21Shares has moved a step closer to launching a spot exchange-traded fund tied to Hyperliquid’s HYPE token, filing a second amended S-1 registration with the U.S. Securities and Exchange Commission (SEC) that designates a Nasdaq ticker and outlines staking plans for the fund.
Key details of the updated filing
The proposed 21Shares Hyperliquid ETF is expected to list on the Nasdaq Stock Market under the ticker “THYP,” according to the latest filing.
21Shares US LLC disclosed that it:
- bought two seed shares at $50 each on March 18
- redeemed those shares the following week
- plans to purchase 20,000 shares from the trust at $25 per share to form the initial seeding basket of HYPE prior to listing
The amendment does not specify a sponsor fee. Market analysts see the omission as likely tied to continuing discussions with the SEC, while the assignment of a ticker is viewed as a procedural milestone that typically precedes a potential launch.
If approved, THYP would be among the first U.S. spot products directly linked to the HYPE token.
Staking feature built into the trust
A notable element of the 21Shares proposal is its intention to stake part of the fund’s HYPE holdings to generate additional yield.
The filing states that:
- between 30% and 70% of the trust’s total HYPE may be staked
- the exact share will depend on market conditions and utilization
This structure aims to allow the fund to earn staking rewards on top of price exposure to HYPE.
Regulatory backdrop for staking
The inclusion of staking follows a March 17, 2026 joint clarification from the SEC and the Commodity Futures Trading Commission (CFTC), which stated that staking rewards are not, by themselves, securities transactions.
That guidance has opened the door for U.S. spot digital asset products to incorporate yield-generating mechanisms, a feature that was effectively off-limits in earlier fund structures.
Competitive filings and fee landscape
The race to list a Hyperliquid-linked product is intensifying:
- Bitwise Asset Management recently updated its own Hyperliquid ETF filing, disclosing an expected 0.67% annual management fee and a planned Nasdaq ticker “BHYP.”
- Grayscale has also filed for a similar HYPE-based fund, adding to competition in the space.
These rival applications are all designed to track the performance of Hyperliquid, an onchain perpetuals-focused decentralized exchange, and to appeal to traders seeking regulated exposure to its native token.
HYPE market performance and network activity
As of 4:50 a.m. ET on Wednesday, HYPE was trading at $43.52, down about 3% over the previous 24 hours. Despite the pullback, it remains among the 15 largest digital assets, with a market capitalization of roughly $10.4 billion.
Recent market data show:
- Hyperliquid network volume exceeded $193 billion over the past 30 days
- HYPE reached $44.38 on April 14, 2026, with a market value near $11.37 billion at that peak
These figures underscore the token’s liquidity and growing role in the derivatives-focused DeFi segment.
Notable trading activity
Market attention has also been drawn by large individual positions. BitMEX co-founder Arthur Hayes recently increased his exposure, purchasing 26,022 HYPE tokens worth around $1.1 million.
Such moves are being monitored as a gauge of sentiment around Hyperliquid and the likelihood that new regulated products could draw additional capital into the ecosystem.
What comes next
Regulators will now review the updated THYP filing alongside competing proposals. The SEC’s final decision is expected to hinge on factors such as:
- the depth and quality of HYPE’s spot and derivatives markets
- the robustness of Hyperliquid’s trading infrastructure
- the token’s resilience to potential manipulation
Approval would mark a significant expansion of the U.S. digital asset ETF universe, moving beyond the largest tokens and opening a new category of protocol-specific funds with embedded staking features.
Traders are watching for further amendments from 21Shares, Bitwise and Grayscale, as well as any additional guidance or public commentary from the SEC in the coming weeks.
Want to understand how traditional finance meets crypto? Explore our guide on ETFs and how they work today.
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