Crypto asset manager 21Shares saw a strong debut for its first US-listed Hyperliquid exchange-traded fund, with the product recording $1.2 million in net inflows and $1.8 million in trading volume during its first day on Nasdaq.
Bloomberg ETF analyst James Seyffart described the launch as “very solid,” noting that the fund outperformed the average ETF debut even if it did not generate outsized trading activity.
The 21Shares Hyperliquid ETF still trailed some of the more high-profile crypto ETF launches seen recently. The Bitwise Solana Staking ETF drew roughly $56 million in opening-day volume in October, while the Canary XRP ETF posted $58 million during its November debut.
THYP is designed to track the spot price of Hyperliquid, the native token linked to the Hyperliquid perpetual futures platform, which has processed more than $8.4 trillion in trading volume since launching in 2023.
The launch of 21Shares Hyperliquid ETF adds to the growing list of altcoin-focused investment products reaching Wall Street as the US Securities and Exchange Commission takes a more flexible approach toward crypto ETFs.
In September, the SEC shifted away from reviewing spot crypto ETFs on a case-by-case basis and instead adopted broader “generic listing standards,” a move that significantly streamlined the approval process for digital asset funds.
THYP entered the market ahead of the Bitwise Hyperliquid Staking ETF, which Bloomberg ETF analyst James Seyffart believes could be the next Hyperliquid-related fund to secure SEC approval.
Meanwhile, Grayscale is still waiting for a regulatory decision on its proposed Grayscale HYPE ETF.
THYP charges a management fee of 0.3%, notably lower than the 0.67% fee proposed by Bitwise for its competing Hyperliquid ETF. Grayscale has not yet disclosed the fee structure for GHYP.
Seyffart also warned in December that many crypto exchange-traded products could disappear by the end of 2027 if investor demand weakens. His remarks came before a Bloomberg report published in April showed the average ETF lifespan shrinking from 4.66 years in 2024 to roughly 3.5 years in 2025.
A number of ETFs have already been shut down during the opening months of 2026, although none of the closures have involved major crypto-focused funds so far.
