The proposed 21shares Hyperliquid ETF is structured as a Delaware statutory trust, designed to mirror HYPE’s price performance without investors needing to directly buy or manage the cryptocurrency themselves.

The exchange-traded fund (ETF) plans to list on an unnamed exchange under a placeholder ticker, with shares redeemable in baskets via authorized participants using cash or in-kind HYPE transfers.

According to the S-1 filing, the ETF aims to hold Hyperliquid‘s HYPE as its sole asset, staking between 50% and 70% of those holdings to generate additional yield — though that could rise to 100% at the sponsor’s discretion. Those staking rewards will be added to the trust’s net asset value (NAV) after fees, potentially boosting returns, but they also introduce liquidity constraints, as unstaking requires a waiting period of up to seven days.

The filing emphasizes that custody will be handled by Coinbase Custody Trust Company and Bitgo Trust Company, with combined insurance coverage of up to $470 million. However, the assets are not protected by the Federal Deposit Insurance Corporation (FDIC). Both custodians will store HYPE in segregated accounts, primarily in cold storage, with a small portion held in “hot” wallets for liquidity.

As with most crypto-linked ETFs, the document highlights key risks: high volatility in HYPE’s market, possible regulatory reclassification of the token as a security, staking-related slashing or validator penalties, and taxation of staking rewards as ordinary income. The sponsor fee — a percentage of NAV — remains unspecified in placeholders.

The launch follows 21shares’ earlier filing for a leveraged HYPE ETF earlier this month, signaling the firm’s growing appetite for products linked to Hyperliquid’s onchain perpetuals platform.

With the company’s recent acquisition by Falconx, the filing points to how traditional finance (TradFi) is tightening its grip on onchain exposure — with HYPE becoming the latest token to test the SEC’s temperature on spot crypto ETFs.

• What is the 21shares Hyperliquid ETF?
  It’s a proposed exchange-traded fund giving investors exposure to the HYPE token without directly managing it.
• Who handles custody for the ETF?
  Coinbase Custody Trust Company and BitGo Trust Company will store the fund’s HYPE assets.
• Will the ETF stake HYPE tokens?
  Yes, between 50% and 70% of holdings may be staked to earn rewards, potentially up to 100%.
• Who owns 21shares now?
  Falconx recently acquired 21shares, integrating the ETF issuer under its broader digital asset platform.

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