The cryptocurrency market has just marked a significant milestone with the launch of the world’s first Hyperliquid Exchange Traded Fund (ETF) by asset management titan 21Shares. The new fund, which debuted on Tuesday, reported an “exceptionally strong” trading volume on its inaugural day.
Dubbed the 21Shares Hyperliquid ETF (THYP), this innovative financial product offers investors a streamlined pathway to gain exposure to the price movements of Hyperliquid’s native token, HYPE, without the complexities typically associated with managing cryptocurrency wallets.
Bloomberg ETF analyst James Seyffart offered a positive assessment of THYP’s initial performance. He noted:
THYP concluded its first trading day with a robust $1.8 million in volume. This marks a very, very solid start, unequivocally surpassing the typical launch performance of traditional ETFs. While it may not have ignited a market frenzy, it certainly sets a respectable standard.
Okay, $THYP finished the day at $1.8 million in trading. Very very solid day and better than your average ETF launch for sure but nothing too crazy. Expecting @Bitwise‘s Hyperliquid ETF to be the next launch.
Hyperliquid https://t.co/4RWzMBJT2D pic.twitter.com/fg3Nm5cV15
— James Seyffart (@JSeyff) May 12, 2026
While THYP’s debut volume of $1.8 million is noteworthy, it offers an interesting contrast to the launch metrics of other prominent “altcoin” ETFs. For instance, the first Ripple (XRP) spot ETF, which listed last November, recorded a formidable $58 million in trading volume on its opening day. Bitwise’s inaugural Solana (SOL) ETF closely followed, achieving $57 million.
Despite THYP’s trading volume not yet matching these more established digital assets, its $1.8 million debut is a strong indicator of institutional appeal, especially considering Hyperliquid’s position as a unique, emerging infrastructure in the decentralized finance landscape.
Looking ahead, James Seyffart anticipates that the next approved fund will be Bitwise’s Hyperliquid ETF. Bitwise holds the distinction of being the first company in the U.S. to file for a HYPE fund. Just last month, the firm submitted its second prospectus amendment for the proposed HYPE spot ETF, solidifying details regarding counterparties and operational specifics.
Bitwise’s commitment to global expansion in the crypto space is also evident. The company previously launched a European Hyperliquid Staking ETP on Germany’s Deutsche Börse Xetra. Concurrently, Grayscale, a leading digital asset trust giant, is also actively pursuing the launch of its own HYPE fund, underscoring the growing institutional interest in Hyperliquid.
According to CoinGecko data, Hyperliquid (HYPE) is currently trading at $40.41, experiencing a 2% decline over the past 24 hours.
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