First Hyperliquid ETF THYP Debuts on Nasdaq with $1.8M Day One Volume

On May 12, the first-ever Hyperliquid ETF, named the 21Shares Hyperliquid ETF (Nasdaq: THYP), began trading, allowing U.S. investors to access HYPE directly along with staking rewards. They also rolled out the 21Shares 2x Long HYPE ETF (TXXH), a leveraged version. Analyst James Seyffart from Bloomberg noted that the opening trading volume hit $1.8 million, which is decent but less than the $58 million the XRP ETF saw last November. On day one, 21Shares saw $1.2 million in net inflows. THYP is set up as a grantor trust, enabling HYPE staking for yield, with custody by Anchorage Digital Bank and BitGo Bank & Trust, charging a 0.3% management fee. Staking payments will start on June 30. The Hyperliquid protocol supports over 50% of decentralized perpetual futures open interest, managing around $8 billion daily and boasting over $4 trillion in cumulative volume, generating over $56 million in monthly trading fees, with 95% going to daily HYPE buybacks. Bitwise and Grayscale are also looking to launch Hyperliquid ETFs, with Bitwise's BHYP at a 0.67% fee on NYSE Arca and Grayscale's GHYP on Nasdaq. Under Paul Atkins, the SEC appears to favor cryptocurrencies. At launch, HYPE was priced at about $40 during a market downturn, showing annualized volatility above 126%.