Asset manager 21Shares launched the world's first Hyperliquid exchange-traded fund on Tuesday, ticker THYP, giving investors exposure to the HYPE token without managing a crypto wallet. The fund recorded a first-day trading volume of $1.8 million.
Bloomberg ETF analyst James Seyffart called the debut "very solid," noting it outperformed typical traditional ETF launch days. For comparison, the first XRP spot ETF saw $58 million on day one last November, while Bitwise's Solana ETF pulled in $57 million. Seyffart emphasized that given Hyperliquid's novel infrastructure status, $1.8 million signals meaningful institutional interest.
Bitwise and Grayscale Move In
Seyffart expects the next approved Hyperliquid ETF to come from Bitwise, which was the first U.S. firm to file for a HYPE fund. Last month, Bitwise submitted a second amended prospectus to finalize counterparty and operational details. The firm also listed a Hyperliquid staking ETP on Deutsche Börse Xetra in Europe. Meanwhile, Grayscale is seeking to launch its own HYPE fund.
Hyperliquid's HYPE token traded at $40.41, down 2% in the past 24 hours.