21Shares launched the US Hyperliquid ETF (ticker: THYP) on Nasdaq on May 12, 2024, giving investors spot exposure to the HYPE token along with an integrated staking yield. The fund notched $1.8 million in first-day trading volume — a modest but respectable start for a niche crypto product. A leveraged companion ETF also entered the market the same day, though its initial performance has yet to be disclosed.
What the ETF offers
The THYP ETF tracks the price of HYPE, the native token of the Hyperliquid blockchain, by holding the asset directly. Unlike many crypto ETFs that rely on futures contracts, this one buys and stores actual tokens. That matters because it allows the fund to participate in the network's staking mechanism, generating a yield that flows back to the ETF's shareholders. 21Shares has structured the product to pass through those staking rewards after deducting a management fee.
First-day trading snapshot
The $1.8 million in volume on May 12 came from a mix of retail and institutional orders, according to exchange data. While that number is small compared with major equity ETFs, it's notable for a single-asset crypto product that launched without the backing of a major brand name. Nasdaq listed the shares under the symbol THYP, and the fund's expense ratio has not been publicly detailed by 21Shares as of this writing.
Leveraged companion arrives quietly
Alongside THYP, 21Shares also released a leveraged version of the Hyperliquid ETF on the same exchange. The company has not yet released the ticker, expense ratio, or first-day volume for the leveraged product. Leveraged ETFs amplify daily returns — typically 2x or 3x — but also magnify losses, making them riskier instruments suited for short-term traders rather than long-term holders. It's unclear whether the leveraged fund also incorporates the staking yield or simply tracks the token price with leverage.
The dual launch marks 21Shares' latest push into the US ETF market, where it already manages several single-asset crypto funds. The company did not provide a statement on the initial trading figures or the timeline for the leveraged product's full disclosure.
Investors will be watching the next few weeks to see whether the staking feature drives sustained inflows into THYP, and whether the leveraged variant attracts the kind of volume that justifies its existence. No additional data on either fund's assets under management is available yet.
