Crypto asset manager 21Shares’ Hyperliquid ETF (THYP) launched Tuesday, debuting with promising trading volumes, according to Bloomberg ETF Analyst James Seyffart.
The fund is the first of its kind to begin trading. Investors buying shares in the instrument gain exposure to the (HYPE) token without having to own the cryptocurrency itself. Hyperliquid is the largest onchain perps DEX.
“THYP finished the day at $1.8 million in trading. Very, very solid day and better than your average ETF launch for sure but nothing too crazy,” Seyffart posted to X.
For some context on altcoin ETF debuts, the first-ever spot XRP ETF generated $58 million in day-one trading volume last November, which itself bested Bitwise’s first-to-market Solana ETF ($57 million).
Seyffart predicts Bitwise’s Hyperliquid exchange-traded fund will launch next. Bitwise was the first firm to seek approval to launch a HYPE-based fund in the U.S.
Last month, Bitwise filed a second amendment to its proposed spot Hyperliquid ETF, expanding the list of approved trading counterparties and locking in remaining operational details ahead of the fund’s launch. The firm has already launched a European Hyperliquid Staking ETP on Deutsche Börse Xetra. Grayscale is also seeking a HYPE fund.
21Shares has also said it plans to stake a significant share of its HYPE holdings.
HYPE was down about 4%, changing hands at $40.31 as of 5:53 p.m. ET, according to The Block Price Page.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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