21Shares files second amendment to Hyperliquid ETF filing, seeks Nasdaq listing under THYP

Crypto asset manager 21Shares filed its second amended S-1 registration for its Hyperliquid exchange-traded fund with the Securities and Exchange Commission on Tuesday.

The amendment indicates the firm's active communication with the SEC, signaling progress toward launching what could be the first spot ETF based on Hyperliquid's HYPE token.

Tuesday's filing shows that the ETF is expected to list on the Nasdaq under the ticker symbol "THYP." 

It also revealed that 21Shares US LLC, the fund's sponsor, purchased two seed shares at $50 each on March 18 and redeemed them the following week. The issuer plans to buy 20,000 shares from the trust at $25 per share as an initial seed creation basket to acquire HYPE before the listing. 

However, the amended S-1 filing did not disclose a sponsor fee for the fund.

Staking HYPE

The 21Shares Hyperliquid ETF also plans to stake a notable share of its HYPE holdings, according to the filing.

"Based on Utilization Rate analysis applied to historical data, the Trust generally intends to stake between 30% and 70% of the HYPE it holds, although the amount of HYPE that is staked may be lesser or greater from time to time," the filing said.

21Shares' HYPE ETF application, filed last October, is among several applications seeking to launch a product tracking the largest onchain perps DEX. 

Bitwise, which filed a proposal for its Bitwise Hyperliquid ETF last September, submitted a second amendment to its S-1 last Friday. Bitwise's fund is expected to trade under "BHYP" with a 0.67% annual management fee. Last month, Grayscale also filed an application to list its own HYPE ETF.

HYPE was trading at $43.52, down 3% in the past 24 hours as of 4:50 a.m. ET on Wednesday, according to The Block's crypto price page. It remains among the top 15 cryptocurrencies with a market capitalization of $10.4 billion.