The first U.S. spot ETF tracking Hyperliquid’s HYPE token began trading on Nasdaq on May 12, 2026.
The fund, trading under the ticker THYP and issued by 21Shares, recorded $1.8 million in trading volume and roughly $1.2 million in net inflows by the close of its first day.
21Shares Launches First Spot Hyperliquid ETF
21Shares announced the launch of THYP, describing the fund as physically backed by HYPE tokens and able to stake a portion of its holdings. The issuer stated the ETF carries a 0.30% management fee, which it described as the lowest fee for a Hyperliquid ETF as of May 12.
Bloomberg analyst James Seyffart monitored the launch during the trading session, reporting that about two and a half hours after markets opened THYP had reached roughly $750,000 in trading volume. NovaDius Wealth president Nate Geraci also noted the existence of a leveraged 2x version of the fund.
By the end of the day, Seyffart characterized the $1.8 million total as “a very solid day” for a new ETF launch, while noting it was not an especially large debut. For context, Bitwise’s Solana staking ETF (BSOL) opened in October 2025 with a record first-day volume of $56 million, the strongest ETF debut that year.
More recently, Morgan Stanley’s Bitcoin ETF (MSBT) generated $34 million in first-day trading volume when it launched in April 2026, highlighting that THYP’s $1.8 million sits in a different range—reflecting that it tracks a much smaller and less widely held asset.
Risk Warning
The ETF offers traditional investors exposure to Hyperliquid’s HYPE token through brokerage accounts without requiring direct ownership of the underlying asset. 21Shares emphasized in its prospectus and promotional materials that THYP is not a direct investment in HYPE and that the fund carries elevated volatility risks.
The issuer also warned that staking introduces additional risks related to validator performance, including the possibility of slashing penalties and lock-up periods for staked tokens.
THYP’s launch is part of a broader wave of altcoin ETF activity that comes amid a warmer environment for crypto fund flows. Bitcoin ETFs attracted nearly $2 billion in April 2026, ending a multi-month streak of net outflows and shifting year-to-date flows into positive territory.
At the time of reporting, HYPE was trading near $40, down about 2% over the past 24 hours and roughly 9% over the prior week. The token remained around 32% below its all-time high of $59.30, reached in September 2025.