- 21Shares launched the first-ever Hyperliquid ETF under the ticker THYP
- The ETF generated $1.8 million in first-day trading volume
- Investors can gain exposure to HYPE without directly holding crypto
- Additional Hyperliquid ETFs from Bitwise and Grayscale are expected next
Hyperliquid ETF Officially Begins Trading
21Shares officially launched the first exchange-traded fund tied to Hyperliquid, marking another milestone in the rapid expansion of crypto-based investment products.
The ETF, trading under the ticker THYP, gives traditional investors exposure to the HYPE token without requiring them to directly purchase or custody cryptocurrency themselves.
According to Bloomberg ETF analyst James Seyffart, the fund recorded approximately $1.8 million in trading volume during its first day on the market.
While that figure remains far below the largest altcoin ETF launches seen over the past year, Seyffart described the debut as “very solid” and stronger than the average ETF launch overall.
Hyperliquid Continues Growing In Importance
The launch highlights the growing institutional interest surrounding Hyperliquid, which has become the largest decentralized perpetual futures exchange in crypto.
Perpetual futures, commonly referred to as “perps,” allow traders to speculate on crypto prices using leverage without expiration dates. Hyperliquid has gained traction by offering an onchain alternative to centralized derivatives exchanges while maintaining high trading speeds and deep liquidity.
The platform’s rapid growth has turned HYPE into one of the strongest-performing large-cap crypto assets of the current cycle.
More Hyperliquid Funds Are Coming
The THYP launch may only be the beginning.
Bitwise Asset Management is expected to launch its own Hyperliquid ETF next after previously filing regulatory amendments tied to its proposed HYPE product. The company has already launched a European Hyperliquid staking ETP on Deutsche Börse Xetra.
Grayscale Investments is also reportedly pursuing a HYPE-related investment vehicle.
The growing number of filings reflects increasing demand for regulated exposure to altcoins beyond bitcoin and ether.
ETF Expansion Continues Beyond Bitcoin
The crypto ETF market has expanded rapidly since the approval of spot bitcoin ETFs in the United States.
Over the past year, issuers have increasingly explored funds tied to ethereum staking, Solana, XRP, prediction markets, and now Hyperliquid. Asset managers appear eager to capture investor demand for high-growth crypto ecosystems without requiring direct token ownership.
21Shares also stated that it plans to stake a significant portion of the HYPE held within the ETF, potentially allowing the fund to generate additional yield through network participation.
Although HYPE traded lower following the launch, analysts continue viewing Hyperliquid as one of the most closely watched emerging ecosystems in decentralized finance.
