21shares Hype ETF Debuts On Nasdaq Exchange

First Physically-Backed Hyperliquid ETF Goes Live

@21Shares_US has officially listed the first physically-backed Hyperliquid ETF on the @NasdaqExchange, opening regulated institutional access to the $HYPE ecosystem. According to Bloomberg ETF analyst Eric Balchunas, the fund began trading on May 12, with its Nasdaq listing notice already in effect. It trades under the ticker THYP and carries a 0.30% management fee.

The fund is structured to track the price of $HYPE, the native token of the decentralized perpetuals exchange Hyperliquid, as measured by the FTSE Hyperliquid Index, a pricing benchmark introduced by FTSE International Limited in late March. Pricing data is provided by @FTSERussell, and native staking yields are available to shareholders. The filing names Anchorage Digital Bank and BitGo Bank and Trust as joint custodians, with Figment Inc. engaged to stake between 30% and 70% of the trust's HYPE holdings.

HYPE will be held in segregated cold-storage wallets, which 21Shares notes explicitly would not be available to satisfy creditors in the event of a custodian insolvency. At 0.30%, the fund's fee compares favorably against competing filings. Bitwise, which filed a proposal for its Hyperliquid ETF last September, submitted a second amendment to its S-1, with its fund expected to trade under the ticker BHYP at a 0.67% annual management fee.

Hyperliquid's Financials Underpin the Case for Institutional Interest

The ETF debut arrives on the back of striking financial metrics from @HyperliquidX itself. Hyperliquid generated over $900 million in revenue in 2025 with just 11 employees, a record for per-employee profitability. The platform has processed over $4 trillion in trading volume and holds a 37% market share in decentralized perpetual contracts.

Hyperliquid Labs is entirely self-funded and has not taken any external capital, allowing the team to focus on technical and product excellence. The fully diluted valuation of Hyperliquid currently stands at approximately $39.7 billion.

Other asset managers are also moving forward with similar products tied to Hyperliquid. Bitwise has submitted an updated filing for a competing ETF under the BHYP ticker, and Grayscale has also entered the race with its own application. The listing of the 21Shares fund marks the first to actually reach the market, giving it a clear first-mover advantage in what is shaping up to be a competitive product category.

Sources:
The Block: 21Shares files second amendment to Hyperliquid ETF filing
Crypto Times: 21Shares Files Second Amendment to Hyperliquid ETF Application
KuCoin: Hyperliquid's 11-member team generated over $900 million in profit in 2025