According to Bloomberg ETF analyst James Seyffart, the highly liquid ETF (THYP) from crypto asset manager 21Shares launched on Tuesday and performed well on its first day of trading.
This fund is the first of its kind to begin trading. Investors who purchase shares in this fund gain exposure to the (HYPE) token without needing to hold the cryptocurrency itself. Hyperliquid is the largest on-chain perpetuals decentralized exchange (DEX).
"THYP's closing trading volume for the day was $1.8 million. A very solid day, certainly better than a typical ETF launch, but nothing particularly outstanding," Seyffart said. Posted to X.
Regarding some background information, the first spot XRP ETF has been officially launched, generating $58 million in revenue. In November last year, the ETF’s first-day trading volume surpassed that of Bitwise’s first Solana ETF, which reached $57 million.
Seyffart predicts that Bitwise's Hyperliquid Exchange-Traded Fund (HYPE) will follow shortly. Bitwise is the first company seeking to launch a HYPE-based fund in the United States.
Last month, Bitwise submitted a second amendment to advance its proposed spot hyper-liquid ETF, expanding its approved counterparty list and finalizing remaining operational details prior to the fund’s launch. The company previously launched a European hyper-liquid staking ETP on the Deutsche Börse Xetra platform. Grayscale is also seeking a hype fund.
21Shares also stated that it plans to stake a significant portion of its HYPE shares.
As of 5:53 p.m. Eastern Time, HYPE shares are down approximately 4%, trading at $40.31.Block price page.