- 21Shares pushes Hyperliquid ETF forward with Nasdaq listing plans emerging
- Updated filing reveals staking strategy and growing competition among issuers
- Hyperliquid ETF race intensifies as firms refine structure and fees
21Shares is moving closer to launching a Hyperliquid-based exchange-traded fund, with its latest regulatory filing revealing clearer plans for a Nasdaq listing and a more defined product structure. The development reflects how asset managers are increasingly targeting niche crypto ecosystems, while also adapting their proposals to meet evolving regulatory expectations in the United States.
According to the amended S-1 filing, the proposed ETF is expected to trade under the ticker THYP on Nasdaq, which places the exchange at the center of the product’s rollout strategy and signals a strong push toward institutional accessibility. Moreover, the continued updates to the filing suggest that discussions with the U.S. Securities and Exchange Commission remain active, indicating steady progress rather than a stalled application process.
In addition to outlining listing plans, the filing provides insight into the fund’s early seeding activity, which is a critical step in preparing for eventual market entry and ensuring liquidity at launch. 21Shares US LLC initially purchased two seed shares at $50 each in March, before redeeming them shortly afterward as part of routine structuring adjustments. This process typically allows issuers to refine operational mechanics before scaling up the fund.
Furthermore, the firm plans to expand this effort through a larger seed creation, as it intends to acquire 20,000 shares at $25 each to form an initial basket that will be used to gain exposure to HYPE tokens ahead of trading. However, the absence of a disclosed sponsor fee in the filing introduces some uncertainty, especially as investors often rely on fee transparency when comparing competing ETF products.
Also Read: TeraWulf Stock Drops After $900M Share Sale and Mixed Q1 Results Update
Nasdaq Listing Strategy Gains Momentum as Staking Model Takes Shape
Alongside its listing ambitions, 21Shares is incorporating a staking component into the ETF structure, which could set it apart from more traditional spot crypto funds that do not actively generate yield from underlying assets. The filing indicates that the trust may allocate between 30% and 70% of its HYPE holdings to staking, depending on utilization trends and broader market conditions. This flexible approach suggests that the fund could adjust its strategy over time to balance risk, liquidity, and return potential.
At the same time, competition in the Hyperliquid ETF space is becoming increasingly pronounced, as other asset managers are advancing similar proposals in parallel with 21Shares. Bitwise has recently updated its own filing and disclosed a 0.67% management fee, which provides a clearer benchmark for how pricing may evolve across competing products. Meanwhile, Grayscale has also submitted an application, further underscoring the growing institutional interest in derivatives-focused blockchain platforms.
Market performance remains an important backdrop for these developments, as HYPE recently traded near $43.52 while experiencing a modest daily decline, reflecting short-term volatility that could influence investor sentiment. Even so, the token continues to rank among the top digital assets by market capitalization, reinforcing its relevance as a potential underlying asset for regulated investment vehicles.
Overall, 21Shares appears to be refining both its Nasdaq listing strategy and ETF structure, as it navigates regulatory review and intensifying competition in the race to launch a Hyperliquid-based investment product.
Also Read: Bitcoin Enters Late-Cycle Zone as Key Indicators Signal Rising Risk
