Key Highlights
- 21Shares filed Amendment No. 2 to its S-1 for the 21Shares Hyperliquid ETF on April 14, 2026, confirming the trust will list on Nasdaq under the ticker THYP.
- The filing names Anchorage Digital Bank and BitGo Bank & Trust as joint custodians, with Figment Inc. engaged to stake between 30% and 70% of the trust’s HYPE holdings.
- The sponsor fee remains undisclosed, signaling ongoing SEC comment-and-feedback as the product inches closer to launch.
Asset management firm 21Shares has filed a second amendment to its registration statement for a spot Hyperliquid exchange-traded fund (ETF). The Amendment No. 2 to Form S-1 was filed with the U.S. Securities and Exchange Commission (SEC) on April 14, 2026.
As per the filing, the trust will issue shares listed on the Nasdaq Stock Market under the ticker symbol THYP. It is structured to track the price of HYPE—the native token of the decentralized perpetuals exchange Hyperliquid—as measured by the FTSE Hyperliquid Index, a pricing benchmark introduced by FTSE International Limited in late March.
The 21Shares Hyperliquid ETF is sponsored by 21Shares US LLC, a wholly owned subsidiary of 21co Holdings Limited, whose ultimate parent company is the institutional digital asset prime brokerage FalconX Holdings Limited.
Custody, staking, and structure
The amended filing confirms that the trust will custody its HYPE at two federally chartered national trust banks: Anchorage Digital Bank N.A. and BitGo Bank & Trust N.A. HYPE will be held in segregated cold-storage wallets, which 21Shares notes explicitly would not be available to satisfy creditors in the event of a custodian insolvency.
As for the staking architecture, 21Shares has engaged Canadian staking firm Figment Inc. as its staking service provider. The trust intends to stake between 30% and 70% of its HYPE holdings at any given time. The precise percentage will be determined by a proprietary model that balances expected yield against liquidity and redemption risks.
Staking rewards are expected to be distributed to shareholders quarterly in cash. To fund this dividend, the trust will sell an equivalent amount of HYPE at quarter-end. The filing notes that the sponsor, the staking services provider, and the HYPE custodians will collectively receive a portion of the staking rewards, though the exact percentage remains bracketed.
Bank of New York Mellon will serve as the trust’s administrator, transfer agent, and cash custodian, while CSC Delaware Trust Company acts as the trustee.
A race for the first HYPE ETF
The amendment lands in the middle of an increasingly crowded field. Bitwise was the first to file a Hyperliquid ETF S-1 in September 2025. It amended its filing in December to finalize the ticker BHYP on NYSE Arca with a 0.67% annual management fee. 21Shares followed with its own S-1 in October 2025. Grayscale joined the race on March 20, 2026, filing for a Nasdaq-listed Grayscale Hyperliquid Trust (GHYP), utilizing Coinbase Custody.
The clustering of these filings reflects a broader institutional thesis: the crypto ETF opportunity is extending well beyond Bitcoin and Ethereum, with assets like Solana, XRP, and now Hyperliquid subject to active applications.
With the SEC review clock running and three issuers jostling for first-mover advantage, the next critical data point for the market is straightforward: watching to see which issuer fills in its sponsor fee bracket first.
Meanwhile, as of writing, Hyperliquid’s native token HYPE was trading at $44.36, down 1.38% over the last 24 hours as per CoinMarketCap data.
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