The primary US spot ETF monitoring Hyperliquid’s HYPE token began buying and selling on Nasdaq on Could 12, 2026.
The fund, ticker $THYP, comes from 21Shares and pulled in $1.8 million in buying and selling quantity and about $1.2 million in web inflows by the top of the primary day.
21Shares Launches First Spot Hyperliquid ETF
21Shares introduced the launch of THYP in posts revealed yesterday, describing the fund as bodily backed by HYPE tokens and able to staking a portion of its holdings. In response to the issuer, the ETF carries a 0.30% administration price, which it calls the bottom price for a Hyperliquid ETF as of Could 12.
Bloomberg analyst James Seyffart tracked the launch all through the buying and selling session. About two and a half hours after markets opened, he mentioned that THYP had already reached roughly $750,000 in buying and selling quantity. NovaDius Wealth president Nate Geraci additionally famous that there was a leveraged 2x model of it.
Later within the day, Seyffart described the ultimate $1.8 million determine as “a really strong day” for a brand new ETF launch, whereas including that it was “nothing too loopy.” For comparability, when Bitwise’s Solana staking ETF (BSOL) launched in October 2025, it recorded $56 million in first-day quantity, one of the best ETF debut of that 12 months.
Extra not too long ago, Morgan Stanley’s Bitcoin ETF (MSBT) pulled in $34 million on its first day again in April 2026, placing THYP’s $1.8 million in a unique territory solely, though the fund is monitoring a considerably smaller and fewer broadly held asset.
Danger Warning
The ETF offers conventional buyers publicity to Hyperliquid’s HYPE token via brokerage accounts with out immediately holding the asset. Nonetheless, 21Shares included repeated warnings in its prospectus and promotional materials that THYP is just not a direct funding in HYPE and carries heightened volatility dangers.
The agency additionally famous that staking introduces dangers tied to validator efficiency, together with potential slashing penalties and lock-up durations.
The wave of altcoin ETF exercise that THYP is a part of follows a notably hotter interval for crypto fund flows, which noticed Bitcoin ETFs attracting near $2 billion in April 2026, snapping a multi-month run of web outflows and turning the year-to-date movement image optimistic.
HYPE was buying and selling close to $40 on the time of writing, down about 2% within the final 24 hours and roughly 9% over the previous week. It’s at present about 32% beneath its all-time excessive of $59.30, which it reached in September 2025.
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