- 21Shares updates SEC filing for Hyperliquid ETF with Nasdaq listing plan under THYP
- Fund may stake 30%–70% of HYPE holdings, linking yield to network activity
- Bitwise and Grayscale also pursue competing Hyperliquid ETF products
21Shares advanced its effort to bring a Hyperliquid-linked exchange-traded fund to Nasdaq, following a second amended registration filed with US regulators. The updated submission outlines progress toward a spot product tied to the HYPE token. It also reflects continued revisions made during ongoing discussions with the Securities and Exchange Commission.
ETF Structure and Listing Plans
The filing confirms plans to list the product on Nasdaq under the ticker THYP. It marks a step forward in structuring regulated exposure to Hyperliquid’s ecosystem. The document shows continued adjustments to meet listing and disclosure requirements.
The sponsor, 21Shares US LLC, completed early seed positioning through small share purchases in March. These shares were later redeemed as part of internal setup processes. The firm also outlined a larger creation basket intended to secure initial HYPE exposure before launch.
No management fee was disclosed in the updated filing, leaving cost details unresolved. The structure continues to evolve as regulatory review progresses. Each amendment reflects refinements to operational and financial design.
Staking Design and Token Allocation
The proposed fund includes a staking mechanism for a portion of its HYPE holdings. Allocation is expected to range between 30% and 70%, depending on network conditions. This design links yield generation to protocol participation.
Staking levels may shift based on utilization patterns within the Hyperliquid network. The structure aims to balance liquidity needs with reward generation. It connects fund performance directly to onchain activity.
21Shares files second amendment to Hyperliquid ETF filing, seeks Nasdaq listing under THYP https://t.co/UYf8iTiuvz
— The Block (@TheBlockCo) April 15, 2026
This approach places the ETF within a broader trend of yield-enabled crypto products. It also integrates decentralized infrastructure returns into a regulated wrapper. The model reflects growing experimentation with staking-based fund design.
Competitive ETF Pipeline Expands
Other asset managers are also moving forward with similar products tied to Hyperliquid. Bitwise has submitted an updated filing for a competing ETF under the BHYP ticker. Grayscale has also entered the race with its own application.
Each proposal targets exposure to the same underlying HYPE token market. Differences appear in fee structures, timing, and listing strategies. The filings indicate rising institutional interest in on-chain derivatives platforms.
Regulatory review remains ongoing as issuers refine their applications. Multiple amendments suggest a staged approval process. The sector continues to develop as new ETF structures compete for market entry.
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Source: https://www.livebitcoinnews.com/21shares-seeks-nasdaq-listing-for-hyperliquid-etf-under-thyp/