21Shares has officially filed with the US SEC for a 2x HYPE ETF. This is a leveraged fund that aims to deliver double the daily returns of the Hyperliquid Index. It builds on previous filings from asset managers for the product.
21Shares Expands its DeFi Product Line with HYPE ETF Filing
In a new development, 21Shares has submitted a filing with the U.S SEC for a 2x leveraged HYPE ETF, in a bid to boost the token’s exposure. The proposed product will amplify investors’ exposure by 200%. This will offer a high-beta play for traders seeking to capitalize on the platform’s surging on-chain activity.
Bloomberg ETF analyst Eric Balchunas described the 21Shares filing as “so niche it might just win.” He compared today’s surge in thematic ETFs to the early booms in smart beta and currency-hedged products. If approved, it would become the first U.S.-listed leveraged ETF to track a live DeFi protocol’s fee and perpetual market performance.
The move follows a string of product launches by the firm, including the 21Shares DOGE ETF, which recently went live on the DTCC platform.
In Europe, the asset manager also listed the HYPE ETP on the SIX Swiss Exchange. This gave institutional investors access to the protocol’s token without requiring wallets or on-chain custody. That listing arrived just as Hyperliquid posted its strongest revenue month to date.
Analysts note that the 2x HYPE ETF is the first to integrate Hyperliquid’s perpetual futures system into a traditional 40-Act, daily-reset wrapper. By using swaps instead of custody, the structure introduces new layers of funding and counterparty exposure.
It was estimated that the initial capacity could be around $500 million to $1.5 billion, depending on liquidity conditions in the HYPE markets.
Asset Managers Intensify Push for Hyperliquid ETF Listings
The 21Shares move follows previous moves by other asset managers. Last month, Bitwise filed for an HYPE ETF. The product is designed to hold the native token directly, with in-kind creation and redemption features allowing shares to be swapped for HYPE tokens instead of cash.
Meanwhile, VanEck also applied for a spot staking Hyperliquid ETF in the U.S., alongside a parallel European ETP. The firm has hinted at integrating staking yields and potential HYPE buybacks tied to fund performance.
Adding to the momentum, Hyperliquid‘s HIP-3 upgrade went live on the platform. Perpetual market creation without permission was introduced in the update. As a result, qualified builders won’t need centralized approval to introduce derivatives straight onto the chain.
Experts say this upgrade could dramatically expand HYPE’s utility and liquidity, making it an even more attractive base asset for ETF issuers.
Source: https://coingape.com/just-in-21shares-applies-for-2x-hype-etf-to-double-exposure-to-hyperliquid/
