Swiss-based asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to launch a Hyperliquid (HYPE) exchange-traded fund (ETF) amid growing institutional appetite for altcoin-linked investment products.
Key Takeaways:
21Shares seeks SEC approval for a fund tracking the HYPE token, signaling growing institutional demand for altcoin exposure. Asset manager Bitwise recently filed for a similar product. Strong trading volumes in new Solana, Litecoin, and Hedera ETFs show Wall Street’s appetite for altcoin-linked products.According to the filing submitted Wednesday, the proposed 21Shares Hyperliquid ETF will track the native token of the Hyperliquid perpetual futures protocol and blockchain.
The document did not specify a ticker symbol or management fee, though it listed Coinbase Custody and BitGo Trust as custodians.
Asset Managers Race to Launch Hyperliquid ETFs as HYPE Token Surges
The move comes just weeks after Bitwise filed for a similar Hyperliquid ETF, underscoring intensifying competition among asset managers to capture investor demand for exposure to decentralized trading ecosystems.
The HYPE token powers Hyperliquid’s decentralized exchange, offering users fee discounts and serving as the gas token for its blockchain.
Its price has climbed steadily this year, mirroring the protocol’s rising trading volume and user base.
The filing arrives as Wall Street’s interest in altcoin-based ETFs continues to grow.
In recent days, Bitwise’s Solana Staking ETF (BSOL) has drawn strong market attention, posting $72 million in trading volume on its second day, according to Bloomberg’s Eric Balchunas, who called the figure “a huge number” and a sign of sustained investor engagement beyond debut hype.
BSOL launched Tuesday alongside Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. It recorded $55.4 million in first-day trading, making it the largest crypto ETF debut of 2025.
Meanwhile, Grayscale joined the fray with the Grayscale Solana Trust ETF (GSOL), which began trading Wednesday with $4 million in volume.
While smaller than Bitwise’s launch, Balchunas said GSOL’s performance was still “healthy” and competitive given its timing.
The SEC’s review of 21Shares’ Hyperliquid ETF will determine whether another altcoin-focused product joins the fast-growing roster of US-listed crypto ETFs in 2025.
Bitcoin ETFs See $470M Outflows as BTC Slips Below $110K After Fed Rate Cut
US-listed spot Bitcoin ETFs recorded $470 million in outflows on Wednesday, marking their worst day of the week as Bitcoin briefly dropped to $108,000 before recovering, according to Farside Investors.
Fidelity’s FBTC led the withdrawals with $164 million, followed by ARK Invest’s ARKB at $143 million and BlackRock’s IBIT at $88 million.
The setback follows two strong sessions earlier in the week, when the products collectively attracted over $350 million in inflows.
Total cumulative net inflows have now fallen to $61 billion, while assets under management have slipped to $149 billion, representing about 6.75% of Bitcoin’s market capitalization, according to SoSoValue.
Bitcoin’s price action mirrored the ETF outflows, trading between $108,201 and $113,567 over the past 24 hours.
The drop came despite the US Federal Reserve’s 25 basis-point rate cut, though sentiment appeared to improve slightly after a meeting between US President Donald Trump and Chinese President Xi Jinping eased investor concerns over trade tensions.
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