21Shares’ Hyperliquid ETF posts $1.8M debut

21Shares launched the first Hyperliquid exchange-traded fund, THYP, on Tuesday. The fund recorded $1.8 million in trading volume on its opening day. THYP gives investors price exposure to the HYPE token without requiring them to hold the cryptocurrency directly.

THYP tracks the HYPE token, which is tied to Hyperliquid, an on-chain perpetuals decentralized exchange. As part of its operational approach, 21Shares plans to stake a substantial portion of the fund's HYPE holdings.

The ETF's $1.8 million first-day trading was lower than the roughly $58 million and $57 million posted by early spot XRP and Solana ETFs when they debuted. Those earlier figures provide context for initial altcoin ETF activity.

ETF analyst James Seyffart called the debut “very, very solid” on X and described it as “better than your average ETF launch.” He also predicted a competing Hyperliquid fund from Bitwise could be next to arrive in the market.

Bitwise filed a second amendment last month to its proposed spot Hyperliquid ETF, expanding its list of approved trading counterparties and finalizing operational details. Bitwise has launched a European Hyperliquid staking ETP on a major exchange. Other firms, including Grayscale, are pursuing HYPE-related products.

On token markets, HYPE traded about 4% lower late Tuesday, near $40.31. The ETF offers listed-market exposure to the token’s price movements so investors can gain price exposure without managing wallets or private keys.

THYP joins a growing group of crypto-focused ETFs as issuers continue to file and refine products tied to specific tokens.