21Shares Brings HYPE Exposure to Nasdaq
21Shares is preparing to launch its Hyperliquid exchange-traded fund on May 12. The fund will trade under the ticker THYP and aims to give U.S. investors direct exposure to the HYPE token through regular brokerage accounts.
The ETF is expected to list on Nasdaq and track the FTSE Hyperliquid Index. This move shows how crypto ETFs are moving beyond Bitcoin and Ethereum. Investors now want easier access to fast-growing altcoin and decentralized finance markets.
Unlike many traditional ETFs, THYP will operate as a grantor trust. This structure may allow 21Shares to use staking as part of the fund’s strategy. According to the filing, the trust may stake 30% to 70% of its HYPE holdings through Figment, a blockchain infrastructure provider.
Hyperliquid Gains Momentum in DeFi
Hyperliquid has become one of the most watched names in decentralized derivatives trading. The platform focuses on on-chain perpetual futures and has attracted strong activity over the past year.
Recent industry data shows strong growth across the Hyperliquid ecosystem:
- More than $170 billion in monthly trading volume
- Over $5 billion in total value locked
- Rising interest from institutional crypto investors
- HYPE trading near $42 after more than doubling from January lows
This growth has helped push HYPE into the spotlight. Furthermore, many investors see Hyperliquid as part of the next wave of DeFi adoption.
ETF Competition Heats Up
21Shares is not alone in targeting Hyperliquid exposure. Bitwise and Grayscale have also filed proposals for HYPE-linked investment products. Their interest shows that major fund managers are looking beyond major crypto assets.
If THYP attracts strong inflows, it could influence future crypto ETF approvals. It may also shape how regulators view staking-enabled funds tied to DeFi networks and Layer-1 ecosystems.
For 21Shares, the launch strengthens its position in the digital asset ETF market. More importantly, it gives traditional investors a simpler path into decentralized finance. Therefore, THYP could become an important test for broader institutional altcoin demand.
