21Shares said it will list its spot Hyperliquid ETF, THYP, on Nasdaq on May 12. The product gives brokerage clients regulated exposure to the native token of the Hyperliquid perpetuals trading network.
The fund is structured as a grantor trust, not a 1940 Act fund. That setup lets the sponsor stake held HYPE for yield while keeping passive price exposure.
21Shares To Launch Spot Hyperliquid ETF on Nasdaq With Built-In Staking
21Shares charges a 0.30% annual sponsor fee, paid in HYPE. Custody sits with Anchorage Digital Bank and BitGo Bank & Trust. Both providers use cold storage backed by up to $350 million in joint theft and fraud insurance.
The trust may stake between 30% and 70% of its HYPE holdings through Figment Inc. The sponsor has discretion to push that share as high as 100%.
Staking rewards are split roughly 70% to the trust and 30% to the provider.
In-kind creation and redemption baskets run in lots of 10,000 shares and are limited to authorized participants. The fund tracks the FTSE Hyperliquid Index as its pricing benchmark.
Hyperliquid’s HYPE token surged on the news, and was trading for $42.071 as of this writing.
Risks and the spot HYPE ETF race
The prospectus carries strong risk language. It warns that THYP is unsuitable for investors who cannot afford a total loss, citing HYPE’s annualized volatility above 126%.
Validator jailing penalties, staking lockups of one to seven days, and redemption delays are also flagged in the filing.
21Shares already runs a 2x leveraged HYPE product, TXXH, which began trading on April 30. Rivals Bitwise and Grayscale have filed competing spot HYPE ETFs under the tickers BHYP and GHYP.
The launch follows months of growth in Hyperliquid’s perpetuals volume. Early flows into THYP will signal how traditional investors price the venue.