Hot ETF Gossip: 21Shares Wants to Be the Cool Kid on Nasdaq with THYP

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  • 21Shares is like, “Hey Nasdaq, can we sit with you?” with their Hyperliquid ETF under THYP.
  • They’re staking 30%-70% of HYPE holdings because, you know, yield is the new black.
  • Bitwise and Grayscale are like, “Hold my crypto,” as they join the ETF party.

So, 21Shares is basically knocking on Nasdaq’s door with their Hyperliquid-linked ETF, all official-like with a second amended filing. It’s like they’re sliding into the DMs of the SEC, all “Hey, we’ve got this HYPE token thing, wanna see?” And yes, they’re still tweaking it because, you know, bureaucracy is the ultimate buzzkill.

ETF Structure and Listing Plans

Apparently, THYP is the cool kid ticker they’re aiming for on Nasdaq. It’s like they’re trying to get a seat at the popular table in the cafeteria of finance. The filing is all “Look at us, we’re structuring regulated exposure to Hyperliquid’s ecosystem,” while the rest of us are like, “Wait, what’s an ecosystem again?”

21Shares US LLC did some early seed positioning in March, which is basically financial code for “We bought a few shares and then were like, ‘Nah, just kidding,’ and redeemed them.” They’re also prepping a creation basket, which sounds like a craft project but is actually about securing HYPE exposure. No management fee mentioned yet, so it’s still a mystery wrapped in an enigma wrapped in a blockchain.

Staking Design and Token Allocation

Here’s the kicker: they’re staking 30% to 70% of their HYPE holdings, depending on how the network feels that day. It’s like they’re saying, “We’ll stake if you stake, but only if the vibe is right.” Yield generation is tied to protocol participation, which is just a fancy way of saying, “We’re in it for the rewards, honey.”

Staking levels might change based on how much the Hyperliquid network is feeling itself. It’s a delicate balance between “We need liquidity” and “We want those sweet, sweet rewards.” Fund performance is basically at the mercy of on-chain activity, which is both exciting and terrifying.

21Shares files second amendment to Hyperliquid ETF filing, seeks Nasdaq listing under THYP

– The Block (@TheBlockCo)

This whole staking thing puts the ETF in the “yield-enabled crypto products” club, which is like the VIP section of the crypto party. It’s all regulated and fancy, but with a decentralized twist. Staking-based fund design is the new avocado toast of finance-everyone’s doing it, but no one’s sure if it’s actually good for them.

Competitive ETF Pipeline Expands

Meanwhile, Bitwise and Grayscale are like, “Oh, you’re doing a Hyperliquid ETF? Cute. We’ve got one too.” Bitwise is going with BHYP, and Grayscale’s just Grayscale-ing their way into the mix. It’s like a reality show where everyone’s competing for the same prize, but the prize is exposure to the HYPE token.

The differences are in the fees, timing, and listing strategies, which is basically financial jargon for “We’re all trying to one-up each other.” Institutional interest in on-chain derivatives platforms is booming, which is great news for anyone who loves acronyms and complicated financial instruments.

Regulatory review is still ongoing, because of course it is. Multiple amendments mean this is a slow-burn drama, not a quick Netflix binge. The sector’s evolving, the ETFs are competing, and we’re all just here for the popcorn.

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2026-04-15 17:56