The new instrument from 21Shares hit the market on May 12. Here is how the first day of trading went.
21Shares listed the first US exchange-traded fund based on the Hyperliquid token (HYPE▲$75.03) on Nasdaq on May 12, under the ticker THYP. On the first day of trading, volume reached $1.8 million, with net inflows of $1.2 million.
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Bloomberg Intelligence analyst James Seyffart called the result “very solid” for a niche product.
How THYP Works
THYP provides investors with direct exposure to the native token of the Hyperliquid decentralized exchange (DEX) without the need to directly purchase and hold HYPE. The fund also includes staking reward distributions.
Custodians are Anchorage Digital Bank and BitGo Bank & Trust. The staking provider is Figment Inc. The management fee is 0.3%.
At the same time, 21Shares launched a leveraged product, the 2x Long HYPE ETF, under the ticker TXXH.
For comparison, the debut spot ETFs on XRP▼$1.20 and Solana attracted $58M and $57M respectively on their first trading days.
Read more: Hyperliquid HYPE current price May 2026 and year forecast
Sector Outlook
Seyffart expects Bitwise to be next to launch a similar HYPE product. Bitwise has already listed a staking ETP on Hyperliquid on the Deutsche Börse Xetra. Grayscale and other companies have also filed applications.
At the time of publication, HYPE’s price had fallen 4%, trading around $39.
Market Context
The launch of THYP comes amid a recovery in investor interest in altcoin ETFs after a period of outflows. Earlier in May, spot bitcoin ETFs showed mixed dynamics with a predominance of inflows, while Ethereum ETFs posted more volatile results.
Experts note that the emergence of regulated instruments based on promising DeFi projects like Hyperliquid could attract additional institutional capital and further develop the segment.
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