TL;DR:
- 21Shares filed its second S-1 amendment for a Hyperliquid spot ETF and seeks to list on Nasdaq under the ticker THYP.
- The fund plans to allocate between 30% and 70% of its HYPE holdings to staking, according to the document filed with the SEC.
- Bitwise and Grayscale also have active applications for HYPE ETFs, whose market cap stands at around $10.4 billion.
21Shares filed with the U.S. Securities and Exchange Commission (SEC) the second amendment to its S-1 registration for an exchange-traded fund (ETF) based on Hyperliquid’s HYPE token. The document confirms that the product aims to list on the Nasdaq Stock Market under the ticker “THYP” and represents the most concrete step so far toward what could become the first spot ETF on this asset.
The amendment details that 21Shares US LLC, the fund’s sponsor, acquired two seed participations at $50 each on March 18 and redeemed them the following week. The issuer plans to purchase 20,000 shares of the trust at $25 per unit as an initial creation basket, with the goal of accumulating HYPE ahead of launch. The document does not yet disclose the fund’s sponsorship fee.
21Shares Targets Staking to Stand Out
Among the most notable elements of the filing is the intention to allocate a significant portion of HYPE holdings to staking. According to the text, the trust “generally plans to stake between 30% and 70% of the HYPE it holds, although the amount may be lower or higher at different times,” based on a utilization rate analysis applied to historical data. This strategy incorporates an additional yield source that differentiates 21Shares’ product from other conventional spot ETFs.
The Race for the First HYPE ETF
21Shares is not the only competitor in this race. Bitwise, which filed its application last September, submitted its own second S-1 amendment the previous Friday. Its fund would list under the ticker “BHYP” with an annual management fee of 0.67%. Meanwhile, Grayscale also submitted an application last month to list an ETF on HYPE. The accumulation of simultaneous filings with the SEC makes clear that there is strong institutional interest in Hyperliquid, the largest decentralized perpetual derivatives platform by onchain volume.
HYPE is currently trading around $43.52, down 3% over the past 24 hours. The token remains among the top 15 cryptocurrencies by market capitalization, with a total value of $10.4 billion.
