A Hyperliquid ETF is an exchange-traded investment product that holds HYPE, the native token of the Hyperliquid network, and gives investors exposure to the token through shares held in a brokerage account. You own shares in a fund or trust—not HYPE itself, a crypto wallet, or a stake in the network. Each product has its own benchmark, fees, structure, staking policy and risks.
What a Hyperliquid ETF share represents
HYPE is a digital token; a share such as THYP or BHYP is a security tied to a fund or trust that holds HYPE. The fund seeks to make each share’s value reflect its holdings, after expenses and liabilities. That is an investment objective, not a promise that the share price will match HYPE exactly.
Buying a listed share through a brokerage account does not require you to create a crypto wallet or manage private keys. It also does not give you direct ownership of HYPE or the rights of a network participant. 21Shares makes this distinction in its Hyperliquid ETF explainer.
How the fund and its shares work
Holdings, valuation and NAV
A trust holds HYPE with a custodian. Its net asset value (NAV) is the value of its assets minus fees, expenses and other liabilities. In the 21Shares Trust’s SEC-filed quarterly report for the quarter ended March 31, 2026, the administrator values shares daily at 4:00 p.m. ET using the FTSE Hyperliquid Index. That method is specific to that product; another fund may use a different benchmark or valuation process. See the 21Shares Form 10-Q.
Outdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchPC Slower Than It Used to Be?
A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11#1 Best Overall
Trading and creation or redemption
Individual investors generally buy and sell shares on a stock exchange. Large institutional participants known as authorized participants can create or redeem baskets of shares under a fund’s rules; the 21Shares filing describes cash or HYPE transactions under its disclosed process. Individual investors do not redeem a single share directly with the trust.
Share trading happens during exchange hours, while HYPE trades around the clock on digital-asset markets. Differences in trading hours, supply and demand for the shares, and the fund’s expenses can cause shares to trade above or below NAV. Creations, redemptions and arbitrage are intended to keep the market price close to NAV, but do not ensure that outcome at every moment. Grayscale’s SEC-filed prospectus warns that its shares may trade at a price “at, above or below” NAV because Nasdaq and digital-asset market trading hours do not coincide. See the Grayscale prospectus.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
Products called Hyperliquid ETFs are not interchangeable
The name can refer to different structures and exposures. The facts below are tied to the cited records and dates; listing approval, an announced launch plan and verified trading are distinct statuses.
| Product | Exposure and objective | Staking | Exchange and status in cited record | Fee in cited source |
|---|---|---|---|---|
| 21Shares Hyperliquid ETF (THYP) | Spot HYPE exposure; seeks to track HYPE as measured by the FTSE Hyperliquid Index, adjusted for expenses and liabilities. | May reflect rewards if the sponsor determines staking can be conducted without undue legal or regulatory risk. | Nasdaq; the SEC-filed quarterly report says operations began and shares started trading May 12, 2026. | Unitary sponsor fee of 0.30% of NAV in the Form 10-Q for the quarter ended March 31, 2026. |
| Bitwise Hyperliquid ETF (BHYP) | Spot HYPE exposure. | Bitwise said it intended to stake holdings through its in-house staking division. | NYSE; Bitwise announced a planned May 15, 2026 start. NYSE Arca’s May 13 certification to the SEC supports listing approval, but is not evidence of investment merit. | Bitwise announced a 0.34% sponsor fee, waived to 0% for the first month on the fund’s first $500 million in assets. These are issuer-announced terms; check the latest prospectus for current terms. |
| Grayscale Hyperliquid Staking ETF (HYPG) | Trust holds HYPE; its prospectus describes an objective that includes staking consideration if the stated condition is met and staking is implemented. | Conditional in the cited prospectus. | Nasdaq listing approval is described in the SEC-filed prospectus, which also describes an intention to issue shares. That filing alone does not establish that trading began. | Not stated in the cited prospectus. |
| 21Shares 2x Long HYPE ETF (TXXH) | Leveraged 2x long HYPE exposure; it is not a spot HYPE fund and is not interchangeable with one. | Not stated in the cited issuer announcement. | 21Shares announced the product on May 12, 2026. The announcement alone does not establish a current trading status. | Not stated in the cited issuer announcement. |
Sources for the product records: 21Shares SEC filing, Bitwise announcement, Grayscale SEC prospectus, NYSE Arca certification and 21Shares announcement. Current availability, fees and trading status can change; consult the latest fund and exchange records before acting.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
What staking can—and cannot—add
Some funds may stake a portion of their HYPE holdings to seek protocol rewards. Rewards vary with the amount staked, protocol rates, participation and network conditions; they are not a fixed or guaranteed yield. Whether rewards are available to shareholders, and how they affect the fund, depends on the trust’s terms and implementation.
The 21Shares filing says staked HYPE is subject to a one-day validator-specific lockup and then a seven-day protocol unbonding period. During unbonding, the tokens cannot move or trade, which can constrain liquidity and the ability to meet redemption needs. Staking can therefore add operational and liquidity risk as well as potential rewards.
Rank #4
Risks to understand before investing
- HYPE price risk: A sharp fall in the token can substantially reduce a fund’s value. Grayscale’s prospectus says investors could lose all or substantially all of their investment.
- Tracking and premium-or-discount risk: Fees reduce the assets represented by shares, benchmarks can differ, and exchange prices can diverge from NAV, including when the token and share markets are open at different times.
- Custody and operating risk: Funds depend on custodians, authorized participants and other service providers. A disruption or replacement can affect safekeeping or fund operations.
- Protocol and market-structure risk: Grayscale identifies Hyperliquid’s substantial perpetual-futures and leveraged-instrument activity as a possible source of disproportionate effects during market dislocations.
- Staking risk: Rewards are variable, while lockups and unbonding can limit access to assets when liquidity is needed.
- Legal, regulatory and tax uncertainty: Prospectuses discuss uncertainty around digital-asset regulation, staking and tax treatment. The consequences depend on the product and the investor’s circumstances; the fund label is not a substitute for reviewing its legal structure.
In particular, “ETF” in a product name does not mean every product has the same statutory structure or protections. Bitwise says BHYP is not registered under the Investment Company Act of 1940 and is not subject to the same protections as registered ETFs and mutual funds. Review each product’s prospectus rather than assuming protections from its name.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What HYPE market figures do—and do not—tell you
Market-size and activity numbers are snapshots, not current quotes or evidence that a fund is suitable. Grayscale’s prospectus reported, as of March 31, 2026, a maximum HYPE supply of 1 billion and circulating supply of approximately 256 million; it also reported 24-hour trading volume of approximately $232.7 million and aggregate market value of $9.4 billion. Bitwise’s 2026 launch announcement, citing DefiLlama, reported $2.9 trillion in Hyperliquid trading volume in 2025. Its May 14, 2026 announcement, citing Chainspect, reported approximately 200,000 orders processed per second. The latter figures are issuer-reported claims and do not describe ETF performance or guarantee future liquidity.
Quick Recap
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
How to assess a specific product
- Confirm what it owns. Determine whether the product holds HYPE directly or uses leverage, and read the investment objective.
- Check the benchmark and fees. Identify the index or valuation method, sponsor fee, other expenses and any temporary waiver’s conditions and end date.
- Read the staking terms. Establish whether staking is active, intended or conditional, how rewards are handled, and what lockups apply.
- Verify trading status and structure. Check the issuer’s latest prospectus and the exchange’s listing information. Distinguish approval or an announced start date from actual trading.
- Understand how shares trade. Look at the product’s creation and redemption process and consider that its share price can move away from NAV.
- Review the risks for your situation. Consider volatility, liquidity, custody, taxes and the legal structure before deciding whether the exposure fits your plan.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
