Key Takeaways:
21Shares said it will list its spot Hyperliquid ETF (THYP) on the Nasdaq exchange on May 12, giving U.S. brokerage clients regulated exposure to the native token of the Hyperliquid perpetuals trading network.
"The 21shares Hyperliquid ETF ( $THYP ) is coming May 12, 2026," the firm confirmed in a post on X on May 11. The launch follows months of growth for the Hyperliquid protocol, which processed $172 billion in volume over the past 30 days, according to data from DefiLlama.
The fund is structured as a grantor trust, which allows it to stake a portion of its assets and pass rewards to the trust. The prospectus states the fund will stake between 30% and 70% of its HYPE holdings via Figment, charging a 0.30% sponsor fee. Custody is handled by Anchorage Digital Bank and BitGo Bank & Trust.
The launch intensifies the race for a spot Hyperliquid ETF, with Bitwise and Grayscale having filed for their own competing products. The heightened interest comes as HYPE’s price has more than doubled from its January low near $20.9, trading around $42 at press time, according to CoinGecko data.
Unlike funds registered under the Investment Company Act of 1940, THYP's grantor trust structure provides a direct pass-through of HYPE's price performance and potential staking yield. Staking rewards are split approximately 70% to the trust and 30% to the provider, Figment. The fund will track the FTSE Hyperliquid Index as its benchmark.
The prospectus includes significant risk warnings, noting HYPE's annualized volatility of over 126% and flagging potential validator jailing penalties and staking lockups. The fund is aimed at investors who can tolerate the risk of a total loss. This launch marks 21Shares' second HYPE-related product, following the April 30 debut of a 2x leveraged HYPE ETP.
This article is for informational purposes only and does not constitute investment advice.
