21Shares Launches THYP and TXXH on Nasdaq, the First U.S. ETFs Tracking Hyperliquid

21Shares launched two exchange-traded products on Nasdaq Tuesday, the first U.S.-listed funds to track Hyperliquid’s HYPE token. The 21Shares Hyperliquid ETF (ticker: THYP) offers spot exposure with integrated staking rewards, and the 21Shares 2x Long HYPE ETF (ticker: TXXH) offers leveraged exposure.

THYP is structured as a 33-Act spot exchange-traded product, with Foreside Global Services as marketing agent and the fund tracking the FTSE Hyperliquid Index. The trust can stake between 30% and 70% of its HYPE holdings through Figment, with the sponsor able to push that allocation as high as 100%. Staking rewards are split roughly 70% to the trust and 30% to the provider, with the first distribution scheduled for June 30. Day-one trading saw approximately $1.8 million in volume and $1.2 million in net inflows, with a 0.30% management fee that 21Shares said was the lowest for any Hyperliquid ETF as of launch.

This story is an excerpt from the Unchained Daily newsletter.

TXXH is a 40-Act ETF registered under the Investment Company Act of 1940, with a 1.89% management fee, distributed by PINE Distributors. The product is designed for short-term tactical exposure and carries warnings about daily-reset compounding risk over longer horizons.

The launch reflects the explosive rise of Hyperliquid as a DeFi venue. The protocol processes roughly $8 billion in daily trading volume, commands more than 50% of DEX perpetual open interest, and has handled over $4 trillion in cumulative volume since launch. Trading fees generate roughly $56 million per month, with more than 95% funneled to daily open-market HYPE buybacks.

21Shares EVP of Investment Management Andres Valencia called Hyperliquid a “de facto global liquidity hub for decentralized derivatives.” Bitwise filed an S-1 for a competing spot Hyperliquid ETF in September 2025, with Coinbase Custody as custodian, and Grayscale has also filed under the proposed ticker GHYP.