First Hyperliquid ETF Posts 'Solid' Trading Debut

Hyperliquid's native token has taken another step toward mainstream finance. 21Shares' Hyperliquid ETF (THYP) launched Tuesday on Nasdaq, debuting with promising trading volumes, according to Bloomberg ETF analyst James Seyffart. THYP finished its first day with $1.8 million in trading, which Seyffart described as "very, very solid" and "better than your average ETF launch."

What THYP Offers Investors

21Shares launched THYP as a spot ETF providing direct exposure to HYPE and integrating staking rewards, alongside a separate 2x leveraged product under the ticker TXXH. The fund gives US investors direct exposure to the HYPE token through regular brokerage accounts, without requiring them to hold the cryptocurrency directly.

THYP is structured as a grantor trust, not a 1940 Act fund. That setup lets the sponsor stake held HYPE for yield while keeping passive price exposure. The ETF tracks the FTSE Hyperliquid Index. 21Shares charges a 0.30% annual sponsor fee, paid in HYPE. Custody sits with Anchorage Digital Bank and BitGo Bank and Trust, both using cold storage backed by up to $350 million in joint theft and fraud insurance.

The Protocol Behind the Product

Hyperliquid has rapidly established itself as a category leader, commanding over 50% of DEX perpetual open interest and processing roughly $8 billion in daily volume. The protocol has processed over $4 trillion in cumulative volume since its inception. Hyperliquid generates over $56 million per month in trading fees, with over 95% used for HYPE buybacks.

Competition in the HYPE ETF market is also increasing, with Bitwise and Grayscale having already filed competing spot Hyperliquid ETF applications under the proposed tickers BHYP and GHYP. For now, 21Shares holds the first-mover advantage in what could become a crowded segment of the crypto ETF market.

Sources:
The Block: First-ever Hyperliquid ETF launches, posts 'very solid' first day of trading
GlobeNewswire: 21Shares Launches THYP and TXXH, the First U.S. ETFs Tracking Hyperliquid
BeInCrypto: 21Shares To Launch Spot Hyperliquid ETF