21Shares Hyperliquid ETF Hits $37.2M AUM in First Week

The 21Shares Hyperliquid ETF (THYP) reached $37.2 million in assets under management during its first week of trading in the U.S. market [1]. The fund, which provides spot exposure to the HYPE token, saw more than $5 million in inflows within its first few days of operation [1].

The launch of THYP and its leveraged counterpart, the 21Shares 2x Long Hyperliquid ETF (TXXH), marks the first time U.S. investors have gained access to exchange-traded products tracking the Hyperliquid decentralized exchange [2]. Hyperliquid has established itself as a major liquidity hub, currently commanding over 50% of decentralized exchange perpetual open interest [2].

21Shares executives view the product as a bridge between traditional finance and decentralized infrastructure, noting that investors are increasingly seeking around-the-clock access to assets like gold, silver, and oil [1]. During recent geopolitical tensions involving Iran, traders utilized the Hyperliquid platform to manage positions after traditional markets had closed for the day [1]. The firm’s research team highlighted that silver trading on the platform once accounted for roughly 2% of total CME silver volume [1].

The market for these products is already becoming competitive, with Bitwise launching a rival Hyperliquid offering shortly after 21Shares entered the space [1]. 21Shares differentiates its approach by using third-party staking providers rather than in-house infrastructure, a strategy the firm claims improves transparency and mitigates potential conflicts of interest [1].

However, the funds carry distinct regulatory and operational risks. THYP is structured as a 33-Act spot ETP and lacks the oversight of an independent board of directors required for 40-Act registered funds [2]. Furthermore, because Hyperliquid is not directly available to U.S. users, these ETFs provide only indirect exposure to the network [2]. Investors also face the risk of "slashing" penalties if staked assets are reduced due to validator misconduct, and the leveraged TXXH fund is designed specifically for sophisticated traders who can monitor daily rebalancing [2].

As asset managers race to launch products tied to newer blockchain ecosystems, the long-term viability of these ETFs may hinge on evolving U.S. crypto legislation, such as the proposed Clarity Act [1]. Whether Hyperliquid can successfully transition from a crypto-native trading platform into a broader, always-on financial marketplace remains the central question for institutional observers [1].