21Shares Updates Hyperliquid ETF Filing, Sets THYP Ticker

By Bena Ilyas | Edited By Sahana Kiran,April 15, 2026, 5:30 PM

Asset manager 21Shares has updated its spot Hyperliquid ETF prospectus, marking continued progress toward expanding crypto investment products. The revised filing was submitted to the U.S. Securities and Exchange Commission, outlining structural updates, compliance adjustments, and key listing details for broader institutional market participation.

As per the recent update provided by James Seyffart, the proposed ETF will operate under the ticker “THYP” and be listed on the Nasdaq Stock Market. The ETF is structured as a passive investment vehicle designed to track the performance of Hyperliquid’s native HYPE token.

The filing reveals that the ETF is designed as a passive investment vehicle. This approach aligns with broader trends in regulated crypto products, offering simplified access while maintaining compliance with traditional financial market frameworks and reporting standards.

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Filing Update Reflects Regulatory Feedback Progress

During its application to the SEC, 21Shares mentioned the THYP ticker name. In turn, the company chose to omit information about the management fee for the product. According to market analysts, such a move is related to further regulatory feedback, implying certain changes to be made during the examination of the ETF filing.

The updated filing follows similar developments from competing issuers, including Bitwise, which recently disclosed a 0.67% fee for its HYPE-related ETF. These parallel filings indicate that multiple issuers are advancing toward potential listings, signaling increasing competition within niche crypto exchange-traded products.

Hyperliquid Growth Supports ETF Narrative

Market data highlights strong activity within the Hyperliquid ecosystem, supporting the ETF’s underlying thesis. As per recent reports, the trading volume of the ecosystem amounted to over $193 billion in the past month. It significantly outperformed a number of competitors in the space of decentralized trading platforms.

Also, the protocol shows solid growth in terms of stablecoin holdings and trading volumes on its EVM network. As per the most recent estimates, there was $1.8 billion worth of stablecoins in circulation on Hyperliquid, and more than $9 billion in stablecoin volume within the month.

Data compiled by TokenTerminal, Hyperliquid’s fee rise has accelerated in recent months. In the last 365 days, Hyperliquid generated more than $880 million in fees, an impressive feat for a company with only 11 workers.

Despite these developments, demand uncertainty remains a key consideration for altcoin-based ETFs. Recent products linked to assets such as Polkadot, Litecoin, Dogecoin, and Avalanche have recorded limited inflows, while investors continue to favor larger, established crypto ETFs tied to Bitcoin, Ethereum, XRP, and Solana exposure.

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