21Shares Launches First U.S. Spot Hyperliquid ETF

21Shares has launched the first U.S.-listed spot exchange-traded fund tied to the Hyperliquid ecosystem, marking a major step in bringing decentralized trading infrastructure into mainstream financial markets.

Summary:

21Shares launches first U.S.-listed spot Hyperliquid ETF.
THYP includes staking rewards tied to HYPE holdings.
Hyperliquid expands into EVM apps and prediction markets.

The new fund, trading under the ticker THYP on Nasdaq, gives investors direct exposure to the Hyperliquid ecosystem and its native token, Hyperliquid. The launch comes during a period of rapid expansion for the network, which has emerged as one of the fastest-growing decentralized perpetual trading platforms in crypto.

ETF Launch Brings Hyperliquid to Traditional Markets

21Shares introduced two separate products on May 12 to target different investor profiles. The flagship 21Shares Hyperliquid ETF (THYP) offers spot exposure to HYPE with a 0.30% management fee and includes staking participation, allowing shareholders to benefit from yield generated through the network.

Alongside it, the company launched the 21Shares 2x Long Hyperliquid ETF (TXXH), a leveraged product designed for short-term traders seeking amplified exposure to price movements in the ecosystem.

The staking component distinguishes THYP from many earlier crypto ETFs. Instead of passively tracking the token price, the fund plans to distribute staking-related rewards to shareholders beginning in June 2026, creating a hybrid structure that combines capital appreciation with blockchain-native yield generation.

Industry analysts view the launch as another sign that asset managers are moving beyond Bitcoin and Ethereum products toward more specialized blockchain ecosystems tied to decentralized finance infrastructure.

HyperEVM Expands the Ecosystem

The ETF launch closely followed another major milestone for the network. On May 11, the Hyper Foundation officially launched HyperEVM mainnet, bringing Ethereum Virtual Machine compatibility to the Hyperliquid Layer 1 blockchain.

The upgrade allows developers to deploy ETH-based decentralized applications directly onto Hyperliquid, significantly broadening the network’s functionality beyond perpetual futures trading. HYPE now also functions as the native gas token for HyperEVM transactions, increasing its utility across the ecosystem.

Developers and investors have viewed EVM compatibility as a critical step in attracting broader adoption, particularly among projects already built within the Ethereum ecosystem.

The move positions Hyperliquid to compete more directly with other Layer 1 and Layer 2 networks seeking to attract decentralized finance applications, liquidity and institutional users.

Institutional Interest Continues to Grow

Hyperliquid has also expanded aggressively into prediction markets and institutional trading infrastructure over the past several weeks. The platform recently launched Bitcoin-linked prediction markets that reportedly generated trading volumes significantly above comparable offerings from competing platforms.

At the same time, institutional firms including FalconX and Ripple Prime have integrated Hyperliquid as a trading and liquidity venue, reinforcing growing institutional confidence in decentralized exchange infrastructure.

The ecosystem’s growth metrics remain among the strongest in decentralized finance. HYPE currently trades around $26.10, giving the token an approximate market capitalization of $8.8 billion. Hyperliquid’s decentralized perpetual exchange frequently records more than $8 billion in daily trading volume, often surpassing major rivals in the sector.

DeFi Infrastructure Moves Into Mainstream Finance

The launch of THYP reflects a broader trend in which traditional financial products increasingly incorporate blockchain-native mechanics such as staking, decentralized liquidity and tokenized infrastructure exposure.

Rather than offering exposure solely to cryptocurrency prices, newer ETFs are beginning to package entire onchain ecosystems into regulated investment vehicles. That shift allows traditional investors to participate in decentralized finance growth without directly managing wallets, custody or blockchain operations.

For Hyperliquid, the ETF launch represents another step toward institutional legitimacy as decentralized trading infrastructure continues competing with centralized exchanges and traditional derivatives venues.

As tokenized finance expands deeper into regulated markets, products like THYP suggest that Wall Street’s focus is shifting from simply holding crypto assets toward owning the infrastructure layers powering decentralized financial activity.

The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.

Author

Alexander Zdravkov

Reporter at CoinsPress

Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.