Asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking Hyperliquid’s native token, HYPE.
The new filing joins a growing wave of altcoin ETF applications in 2025, showing the increasing institutional demand for regulated cryptocurrency exposure.
21Shares Expands Crypto ETF Lineup With New Hyperliquid Fund
21Shares submitted its S-1 registration statement for the 21Shares Hyperliquid ETF on October 29. The ETF is designed to track HYPE’s price without engaging in speculative trading or using leverage or derivatives.
“The Trust is a passive investment vehicle that does not seek to generate returns beyond tracking the price of HYPE tokens , the native digital asset of the Hyperliquid blockchain network,” the S-1 reads.
According to the filing, CSC Delaware Trust Company will act as trustee. At the same time, Coinbase Custody and BitGo Trust Company will serve as custodians, managing the secure storage of the fund’s digital assets.
21Shares added that it may also explore staking a portion of its HYPE holdings to generate rewards, either directly or through third-party providers, but only if such activity complies with legal and tax requirements.
“While the Trust may stake a maximum of 100% of its HYPE holdings, the amount of HYPE that remains unstaked is determined based on the Trust’s Utilization Rate analysis, and accordingly may vary from time to time. Based on Utilization Rate analysis applied to historical data, the Trust generally intends to stake between 70% and 90% of the HYPE it holds,” the asset manager added.
Details regarding the exchange listing and the pricing benchmark that will track HYPE’s market performance have not yet been disclosed.
21Shares joins Bitwise, which had filed for a similar ETF last month. VanEck has also hinted at plans to launch a HYPE ETF in both the US and Europe, possibly including staking.
Altcoin ETFs See Strong Market Demand
The latest filing arrives against a backdrop of unprecedented demand for altcoin products. The SEC is reviewing over 150 such applications as of late October. Notably, investors’ enthusiasm for altcoin ETFs was evident in this week’s debuts.
On October 28, Bitwise’s Solana ETF (BSOL) launched. On its first day, the product saw $56 million in trading volume, the strongest among over 850 new ETFs in 2025. This was followed by $72 million on October 29, signaling sustained interest.
Canary Capital’s Hedera ETF (HBR) and Litecoin ETF (LTCC) also debuted on October 28. HBR posted $8 million in day-one volume while LTCC saw $1 million. Both funds maintained similar trading levels on day two.
“HBR and LTCC did about the same as their Day One ($8 million and $1 million respectively), which is still strong (most ETFs drop after day one hype is over),” Bloomberg’s senior ETF analyst Eric Balchunas stated.
This surge in ETF filings and launches marks a maturing market where regulated crypto products attract growing attention. With major issuers expanding beyond Bitcoin and Ethereum, investor demand is clearly shifting toward broader exposure to emerging blockchain ecosystems.
