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The filing, which marks the first institutional-grade product offering exposure to the Hyperliquid protocol, comes as Grayscale, Bitwise, and Canary Capital launched ETFs this week linked to a slew of cryptocurrencies, including Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
21Shares Submits Proposal To List HYPE ETF
21Shares has sought regulatory approval to launch a HYPE ETF, a week after the ETF issuer agreed to be acquired by crypto prime broker FalconX.
The firm submitted a Form S-1 registration statement for the 21Shares Hyperliquid ETF with the SEC. 21Shares did not disclose the ticker symbol for the product. 21Shares US LLC is listed as the ETF’s sponsor, while Coinbase Custody Trust Company, LLC, and BitGO Trust Company, Inc. will act as the custodians for its holdings.
HYPE, the native token of the Hyperliquid network, is the sixth-largest crypto by market cap, according to crypto data provider CoinGecko. The token’s price has soared over 15 times over the last 12 months.
 
Established in 2018, 21Shares has a track record of introducing regulated crypto products, including the first physically backed crypto ETP. It offers spot Bitcoin and Ether exchange-traded funds (ETFs) in the US, alongside a suite of crypto ETPs in Europe, ranging from single-asset products like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
As previously reported by ZyCrypto, FalconX plans to combine 21shares’ expertise in crypto ETFs and its brokerage platform to advance the adoption of derivative-focused and structured crypto funds.
Last month, the SEC paved the way for various spot crypto ETFs with new listing standards. However, the SEC’s regulatory greenlight for dozens of crypto ETF filings on its desk is still pending as the agency continues to function under its shutdown plan, which has significantly limited what staff can work, as many are furloughed.