Bitwise Hyperliquid ETF is an exchange-traded trust that holds Hyperliquid (HYPE), the native asset of the Hyperliquid Network. The Trust issues shares on NYSE Arca so investors can gain HYPE price exposure through traditional brokerage accounts rather than managing digital wallets or private keys. The underlying Hyperliquid Network is a Layer 1 proof-of-stake blockchain that uses an on-chain central limit order book for high-performance trading and a general-purpose smart contract platform. The Trust’s business model is built on an annual Sponsor Fee charged on its HYPE holdings. The Trust also earns incremental income by staking a portion of its HYPE assets through validators. The Trust keeps most of these staking rewards to pay to shareholders as quarterly cash distributions, while keeping a liquidity reserve of unstaked HYPE for redemptions. Bitwise Asset Management is the sponsor, and its subsidiary, Attestant, is the staking agent. Authorized participants manage the creation and redemption of shares to keep the market price aligned with the net asset value. Network activity drives HYPE token value, as the system uses a fee-burning mechanism to offset new token issuance and regulate supply.