21Shares launches Hyperliquid ETF on NASDAQ tomorrow
Tech 21Shares launches Hyperliquid ETF on NASDAQ tomorrow 21Shares is bringing Hyperliquid to Wall Street. The crypto asset manager will list its Hyperliquid ETF on the Nasdaq on May 12, giving traditional investors a regulated on-ramp to one of DeFis fastest-growing perpetual futures protocols. The fund will trade under the ticker THYP and carry a management fee of 30 basis points, or 0.30%. A Nasdaq notice went into effect on May 10, clearing the path for a rapid listing. It marks the first US-listed ETF to offer direct exposure to HYPE, Hyperliquids native token. What Hyperliquid actually is, and why it matters Hyperliquid is a decentralized perpetual exchange built on a dedicated layer-1 blockchain. Users trade perpetual futures directly on a blockchain-native order book. The protocol launched its mainnet in 2023 and has since grown into one of DeFis heavyweights. Hyperliquid currently holds over $3 billion in total value locked and processes roughly $4 billion in daily trading volume. HYPE, the token that powers this ecosystem, jumped 15% in the lead-up to the launch, reaching $2.45. The ETF structure and competitive positioning At 30 basis points, THYP sits at a competitive fee level for a crypto ETF. The fund is designed to incorporate built-in staking yields, meaning holders