21Shares has launched the first U.S.-listed exchange-traded funds tied to Hyperliquid's HYPE token, introducing both a spot product with staking exposure and a leveraged fund. According to a statement shared with crypto.news, the new offerings include the 21Shares Hyperliquid ETF under the ticker THYP and the 21Shares 2x Long Hyperliquid ETF trading as TXXH. The asset manager said the funds are designed to give investors regulated exposure to HYPE without directly holding the token.
Trading data shared Tuesday by Bloomberg ETF analyst James Seyffart showed THYP generated roughly $1.8 million in first-day trading volume. Seyffart described the debut as stronger than a typical ETF launch, though he noted the volume remained well below some earlier altcoin ETF debuts in the U.S. market. Figures previously cited by Seyffart showed the first spot XRP ETF recorded about $58 million in opening-day trading volume last year, while the first Solana ETF launch produced nearly $57 million.
Staking Mechanism and On-Chain Metrics
Alongside the launch, 21Shares said THYP would integrate staking rewards tied to its HYPE holdings, with the company planning to stake a substantial portion of the fund's assets. In its release, the firm said Hyperliquid currently accounts for more than 50% of decentralized exchange perpetual futures open interest and handles about $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 had processed more than $4 trillion in cumulative trading volume since launch. Within the same announcement, 21Shares said Hyperliquid generates more than $56 million in monthly trading fees under current market conditions, with over 95% of those fees directed toward daily HYPE buybacks, though revenue levels depend on trading activity and market conditions.
Regulatory Structure Differences
Regulatory filings included in the launch documents showed THYP operates as a 1933 Act spot exchange-traded product rather than a 1940 Act registered investment company. 21Shares stated that investors in THYP do not receive the same protections available under traditional 40-Act ETFs and mutual funds, while TXXH has been registered under the Investment Company Act of 1940.
Expanding ETF Lineup
The Hyperliquid launch arrived days after 21Shares introduced the 21Shares Canton Network ETF on Nasdaq under the ticker TCAN. According to the company's May 8 announcement, TCAN became the first U.S. ETF linked to Canton Coin, the utility token tied to the Canton Network blockchain. At the time, 21Shares said institutions including Goldman Sachs, Microsoft, and Deutsche Bank had participated in Canton-related testing, validator activity, or governance initiatives, though the asset manager stated those firms should not be interpreted as endorsing the ETF or the network itself. Separate reporting previously noted that Swiss crypto bank AMINA Bank had become the first FINMA-regulated lender to offer Canton Coin trading and custody services to institutional clients. That report also identified Digital Asset, backed by firms including DTCC, Visa, BitGo, Goldman Sachs, and Citadel Securities, as the developer behind the Canton Network.