VanEck Expands Crypto ETF Plans and Tokenized Fund Initiatives

Asset manager VanEck is expanding its digital asset strategy by planning a spot staking exchange-traded fund (ETF) for the Hyperliquid (HYPE) token in the United States and a similar exchange-traded product (ETP) in Europe [1]. Simultaneously, the firm is integrating its tokenized funds into the Euler decentralized finance (DeFi) protocol, marking a significant step in the convergence of traditional Wall Street institutions and on-chain finance [2].

Key takeaways

• VanEck is preparing to file for a Hyperliquid spot staking ETF in the U.S. and an ETP in Europe [1].
• Hyperliquid has led all blockchains in network revenue for four consecutive weeks, according to VanEck [1].
• VanEck’s tokenized fund has launched on the Euler protocol to facilitate institutional DeFi adoption [2].
• The firm is considering allocating a portion of profits from the proposed HYPE investment vehicles toward token buybacks [1].
• Regulatory approval for the U.S. ETF remains uncertain, as the SEC is currently reviewing other high-profile crypto applications [1].

Institutional interest in Hyperliquid and DeFi

VanEck’s interest in Hyperliquid stems from the layer-1 blockchain’s rapid growth since its 2023 launch and its consistent performance in network revenue [1]. Matt Maximo, a senior digital assets investment analyst at VanEck, stated that the firm has prioritized Hyperliquid within its liquid fund this year [1]. To support the token’s market activity, the firm is exploring a mechanism to allocate a percentage of profits from the proposed investment vehicles toward HYPE buybacks, mirroring the project’s existing revenue-sharing model [1].

While the path for a European ETP appears clearer—following a successful launch of a Hyperliquid ETP by 21Shares in August—the U.S. regulatory environment remains complex [1]. VanEck representatives noted that an ETF could potentially provide U.S. investors with access to HYPE, which is not currently listed on major domestic exchanges like Coinbase [1]. Although some observers have linked VanEck’s plans to a stablecoin proposal by Agora, a startup co-founded by CEO Jan van Eck’s son, the firm maintains that its ETF efforts are entirely separate [1].

The convergence of traditional finance and blockchain

Beyond its ETF ambitions, VanEck is actively utilizing DeFi infrastructure to bridge traditional finance with blockchain technology [2]. The deployment of its tokenized fund on the Euler protocol serves as a practical demonstration of how institutional capital is moving on-chain [2]. This development aligns with broader industry trends where platforms like Solana are also being utilized to provide the scalability and security required for large-scale tokenization projects [2].