New ETF Filing for Hyperliquid's HYPE Token
21Shares submitted a Form S-1 registration statement with the Securities and Exchange Commission on Wednesday for a new exchange-traded fund tracking HYPE, the native token of Hyperliquid. The filing arrives during a week marked by multiple crypto ETF launches from major asset managers.
The proposed 21Shares Hyperliquid ETF does not yet have a ticker symbol assigned. Coinbase Custody Trust Company and BitGO Trust Company will serve as custodians for the fund, with 21Shares US LLC acting as the sponsor.
Hyperliquid and Competitive Landscape
HYPE currently ranks as the 16th-largest cryptocurrency by market capitalization. The layer-1 blockchain was specifically designed for decentralized finance applications, offering infrastructure tailored to DeFi protocols.
Bitwise previously filed for its own Bitwise Hyperliquid ETF in September, making 21Shares the second major asset manager to pursue a HYPE-tracking fund. The competitive landscape for crypto ETFs continues to expand as institutional demand grows.
Acquisition and Future Offerings
Prime broker Falcon X agreed to acquire 21Shares last week. The acquisition aims to merge 21Shares' distribution capabilities and ETP experience with FalconX's trading infrastructure and prime brokerage services, with plans to launch derivative-focused and structured crypto funds beyond standard spot products.
Recent ETF Launches and Regulatory Environment
Grayscale, Bitwise, and Canary launched ETFs tracking SOL, LTC, and HBAR this week. These debuts occurred as the U.S. government approaches its second month of shutdown following Congress's failure to approve funding, leaving the SEC operating with limited staff and furloughed employees.
The SEC released guidance one week after the shutdown, clarifying procedures for firms seeking to go public. Firms can now file Form S-1 registration statements without a delaying amendment, allowing products to launch after 20 days without explicit SEC approval.
Before the shutdown began, the SEC approved listing standards from three exchanges for commodity-based trust shares. This approval enabled dozens of crypto ETF applications to proceed more rapidly, as firms meeting the listing standard can launch without waiting for individual SEC sign-off.