Catenaa, Friday, April 17, 2026- 21Shares moved a step closer to launching one of the first exchange-traded funds tied to Hyperliquid after filing a second amended registration statement with the US Securities and Exchange Commission.
The filing, submitted Tuesday, shows the proposed fund is expected to list on Nasdaq under the ticker THYP. If approved, it would become one of the first spot ETFs tied to Hyperliquid’s native HYPE token and one of the earliest US-listed funds built around a decentralized perpetuals exchange.
Unlike earlier crypto ETFs focused on passive price exposure, the 21Shares proposal points to a more active structure. The filing says the trust plans to stake between 30% and 70% of its HYPE holdings depending on utilization levels and market conditions. That could allow the fund to generate additional yield rather than only track token prices. ([The Block][1])
The move highlights how crypto ETF issuers are shifting beyond bitcoin and ether toward smaller, faster-growing blockchain ecosystems with active trading activity and staking income. Hyperliquid has emerged as one of the largest onchain derivatives venues, with more than $193 billion in monthly trading volume and nearly $880 million in annualized protocol fees, according to market estimates. ([TronWeekly][2])
ETF Race Expands Beyond Bitcoin
The latest filing also shows that 21Shares is working through comments from regulators rather than waiting on an initial review. The amendment disclosed that 21Shares US LLC bought two seed shares at $50 each in March and plans to purchase 20,000 shares at $25 per share as an initial seed basket before launch. The sponsor fee has still not been disclosed. ([The Block][1])
The Hyperliquid ETF race is becoming more crowded. Bitwise filed its own amended HYPE ETF proposal and plans to use the ticker BHYP, while Grayscale is also seeking approval for a competing fund. Bitwise disclosed a 0.67% management fee, giving it an early edge in pricing transparency. ([The Block][1])
New Focus on Staking Income
The staking feature may become the most important part of the filing. Early bitcoin ETFs simply held tokens in custody, but newer crypto products are beginning to include staking rewards as a source of return. That creates a hybrid model closer to dividend-paying funds or yield-generating commodity products.
Industry observers increasingly view staking ETFs as the next phase of crypto investing because they give traditional investors access to token income without managing wallets or private keys themselves. The 21Shares filing suggests that future altcoin ETFs may compete not only on price exposure but also on how much yield they can generate for investors. ([Reddit][3])
21Shares first filed for a Hyperliquid ETF in late 2025 as institutional demand broadened beyond the largest cryptocurrencies. Hyperliquid has become one of the most watched decentralized exchanges because of its dominance in onchain perpetual futures trading and growing fee generation.
The ETF proposal comes as regulators become more open to crypto products tied to tokens beyond bitcoin and ether. Several issuers have recently filed for ETFs linked to assets such as Solana, XRP, Sui and Hyperliquid. The SEC still has to complete its review before THYP can begin trading. future cr ayer Users Have No Idea”.
