21Shares Hyperliquid Staking ETF
21Shares Hyperliquid Staking ETF is a U.S.-organized exchange-traded trust designed to provide exposure to HYPE, the native digital asset associated with the Hyperliquid protocol, together with staking-related participation. The Trust issues and redeems Shares through Creation Baskets and holds HYPE through designated custodians, with Shares listed on an exchange under the symbol THYP.
Fiscal year 2026 · change from previous year
Development 2026–2026
Business
Share of revenueShares provide investment exposure to HYPE, the digital asset associated with Hyperliquid.
The product incorporates staking-related activity intended to generate returns from eligible HYPE holdings.
The Trust packages digital-asset exposure into exchange-traded Shares with basket-based issuance and redemption.
Customers
The primary buyers are investors seeking exchange-traded exposure to HYPE and the Hyperliquid ecosystem without directly managing wallets, validators, or digital-asset custody. Authorized Participants create and redeem Shares in Creation Baskets, while exchange investors trade Shares through the secondary market. Custodians and service providers support the product’s operational delivery rather than serving as end-market customers.
Buy and sell THYP Shares to obtain market exposure to HYPE through a listed security.
Use the ETF structure to access HYPE without directly operating digital-asset custody infrastructure.
Exchange HYPE for Creation Baskets and support primary-market liquidity and arbitrage.
Seek exposure to Hyperliquid and potential staking-related returns through an exchange-traded product.
Strategy
The product’s strategy is to combine listed-market access to HYPE with a trust structure that handles custody, basket creation and redemption, and staking-related activity. This structure is intended to reduce the operational burden of direct digital-asset ownership while preserving exposure to the Hyperliquid ecosystem. The Sponsor also uses HYPE held by custodians to meet fees and Trust expenses not otherwise assumed by the Sponsor.
Reliable basket creation, redemption, and trading are central to ETF investor access.
The ETF value proposition depends on simplifying direct digital-asset ownership and participation.
A listed wrapper can broaden access beyond investors able or willing to manage direct HYPE holdings.
Geography
The Trust is organized and listed in the United States, and its Shares trade on a U.S. exchange under the symbol THYP. Its underlying exposure is tied to the globally accessible Hyperliquid digital-asset ecosystem rather than to a conventional country-specific operating market. The available filings do not disclose country-level revenue or geographic revenue percentages.
Risks
The Trust is exposed to the price, liquidity, operational, regulatory, and custody risks of HYPE and the broader digital-asset market. Its staking and custody model adds dependence on protocol functionality, custodians, and the ability to transfer or liquidate HYPE to pay expenses. The Prospectus is the principal source for detailed risks, and the available filing states that no material changes had occurred from those disclosures.
Digital-asset prices can move sharply, directly affecting the Trust's asset value and Share price.
Exposure: HYPE holdings and staking-related assets
Changes in securities, commodities, custody, or staking regulation could restrict operations or investor access.
Exposure: U.S. regulatory and compliance framework
The Trust depends on HYPE Custodians to safeguard and transfer assets used for redemptions and expenses.
Exposure: Custodied HYPE
Technical failures, governance events, slashing, or reduced staking functionality could impair the strategy.
Exposure: Hyperliquid ecosystem and staking process
Limited Authorized Participant activity or HYPE liquidity can widen Share spreads and cause deviations from underlying value.
Exposure: Primary and secondary markets
Accounting
Judgemental itemsReported assets and net asset value depend on market prices, pricing sources, and liquidity assessments.
Impact: Can materially affect assets, net assets, and investor returns.
The Trust receives HYPE for Share issuance and may deliver HYPE for redemptions rather than using cash.
Impact: Changes asset composition and may affect realized gain or loss presentation.
Recognition depends on when rewards become claimable, the applicable valuation, and any protocol restrictions.
Impact: Affects investment income, assets, and net asset value.
Loss of access, security incidents, or changes in recoverability may require valuation adjustments or disclosure.
Impact: Could reduce reported assets and increase expenses or losses.
HYPE may be transferred or sold to pay expenses not assumed by the Sponsor.
Impact: Reduces net assets and can create taxable or realized transaction effects.
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Last updated: 24/09/2026