21Shares has introduced two new exchange-traded products tied to Hyperliquid’s native token HYPE, marking one of the earliest attempts to package exposure to a decentralized derivatives protocol within U.S. capital markets infrastructure. The launch includes the 21Shares Hyperliquid ETF (THYP), which tracks spot exposure with staking rewards, and the 21Shares 2x Long HYPE ETF (TXXH), a leveraged product designed for amplified returns.
The company confirmed both products began trading on Nasdaq, positioning them as the first U.S.-listed funds built around HYPE. The move follows earlier European listings and reflects a broader effort to extend decentralized finance exposure into regulated investment vehicles.
11 employees¹
— 21shares US (@21shares_us) May 12, 2026
$900+ million in profit¹
$35B valuation²
That’s @HyperliquidX.
Now in ETF form on @NasdaqExchange for the first time.
Introducing the 21shares Hyperliquid ETF:
- physically-backed by $HYPE
- staking enabled
- 0.30% management fee
- pricing backed by @FTSERussell… pic.twitter.com/7XvBGfUeGf
First-day activity and early market response
Initial trading data shared by 21Shares US showed THYP recorded about $1.8 million in first-day volume, alongside roughly $1.2 million in net inflows. The fund carries a 0.30% management fee, which the issuer described as the lowest among Hyperliquid-linked products at launch.
TXXH, the leveraged counterpart, launched with a higher 1.89% fee and an earlier inception date of April 30. THYP, by contrast, carries a May 4 inception date and trades under ISIN US90137V1089.
Data shared publicly by ETF analyst James Seyffart placed the debut above typical ETF launches in terms of early activity, although it remained below prior altcoin ETF debuts in the U.S. market. Previously cited figures showed opening-day volumes of about $58 million for the first XRP ETF and nearly $57 million for a Solana-based product.
Structure defines access and risk exposure
THYP operates as a 1933 Act spot exchange-traded product rather than a registered investment company under the Investment Company Act of 1940. This distinction limits investor protections compared to traditional ETFs, including the absence of oversight by an independent board.
TXXH follows a different structure. It is registered under the 1940 Act, which introduces additional regulatory safeguards and compliance requirements.
Product materials state:
"The funds are the first U.S. ETFs designed to provide investors with exposure to HYPE, the native token of Hyperliquid, a next-generation decentralized exchange ( DEX) that has emerged as a significant liquidity hub for 24/7 on-chain trading infrastructure."
THYP shares trade at market prices instead of net asset value and are not directly redeemable. The fund provides indirect exposure to HYPE rather than direct token ownership.
Staking rewards introduce yield and complexity
A central feature of THYP lies in its integration of staking. 21Shares plans to allocate a portion of the fund’s holdings to staking infrastructure, with rewards distributed to investors on a quarterly basis.
Scheduled payout dates begin June 30, followed by September 30 and December 30. These rewards depend on network conditions and validator performance, with risks tied to lock-up periods, unbonding delays, and potential slashing penalties.
The structure introduces a hybrid model that combines price exposure with yield generation, although returns remain variable and are not guaranteed.
Hyperliquid growth supports institutional interest
The ETF launch arrives as Hyperliquid continues to expand its footprint in decentralized derivatives markets. According to figures cited by 21Shares, the protocol processes roughly $8 billion in daily trading volume and holds more than 50% of decentralized exchange perpetual open interest.
Cumulative trading volume has exceeded $4 trillion since launch, while monthly fee generation stands above $56 million under current market conditions. The company stated that more than 95% of these fees go toward daily open-market buybacks of HYPE, though it noted that revenue depends on trading activity.
Token distribution also plays a role in long-term positioning. More than 76% of supply has been allocated to the community, while team allocations remain locked until 2028.
Andres Valencia, EVP of Investment Management at 21Shares, said:
"Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives."
Expanding ETF strategy across crypto networks
The Hyperliquid launch follows closely behind another product rollout from 21Shares. Earlier in May, the firm introduced the Canton Network ETF (TCAN), which tracks exposure to a separate blockchain ecosystem.
That announcement referenced participation from institutions such as Goldman Sachs, Microsoft, and Deutsche Bank in Canton-related activities, although 21Shares clarified that involvement does not imply endorsement.
The firm continues to position itself at the intersection of traditional finance and decentralized infrastructure, with a growing lineup of exchange-traded products tied to blockchain ecosystems.
For Hyperliquid, the Nasdaq listing introduces a new access point for investors who require regulated exposure. It also establishes a framework that combines custody, staking, and market access under a single financial product.
Roman Zaika
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