v3.26.1
Fair Value of Hyperliquid - Schedule of Changes in Quantity of Hyperliquid and Fair Value (Details)
$ in Thousands
 2 Months Ended
Jun. 30, 2026
USD ($)
Hyperliquid
Fair Value Disclosures [Abstract]  
Beginning balance | Hyperliquid 0 [1]
Purchases | Hyperliquid 1,912,369.7673 [1]
In-Kind Creations | Hyperliquid 140,239.8386 [1]
Hyperliquid received from Staking Rewards | Hyperliquid 1,829.7912 [1],[2]
Sales for the redemption of Shares | Hyperliquid (95,374.1168) [1]
Ending balance | Hyperliquid 1,959,065.2803 [1]
Beginning balance $ 0 [1]
Purchases 115,921 [1]
In-Kind Creations 8,951 [1]
Hyperliquid received from Staking Rewards 118 [1],[2]
Sales for the redemption of Shares (5,738) [1]
Net realized gain (loss) from Hyperliquid transferred for staking activities 12 [1]
Net realized gain (loss) from investment in Hyperliquid sold for redemptions (1,055) [1]
Net change in unrealized appreciation (depreciation) from investment in Hyperliquid 10,051 [3]
Ending balance $ 128,260 [4],[5]
[1] No comparative period information yet available as the Trust commenced operations on May 14, 2026.
[2] 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.
[3] No comparative period information yet available as the Trust commenced operations on May 14, 2026.
[4] Amount includes $89,810 staked Hyperliquid as of June 30, 2026.
[5] No comparative period information yet available as the Trust commenced operations on May 14, 2026.