Hyperliquid ETF Makes Strong Debut as Wall Street Bets on HYPE

21Shares’ Hyperliquid ETF opened with US$1.8 million (AU$2.5 million) in first-day trading volume.

The product, listed as THYP, is designed to track the price of HYPE, the native asset of Hyperliquid. It gives investors exposure through a brokerage-style product rather than requiring them to hold the token directly.

The debut shows growing demand for altcoin-linked exchange-traded products beyond Bitcoin (BTC) and Ethereum (ETH). It also shows how issuers are testing investor appetite for protocols tied to decentralised derivatives markets.

Read more: JPMorgan: Investors Are Choosing Bitcoin Over Gold in the Debasement Trade 

Hyperliquid ETF Goes Live

21Shares’ official page lists THYP with a 0.30% management fee. It showed a net asset value of US$24.40 (AU$33.92) and assets under management of US$732,112.03 (AU$1.02 million) as of May 11.

The page also makes an important distinction by stating that THYP is not registered under the Investment Company Act of 1940 and is not subject to the same protections as 40 Act registered ETFs and mutual funds.

That means investors get regulated-market access, but not the same structure as a standard US mutual fund or traditional registered ETF. 21Shares also says THYP is not a direct investment in Hyperliquid and is subject to significant risk and heightened volatility.

Hyperliquid is now the largest decentralised trading ecosystem focused on perpetual futures and spot markets. 

Hyperliquid has processed more than US$8 billion (AU$11.12 billion) in daily volume and more than US$2 trillion (AU$2.78 trillion) in cumulative trades since 2023.

Related: South Korea’s Crypto Market Loses Half Its Value as Trading Activity Craters

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