The 21Shares Hyperliquid ETF (THYP) is a proposed spot exchange-traded fund sponsored by 21Shares US LLC. Structured as a Delaware statutory trust, the fund is designed to track the price of HYPE tokens using the FTSE Hyperliquid Index as its pricing benchmark and is anticipated to list on the Nasdaq Stock Market. The sponsor also plans to stake a portion of the trust's HYPE holdings through third-party staking service providers, subject to regulatory and tax considerations.

Hyperliquid is a Layer 1 blockchain built specifically for decentralized finance, best known for its on-chain perpetual futures exchange. HYPE is the network's native digital asset, used for transaction fees, staking, and governance. The platform has processed over $3 trillion in cumulative trading volume and is among the highest-revenue-generating protocols in cryptocurrency, attracting significant institutional interest as multiple asset managers pursue HYPE-linked ETF products.

The trust is not registered under the Investment Company Act of 1940 and investors will not receive protections afforded to registered investment companies. The sponsor fee has not yet been disclosed. Anchorage Digital Bank N.A. and BitGo Bank & Trust, N.A. serve as the trust's HYPE custodians, with assets held primarily in cold storage. As with all digital asset investments, the fund carries significant risk including price volatility, evolving regulatory conditions, and uncertainties around staking rewards.