21Shares to List Spot Hyperliquid ETF THYP on Nasdaq

21Shares will list the spot Hyperliquid ETF, ticker THYP, on Nasdaq on May 12, 2026, giving brokerage clients regulated exposure to Hyperliquid’s native token, HYPE. The token was trading at $42.071 after the listing announcement.

The product is organized as a grantor trust rather than a fund registered under the Investment Company Act of 1940. That structure allows the sponsor to stake holdings for yield while maintaining passive price exposure for the trust.

The prospectus permits staking of between 30% and 70% of the trust’s HYPE through Figment Inc., with the sponsor able to raise that share up to 100%. Staking rewards are allocated roughly 70% to the trust and 30% to the staking provider. The sponsor will assess a 0.30% annual fee, payable in HYPE.

THYP will use the FTSE Hyperliquid Index for pricing. Creation and redemption will occur in-kind in baskets of 10,000 shares and will be available only to authorized participants.

Custody is entrusted to Anchorage Digital Bank and BitGo Bank & Trust, both of which use cold storage. The filing notes joint theft and fraud insurance of up to $350 million covering the custodial arrangements.

The issuer posted on social media that “The Fund is not a fund registered under the Investment Company Act of 1940,” highlighting the trust structure and its differing regulatory status from most ETFs.

The prospectus includes risk disclosures. It warns that THYP may be unsuitable for investors who cannot bear a total loss, citing HYPE’s annualized volatility above 126%. The filing also flags staking risks such as validator jailing penalties, staking lockups of one to seven days, and potential delays in redemptions, which may affect timing and access to assets for the trust and its holders.

21Shares already operates a 2x leveraged HYPE ETF, TXXH, which began trading on April 30. Competing issuers Bitwise and Grayscale have filed spot HYPE ETF proposals under the tickers BHYP and GHYP. The listing follows months of rising perpetuals volume on the Hyperliquid trading network.