What is the 21Shares Hyperliquid ETF THYP?

The 21Shares Hyperliquid ETF, trading under the ticker THYP, is a spot exchange-traded fund that gives investors exposure to Hyperliquid’s HYPE token through traditional brokerage accounts. The fund began trading on Nasdaq on May 12 and directly holds physical HYPE tokens in custody.

Why did HYPE price rise after the THYP ETF announcement?

HYPE rose after the ETF launch because spot ETFs can increase access for institutional and retail investors who prefer regulated investment products. Traders may also see the listing as a sign that Hyperliquid is gaining legitimacy in traditional financial markets.

How does the THYP ETF work?

THYP is structured as a grantor trust that holds spot HYPE tokens rather than futures contracts. The ETF stores HYPE in cold wallets managed by Anchorage Digital and BitGo, while also allowing staking to generate additional yield for the trust.

What makes the THYP ETF different from a normal crypto ETF?

Unlike many traditional crypto ETFs, THYP can stake its HYPE holdings to earn rewards from the Hyperliquid network. The sponsor may stake between 30% and 70% of assets through Figment and could raise that allocation to 100%.

Is the 21Shares Hyperliquid ETF risky?

Yes, the filing warns that THYP may not suit investors who cannot tolerate a total loss. The prospectus highlighted HYPE’s annualised volatility above 126%, along with staking lockups, validator penalties and potential redemption delays.

What is staking in the THYP ETF?

Staking means locking crypto tokens into a blockchain or network validator system to help secure operations and earn rewards. In THYP’s case, staking rewards are split roughly 70% to the trust and 30% to the staking provider, Figment.

How much does the 21Shares THYP ETF charge investors?

THYP charges a 0.30% annual sponsor fee that is paid in HYPE tokens. That fee level is relatively competitive compared with some crypto-linked investment products already on the market.

Who is competing with 21Shares in the spot HYPE ETF market?

Bitwise and Grayscale have also filed for competing spot Hyperliquid ETFs under the tickers BHYP and GHYP. The growing competition suggests issuers expect rising investor demand for exposure to the Hyperliquid ecosystem.

21Shares launches Hyperliquid ETF with staking

Written by Mahathir BayenaPublished May. 12 2026

21Shares launched its spot Hyperliquid ETF, THYP, on Nasdaq from May 12, giving brokerage investors regulated exposure to Hyperliquid’s native HYPE token.

The grantor trust structure allows the fund to hold physical HYPE while staking part of its assets for yield generation without changing its passive price-tracking exposure.

The fund said it may stake between 30% and 70% of held HYPE through Figment, with the flexibility to raise staking allocation to 100%, while staking rewards are split about 70% to the trust and 30% to the provider.

THYP charges a 0.30% annual sponsor fee paid in HYPE, while custody services are handled by Anchorage Digital Bank and BitGo Bank & Trust using cold storage backed by up to $350 million in theft and fraud insurance coverage.

The ETF tracks the FTSE Hyperliquid Index and processes in-kind creation and redemption baskets in blocks of 10,000 shares restricted to authorised participants, while Hyperliquid’s HYPE token rose to $42.071 following the announcement.

The prospectus warned the ETF may not suit investors unable to tolerate a total loss, citing annualised HYPE volatility above 126%, alongside risks linked to validator penalties, staking lockups and redemption delays.

Bitwise and Grayscale have also filed competing spot HYPE ETFs under the tickers BHYP and GHYP as institutional interest in Hyperliquid’s growing perpetuals trading ecosystem increases.

At the time of reporting, Hyperliquid price was $41.18.