21Shares to List Spot Hyperliquid ETF (THYP) on Nasdaq May 12
21Shares announced that its spot Hyperliquid ETF, THYP, will begin trading on Nasdaq on May 12. The fund provides brokerage clients with regulated exposure to Hyperliquid's native token HYPE, the fuel for its decentralized perpetuals exchange. Structured as a grantor trust rather than a 1940 Act fund, THYP can stake up to 100% of its HYPE holdings through Figment Inc., generating yield while tracking the FTSE Hyperliquid Index. Staking rewards are split roughly 70/30 between the trust and provider. The fund charges a 0.30% annual sponsor fee paid in HYPE. Custody is handled by Anchorage Digital Bank and BitGo Bank & Trust, both using cold storage backed by up to $350 million in joint insurance. The prospectus warns of high risks: HYPE's annualized volatility exceeds 126%, staking lockup periods range from 1 to 7 days, and validator penalties could impact returns. The product is unsuitable for investors who cannot afford total loss. THYP enters a competitive race alongside Bitwise's BHYP and Grayscale's GHYP. 21Shares already offers a 2x leveraged HYPE ETF (TXXH), which launched April 30. The listing follows significant growth in Hyperliquid's perpetual trading volume, and early flows will signal institutional appetite.
Key facts
- THYP launches May 12 on Nasdaq, offering regulated HYPE exposure via a grantor trust.
- Up to 100% of HYPE holdings can be staked via Figment for yield; 70% rewards to trust.
- Custody by Anchorage and BitGo, cold storage with $350M joint insurance.
- Prospectus warns of >126% volatility, staking lockups, and possible total loss.
- Competing spot HYPE ETFs from Bitwise (BHYP) and Grayscale (GHYP) are pending.