TL;DR
- 21Shares filed an application with the US SEC to create the first Hyperliquid ETF.
- The application coincides with more than 20 crypto ETF filings made during the month of October.
- The first Litecoin and Hedera spot ETFs officially began trading on October 28.
21Shares submitted an S-1 registration statement to the U.S. Securities and Exchange Commission. The filing date was October 29, 2025. This action proposes the creation of the 21Shares Hyperliquid ETF. The fund would provide investors with a regulated path to gain exposure to the Hyperliquid decentralized exchange and its native token, $HYPE.
This filing occurs alongside other ETF applications. Firms including REX Shares and Osprey Funds have collectively put forward more than twenty crypto-related ETF filings in October. These proposals target various digital asset groups and specialized strategies.
DeFi Metrics Show Positive Momentum
The proposed ETF focuses on Hyperliquid, a DEX known for its trading infrastructure. The exchange handles a substantial volume of derivative trades. Data from firms like RR2 Capital shows Hyperliquid offers a liquidity provider vault APR of 160 percent. This figure surpasses the returns available on several competing perpetual decentralized exchanges.
Wider decentralized finance data also shows strengthening conditions. Thirteen different blockchain networks now each hold more than one billion dollars in total value locked. Nine of these recorded growth over the most recent seven-day period.
Hyperliquid’s total value locked increased by 10.9 percent during that week. This growth rate leads other major platforms and suggests a returning confidence in the DeFi sector, as capital flows back into its infrastructure.
In a separate development, the first U.S. spot ETFs for Litecoin and Hedera began trading on October 28. These events indicate a widening acceptance of cryptocurrency investment vehicles under regulatory oversight.
