21shares launched THYP to provide US investors with one-time exposure to $HYPE With built-in staking rewards. The ETF saw trading volume of $1.8 million on its first day, while a complementary leveraged product also entered the market.
Key points to remember:
- THYP launched with spot $HYPE Exposure, staking rewards and $1.8 million in trading volume.
- Investors face wagering risk, mark-to-market trading, and no direct redemption of individual shares.
- TXXH’s daily leverage reset can amplify losses over time.
Hyperliquid ETF Debuts Puts THYP in Focus
Asset management company 21shares announced on May 12 the launch of the 21shares Hyperliquid ETF (Nasdaq: THYP), providing U.S. investors with one-time exposure to $HYPE and built-in staking rewards. The issuer also introduced the 21shares 2x Long $HYPE ETF (Nasdaq: TXXH) on the same day as a leveraged companion product.
First day trading details published on X by 21shares US show that THYP saw $1.8 million in trading volume and around $1.2 million in net inflows. The post also listed a management fee of 0.3% and described THYP as having the lowest management fees for a hyperliquid ETF as of May 12. THYP trades on Nasdaq with ISIN US90137V1089 and an inception date of May 4. TXXH was introduced alongside THYP and carries a separate management fee of 1.89%, with a launch date of April 30.
The company said:
“These funds are the first U.S. ETFs designed to provide investors with exposure to $HYPEthe native token of Hyperliquid, a next-generation decentralized exchange (DEX) that has become an important liquidity hub for 24/7 on-chain trading infrastructure.
Distribution schedules published for THYP indicate quarterly staking reward payouts expected beginning June 30. Additional payment dates are listed for September 30 and December 30. THYP is structured as a 33-law spot exchange-traded product and does not offer the same investor protections as registered funds. TXXH operates as a 40-law exchange-traded fund with additional oversight requirements.
Staking Rewards and Risk Disclosures Define THYP
Product materials indicate that THYP may stake a portion of its holdings to generate rewards. This structure introduces risks related to lock-up periods, detachment periods, and possible harsh penalties if a validator fails to operate or engages in misconduct. Staking rewards are paid to the trust and are not guaranteed. THYP shares trade at market prices instead of net asset value and are not individually redeemable directly from the fund.
Hyperliquide processes approximately $8 billion in daily volume and controls more than 50% of decentralized perpetual open interest exchanges, based on data cited by 21shares. The issuer also cited more than $56 million in monthly trading fees and said more than 95% was spent on the open market daily. $HYPE redemptions. Over 76% of tokens are allocated to the community, while team tokens are locked until 2028.
Andres Valencia, Senior Vice President of Investment Management at 21shares, said:
“Having pioneered Europe’s first exchange-traded hyperliquid product, we have seen the protocol evolve into a de facto global liquidity platform for decentralized derivatives.”