21Shares Hyperliquid ETFs debut in the U.S. with THYP and TXXH

21Shares Hyperliquid ETFs have arrived in the U.S., giving investors a new way to gain exposure to the HYPE token through traditional market rails instead of holding the asset directly. The launch includes a spot-style fund with staking exposure and a leveraged version tied to Hyperliquid, making them the first U.S.-listed exchange-traded funds built around the protocol.

That makes this more than another niche crypto listing. Hyperliquid has become one of the most closely watched names in decentralized derivatives, and 21Shares is now betting there is enough demand to package that story for ETF buyers.

Early trading offered a first signal of interest. THYP, the spot-oriented fund, generated roughly $1.8 million in first-day trading volume, according to trading data shared by James Seyffart.

21Shares brings Hyperliquid ETFs to the U.S.

The new 21Shares Hyperliquid ETFs include the 21Shares Hyperliquid ETF under the ticker THYP and the 21Shares 2x Long Hyperliquid ETF trading as TXXH.

THYP is designed to give investors spot exposure to Hyperliquid’s HYPE token through an exchange-traded product structure. TXXH, by contrast, is a leveraged fund aimed at investors looking for amplified exposure to Hyperliquid-linked price moves.

This is a notable step for 21Shares, which had already launched a Hyperliquid ETP in Europe. Now the firm is bringing that thesis into the U.S. market at a time when crypto ETF competition keeps widening beyond Bitcoin and Ethereum.

Why this matters is simple: each new crypto ETF category tests how far traditional investors are willing to go into newer digital asset themes. A Hyperliquid offering is especially telling because it points to growing confidence that investors want access not just to major tokens, but also to infrastructure and trading protocols that sit deeper inside the crypto economy.

What THYP and TXXH offer investors

The key distinction between the two funds is how they approach exposure.

THYP is described by 21Shares as a spot product with staking exposure tied to HYPE holdings. The firm said the fund would integrate staking rewards connected to those holdings, giving it a structure that goes beyond simple price tracking.

TXXH, meanwhile, is a leveraged ETF tied to Hyperliquid. That makes it the more aggressive sibling in the lineup, aimed at investors seeking magnified returns tied to the underlying theme.

• THYP ticker: spot exposure to HYPE with staking exposure
• TXXH leveraged ETF: 2x long exposure tied to Hyperliquid

THYP’s roughly $1.8 million in first-day trading volume suggests there was immediate interest, even if the debut was smaller than some earlier altcoin ETF launches in the U.S. market. Still, that matters. For a first-of-its-kind product tied to Hyperliquid, opening-day activity offers an early test of whether a more specialized crypto ETF can attract meaningful trading attention out of the gate.

How 21Shares framed Hyperliquid’s appeal

21Shares paired the launch with a broader case for why Hyperliquid deserves a place in a listed product.

The firm said Hyperliquid currently accounts for more than 50% of decentralized exchange perpetual futures open interest and handles about $8 billion in daily trading volume. It also said the protocol has processed more than $4 trillion in cumulative trading volume since launch.

Those numbers help explain why 21Shares chose Hyperliquid for a U.S. ETF push. The protocol is being presented not as a fringe token story, but as a major crypto trading venue with scale, liquidity, and a revenue engine behind it.

21Shares also said Hyperliquid generates more than $56 million in monthly trading fees under current market conditions, with over 95% of those fees directed toward daily HYPE buybacks. That framing is important because it ties the ETF pitch to the economics of the underlying ecosystem, not just market momentum.

In practical terms, this gives ETF investors a cleaner narrative: regulated exposure to a token linked to a protocol that 21Shares says is already commanding a large share of decentralized derivatives activity.

The filings show two very different ETF structures

One of the most important details in the launch sits in the regulatory structure.

Filings described THYP as operating as a 1933 Act spot exchange-traded product rather than a 1940 Act registered investment company. TXXH, on the other hand, has been registered under the Investment Company Act of 1940.

That split matters because it shows 21Shares is using different legal frameworks for different types of crypto exposure. THYP’s structure puts it closer to spot-style exchange-traded products, while TXXH follows the framework more commonly associated with registered funds.

21Shares also said investors in THYP do not receive the same protections available under traditional 40-Act ETFs and mutual funds. That detail may shape how advisors and more cautious investors compare the two products.

This is also where the launch becomes bigger than Hyperliquid itself. The U.S. crypto ETF market is no longer just about whether a product can get listed. It is increasingly about what kind of wrapper is used, what exposures can be added, and how issuers balance innovation with regulatory design.

Why the 21Shares Hyperliquid ETFs matter beyond one token

The 21Shares Hyperliquid ETFs also point to a broader shift in crypto product design. Instead of focusing only on Bitcoin and Ethereum, issuers are testing whether investors will buy into protocol-level stories with more specific market roles. Hyperliquid is a strong example because 21Shares is packaging a trading venue, token economics, and staking exposure into listed funds that are easy to access through brokerage accounts.

A bigger push beyond the largest crypto assets

The Hyperliquid launch came just days after 21Shares introduced the 21Shares Canton Network ETF on Nasdaq under the ticker TCAN, linked to Canton Coin.

Taken together, the two launches suggest 21Shares is moving quickly to build out a wider bench of crypto-themed ETFs in the U.S. Rather than staying focused only on the biggest assets, the firm is targeting protocols and networks it believes can attract investor demand through familiar listed products.

That strategy could matter for the next phase of crypto adoption on Wall Street. If funds like THYP and TXXH gain traction, issuers may feel more confident bringing increasingly specialized token and protocol exposures into ETF form. For Hyperliquid, that would mean a stronger bridge between decentralized trading infrastructure and mainstream capital markets.