21Shares Strikes a Deal: Hyperliquid ETF Set to Launch, Stake Secrets Revealed!

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21Shares Files Second Amendment to Hyperliquid ETF Application

Key Highlights

  • 21Shares filed Amendment No. 2 to its S-1 for the 21Shares Hyperliquid ETF on April 14, 2026, confirming the trust will list on Nasdaq under the ticker THYP.
  • The filing names Anchorage Digital Bank and BitGo Bank & Trust as joint custodians, with Figment Inc. engaged to stake between 30% and 70% of the trust’s HYPE holdings.
  • The sponsor fee remains undisclosed, signaling ongoing SEC comment-and-feedback as the product inches closer to launch.

21Shares, an asset management company, has updated its application with the U.S. Securities and Exchange Commission (SEC) for a spot Hyperliquid exchange-traded fund (ETF). The updated filing, known as Amendment No. 2 to Form S-1, was submitted on April 14, 2026.

According to the official documents, the trust will offer shares for sale on the Nasdaq stock exchange, using the symbol THYP. These shares are designed to follow the price of HYPE, which is the digital currency used by the Hyperliquid exchange. The price will be based on a benchmark index created by FTSE International Limited and launched in late March.

The 21Shares Hyperliquid ETF is managed by 21Shares US LLC, which is part of 21co Holdings Limited. FalconX Holdings Limited, a leading digital asset firm, owns 21co Holdings Limited.

Custody, staking, and structure

The updated documents show the trust will securely store its HYPE assets with two national trust banks: Anchorage Digital Bank N.A. and BitGo Bank & Trust N.A. These assets will be kept in separate, offline wallets, and 21Shares has confirmed that these funds would be protected from creditors if either bank were to become insolvent.

To handle staking, 21Shares has partnered with Figment Inc., a Canadian staking company. The trust plans to stake between 30% and 70% of its HYPE tokens, adjusting the exact amount based on a unique system that considers potential rewards alongside the need for liquidity and the risk of withdrawals.

Shareholders can expect to receive staking rewards in cash every three months. To make these payments, the trust will sell an amount of HYPE equal to the reward value at the end of each quarter. The filing also indicates that the companies involved in providing staking services – including the sponsor and HYPE custodians – will share a portion of the rewards, but the specific percentage split hasn’t been disclosed.

Bank of New York Mellon will manage the trust’s administration, handle the transfer of ownership, and safeguard its funds. CSC Delaware Trust Company will serve as the official trustee.

A race for the first HYPE ETF

Competition is heating up for Hyperliquid ETFs. Bitwise was the first to submit an application in September 2025, later confirming its ticker symbol (BHYP) and a 0.67% annual fee. 21Shares filed its application in October 2025, and Grayscale entered the competition on March 20, 2026, proposing a Nasdaq-listed trust (GHYP) and using Coinbase for custody of the assets.

The recent surge in ETF applications suggests a growing belief among institutions that the crypto market’s potential extends far beyond just Bitcoin and Ethereum. Assets like Solana, XRP, and Hyperliquid are now also being actively considered for ETFs.

Now that the SEC is reviewing applications and several companies are competing to be the first to market, the key thing to watch is which company discloses its fees paid to its financial sponsor first.

As of today, Hyperliquid’s token, HYPE, is trading at $44.36. According to CoinMarketCap, its price has decreased by 1.38% in the last 24 hours.

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2026-04-15 15:49