Crypto investment firm 21Shares filed an S-1 form on Wednesday, with the U.S. Securities and Exchange Commission (SEC) for a Hyperliquid ETF.
HYPE price jumped more than 2% in the last 24 hours, extending the weekly rally to 40%. The latest upside momentum is supported by multiple developments, including listing on Robinhood.
21Shares Files for Hyperliquid ETF
According to the latest US SEC filing on October 29, crypto firm 21Shares submitted Form S-1 for seeking regulatory approval for Hyperliquid ETF. This follows a registration of the ETF in Delaware.
As per the filing, the ETF is a passive investment vehicle that will generate returns only by tracking the spot price of HYPE.
This means the sponsor will not sell HYPE at highs or acquire HYPE at low prices in the expectation of future price increases.
Also, the 21Shares Hyperliquid ETF will not utilize leverage, derivatives, or any similar arrangements when meeting its investment objective.
21Shares US LLC is the sponsor, CSC Delaware Trust Company is the trustee of the Trust, and Coinbase Custody and BitGo Trust are the custodians.
21Shares Awaits Decision on 2x Leveraged HYPE ETF
21Shares earlier filed for a 2x leveraged HYPE ETF with the U.S SEC this October. This followed HYPE ETF filings by other issuers such as Bitwise and VanEck.
Bloomberg ETF analyst Eric Balchunas quoted the 21Shares filing as “so niche it might just win.” He highlighted the massive surge in thematic ETFs to the early booms in smart beta and currency-hedged products.
If approved, it would become the first U.S.-listed leveraged ETF to track a live DeFi protocol’s fee and perpetual market performance.
As The Coin Republic reported earlier, VanEck filed for a spot HYPE ETF in the U.S. and an ETP in Europe.
VanEck CEO Jan van Eck praised Hyperliquid’s technology, triggering speculation with the crypto community.
HYPE Price Continues to Rally
HYPE price jumped over 2% in the past 24 hours, expanding the weekly rally to almost 40%.
At the time of writing the price was trading at $48.58, with an intraday low and high of $46.31 and $49.41, respectively.
However, trading volume remained flat over the last 24 hours. This indicates cautious sentiment among traders ahead of the U.S. Federal Reserve interest rate decision today.
Meanwhile, CoinGlass data showed selling in the derivatives market in the last few hours. At the time of writing, the 4-hour total Hyperliquid (HYPE) futures open interest jumped more than 3% to $2.05 billion.
Also, HYPE futures open interest on Binance, OKX, and Bybit saw more than 1.50%, 2% and 5% in the last 24 hours, respectively.
The post 21Shares Files for Hyperliquid ETF, HYPE Price Sees 40% Weekly Gain appeared first on The Coin Republic.