21shares Debuts THYP ETF on Nasdaq With $1.8M Volume

21shares launched the 21shares Hyperliquid ETF (Nasdaq: THYP) on May 12 to give U.S. investors spot exposure to HYPE with integrated staking rewards. The ETF reported $1.8 million in first‑day trading volume and about $1.2 million in net inflows, and the issuer listed a 0.3% management fee. The firm introduced a leveraged companion product, the 21shares 2x Long HYPE ETF (Nasdaq: TXXH).

THYP has a May 4 inception date and is structured as a 33‑Act spot exchange‑traded product. The fund will hold spot HYPE tokens and may stake a portion of its holdings to generate rewards that the trust would distribute to shareholders. Distribution dates published by 21shares show expected quarterly staking payments beginning June 30, with additional payable dates on Sept. 30 and Dec. 30. THYP shares trade on the open market at market prices rather than at net asset value, and individual shares are not directly redeemable with the trust.

TXXH began trading with an April 30 inception date. It is organized as a 40‑Act exchange‑traded fund, offers daily 2x leveraged exposure to HYPE and carries a 1.89% management fee. Product documents warn that TXXH’s daily leverage reset can amplify losses over time and may make it unsuitable for long‑term buy‑and‑hold investors.

Offering documents identify staking risks tied to THYP’s structure, including lock‑up periods, unbonding intervals and possible slashing penalties if a validator fails to perform or engages in misconduct. The issuer cautioned that staking rewards would accrue to the trust but are not guaranteed. The issuer noted that THYP shares may trade at prices that deviate from the underlying token’s net asset value, which can create basis risk for investors.

The firm provided metrics for the Hyperliquid protocol, saying it processes roughly $8 billion in daily trading volume and accounts for more than 50% of decentralized exchange perpetual open interest. 21shares reported the protocol generates over $56 million in monthly trading fees, with more than 95% allocated to daily open‑market HYPE buybacks. Token allocation details cited by the issuer show more than 76% of HYPE tokens are allocated to the community while team tokens remain locked until 2028.

Andres Valencia, EVP of Investment Management at 21shares, referenced the firm’s earlier Hyperliquid product in Europe and described the protocol as a global liquidity hub for decentralized derivatives: “Having pioneered the first Hyperliquid exchange‑traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives.” The issuer noted THYP carried the lowest management fee for a Hyperliquid ETF as of May 12.

Offering documents highlight regulatory and structural differences between the two funds. THYP’s 33‑Act ETP structure does not provide the same investor protections as registered funds, while TXXH’s 40‑Act structure is subject to additional oversight requirements. Investors should consider market‑price trading mechanics, staking uncertainties and the lack of individual share redemption when evaluating THYP, and the daily reset mechanism when evaluating leveraged exposure through TXXH.