VanEck Plans Spot ETF and ETP for Hyperliquid With $500 Million Target

Key Highlights

• VanEck plans US ETF and European ETP for Hyperliquid.
• $500 million targeted for investment and token buybacks.
• ETFs aim to boost investor access to HYPE tokens.

VanEck Moves to Expand Hyperliquid Access

Investment firm VanEck is preparing to launch a spot ETF based on Hyperliquid (HYPE) in the United States and an exchange-traded product (ETP) in Europe, according to company insiders. Hyperliquid has become a major focus for VanEck’s liquid asset fund this year, reflecting growing investor interest in the layer-one blockchain.

Strategic Plans and Market Potential

VanEck executives are considering allocating part of the profits from their investment products to support HYPE token buybacks. Hyperliquid already channels most of its platform revenue to buyouts, and VanEck aims to complement this by providing additional demand through its products.

Hyperliquid, launched in 2023, powers a leading perpetual futures exchange and has led all blockchains in network revenue for four consecutive weeks. VanEck’s digital asset product director highlighted that HYPE shows strong investor demand and remains unlisted on major US exchanges, making it an attractive candidate for an ETF.

Regulatory Context

ETF and ETP launches are subject to regulatory approval. In Europe, 21Shares launched a Hyperliquid ETP in August 2025, while in the US, the SEC continues reviewing multiple crypto fund applications, including those for XRP and Solana. VanEck has previously filed for ETFs for AVAX, SOL, JitoSOL, and BNB, following a “first in line” strategy with Solana and Ethereum ETFs.

Meanwhile, competition for the USDH stablecoin linked to Hyperliquid is intensifying. One contender, Agora, is co-founded by Nick van Eck, son of VanEck CEO Jan van Eck. VanEck clarified that its ETF and ETP plans are entirely independent of USDH competition, focusing solely on expanding investor access to HYPE tokens.

At the time of writing, the VanEck Solana Trust (VSOL) ETF is listed by the Depository Trust & Clearing Corporation, signaling potential imminent approval for VanEck’s crypto products.