Asset manager 21Shares has filed to launch an exchange-traded fund (ETF) tied to the token powering Hyperliquid — a blockchain and perpetual futures protocol — as Wall Street’s appetite for alternative cryptocurrencies continues to grow.
According to a Wednesday filing with the U.S. Securities and Exchange Commission, the proposed 21Shares Hyperliquid ETF did not include a ticker symbol or management fee details. Coinbase Custody and BitGo Trust were listed as custodians.
The move comes shortly after Bitwise submitted a similar filing for a Hyperliquid (HYPE) ETF last month. The HYPE token provides trading fee discounts on the Hyperliquid decentralized exchange and serves as the native payment token for its blockchain. Its value has climbed steadily over the past year, reflecting the protocol’s rising usage.
The latest filings highlight U.S. investors’ growing demand for ETFs offering exposure to high-volatility altcoins and innovative features like staking.
Bitwise Solana Staking ETF Sees “Huge” Second-Day Volume
Meanwhile, the Bitwise Solana Staking ETF (BSOL) ended its second trading day on Wednesday with over $72 million in volume.
Bloomberg ETF analyst Eric Balchunas called the figure “a huge number” and “a good sign,” noting that most ETFs typically see trading activity fall sharply once the initial launch excitement fades.
The Bitwise Solana Staking ETF (BSOL) began trading on Tuesday, launching alongside Canary Capital’s Litecoin and Hedera ETFs. BSOL recorded $55.4 million in first-day trading volume, which Bloomberg ETF analyst Eric Balchunas described as the largest among all crypto ETF launches in 2025.
A day later, Grayscale Investments entered the competition with its own staking-enabled product — the Grayscale Solana Trust ETF (GSOL) — aiming to challenge Bitwise’s offering.
GSOL saw $4 million in trading volume on its debut, which Balchunas called “healthy but obviously short of BSOL.” Still, he noted that launching just one day later made the competition “really huge” and “so much harder.”
