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21Shares is set to launch its spot Hyperliquid ETF, trading under the ticker THYP, on Nasdaq on May 12. The fund is designed to provide regulated exposure to Hyperliquid’s native HYPE token through traditional brokerage accounts.
THYP will be structured as a grantor trust rather than a 1940 Act fund. This design allows the issuer to stake HYPE tokens while aiming to deliver passive price exposure to investors.
The ETF charges a 0.30% annual sponsor fee, paid directly in HYPE tokens. Custody for the fund will be handled by Anchorage Digital Bank and BitGo Bank & Trust, which use institutional-grade cold storage and are backed by up to $350 million in theft and fraud insurance coverage.
Per the filing, 21Shares plans to stake between 30% and 70% of the trust’s HYPE holdings through blockchain infrastructure provider Figment Inc. The sponsor also retains the flexibility to raise the staking allocation up to 100% if market conditions support the move. Staking rewards are expected to be distributed with approximately 70% going to the trust and the remaining 30% allocated to the staking provider.
The ETF will support in-kind creations and redemptions in baskets of 10,000 shares, available exclusively to authorized participants. The fund’s pricing will track the FTSE Hyperliquid Index.
After the announcement, Hyperliquid’s HYPE token rose sharply and traded around $42.07. The prospectus, however, warns investors about substantial risks, including HYPE’s annualized volatility above 126%, potential validator penalties, staking lockup periods ranging from one to seven days, and possible redemption delays.
The launch follows 21Shares’ introduction of its leveraged Hyperliquid product, TXXH, on April 30. Competitors including Bitwise and Grayscale have also filed applications for spot HYPE ETFs under proposed tickers BHYP and GHYP.
Analysts are watching THYP to assess institutional demand for exposure to Hyperliquid’s rapidly growing perpetuals trading ecosystem.
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