetry, illiquidity, general economic risks, and unanticipated
changes. The value and liquidity of Supported Assets may be subject to large fluctuations, and is affected, for example, by the willingness
of persons to participate.

4. Advances in cryptography, or technical advances such as the development of quantum computing, could present
risks to Supported Assets by rendering ineffective the cryptographic consensus mechanism that underpins them.

5. Regulation of Supported Assets, as well as blockchain technologies, is likely to rapidly evolve. Regulation
varies significantly between different jurisdictions and is subject to significant uncertainty. Regulators may in the future adopt laws,
regulations, guidance or other actions that may severely impact the development, operations and growth of the Supported Assets.

6. The tax treatment of dealing in Supported Assets is evolving and uncertain in many jurisdictions and it
is possible that the legislators or tax authorities in the jurisdiction in which the Customer is resident may introduce legislation or
guidance which may adversely impact the tax treatment of Supported Assets or be inconsistent with the tax position which the Customer
decides to adopt.

7. There may not be an established trading market for Supported Assets. There may be no assurance that an
exchange will accept any attempted listing of Supported Assets or maintain the listing if accepted, or that any trading market will be
successfully developed or launched. Moreover, even if such a market in Supported Assets is established, any such trading market may not
be widely adopted, may have limited users, and could be subject to significant competition. As a result, there may be no assurance as
to the liquidity of Supported Assets on any market, and the value of Supported Assets over time may experience extreme volatility or depreciate
in full.

8. Other persons, including competitors, may hold or obtain proprietary rights, including intellectual property
rights, that could prevent, limit, or interfere with the value of Supported Assets. There is also a risk that the means a project uses
to protect its rights may not be adequate, and weaknesses or failures in this could adversely affect the reputation and value of Supported
Assets.

9. Supported Assets may also be subject to significant price volatility. The prices of cryptoassets have
historically been subject to dramatic fluctuations and are highly volatile, and the market price of the Supported Assets may also be highly
volatile. A range of factors may influence the market price, if any, of Supported Assets, including, but not limited to: (i) the ability
(if any) of Supported Assets to trade on a secondary market; (ii) global digital asset supply and demand; (iii) general expectations with
respect to the rate of inflation, interest rates and exchange rates; (iv) changes in the software, software requirements or hardware requirements
underlying Supported Assets; (v) changes in the rights, obligations, incentives, or rewards for the various holders of Supported Assets;
(vi) interruptions in service from or failures of major exchanges on which cryptoassets are traded; (vii) investment and trading activities
of large purchasers that may directly or indirectly invest in Supported Assets or other digital assets; (viii) monetary policies of governments,
trade restrictions, currency devaluations and revaluations; (ix) regulatory measures, if any, that affect the use of cryptoassets and
changes in applicable law; (x) global or regional political, economic or financial events and situations; and (xi) expectations among
digital assets participants that the value of Supported Assets or digital assets generally will soon change. A decrease in the price of
a single digital asset may cause volatility in the entire digital asset and token industry and may affect other types of digital assets
including Supported Assets. Volatility may result in significant loss over a short period of time.

10. Please be aware that the value of the Supported Assets can fall as well as rise. If the Customer deals
in Supported Assets, the Customer may not get back the full amount that they spend, or anything at all. The value of Supported Assets
may depend on fluctuations in the financial markets, or other economic factors, which are outside the Provider's control. The past
performance of other cryptoassets is not necessarily a guide to the future performance of Supported Assets

**Part 3 Staking risks**

1. The size of any Validator Reward is variable and dependent upon a number of factors, depending on the
relevant Supported Asset.

2. There may be specific requirements the Customer needs to comply with when staking in relation to a particular
Supported Asset, and if the Customer does not satisfy these the Customer may not receive any Validator Rewards.

3. It is possible to lose Supported Assets as a result of staking. If the Customer stakes Supported Assets
and the staking software goes offline, or if the staking software vouches for an invalid transaction, the Customer may lose Supported
Assets.

4. As the development of certain Supported Assets is happening in stages, the Customer may have a delay in
being able to exercise some functionality in relation to Supported Assets, and it may be uncertain when, if ever, that functionality will
become available.

5. Regulation of staking is likely to rapidly evolve. Regulators may in the future adopt laws, regulations,
guidance or other actions that may severely impact the Services, in certain or all jurisdictions. Generally, there is a chance that the
Provider ceases providing the Services in relation to all or certain jurisdictions if the Provider deems it no longer commercially sensible
to provide them. If continued provision becomes unlawful, the Provider may suspend on notice and will cooperate in good faith to unstake/migrate
assets in the next eligible window, subject to network restrictions. If in the future the Provider is required to obtain a licence, there
is a risk that the Provider may not be able to obtain it, either within a reasonable time period or at all, and the consequence of this
will accordingly be to restrict the Provider's business and ability to provide the Services.

**Part 4 Other risks**

1. Generally, there is a risk of loss due to fraud or simple human error. For example, if the Customer inputs
incorrect information when sending an instruction, there is a risk that the relevant Supported Asset will be lost and not be recoverable.
The Customer accepts responsibility for ensuring that all information supplied by the Customer in connection with the Services is correct
and complete.

Please note that there may be other risks in addition to those outlined above in relation to dealing in Supported Assets and participating in the Services, that a combination of the above risks may materialise, and that there may be further new types of risks that arise in the future; provided that nothing in this Risk Disclosure waives or limits either party's rights or obligations expressly set out in this Agreement or any liability that cannot be limited under Applicable Law.

**SCHEDULE 2:**

**ORDER FORM**

This Order Form sits alongside and is incorporated into the Master Services Agreement (as amended from time time) (the "**Agreement**"), in accordance with clause 1.2 of the Agreement.

**Provider:** Unless otherwise specified in the table below, the Provider will be Attestant Limited (trading as Bitwise Onchain Solutions), a company incorporated and registered in England and Wales with company number 12540798 whose registered office is at 7 Albert Buildings, 49 Queen Victoria Street, London, EC4N 4SA, UK.

**Term:** Unless otherwise specified in the table below, this Order Form shall come into effect for each Trust on the Effective Date specified in the table below and last for a term of 12 months (the "Minimum Term"). In the absence of a termination notice, this Order Form shall automatically renew for an additional 12 months at the end of the Minimum Term (an "Additional Term", referred to together with the Minimum Term as the "Term"), and shall continue to auto renew for an additional 12 months at the end of each Additional Term.

Each party reserves the right to terminate this Order Form by giving notice in writing in accordance with clause 13 of the Agreement at least 30 days prior to the end of the relevant Term.

**Conflicts:** The terms and conditions of the Agreement shall remain the same and in full force and effect, except as specifically modified by this Order Form. This Order Form shall be construed as part of and interpreted in accordance with the Agreement. In the event of a conflict between this Order Form and the Agreement, this Order Form shall take precedence.

---

| | | | |
|:---|:---|:---|:---|
| **Supported Asset** | **Effective Date** | **Fees** | **Payments Method** |
| HYPE (Hyperliquid) | December 4, 2025 | The Customer will pay for the Services provided in each Period in arrears as follows: | Fees are payable on chain in HYPE |

---

**SCHEDULE 3:**

**LIST OF BITWISE TRUSTS**

● Bitwise Hyperliquid ETF

## Exhibit 10.10

**Exhibit 10.10**

This Financial Product License Agreement (the Agreement) is dated July 12, 2023.

**Parties**

&nbsp;&nbsp;&nbsp;&nbsp;1. **CF BENCHMARKS LTD** incorporated
 and registered in England and Wales with company number 11654816 whose registered office
 is at 4th Floor, 25 Copthall Avenue, London, United Kingdom, EC2R 7BP (**LICENSOR**);

&nbsp;&nbsp;&nbsp;&nbsp;2. **BITWISE INVESTMENT MANAGER, LLC**, a Delaware limited liability company whose principal place of
 business is 400 Montgomery Street, Suite 600, San Francisco, CA 94104 (**LICENSEE**);

**BACKGROUND**

A. CF Benchmarks administrates, maintains and licenses pricing indices and pricing rates for use relating to the value of Digital Assets (as defined below).

B. The Licensee is an investment adviser registered with the United States Securities and Exchange Commission and wishes to issue and manage the financial product listed in Schedule 2 (the "Financial Product") whose performance will track an Index provided by CF Benchmarks.

**AGREED TERMS**

1. Interpretation

1.1 The
 definitions and rules of interpretation in this clause apply in this Agreement (including
 the recitals):

**Affiliates**: means an entity directly or indirectly controlling, controlled by or under common control with a party. Control means the ownership or control, directly or indirectly, of at least fifty percent (50%) or more of all of the voting shares (or other securities or rights) entitled to vote for the election of directors or other governing authority.

**Agents:** means any provider of ancillary services that have been commissioned by CF Benchmarks for the purposes of providing its products and services to its users

**Business Day**: means a day other than a Saturday, Sunday or public holiday in England, when banks in London are open for business.

**Commencement Date**: means the date of the launch of Licensee's Financial Product, such date to be provided by Licensee to Licensor.

**Confidential Information**: means any information of a proprietary or confidential nature with respect to an entity or any of its Affiliates, including, but not limited to, data, technical or commercial information, reports, papers, correspondence or documents, designs, computer code, computer programs, software, formulae, processes and know-how, in whatever form (including written, oral, visual or electronic). Confidential Information does not include any information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or becomes generally available to the
 public (other than as a result of its disclosure by the receiving party or its Representatives
 (as defined below) in breach of clause 6);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was available to the receiving party on
 a non-confidential basis before disclosure by the disclosing party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) was, is, or becomes, available to the receiving
 party on a non-confidential basis from a person who, to the receiving party's knowledge,
 is not bound by a confidentiality agreement with the disclosing party or otherwise prohibited
 from disclosing the information to the receiving party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) was known to the receiving party before
 the information was disclosed to it by the disclosing party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the parties agree in writing is not confidential
 or may be disclosed.

**Control**: means the beneficial ownership of more than fifty per cent (50%) of the issued share capital of a party or the legal power to direct or cause the direction of the general management of a party.

**Derived Works:** means any data or information that is a result of or modification of, adaption, revision, translation, abridgement, condensation, compilation, evaluation, expansion, or any other recasting or processing solely of the Index Data or in conjunction with other data.

**Digital Asset**: means a digital token that is created and exists based on blockchain technology or similar or related technologies, including, but not limited to, Bitcoin, Ripple XRP, Ether, Litecoin, other so-called "Alt-Coins" or variations thereof.

**Digital Asset Pair**: means the Digital Asset and relevant currency pair for which there is one or more available indices.

**Fees**: has the meaning given to it in clause 5.1.

**Index (Indices):** means one or more benchmarks or indices, each reflecting a market price, settlement price, indicative or informational price of one or more Digital Assets in relation to another Digital Asset or in relation to legal tender currency, calculated and published periodically by CF Benchmarks.

**Index Data:** means data provided by CF Benchmarks that it makes available on its API and through other means of electronic transmission either directly or via a data vendor.

**Informational Material:** all Prospectus, advertisements, brochures, promotional and other similar informational material that in any way use or refer to CF Benchmarks, the Index Data or the Products.

**Initial Period**: means a period of three (3) years commencing on the Commencement Date.

**Intellectual Property Rights**: all patents, rights to inventions, utility models, copyright and related rights, trademarks, service marks, trade, business and domain names, rights in trade dress or get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, semi-conductor topography rights, moral rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications for and renewals or extensions of such rights, and all similar or equivalent rights or forms of protection in any part of the world.

**Licence**: means the licence granted by CF Benchmarks to the Licensee in clause 2, which shall be effective from the License Grant Date for each Digital Asset Pair.

**License Grant Date**: means the date a Digital Asset Pair is added to **Schedule 1**.

**Licensee Group Entity**: means each of Licensee and its Affiliates.

**Peak Assets Under Management:** means the maximum value of all funds invested in each Product, as calculated in U.S. Dollars (USD). To the extent AuM is in a currency other than USD, the exchange rate to calculate the USD value shall be calculated using the exchange rate shown on the Financial Times website at 4:00 PM London Time for the last day of the reporting Quarter.

**Products:** means Licensee Group Derived Works listed in **Schedule 2** including the values and pricing thereof.

**Prospectus:** any prospectus, contract, offering memorandum or similar writing issued in connection with any Product.

**Quarterly or Quarter:** with respect to any calendar year, the three-month period commencing on the first day of such calendar year (January 1), and such succeeding three-month period during such year.

**Renewal Period**: means each successive one (1) year period after the Initial Period for which this Agreement is renewed.

**Representatives**: means a party's directors, officers and/or employees.

**Term**: means the Initial Period and any Renewal Periods.

1.2 Clause, schedule and paragraph headings shall not affect the interpretation
 of this Agreement.

1.3 Unless the context otherwise requires, words in the singular shall include
 the plural and words in the plural shall include the singular.

1.4 Unless the context otherwise requires, a reference to one gender shall
 include a reference to the other genders.

1.5 A reference to a statute or statutory provision is a reference to it
 as amended, extended or re- enacted from time to time.

1.6 A reference to a statute or statutory provision shall include all subordinate
 legislation made from time to time under that statute or statutory provision.

1.7 A reference to **writing** or **written** includes e-mail.

1.8 References to clauses and schedules are
 to the clauses and schedules of this Agreement and references to paragraphs are to paragraphs
 of the relevant schedule.

1.9 Any words following the terms **including**, **include**, **in particular** or **for example** or any similar phrase shall be
 construed as illustrative and shall not limit the generality of the related general words.

2. Licence

The license granted hereunder applies to the Indices listed in **Schedule 1** only:

2.1 CF Benchmarks grants to each the Licensee
 and each Licensee Group Entity a non-exclusive, non-transferable, non-sub-licensable, perpetual,
 worldwide, licence for the Term to access, view and use the Index Data to develop, create,
 calculate, settle, maintain or support and market the Products; including the uses specified
 in **Schedule 2** which can be added to from time to time by agreement of the parties.

2.2 Except as otherwise set forth herein the
 Licensee may not, nor will a Licensee Group entity allow or permit any third-party to, develop,
 create, calculate, or use in any other way in the development or support of any Derived Works
 or product based upon the use of the Index Data, without the prior written consent of CF
 Benchmarks.

2.3 The Licensee acknowledges and agrees that
 CF Benchmarks holds all right, title, Intellectual Property Rights and interest in the Index
 Data and the format in which the Index Data is transmitted by CF Benchmarks or its Agents.
 Except for the limited license granted herein, the Intellectual Property Rights of CF Benchmarks
 are not transferred, assigned, or affected in any way by this Agreement.

3. CF
 Benchmarks's Obligations

CF Benchmarks shall:

3.1 use reasonable efforts to compile, maintain
 and correct any errors in the Index Data, and deliver the Index Data with no material delay
 to the Licensee through its API;

3.2 maintain a dedicated point of contact for
 the Licensee to liaise with CF Benchmarks and respond within one (1) Business Day in the
 event that the Licensee detects any technical errors, delays, manipulation, suspicious patterns
 or other issues in connection with the Index Data;

3.3 make available to the Licensee in digital
 format the Index Data pertaining to historical time periods for the purpose of filling any
 gaps in the Index Data that it may have due to unavailability, and/or any technical issues

4. Licensee's
 Obligations

The Licensee shall:

4.1 comply with the terms of the licence granted under Section 2 when using
 the Index Data, and the specified uses set out in **Schedule 2**;

4.2 Fulfil the Reporting requirements and pay the Fees as set out in Section
 5; and

4.3 not reproduce, display or distribute the Index Data without the prior
 written consent of CF Benchmarks.

4.4 Each Licensee Group entity will include
 the disclaimer set out at in **Schedule 3** in all Informational Materials, and upon request
 provide a copy thereof to CF Benchmarks. CF Benchmarks will provide Licensee with thirty
 (30) days' written notice of any changes to **Schedule 3**, unless amendments are
 required under law or regulation.

5. **REPORTING & FEES** 

5.1 In
 consideration of the rights granted by CF Benchmarks to Licensee in relation to the Index
 Data, the Licensee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Within
 15 days of the end of each calendar Quarter complete the Quarterly reporting template provided
 to the Licensee by CF Benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Make
 a payment of the **HIGHER** of the following not more than 30 days after the issuance
 of an invoice for each calendar Quarter by CF Benchmarks that shall be issued after the submission
 of each Quarterly report described in 5.1.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. $5,000
 per Asset Pair

**OR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** 0.75
 basis points of the Peak Assets Under Management within the quarter for each product listed
 in **Schedule 2** 

6. Licensor's
 Marks

6.1 CF
 Benchmarks grants to the Licensee for the duration of the term a non-exclusive, non- transferable,
 non-sub-licensable, perpetual, worldwide, licence to reproduce the Licensor's Marks
 as set out in Schedule 4 in any Informational Material. The marks are solely to be used when
 referencing the Licensees Products **2** and their relationship to the Indices listed
 in **Schedule 2**. All reproduction of the Licensor's marks will be accompanied
 by the **Product Disclaimer** set out in **Schedule 3**.

7. Confidentiality

7.1 Each
 party shall keep the other party's Confidential Information confidential and shall not:

7.2 use
 any Confidential Information except for the purpose of exercising or performing its rights
 and obligations under this Agreement (**Permitted Purpose**); or

7.3 disclose
 any Confidential Information in whole or in part to any third party, except as expressly
 permitted by this clause.

7.4 A
 party may disclose the other party's Confidential Information to those of its Representatives
 who need to know that Confidential Information for the Permitted Purpose, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 informs those Representatives of the confidential nature of the Confidential Information
 before disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 all times, it is responsible for the Representatives' compliance with the confidentiality
 obligations set out in this clause 6.

7.5 A
 party may disclose Confidential Information to the extent required by law, by any governmental
 or other regulatory authority (including self-regulating authorities), by any supervisory
 agency or authority or by a court or other authority of competent jurisdiction provided that,
 to the extent it is legally permitted to do so, it gives the other party as much notice of
 the disclosure as possible.

7.6 Each
 party reserves all rights in its Confidential Information. No rights or obligations in respect
 of a party's Confidential Information, other than those expressly stated in this Agreement,
 are granted to the other party, or are to be implied from this Agreement.

7.7 Upon
 termination of this Agreement, all such Confidential Information disclosed hereunder shall
 be returned to the party who disclosed such Confidential Information or destroyed promptly
 upon the disclosing party's written request, and shall not thereafter be retained in
 any form by the other party or its Representatives. Notwithstanding the foregoing, copies
 of Confidential Information that are required to be retained by law or regulation or audit
 requirements may be retained, however, such Confidential Information shall continue to be
 subject to the terms of this Agreement.

8. Intellectual
 Property Rights Ownership

The Licensee acknowledges that:

8.1 all Intellectual Property Rights in the Index Data are the property
 of CF Benchmarks or its Suppliers, as the case may be; and

8.2 it shall have no rights in or to the Index Data other than in accordance
 with the express terms of this Agreement.

9. Warranties

9.1 CF Benchmarks warrants that it has the right
 to licence the Index Data as specified in this Agreement and that the provision, receipt
 or use of the Index Data (wholly or in part) do not infringe any Intellectual Property Right
 of a third party.

9.2 The Licensee warrants that it has full capacity
 and authority to enter into and perform this Agreement. Except as expressly stated in this
 Agreement, all warranties, conditions and terms, whether express or implied by statute, common
 law or otherwise are hereby excluded to the extent permitted by law.

10. Limitation
 of Liability

10.1 Neither party excludes or limits liability
 to the other party for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fraud or fraudulent misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) death or personal injury caused by negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a breach of any obligations implied by section
 12 of the Sale of Goods Act 1979 or section 2 of the Supply of Goods and Services Act 1982;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any matter in respect of which it would
 be unlawful for the parties to exclude liability.

10.2 Except for claims arising under Section
 6 of this Agreement, CF Benchmarks's liability to the Licensee arising out of or relating
 to this Agreement, whether based on contract, tort or any other theory, will not exceed the
 payments made by the Licensee to CF Benchmarks hereunder during the two (2) year period preceding
 the relevant claim.

11. Term
 and Termination

11.1 This Agreement shall commence on the Commencement
 Date. Unless terminated earlier in accordance with clause 10.2 or this clause 10.1, this
 Agreement shall continue for the Initial Period and shall automatically extend for a Renewal
 Period at the end of the Initial Period and at the end of each Renewal Period. Either party
 may give written notice to the other party, not later than sixty (60) days before the end
 of the Initial Period or the relevant Renewal Period, to terminate this Agreement at the
 end of the Initial Period or the relevant Renewal Period, as the case may be.

11.2 Without prejudice to any rights that have
 accrued under this Agreement or any of its rights or remedies, either party may terminate
 this Agreement with immediate effect by giving written notice to the other party if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the other party commits a material breach
 of any term of this Agreement and (if that breach is remediable) fails to remedy that breach
 within a period of thirty (30) days after being notified in writing to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other party suspends, or threatens to
 suspend, payment of its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is unable to pay its debts as they fall
 due or admits inability to pay its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (being a company) is deemed unable to pay
 its debts within the meaning of section 123 of the Insolvency Act 1986; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (being a partnership) has any partner to
 whom any of clause (a) to (c) (inclusive) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the other party commences negotiations with
 all or any class of its creditors with a view to rescheduling any of its debts, or makes
 a proposal for or enters into any compromise or arrangement with its creditors other than
 for the sole purpose of a scheme for a solvent amalgamation of that other party with one
 or more other companies or the solvent reconstruction of that other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a petition is filed, a notice is given,
 a resolution is passed, or an order is made, for or in connection with the winding up of
 that other party other than for the sole purpose of a scheme for a solvent amalgamation of
 that other party with one or more other companies or the solvent reconstruction of that other
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an application is made to court, or an order
 is made, for the appointment of an administrator, or if a notice of intention to appoint
 an administrator is given or if an administrator is appointed, over the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the holder of a qualifying floating charge
 over the assets of that other party has become entitled to appoint or has appointed an administrative
 receiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a person becomes entitled to appoint a receiver
 over the assets of the other party or a receiver is appointed over the assets of the other
 party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a creditor or encumbrancer of the other
 party attaches or takes possession of, or a distress, execution, sequestration or other similar
 process is levied or enforced on or sued against, the whole or any part of the other party's
 assets and that attachment or process is not discharged within fourteen (14) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any event occurs or proceeding is taken
 with respect to the other party in any jurisdiction to which it is subject that has an effect
 equivalent or similar to any of the events mentioned in clause 10.2.2(a) to 10.2.2(c) (inclusive);
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the other party suspends or ceases, or threatens
 to suspend or cease, carrying on all or a substantial part of its business.

11.3 Clauses 1, 5 to 11 (inclusive) and 21 to
 22 (inclusive) will survive termination or expiry of this Agreement and will remain in force
 indefinitely.

11.4 Termination or expiry of this Agreement
 shall not affect any rights, remedies, obligations or liabilities of the parties that have
 accrued up to the date of termination or expiry, including the right to claim damages in
 respect of any breach of this Agreement which existed at or before the date of termination
 or expiry.

12. Force
 Majeure

Neither party shall be in breach of this Agreement nor liable for delay in performing, or failure to perform, any of its obligations under this Agreement if such delay or failure result from events, circumstances or causes beyond its reasonable control. In such circumstances the affected party shall be entitled to a reasonable extension of the time for performing such obligations. If the period of delay or non-performance continues for one (1) month, the party not affected may terminate this Agreement upon written notice to the affected party.

13. Notice

13.1 Any notice, or other communication given
 to a party under or in connection with this Agreement shall be in writing to the email address
 or postal address of the parties as set out in this clause 12. Email notices served under
 this Agreement will be deemed delivered at the time of transmission.

For Licensee:

Email address: katherine@bitwiseinvestments.com

For CF Benchmarks:

Email address: sui@cfbenchmarks.com

14. Assignment

14.1 Licensee shall not assign or transfer this
 Agreement in whole or in part to an Affiliate or the assignee or transferee of its entire
 business or of that part of its business to which this Agreement relates, without written
 consent form CF Benchmarks.

15. Waiver

No failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or remedy. No single or partial exercise of any right or remedy shall preclude or restrict the further exercise of that or any other right or remedy.

16. Remedies

Except as expressly provided in this Agreement, the rights and remedies provided under this Agreement are in addition to, and not exclusive of, any rights or remedies provided by law.

17. Entire
 Agreement

This Agreement constitutes the entire agreement between the parties and supersedes all previous discussions, correspondence, negotiations, arrangements, understandings and agreements between them relating to its subject matter. Each party acknowledges that in entering into this Agreement it does not rely on, and shall have no remedies in respect of, any representation or warranty (whether made innocently or negligently) that is not set out in this Agreement.

18. Variation

Except as expressly provided in this Agreement, no variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised representatives).

19. Severance

If any provision or part-provision of this agreement is or becomes invalid, illegal or unenforceable, it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this agreement. If one party gives notice to the other of the possibility that any provision or part-provision of this agreement is invalid, illegal or unenforceable, the parties shall negotiate in good faith to amend such provision so that, as amended, it is legal, valid and enforceable, and, to the greatest extent possible, achieves the intended commercial result of the original provision.

20. No
 Partnership Or Agency

Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the parties, constitute any party the agent of another party, or authorise any party to make or enter into any commitments for or on behalf of any other party. Each party confirms it is acting on its own behalf and not for the benefit of any other person.

21. Third-Party
 Rights

21.1 A person who is not a party to this Agreement
 shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce
 any term of this Agreement. This does not affect any right or remedy of a third party which
 exists, or is available, apart from that Act.

21.2 The rights of the parties to terminate,
 rescind or agree any variation, waiver or settlement under this Agreement are not subject
 to the consent of any other person.

22. Governing
 Law

This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of the state of Delaware.

23. Jurisdiction

Each party irrevocably agrees that the courts of Delaware shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

This Agreement has been entered into on the date stated at the beginning of it.

---

| | |
|:---|:---|
| Signed by Katherine Dowling for and on behalf of | /s/ Katherine Dowling |
| **BITWISE INVESTMENT MANAGER, LLC** | Authorised Signatory |
| Signed by Sui Chung and on behalf of **CF BENCHMARKS LTD** | /s/ Sui Chung |
|  | Director |

---

**SCHEDULE 1 – ASSET PAIRS & BENCHMARKS**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Asset Pair | &nbsp;&nbsp;License Grant Date | &nbsp;&nbsp;Indices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>XXXXXXX | &nbsp;&nbsp;CME CF Bitcoin Real Time Index (BRTI) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>XXXXXXX | &nbsp;&nbsp;CME CF Bitcoin Reference Rate (BRR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>XXXXXXX | &nbsp;&nbsp;CME CF Bitcoin Reference Rate - New York Variant (BRRNY) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>XXXXXXX | &nbsp;&nbsp;CF PRINCIPAL MARKET US PRICE |

---

**SCHEDULE 2 – SPECIFIED PRODUCTS & USES CASES**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;PRODUCT | USE CASES |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;XXXXXXXXX; an Exchange Traded Fund to be admitted for trading on an organised marketplace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The calculation of Net Asset Value (NAV) and/or Indicative Net Asset Value (I-NAV or sometimes referred to as IVV or IOPV) for the Product in the course of Issuance of the Product.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The determination of the Product AuM (i.e., NAV) and NAV/share in the course of Issuance of the Product.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The dissemination of the Product AuM (i.e., NAV), NAV/share and I-NAV that have been calculated using the Index Data.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The preparation of financial statements and management accounts at a frequency no greater than once a day. |

---

**SCHEDULE 3 – PRODUCT DISCLAIMER**

CF BENCHMARKS LTD INDEX DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR CERTAIN [LICENSEE/LICENSEE GROUP] PRODUCTS. CF BENCHMARKS LTD, ITS LICENSORS AND AGENTS HAVE NO OTHER CONNECTION TO [LICENSEE/LICENSEE GROUP] PRODUCTS AND SERVICES AND DO NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY [LICENSEE/LICENSEE GROUP] PRODUCTS OR SERVICES. CF BENCHMARKS ITS LICENSORS AND AGENTS HAVE NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE [LICENSEE/LICENSEE GROUP] PRODUCTS AND SERVICES. CF BENCHMARKS ITS LICENSORS AND AGENTS DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY INDEX LICENSED TO [LICENSEE/LICENSEE GROUP] AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

**SCHEDULE 4 – LICENSOR MARKS**

**MARK 1**

![](ex10-10_001.jpg)

**MARK 2**

![](ex10-10_002.jpg)

![](ex10-10_003.jpg)

## Exhibit 10.11

**Exhibit 10.11**

**AMENDMENT TO FINANCIAL PRODUCTS LICENSE AGREEMENT**

This Amendment is entered into as of December 12, 2025, by and between **CF Benchmarks Ltd** ("**Licensor**"), **Bitwise Investment Advisers, LLC**, ("BIA") and **Bitwise Investment Manager, LLC** ("BIM") (each, a "**Licensee**" and together, the "**Licensees**").

The Licensor and BIM entered into a Financial Product License Agreement on July 12<sup>th</sup>, 2023, as amended by the Variation Agreement on May 1<sup>st</sup>, 2024 and October 27<sup>th</sup>, 2025 (the "**Original Agreement**").

The Licensor and Licensees, through this amendment agreement (the "**Amendment Agreement**"), wish to amend the Original Agreement by adding BIA as a third counterparty and by incorporating the changes set out below.

The amendments and additions contained herein shall have effect from December 12, 2025 onwards, and shall supersede, where applicable, provisions contained in the Original Agreement.

Except as expressly amended by this Amendment, all terms and conditions of the Original Agreement shall remain unchanged and in full force and effect. This Amendment shall be read and construed as one with the Original Agreement, and, in the event of any conflict, the terms of this Amendment shall prevail with respect to the subject matter herein.

The terms of the Original Agreement shall be deemed amended to reflect both the express changes set forth in this Amendment Agreement and any other modifications that are reasonably necessary to give full effect to such changes. Except to the extent inconsistent with this Amendment Agreement or the changes effected hereby, all other terms, conditions, rights, and obligations of the Original Agreement shall remain unchanged and in full force and effect. This Amendment Agreement and the Original Agreement shall be read and construed together as a single contract.

Licensor and Licensee are sometimes referred to herein collectively as the "**Parties**" and individually as a "**Party**"

<u>WITNESSETH:</u>

WHEREAS, the Licensees wishes to license additional indices from Licensor for use in connection with certain financial products; and

WHEREAS, the Parties desire to amend **Schedule 1 and Schedule 2 inclusive,** of the Original Agreement.

**REPLACEMENT OF SCHEDULE 1**

The Parties agree to amend and replace the existing **SCHEDULE 1** of the Original Agreement in its entirety with the below.

**SCHEDULE 1**

---

| | | |
|:---|:---|:---|
| Asset Pair | &nbsp;&nbsp;&nbsp;License Grant <br> Date | &nbsp;&nbsp;&nbsp;Indices |
| Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp; January 11<sup>th</sup> 2024 | &nbsp;&nbsp;&nbsp;CME CF Bitcoin Real Time Index (BRTI) |
| Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp; January 11<sup>th</sup> 2024 | &nbsp;&nbsp;&nbsp;CME CF Bitcoin Reference Rate (BRR) |
| Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp; January 11<sup>th</sup> 2024 | &nbsp;&nbsp;&nbsp;CME CF Bitcoin Reference Rate - New York Variant (BRRNY) |
| Bitcoin - US Dollar | &nbsp;&nbsp;&nbsp; January 11<sup>th</sup> 2024 | &nbsp;&nbsp;&nbsp;CME CF Bitcoin Reference Rate – APAC Variant (BRRAP) |
| Ether - US Dollar | &nbsp;&nbsp;&nbsp;July 23rd 2024 | &nbsp;&nbsp;&nbsp;CME CF Ether - Dollar Real Time Index (ETHUSD_RTI) |
| Ether - US Dollar | &nbsp;&nbsp;&nbsp;July 23rd 2024 | &nbsp;&nbsp;&nbsp;CME CF Ether - Dollar Reference Rate (ETHUSD_RR) |
| Ether - US Dollar | &nbsp;&nbsp;&nbsp;July 23rd 2024 | &nbsp;&nbsp;&nbsp;CME CF Ether - Dollar Reference Rate - New York Variant (ETHUSD_NY)<br> CME CF Ether – Dollar Reference Rate – APAC Variant (ETHUSD_AP) |

---

---

| | | |
|:---|:---|:---|
| Solana - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 4 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Solana - Dollar Real Time Index (SOLUSD_RTI) |
| Solana - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 4 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Solana - Dollar Reference Rate (SOLUSD_RR) |
| Solana - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 4 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Solana - Dollar Reference Rate - New York Variant (SOLUSD_NY) |
| Solana - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 4 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Solana – Dollar Reference Rate – APAC Variant (SOLUSD_AP) |
| Chainlink - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 5 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Chainlink - Dollar Real Time Index (LINKUSD_RTI) |
| Chainlink - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 5 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Chainlink - Dollar Reference Rate (LINKUSD_RR) |
| Chainlink - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 5 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Chainlink - Dollar Reference Rate - New York Variant (LINKUSD_NY) |
| Chainlink - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 5 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Chainlink – Dollar Reference Rate – APAC Variant (LINKUSD_AP) |
| DOGE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 6 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF DOGE - Dollar Real Time Index (DOGEUSD_RTI) |
| DOGE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 6 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF DOGE - Dollar Reference Rate (DOGEUSD_RR) |
| DOGE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 6 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF DOGE - Dollar Reference Rate - New York Variant (DOGEUSD_NY) |
| DOGE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 6 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF DOGE – Dollar Reference Rate – APAC Variant (DOGEUSD_AP) |
| Avalanche - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 7 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Avalanche - Dollar Real Time Index (AVAXUSD_RTI) |
| Avalanche - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 7 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Avalanche - Dollar Reference Rate (AVAXUSD_RR) |
| Avalanche - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 7 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Avalanche - Dollar Reference Rate - New York Variant (AVAXUSD_NY) |
| Avalanche - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 7 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF Avalanche – Dollar Reference Rate – APAC Variant (AVAXUSD_AP) |
| XRP - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 8 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF XRP - Dollar Real Time Index (XRPUSD_RTI) |
| XRP - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 8 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF XRP - Dollar Reference Rate (XRPUSD_RR) |
| XRP - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 8 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF XRP - Dollar Reference Rate - New York Variant (XRPUSD_NY) |
| XRP - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 8 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CME CF XRP – Dollar Reference Rate – APAC Variant (XRPUSD_AP) |
| HYPE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 9 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF HYPE - Dollar Real Time Index (HYPEUSD_RTI) |
| HYPE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 9 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF HYPE - Dollar Reference Rate - New York Variant (HYPEUSD_NY) |
| HYPE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 9 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF HYPE - Dollar Reference Rate (HYPEUSD_RR) |
| HYPE - US Dollar | &nbsp;&nbsp;&nbsp;The date at which Product Number 9 is admitted for trading on a National Stock Exchange | &nbsp;&nbsp;&nbsp;CF HYPE - Dollar Reference Rate - APAC Variant (HYPEUSD_AP) |

---

In addition to the above indices, CF Benchmarks will also provide the Free Float Supply of each base asset listed in the above table, which the Licensees may utilise for the defined use cases in connection with the Products listed in Schedule 2.

**REPLACEMENT OF SCHEDULE 2**

The Parties further agree to amend and replace the existing **SCHEDULE 2** of the Original Agreement in its entirety with the below **SCHEDULE 2**.

**SCHEDULE 2 – SPECIFIED PRODUCTS & USES CASES**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Number | &nbsp;&nbsp;FINANCIAL PRODUCTS | &nbsp;&nbsp;USE CASES | &nbsp;&nbsp;USE CASES |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;The Bitwise Bitcoin ETF (BITB) an Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;The Bitwise Ethereum ETF (ETHW), Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;The Bitwise Bitcoin & Ethereum ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;4 | &nbsp;&nbsp;The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;The Bitwise Solana ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;The Bitwise Chainlink ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;The Bitwise DOGE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;The Bitwise Avalanche ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;The Bitwise XRP ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;The Bitwise HYPE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The calculation of Net Asset Value (NAV) or Indicative Net Asset Value (I-NAV) for the Product in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;The Bitwise HYPE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The determination of the Product AuM in the course of administering, reporting and marketing the Product |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;The Bitwise HYPE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;The dissemination of the Product NAV, I-NAV and AuM in the Product that have been calculated using the Index Data |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;The Bitwise HYPE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Comparing the Index Data to data associated with the Nominated Product in its Informational Materials, such as performance, returns, volatility, drawdown, Sharpe ratio and other commonly used financial and investment metrics |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;The Bitwise HYPE ETF, Exchange Traded Fund to admitted for trading on CBOE BZX and/or other National Stock Exchanges | &nbsp;&nbsp;● | &nbsp;&nbsp;Utilisation of Free Float Data as listed in Schedule 1 in order to determine the weights of each base asset within the Product |

---

---

| | |
|:---|:---|
| Signed by Jamie Bebrin for and on behalf of **BITWISE INVESTMENT MANAGER, LLC** | /s/ Jamie Bebrin |
|  | Authorised Signatory |
| Signed by Jamie Bebrin for and on behalf of **BITWISE INVESTMENT ADVISERS, LLC** | /s/ Jamie Bebrin |
|  | Authorised Signatory |
| Signed by Sui Chung for and on behalf of **CF BENCHMARKS LTD** | /s/ Sui Chung |
|  | Director |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated December 5, 2025, with respect to the statement of assets and liabilities (in organization) of Bitwise Hyperliquid ETF, as of November 24, 2025, and to the reference to our firm under the heading "Experts" in the Registration Statement on Form S-1.

---

| | |
|:---|:---|
|  | /s/ KPMG LLP |
| New York, New York |  |
| December 12, 2025 |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-1**

**Bitwise Hyperliquid ETF**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Exchange-Traded Vehicle Securities | Bitwise Hyperliquid ETF | (1) | 457(u) |  | $| $— | 0.0001381 | $— |
| Fees Previously Paid | Exchange-Traded Vehicle Securities | Bitwise Hyperliquid ETF |  | Other |  | $| $— | 0.0001531 | $— |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $0.00 |  | 0.00 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) An indeterminate number of the securities is being registered as may from time to time be sold at indeterminate prices. In accordance with Rules 456(d) and 457(u), the registrant is deferring payment of all of the registration fee and will pay the registration fee subsequently on an annual basis.