21Shares Launches Hyperliquid ETF with Staking Exposure and Leveraged Trading Option

Highlights:

• Hyperliquid ETF recorded nearly $1.8 million in trading volume during its Nasdaq debut session.
• 21Shares launched THYP and TXXH to give investors regulated exposure to Hyperliquid’s HYPE token.
• THYP includes staking exposure as 21Shares plans to stake a large portion of the fund’s HYPE holdings.

21Shares launched the first U.S.-listed Hyperliquid exchange-traded fund products on Nasdaq on Tuesday. The asset manager introduced the 21Shares Hyperliquid ETF under the ticker THYP. The company also launched the 21Shares 2x Long Hyperliquid ETF under the ticker TXXH. 21Shares designed both products to provide regulated exposure to Hyperliquid’s HYPE token through Nasdaq-listed funds.

Advertisement

FIRST HYPERLIQUID ETF POSTS 'SOLID' TRADING DEBUT

The first ever Hyperliquid (@HyperliquidX) ETF has officially started trading on public markets.

21Shares launched the THYP fund on Tuesday with exposure to the $HYPE token.

Bloomberg analyst James Seyffart called the first… pic.twitter.com/PSql1KH8cb

— BSCN (@BSCNews) May 13, 2026

THYP operates as a 1933 Act spot exchange-traded product instead of a 1940 Act registered investment company. Meanwhile, TXXH falls under the Investment Company Act of 1940. 21Shares included a disclosure stating that THYP does not provide the same investor protections available under traditional 40-Act funds.

21Shares said THYP tracks the spot price of Hyperliquid’s HYPE token through direct market exposure. The company also confirmed that THYP includes staking exposure tied to the fund’s HYPE holdings. 21Shares plans to stake a substantial portion of the ETF’s assets to generate network rewards. The structure allows investors to access staking-linked HYPE exposure through a regulated ETF product.

According to 21Shares, Hyperliquid currently controls more than 50% of decentralized perpetual futures open interest. The company also said Hyperliquid processes nearly $8 billion in daily perpetual futures trading volume.

Hyperliquid ETF Gains Attention as Trading and Staking Activity Grow

21Shares shared THYP’s first-day trading figures through an official post published on X after the Nasdaq debut. The company said THYP generated nearly $1.8 million in trading volume during its first trading session. Investors also added around $1.2 million into the fund during the opening day on Nasdaq. The figures showed early investor demand for regulated Hyperliquid investment products in the United States.

The 21shares Hyperliquid ETF (Ticker: $THYP)
Day 1 Report

▪️$1.8M in trading volume
▪️~$1.2M in net inflows
▪️0.3% management fee
▪️The lowest management fee for a Hyperliquid ETF as of May 12, 2026¹

Hyperliquid.

— 21shares US (@21shares_us) May 12, 2026

Bloomberg ETF analyst James Seyffart reacted to the launch shortly after THYP completed its first trading session. Seyffart said the ETF performed better than a typical launch despite lower trading activity than earlier altcoin funds. Previous market data showed the first spot XRP ETF generated nearly $58 million in debut trading volume last year. Meanwhile, the first Solana staking ETF recorded almost $56 million during its first trading session in October.

Okay, $THYP finished the day at $1.8 million in trading. Very very solid day and better than your average ETF launch for sure but nothing too crazy. Expecting @Bitwise's Hyperliquid ETF to be the next launch.

Hyperliquid https://t.co/4RWzMBJT2D pic.twitter.com/fg3Nm5cV15

— James Seyffart (@JSeyff) May 12, 2026

21Shares also reported that Hyperliquid generates more than $56 million in monthly trading fees under current market conditions. The company said Hyperliquid directs more than 95% of protocol fees toward daily HYPE token buybacks. The buyback structure links protocol trading activity with HYPE token demand across the network. Those metrics strengthened investor attention around THYP after the launch.

Meanwhile, THYP carries a 0.3% management fee under the current structure. Bitwise proposed a higher 0.67% fee for its pending Hyperliquid ETF filing. The lower management fee gives THYP a pricing advantage as competition around Hyperliquid investment products increases.

21Shares Expands Crypto ETF Push as SEC Approval Rules Change

21Shares launched THYP after the Securities and Exchange Commission (SEC) adopted generic crypto ETF listing standards in September. The SEC removed several case-by-case review requirements for crypto ETF issuers under the updated framework. The regulatory shift encouraged asset managers to expand altcoin ETF filings in the United States market. Several firms have since pursued investment products tied to Solana, XRP, and Hyperliquid.

Bitwise is still awaiting approval for its Hyperliquid Staking ETF under the ticker BHYP. James Seyffart recently predicted that BHYP could become the next Hyperliquid ETF approved by the SEC. Grayscale is also waiting for the SEC’s decision on its proposed Grayscale HYPE ETF filing.

21Shares launched the Canton Network ETF on Nasdaq days before introducing the THYP and TXXH Hyperliquid products. The company said institutions, including Goldman Sachs, Microsoft, and Deutsche Bank, participated in Canton-related testing or governance initiatives tied to the blockchain network.

Advertisement