21Shares to list spot Hyperliquid ETF THYP on Nasdaq

21Shares will list the spot Hyperliquid ETF under the ticker THYP on Nasdaq on May 12. The fund is structured as a grantor trust rather than as a fund registered under the Investment Company Act of 1940, and it will offer brokerage clients regulated exposure to HYPE, the native token of the Hyperliquid perpetuals trading network.

Under the prospectus, the trust may stake HYPE through Figment Inc. The initial staking allocation is set between 30% and 70% of the trust’s HYPE holdings, and the sponsor has discretion to increase that allocation up to 100%. Staking rewards would be split roughly 70% to the trust and 30% to the staking provider.

The sponsor fee is 0.30% per year, paid in HYPE. Custody will be managed by Anchorage Digital Bank and BitGo Bank & Trust, which will use cold storage and carry combined theft and fraud insurance coverage of up to $350 million. The trust will accept in-kind creations and redemptions in baskets of 10,000 shares, limited to authorized participants, and will track the FTSE Hyperliquid Index for pricing.

The prospectus includes risk disclosures noting that the fund is not registered under the 1940 Act and is not subject to the same regulatory oversight as most ETFs and mutual funds. It warns that THYP may be unsuitable for investors who cannot afford a total loss and cites high volatility for HYPE, with annualized volatility above 126% in the filing. The document also flags staking risks such as validator jailing penalties, mandatory staking lockups of one to seven days, and possible delays in redemptions.

The filing notes recent product activity by 21Shares: a 2x leveraged HYPE ETF, TXXH, began trading on April 30. Competing firms have filed spot HYPE ETF proposals under the tickers BHYP and GHYP. The prospectus records HYPE trading near $42.07 at the time of the filing and references months of growth in Hyperliquid’s perpetuals trading volume.

In a social post, 21Shares wrote, “The 21shares Hyperliquid ETF ($THYP) is coming May 12, 2026. See you tomorrow.” The prospectus also states, “The Fund is not a fund registered under the Investment Company Act of 1940, as amended (‘1940 Act’), and is not subject to regulation under the 1940, unlike most ETFs or mutual funds.”