21Shares has submitted a proposal to the U.S. Securities and Exchange Commission for a Hyperliquid ETF, becoming one of the first issuers to pursue a fund tied to a governance token from a decentralized perpetual futures exchange.
The ETF would track the value of the Hyperliquid token, allowing investors exposure to DeFi markets through a regulated vehicle. Coinbase Custody and BitGo Trust are listed as custodians for the underlying assets, addressing institutional security requirements.
Hyperliquid powers a blockchain-based perpetual futures trading platform, where its native token is used for discounted trading fees, staking, and governance decisions across protocol upgrades.
Over the past year, increased trading volume and on-chain activity have boosted token demand, with the protocol processing billions in derivatives trades monthly.
The filing underscores growing institutional interest in decentralized finance products and signals a maturing market where DeFi tokens are being integrated into traditional investment infrastructure.
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