Key Highlights
- 21Shares introduced the Hyperliquid ETF to Nasdaq markets, trading under THYP.
- First-day trading delivered $1.2 million in net inflows for the Hyperliquid ETF.
- Total trading volume reached $1.8 million during the initial session.
- Bloomberg analyst James Seyffart characterized the opening as stronger than typical ETF launches.
- The fund provides exposure to the spot price movement of the Hyperliquid HYPE token.
Crypto investment firm 21Shares debuted its Hyperliquid ETF on the Nasdaq exchange, attracting $1.2 million in net inflows. Trading activity for the new fund reached $1.8 million during the opening session.
According to Bloomberg analyst James Seyffart, the performance represented “very, very solid day and better than your average ETF launch for sure, but nothing too crazy.”
THYP makes promising entrance to US market
21Shares began trading the Hyperliquid ETF under ticker symbol THYP on Tuesday. The investment vehicle tracks the spot price movements of the Hyperliquid token. This digital asset connects to the Hyperliquid perpetual futures trading platform.
During the opening trading session, THYP accumulated $1.2 million in net inflows. Total trading activity for the fund reached $1.8 million. Seyffart noted the performance exceeded typical ETF introductions while maintaining realistic observations about the results.
Recent crypto ETF launches have demonstrated stronger initial performance in 2025. The Bitwise Solana Staking ETF gathered $56 million during its October introduction. The Canary XRP ETF pulled in $58 million when it launched in November.
Hyperliquid runs a perpetual futures trading platform that launched operations in 2023. The platform has facilitated over $8.4 trillion in cumulative trading volume. THYP provides price exposure to the token while operating without direct asset custody.
The Hyperliquid ETF charges investors a 0.3% management fee. This expense ratio sits below the 0.67% fee that Bitwise proposed for its alternative offering. Grayscale has yet to announce fee details for its pending product.
Additional HYPE products await regulatory clearance
Bitwise has submitted documentation for a Hyperliquid Staking ETF, designated with ticker BHYP. Seyffart anticipates that BHYP will receive the next approval. He provided this assessment while regulators examine current applications.
Grayscale maintains a pending application for its Grayscale HYPE ETF, proposed under ticker GHYP. The company has kept management fee information undisclosed for this offering. Both submissions seek to deliver exposure to the identical underlying digital asset.
The US Securities and Exchange Commission modified its framework for crypto ETFs in September. The regulatory body transitioned from individual case assessments to standardized listing criteria. This policy evolution simplified the approval process for spot crypto ETF applications.
Seyffart projected in December that numerous crypto exchange-traded products might shutter operations by 2027. He identified insufficient investor demand as the primary reason for potential closures. His analysis came before updated information regarding ETF longevity emerged.
A Bloomberg analysis from April revealed that average ETF lifespan dropped to 3.5 years in 2025. The comparable metric measured 4.66 years in 2024. Multiple ETFs ceased operations during early 2026, though none specialized in prominent cryptocurrency assets.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
