Key Highlights
- 21Shares launched THYP, the first U.S. ETF giving direct exposure to Hyperliquid and its token, HYPE, plus staking rewards.
- A second ETF called TXXH was also launched, offering 2x leveraged exposure to HYPE, making both products the first U.S.-listed Hyperliquid ETFs.
- HYPE’s price remained largely unchanged following the announcement.
21Shares, an asset management firm, today announced that it has launched a new U.S. exchange-traded fund called THYP, which gives investors direct exposure to Hyperliquid and its native token HYPE.
According to the company, the product will start trading on Nasdaq this month as interest in crypto products goes beyond Bitcoin and Ethereum.
THYP is reportedly designed to track the spot price of HYPE while also allowing investors to benefit from staking rewards. The fund officially debuted with a management fee of 0.30%.
This firm also confirmed the launch of a second ETF, 21Shares 2x Long HYPE ETF, with the ticker TXXH on April 30, which carries a higher fee of 1.89%. Together, these funds are now the first U.S.-listed exchange-traded funds linked to Hyperliquid.
Hyperliquid’s rapid market growth
The launch places Hyperliquid at the center of growing institutional attention around decentralized finance and perpetual futures trading. Moreover, Hyperliquid has quickly become a major player in the sector, controlling more than 50% of decentralized perpetual open interest.
“Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives,” said Andres Valencia, EVP of Investment Management at 21Shares.
He added that the company believes Hyperliquid is becoming an important part of decentralized finance because of its strong trading activity and growing user base. Unlike many decentralized exchanges, Hyperliquid operates fully on-chain using a live order book system.
This means trades happen directly on the blockchain instead of relying on outside pricing systems called oracles. The platform has also expanded beyond crypto trading and now offers commodities, indices, and prediction markets.
Fund structure and staking exposure
According to the filing document, THYP is structured as a 33-Act exchange-traded product. This means it is not registered under the Investment Company Act of 1940 and does not provide the same protections found in traditional 40-Act ETFs. TXXH, however, is registered under the 1940 Act.
21Shares also said THYP may stake part of its HYPE holdings through third-party staking providers. Staking allows tokens to help secure the network while generating rewards for investors. The company expects staking reward payments to begin in June 2026.
Despite the ETF launch, HYPE saw little immediate price movement. At the time of writing, the token was trading at $40.31, down 1.58% over the past 24 hours after reaching a daily high of $42.91.
At the same time, trading volume is down by 15% to about $263 million, while the market valuation holds steady at $10.3 billion, according to data from CoinMarketCap.
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