21shares launched THYP to give U.S. investors spot exposure to $HYPE with integrated staking rewards. The ETF recorded $1.8 million in first-day trading volume, while a leveraged companion product also entered the market.
Key Takeaways:
- THYP launched with spot $HYPE exposure, staking rewards, and $1.8 million in trading volume.
- Investors face staking risks, market-price trading, and no direct individual share redemption.
- TXXH’s daily leverage reset may amplify losses over time.
Hyperliquid ETF Debut Puts THYP in Focus
Asset management firm 21shares announced on May 12 the launch of the 21shares Hyperliquid ETF (Nasdaq: THYP), offering U.S. investors spot exposure to $HYPE and integrated staking rewards. The issuer also introduced the 21shares 2x Long $HYPE ETF (Nasdaq: TXXH) on the same day as a leveraged companion product.
First-day trading details posted on X by 21shares US showed THYP recorded $1.8 million in trading volume and about $1.2 million in net inflows. The post also listed a 0.3% management fee and described THYP as having the lowest management fee for a Hyperliquid ETF as of May 12. THYP trades on Nasdaq with the ISIN US90137V1089 and a May 4 inception date. TXXH was introduced alongside THYP and carries a separate 1.89% management fee, with an April 30 inception date.
The company stated:
“The funds are the first U.S. ETFs designed to provide investors with exposure to $HYPE, the native token of Hyperliquid, a next-generation decentralized exchange ( DEX) that has emerged as a significant liquidity hub for 24/7 on-chain trading infrastructure.”
Distribution schedules released for THYP show expected quarterly staking reward payments beginning June 30. Additional payable dates are listed for Sept. 30 and Dec. 30. THYP is structured as a 33-Act spot exchange-traded product and does not carry the same investor protections as registered funds. TXXH operates as a 40-Act exchange-traded fund with additional oversight requirements.
Staking Rewards and Risk Disclosures Define THYP
Product materials said THYP may stake part of its holdings to generate rewards. That structure introduces risks tied to lock-up periods, unbonding periods and possible slashing penalties if a validator fails to perform or engages in misconduct. Staking rewards are paid to the trust and are not guaranteed. THYP shares trade at market prices instead of net asset value and are not individually redeemable directly with the fund.
Hyperliquid processes roughly $8 billion in daily volume and commands more than 50% of decentralized exchange perpetual open interest, based on data cited by 21shares. The issuer also cited more than $56 million in monthly trading fees and said more than 95% goes toward daily open-market $HYPE buybacks. More than 76% of tokens are allocated to the community, while team tokens are locked until 2028.
Andres Valencia, EVP, Investment Management at 21shares, said:
“Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives.”
