v3.26.1
Fair Value of Hyperliquid
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Hyperliquid

3. Fair Value of Hyperliquid

 

As of June 30, 2026*, the Trust held a net closing balance of 1,959,065.2803 Hyperliquid with a total market value of $127,529,273 based on the CF Hyperliquid - Dollar US Settlement Price - New York Variant ("HYPEUSD_NY") Price of $65.10 used to determine the Trust's NAV. The total market value of the Trust's Hyperliquid held was $128,260,004 based on the price of Hyperliquid (Lukka Prime Rate) in the principal market (Coinbase) of $65.47, used to determine the Trust's Principal Market NAV.

 

The following represents the changes in quantity of Hyperliquid and the respective fair value for the period from May 14, 2026 (commencement of operations) through June 30, 2026*:

 

 

Quantity of Hyperliquid

 

 

Fair Value
(amounts in thousands)

 

Beginning balance as of May 14, 2026 (commencement of operations)

 

 

0.0000

 

 

$

0

 

Purchases

 

 

1,912,369.7673

 

 

 

115,921

 

In-Kind Creations

 

 

140,239.8386

 

 

 

8,951

 

Hyperliquid received from Staking Rewards1

 

 

1,829.7912

 

 

 

118

 

Sales for the redemption of Shares

 

 

(95,374.1168

)

 

 

(5,738

)

Net realized gain (loss) from Hyperliquid transferred for staking activities

 

 

—

 

 

 

12

 

Net realized gain (loss) from investment in Hyperliquid sold for redemptions

 

 

—

 

 

 

(1,055

)

Net change in unrealized appreciation (depreciation) from investment in Hyperliquid

 

 

—

 

 

 

10,051

 

Ending balance as of June 30, 2026

 

 

1,959,065.2803

 

 

 

128,260

 

 


* No comparative period information yet available as the Trust commenced operations on May 14, 2026.

 

1 Fair value of Hyperliquid received from Staking Rewards is calculated using the 4p.m. EST fair value of Hyperliquid on the day the

Staking Rewards are initially accrued.

 

Additions during the quarter primarily represent Hyperliquid purchased due to creations into the Trust and In-Kind Creations. Additions also included Hyperliquid received as reward for staking activities. Dispositions during the quarter represent Hyperliquid sold as a result of shareholder redemptions from the Trust. In addition, Hyperliquid were transferred to pay the Sponsor Fee of the Trust. For the period from May 14, 2026 (commencement of operations) through June 30, 2026, the Trust recognized net realized losses of 1,043,285, which represents the net of cumulative realized gains of $11,930 and cumulative realized losses of $1,055,215.