Fair Value of HYPE

4 Months Ended

Sep. 30, 2026

3. Fair Value of HYPE

HYPE is held by the Custodian on behalf of the Trust and is carried at fair value. As of September 30, 2026, the Trust held 2,219,189.84951375 HYPE.

The Trust determined the fair value per HYPE to be $88.72 on September 30, 2026, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market (as defined herein) considered to be the Trust’s principal market (Coinbase).

The following represents the changes in quantity of HYPE and the respective fair value:


(Amounts in thousands, except HYPE amounts)	Quantity			Fair Value
Balance at June 3, 2026 (the Commencement of the Trust's Operations)		7,070.13574661		$	500
HYPE contributed		2,248,870.42710163			146,928
HYPE redeemed		(38,934.43301448	)		(2,195	)
HYPE distributed to shareholders		(5,533.05281857	)		(369	)
Staking Reward Income		10,797.43457516			771
HYPE distributed for expenses		(3,080.66207660	)		(205	)
Net change in unrealized appreciation/depreciation		-			51,721
Net realized loss		-			(264	)
Balance at September 30, 2026		2,219,189.84951375		$	196,887

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details