The first US exchange-traded fund tracking the Hyperliquid index started trading Wednesday, and investors poured $1.2 million into it on opening day. The 21Shares Hyperliquid ETF, ticker THYP, also saw $1.8 million in shares change hands during its debut session on the New York Stock Exchange Arca.
What THYP Tracks
The fund is designed to track the Hyperliquid index, a basket of digital assets focused on the Hyperliquid ecosystem. 21Shares, the issuer behind the product, already runs several crypto ETFs in the US, but this is its first to target Hyperliquid specifically. The firm filed for the ETF earlier this year and received regulatory clearance to list.
First-Day Numbers
Net inflows of $1.2 million represent the money that stayed in the fund after creation and redemption activity. Trading volume of $1.8 million indicates active buying and selling of the ETF shares themselves. Both figures are modest by mainstream ETF standards but notable for a niche crypto index product on its first day.
Why Hyperliquid Now
Hyperliquid is a layer-1 blockchain that emphasizes high-speed trading and decentralized derivatives. Its native token, HYPE, has seen growing interest among crypto traders. The ETF gives traditional investors a way to gain exposure to that ecosystem without holding the token directly. 21Shares likely hopes that institutional demand for regulated crypto exposure will drive further inflows in coming weeks.
The launch comes amid a broader wave of crypto ETF filings. Several issuers have submitted proposals for ETFs tied to Solana, XRP, and Litecoin, though none have received approval yet. The SEC has been cautious about approving new crypto funds beyond Bitcoin and Ethereum products. Hyperliquid's smaller market cap makes it a riskier bet, but the ETF structure may appeal to investors who want diversification beyond the two largest cryptocurrencies.
The fund will continue trading daily on NYSE Arca. Investors will watch whether inflows grow as awareness spreads. 21Shares has not announced any plans to lower the expense ratio or add additional Hyperliquid-linked products. The next data point to watch: the fund's net asset value at the end of its first full week.
