The 21Shares Hyperliquid ETF debuted on Nasdaq with $1.2M in inflows and $1.8M in first-day trading volume.
Hyperliquid News
The 21Shares Hyperliquid ETF (THYP) launched on #Nasdaq on May 12, drawing $1.2 million in net inflows and $1.8 million in trading volume on its first day. Bloomberg analyst James Seyffart described the debut as "very very solid" and better than the average ETF launch, though he noted it was not unusually large.
THYP seeks to track the spot price of the Hyperliquid (HYPE) token, which is tied to the perpetual futures platform of the same name. The platform has facilitated over $8.4 trillion in trading volume since launching in 2023, according to data from Dune Analytics.
The debut volume was a fraction of earlier altcoin ETF launches. The Bitwise Solana Staking ETF (BSOL) attracted $56 million on its opening day in late October, while the Canary XRP ETF (XRPC) brought in $58 million when it launched in November.
THYP carries a 0.3% management fee, below the 0.67% fee proposed by Bitwise for its own Hyperliquid ETF, BHYP, which Seyffart said is next in line for SEC approval. Grayscale is also awaiting a decision on its Grayscale HYPE ETF (GHYP) and has not yet set a fee for the product.
The launch adds to a growing number of altcoins packaged into funds available on Wall Street. In September, the #SEC moved away from case-by-case reviews of spot crypto ETFs in favor of generic listing standards, making the approval process more accessible.
Seyffart had cautioned in December that many crypto exchange-traded products could be liquidated by the end of 2027 due to insufficient demand. A Bloomberg report from April found that the average lifespan of ETFs fell from 4.66 years in 2024 to approximately 3.5 years in 2025. Dozens of ETFs have been liquidated in the first months of 2026, though none were notable crypto ETFs.
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