No recent news coverage or business developments have been reported for 21Shares Hyperliquid ETF.

The Trust offers investors a liquid, regulated vehicle to gain exposure to the HYPE token and its staking rewards, potentially appealing to investors seeking cryptocurrency exposure within a traditional ETF structure. The use of reputable custodians and an established pricing benchmark supports investor confidence. The Trust's audited financials and governance by a known sponsor add to its credibility.

The Trust is a newly launched ETF with limited operational history and no controlling shareholders, which may pose challenges in market adoption and liquidity. The reliance on staking rewards and the performance of the underlying HYPE token introduces volatility and regulatory risks. The absence of directors or executive officers and the emerging growth company status may limit transparency and increase operational risks. Market and regulatory developments in the cryptocurrency space could adversely affect the Trust's operations and investor interest.

The Trust's moat is based on its structure as an ETF providing exposure to the HYPE token with staking rewards, leveraging established custodians and a recognized pricing benchmark (FTSE Hyperliquid Index). Its management by 21Shares US LLC and audited financial reporting provide operational transparency. However, as a relatively new ETF with no controlling shareholders and limited operational history, its competitive advantages are primarily linked to its product offering and regulatory compliance rather than entrenched market position.

• Regulatory and Legal Risks: The Trust's ability to stake HYPE tokens depends on the Sponsor's discretion to avoid undue legal or regulatory risk, including risks that could affect its tax status as a grantor trust.
• Market and Liquidity Risks: As a new ETF with limited trading history and no controlling shareholders, the Trust may face challenges in liquidity and market acceptance, impacting share price stability.
• Operational Risks: The Trust does not have directors or executive officers and relies on the Sponsor and custodians for management and safekeeping of assets, which may concentrate operational risk.

• 21Shares Hyperliquid ETF is a Delaware statutory trust operating as an exchange-traded fund (ETF) listed on Nasdaq under ticker THYP [S1].
• The ETF's investment objective is to track the performance of HYPE as measured by the FTSE Hyperliquid Index, adjusted for expenses and liabilities, and to reflect staking rewards from a portion of the Trust's HYPE holdings [S1].
• The Trust holds HYPE tokens with custodians Anchorage Digital Bank N.A. and BitGo Bank & Trust, N.A. [S1].
• The Trust commenced operations on May 12, 2026, with initial seed capital investments starting March 18, 2026 [S1].
• As of June 30, 2026, the Trust's net assets were approximately $71.2 million, consisting of paid-in capital of $57.7 million and accumulated earnings of $13.4 million [S1].
• The Trust's net investment income for the period from March 18, 2026, through June 30, 2026, was $65,491, with staking rewards income of $125,025 and total expenses of $59,534 [S1].
• 94.43% of HYPE held by the Trust was staked as of June 30, 2026 [S1].
• The Trust does not have directors or executive officers; it is managed by 21Shares US LLC, a wholly owned subsidiary of 21co Holdings Limited, ultimately owned by FalconX Holdings Limited [S1].
• The Trust is classified as an investment company for accounting purposes and follows US GAAP, with financial statements audited by Cohen & Company, Ltd. [S1].
• The Trust's shares outstanding as of June 30, 2026, were 1,880,000 with a net asset value per share of $37.86 [S1].
• The Trust's Sponsor approved all audit services and fees for the fiscal year ended June 30, 2026 [S1].
• There are no persons known to own more than 5% of the outstanding shares as of September 23, 2026 [S1].
• The Trust's fiscal year ends on June 30 [S1].
• The Trust is an emerging growth company and may comply with reduced public company reporting requirements [S1].
• The Trust's financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice [S1].