Hassan Maishera
TL;DR
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21Shares launched its Hyperliquid ETF (THYP) on Tuesday, offering investors exposure to the HYPE token without owning it directly.
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The fund saw a solid $1.8 million in trading volume on its first day. While this debut was strong, it's modest compared to other altcoin ETFs.
Crypto asset manager 21Shares has launched its Hyperliquid ETF (THYP) on Tuesday, debuting with impressive trading volumes, according to Bloomberg ETF Analyst James Seyffart.
Exposure to HYPE Token Without Owning Cryptocurrency
The fund is the first of its kind, offering investors exposure to the HYPE token without requiring them to own the cryptocurrency itself. Hyperliquid, the largest on-chain perpetual decentralized exchange (DEX), serves as the underlying platform for the ETF.
THYP ended its first day of trading with $1.8 million in volume, a "very solid day" according to Seyffart, though not an extraordinary debut compared to other altcoin ETFs.
Okay, $THYP finished the day at $1.8 million in trading. Very very solid day and better than your average ETF launch for sure but nothing too crazy. Expecting @Bitwise's Hyperliquid ETF to be the next launch.
— James Seyffart (@JSeyff) May 12, 2026
Hyperliquid https://t.co/4RWzMBJT2D pic.twitter.com/fg3Nm5cV15
He pointed out that this volume was better than typical ETF launches but still modest in comparison to some others.
For context, the first-ever spot XRP ETF generated $58 million in day-one trading volume last November, surpassing the debut of Bitwise's first-to-market Solana ETF, which saw $57 million on launch day.
Future Predictions for Hyperliquid ETFs
Seyffart anticipates that Bitwise will be the next firm to launch a Hyperliquid ETF. Bitwise was the first to seek approval to launch a HYPE-based fund in the U.S.
Following this, Bitwise filed a second amendment to its proposed spot Hyperliquid ETF, expanding the list of approved trading counterparties and locking in remaining operational details.
Bitwise has already launched a Hyperliquid Staking ETP on Deutsche Börse Xetra in Europe, while Grayscale is also seeking approval for a HYPE fund. 21Shares has announced plans to stake a significant portion of its HYPE holdings.
HYPE, the native coin of the Hyperliquid ecosystem, is down 2.9% in the last 24 hours and is now trading at $40.
