21Shares Launches First Hyperliquid-Based ETF

21Shares launches Nasdaq ETF for Hyperliquid token access.

21Shares has introduced an exchange-traded fund on Nasdaq under the ticker THYP, offering access to the native token of Hyperliquid without direct asset purchase and includes staking rewards distribution.

Simultaneously, the company unveiled a leveraged fund, the 2x Long HYPE ETF (TXXH).

On its first trading day, THYP saw a trading volume of $1.8 million. Bloomberg analyst James Seyffart described this as “very solid” for a niche product.

Okay, $THYP finished the day at $1.8 million in trading. Very very solid day and better than your average ETF launch for sure but nothing too crazy. Expecting @Bitwise‘s Hyperliquid ETF to be the next launch.

Hyperliquid https://t.co/4RWzMBJT2D pic.twitter.com/fg3Nm5cV15

— James Seyffart (@JSeyff) May 12, 2026

For comparison, the debut spot ETFs based on XRP and Solana once attracted $58 million and $57 million, respectively.

Seyffart predicts that Bitwise will be the next to launch a similar product. The company has already launched a staking ETP on Hyperliquid on Germany’s Deutsche Börse Xetra. Grayscale has also announced plans to release an instrument based on HYPE.

At the time of writing, the price of HYPE had fallen by 3% to $40.05.

Bitcoin and Ethereum ETFs

On May 12, outflows from spot bitcoin ETFs in the US totaled $233.25 million. This negative trend resumed after a brief inflow on the previous trading day.

The leader in outflows was Fidelity’s FBTC fund, which lost $86.13 million. The only fund with a positive result was Morgan Stanley’s MSBT, with an inflow of $6.02 million. 

From US spot exchange-traded funds based on Ethereum, $130.62 million was withdrawn.

Investors withdrew $102.04 million from BlackRock’s ETHA. The only fund with positive dynamics was ETHB (+$11.75 million).

In March, investment bank Morgan Stanley, with assets of $1.9 trillion, filed an application to launch a spot bitcoin ETF. 

In the same month, trading began on Nasdaq for an income fund based on Ethereum from BlackRock.