21Shares has launched an exchange-traded fund (ETF) on Nasdaq under the ticker THYP, providing access to the native token of Hyperliquid without the need for direct asset purchase, and includes staking rewards.
Additionally, the company introduced a leveraged fund, the 2x Long HYPE ETF (TXXH).
On its first trading day, THYP saw a trading volume of $1.8 million. Bloomberg analyst James Seyffart described this result as "very solid" for a niche product.
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.
— James Seyffart (@JSeyff) May 12, 2026
Hyperliquid https://t.co/4RWzMBJT2D pic.twitter.com/fg3Nm5cV15
In comparison, the debut of spot ETFs based on XRP and Solana attracted $58 million and $57 million, respectively.
Seyffart predicts that Bitwise will be the next to launch a similar product. The company has already launched a staking ETP on Hyperliquid on the German exchange Deutsche Börse Xetra. Grayscale has also announced plans to release a product based on HYPE.
At the time of writing, the price of HYPE had dropped by 3% to $40.05.
Hourly chart of HYPE/USDT on Bybit. Source: TradingView.
Bitcoin and Ethereum ETFs
On May 12, outflows from spot Bitcoin ETFs in the U.S. totaled $233.25 million. This negative trend resumed after a brief inflow on the previous trading day.
Source: SoSoValue.The Fidelity fund FBTC led the outflows, losing $86.13 million. The only fund with a positive result was Morgan Stanley's MSBT, which saw an inflow of $6.02 million.
From U.S. spot ETFs based on Ethereum, $130.62 million was withdrawn.
Source: SoSoValue.Investors withdrew $102.04 million from BlackRock's ETHA. The only fund with positive performance was ETHB (+$11.75 million).
In March, investment bank Morgan Stanley, with assets of $1.9 trillion, filed for a spot Bitcoin ETF.
In the same month, trading began on Nasdaq for a yield fund based on Ethereum from BlackRock.