Crypto asset manager 21Shares filed its second S-1 amendment for its proposed Hyperliquid ETF on Tuesday, showing the fund is expected to list on Nasdaq under the ticker THYP. It’s the latest sign that a regulated spot ETF tracking HYPE, the token/" data-term-title="Native Token" role="button" tabindex="0">native token of the Hyperliquid network, is getting closer.
Inside the 21Shares HYPE ETF: staking between 30% and 70%
Beyond the ticker, the amendment has one notable detail: the fund plans to stake a significant chunk of its HYPE. The trust “generally intends to stake between 30% and 70% of the HYPE it holds,” according to the filing, though the actual amount can vary.
That separates THYP from a standard spot crypto ETF. Most of these funds simply hold the underlying asset. This one would put the HYPE to work on the network, generating yield passed back to shareholders. The upside is clear. But staking adds real complexity: validators, slashing risk, and on-chain mechanics all become part of the fund’s risk profile, and the SEC will need to decide whether it accepts that.
The filing also disclosed that 21Shares US LLC bought two seed shares at $50 each in March and redeemed them the following week. The issuer plans to seed the trust with 20,000 shares at $25 a share before listing. One thing the filing doesn’t include: a sponsor fee. Bitwise has already disclosed a 0.67% annual fee for its competing BHYP fund. 21Shares has not.
Hyperliquid ETF race: 21Shares, Bitwise, and Grayscale all filing
21Shares is not the only one pushing for a HYPE ETF. Bitwise filed its own S-1 last September and submitted a second amendment last Friday, setting its ticker and fee. Grayscale filed more recently. Three serious asset managers now have active filings before the SEC — which, during the Bitcoin ETF race, was roughly where approval started feeling real.
The Bitcoin comparison only goes so far. HYPE is a governance and staking token for a decentralized derivatives exchange. It has genuine trading volume, but it also carries regulatory complexity Bitcoin never had: it’s a live, yield-bearing network. The staking component is especially new territory for a spot ETF filing. The SEC may not treat it the same way it treated passive Bitcoin exposure.
Still, three competing filings in quick succession says something. These firms don’t file second amendments on products they think are going nowhere.
