Crypto investment firm 21Shares had a strong debut for its first Hyperliquid exchange-traded fund in the US. The ETF, trading under the symbol THYP, attracted about $1.2 million in net inflows and nearly $1.8 million in trading volume on its first day on Nasdaq.
Bloomberg ETF analyst James Seyffart described the debut as “very solid,” but noted it was smaller than some recent high-profile crypto ETF launches. Earlier products linked to Solana and XRP saw tens of millions in first-day trading.
Even so, THYP’s launch adds to the growing number of altcoin investment products in traditional markets.
The ETF follows the spot price of Hyperliquid’s HYPE token, which powers a perpetual futures trading platform that has handled over $8.4 trillion in trading volume since 2023. The launch comes as the US SEC is gradually making it easier to list crypto ETFs by adopting more standard rules.
THYP charges a low management fee of 0.3%, which is much less than the proposed fee for a competing Hyperliquid ETF from Bitwise. Grayscale is also waiting for approval for its own HYPE-related ETF.
Analysts believe more niche crypto ETFs could launch soon as investors look for more alternative digital assets.
However, market watchers warn that not all crypto ETFs last. Many smaller or less popular funds struggle to keep investor interest after the initial excitement fades.
11 employees¹
$900+ million in profit¹
$35B valuation²
That’s @HyperliquidX.Now in ETF form on @NasdaqExchange for the first time.
Introducing the 21shares Hyperliquid ETF:
– physically-backed by $HYPE
– staking enabled
– 0.30% management fee
– pricing backed by @FTSERussell… pic.twitter.com/7XvBGfUeGf— 21shares US (@21shares_us) May 12, 2026
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