21Shares launches Nasdaq spot Hyperliquid ETF THYP with $1.2 million inflows

21Shares launched its first U.S. spot Hyperliquid exchange-traded fund on the Nasdaq on May 12, giving investors regulated exposure to the Hyperliquid HYPE token through the ticker THYP. The fund reported about $1.2 million in net inflows on its first day of trading and roughly $1.8 million in trading volume, figures an ETF analyst described as stronger than an average debut while still not matching the early activity seen in some other crypto products. James Seyffart characterized the opening as “very, very solid” and “better than your average ETF launch for sure but nothing too crazy.”

THYP is designed to track the spot price performance of HYPE, a token used in connection with Hyperliquid’s perpetual futures trading platform. The underlying platform, which began operations in 2023, has processed more than $8.4 trillion in cumulative trading volume, according to information cited by the issuer. 21Shares said it plans to stake a portion of THYP’s HYPE holdings, integrating staking rewards into the fund’s overall structure rather than offering a purely passive stake-free exposure.

The product carries a 0.30 management fee, which several accounts described as lower than the fee...