21Shares will list THYP on Nasdaq on May 12, giving brokerage clients regulated exposure to HYPE — the native token of Hyperliquid's perpetuals trading network — without requiring direct crypto custody. The product is structured as a grantor trust rather than a 1940 Act fund, and that distinction matters: the grantor trust structure allows 21Shares to stake the trust's HYPE holdings through Figment Inc and pass approximately 70% of resulting rewards back to shareholders, while the remaining 30% goes to the provider. The trust may stake between 30% and 100% of its holdings at the sponsor's discretion, creating a yield layer on top of passive price exposure that most spot crypto ETFs simply do not offer.

Custody sits with Anchorage Digital Bank and BitGo Bank and Trust, both using cold storage backed by up to $350 million in combined theft and fraud insurance. The fund charges a 0.30% annual fee paid in HYPE and tracks the FTSE Hyperliquid Index as its pricing benchmark. HYPE surged on the announcement and was trading around $42 at time of writing.