{"url_path":"/sec/thyp/10-q/2026/item-2","section_key":"item-2","section_title":"Item 2 Unregistered Sales of Equity Securities and Use of Proceeds","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-24","source_url":"https://www.sec.gov/Archives/edgar/data/2090011/0001213900-26-071556-index.html","accession_number":"0001213900-26-071556","cik":"0002090011","ticker":"THYP","issuer_name":"21Shares Hyperliquid ETF","edgar_url":"https://www.sec.gov/Archives/edgar/data/2090011/0001213900-26-071556-index.html","primary_entity_key":"0002090011","primary_entity_name":"21Shares Hyperliquid ETF"},"word_count":409,"has_tables":true,"body_markdown":"Item\n2. Unregistered Sales of Equity Securities and Use of Proceeds\n\n \n\na)On March 18, 2026, the Sponsor, in its capacity as the Initial Seed Capital Investor, subject to\nconditions, purchased the Initial Seed Shares comprising two Shares at a per-Share price of $50. Total proceeds to the Trust from\nthe sale of the Initial Seed Shares were $100. Delivery of the Initial Seed Shares was made on March 18, 2026. These Initial Seed\nShares were redeemed for cash on March 23, 2026.\n\n \n\nb)Not applicable.\n\n \n\nc)The Trust does not purchase Shares directly from its Shareholders. In connection with its redemption\nof the Initial Seed Shares, the Trust redeemed two Shares held by the Sponsor, in its capacity as the Initial Seed Capital Investor,\nduring the period from March 18, 2026 (date of initial seeding) through March 31, 2026. No Creation Baskets were redeemed by\nAuthorized Participants during the period. The Trust had no Shares outstanding as of March 31, 2026. The following table summarizes\nthe redemptions of Shares during the period:\n\n \n\nPeriod \nTotal Shares\nRedeemed  \nAverage\nPrice Per\nShare  \nMaximum number\nof shares that\nmay yet be\npurchased \n\nJanuary 1, 2026 - January 31, 2026 \n -  \n$-  \n N/A \n\nFebruary 1, 2026 - February 28, 2026 \n -  \n$-  \n N/A \n\nMarch 1, 2026 - March 31, 2026 \n 2  \n$50.00  \n N/A \n\n \n\n15\n\n \n\n \n\nMarket\nInformation\n\n \n\nThe Shares are listed on the Exchange under the symbol “THYP”\nand have been listed since May 12, 2026.\n\n \n\nHolders\n\n \n\nAs\nof March 31, 2026, there were no DTC participating shareholders of record of the Trust.\n\n \n\nSales\nof Unregistered Securities and Use of Proceeds of Registered Securities\n\n \n\nOn\nMarch 18, 2026, the Sponsor, in its capacity as the Initial Seed Capital Investor, subject to conditions, purchased the Initial Seed\nShares comprising two Shares at a per-Share price of $50. Total proceeds to the Trust from the sale of the Initial Seed Shares were\n$100. Delivery of the Initial Seed Shares was made on March 18, 2026. These Initial Seed Shares were redeemed for cash on March 23,\n2026.\n\n \n\nProceeds\nreceived by the Trust from the issuance of Creation Baskets consist of HYPE. Such deposits are held by the HYPE Custodians on behalf\nof the Trust until (i) delivered out in connection with redemptions of Creation Baskets; or (ii) transferred or sold by the Sponsor,\nwhich may be facilitated by the HYPE Custodians, to pay fees due to the Sponsor and Trust expenses and liabilities not assumed by the\nSponsor."}