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21Shares’ newly launched THYP fund has become the first U.S.-listed ETF tied directly to a decentralized finance (DeFi) protocol, a milestone that signals crypto exchange-traded products are moving beyond traditional exposure to major Layer-1 blockchains.
The ETF, which tracks the Hyperliquid ecosystem and its native HYPE token, began trading on Nasdaq on May 12. In its first day, it recorded roughly $1.8 million in trading volume and $1.2 million in net inflows, according to disclosures from the issuer.
The launch marks a shift in the crypto ETF landscape, which has largely focused on large-cap assets such as Bitcoin and Ethereum. THYP instead provides exposure to a decentralized perpetual trading ecosystem, reflecting growing investor interest in blockchain-based financial infrastructure.
The fund charges a 0.30% management fee, undercutting several competing proposals currently awaiting approval. Analysts cited in the article said the pricing strategy could help 21Shares establish an early lead as the market for DeFi-focused ETFs develops.
Alongside THYP, 21Shares also launched the leveraged TXXH ETF, designed to deliver twice the daily performance of the HYPE token. The dual launch reflects the broader trend of issuers expanding beyond spot exposure into more complex crypto-linked structures.
THYP also includes staking participation, allowing shareholders to benefit indirectly from rewards generated through the underlying blockchain network. The article describes this as another example of how regulated investment vehicles are incorporating native blockchain mechanics.
The successful launch has intensified competition among major crypto asset managers seeking exposure to the Hyperliquid ecosystem.
Bloomberg ETF analyst James Seyffart said Bitwise is likely next to launch a competing HYPE-linked product following recent regulatory amendments. The article notes that Bitwise updated its filing to include staking participation that could distribute a large portion of rewards directly to shareholders.
It also reports that Grayscale Investments has amended filings tied to a competing HYPE investment product.
Industry analysts expect the growing interest to drive a broader race to launch funds tied to DeFi protocols, particularly as regulators become more comfortable with crypto ETF structures. The article attributes this to the SEC’s adoption of streamlined listing standards in late 2025, which it says accelerated approvals by shifting away from highly individualized reviews toward standardized requirements.
The ETF launch comes as Hyperliquid itself expands. The article states that the decentralized exchange has emerged as a dominant venue for perpetual futures trading, with annualized revenue reportedly exceeding $800 million.
It also says Hyperliquid has broadened beyond trading through the launch of HyperEVM, which introduced Ethereum Virtual Machine compatibility earlier this week. Institutional firms including FalconX and Ripple Prime have integrated Hyperliquid into their liquidity and trading operations, according to the article.
Despite the ETF milestone, the article says HYPE traded slightly lower after the launch, declining around 3.5% to near $40 as broader crypto markets weakened following Bitcoin’s failure to maintain momentum above the $83,000 level earlier in the week.
The debut of THYP highlights how crypto ETFs are evolving from passive exposure to the largest digital assets toward more specialized exposure to blockchain ecosystems tied to decentralized applications and financial services. The article notes that newer products increasingly package elements such as staking rewards and protocol revenue exposure into traditional investment wrappers.
While THYP’s first-day activity was described as below blockbuster debuts seen by earlier Solana and XRP ETFs, analysts cited in the article said the launch still represents a meaningful step toward integrating DeFi into mainstream capital markets.
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