21Shares has rolled out the first U.S.-listed exchange-traded funds linked to Hyperliquid’s HYPE token, bringing both spot exposure with staking rewards and a leveraged investment option to the market.
21Shares debuts Hyperliquid ETFs in the U.S.
According to a statement shared with crypto.news, the newly launched products include the 21Shares Hyperliquid ETF trading under the ticker THYP and the 21Shares 2x Long Hyperliquid ETF listed as TXXH. The company said the funds aim to provide regulated access to HYPE without requiring investors to directly purchase or store the token.
Bloomberg ETF analyst James Seyffart reported that THYP generated nearly $1.8 million in trading volume on its debut day. While he described the launch as stronger than a typical ETF introduction, he also noted that the numbers remained lower than earlier altcoin ETF launches in the United States.
For comparison, the first spot XRP ETF reportedly saw around $58 million in opening-day volume, while the first Solana ETF launch recorded close to $57 million.
THYP adds staking rewards exposure
Alongside direct HYPE exposure, 21Shares confirmed that THYP will incorporate staking rewards generated from its holdings. The company said it plans to stake a substantial share of the ETF’s assets.
In its release, the asset manager highlighted Hyperliquid’s growing market position, stating that the platform currently represents more than 50% of decentralized exchange perpetual futures open interest and processes nearly $8 billion in daily trading volume.
“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.
Valencia added that Hyperliquid has surpassed $4 trillion in cumulative trading volume since launch and described the protocol as a high-performance decentralized trading network.
The company further stated that Hyperliquid currently generates more than $56 million in monthly trading fees, with over 95% of those fees reportedly allocated toward daily HYPE buybacks. However, it cautioned that fee generation depends heavily on market activity and trading conditions.
Different regulatory structures for THYP and TXXH
Regulatory filings revealed that THYP operates as a 1933 Act spot exchange-traded product rather than a traditional 1940 Act investment company. 21Shares noted that THYP investors do not receive the same protections typically associated with standard mutual funds or 40-Act ETFs.
Meanwhile, TXXH has been structured under the Investment Company Act of 1940.
Part of 21Shares’ broader crypto ETF expansion
The Hyperliquid ETF rollout comes shortly after 21Shares launched the 21Shares Canton Network ETF under the ticker TCAN on Nasdaq. The company previously said the product became the first U.S.-listed ETF tied to Canton Coin and the broader Canton Network ecosystem.
The firm also noted that institutions such as Goldman Sachs, Microsoft, and Deutsche Bank had participated in Canton-related testing and governance initiatives, while clarifying that those companies do not officially endorse the ETF or network.
