Asset manager 21Shares is seeking to launch an exchange-traded fund (ETF) tracking the token behind the perpetual futures protocol and blockchain, Hyperliquid, amid growing Wall Street interest in alternative cryptocurrencies. The company filed for the 21Shares Hyperliquid ETF with the Securities and Exchange Commission on Wednesday, which did not disclose a ticker symbol or fee. Coinbase Custody and BitGo Trust were named as custodians.
This filing follows a similar submission for a Hyperliquid (HYPE) ETF from Bitwise last month. The token provides discounts on the Hyperliquid decentralized exchange and is utilized for paying fees on its blockchain. Its value has appreciated over the past year, mirroring the increasing popularity of the service.
US investors have shown a clear demand for ETFs that track more volatile altcoins, some of which incorporate novel instruments like staking. Bitwise’s recently launched Solana (SOL) ETF recorded substantial trading volume on its second day in the market.
Bitwise Solana Staking ETF Volume Sees Significant Activity
The Bitwise Solana Staking ETF (BSOL) concluded its second day of trading on Wednesday with over $72 million in trading volume. Bloomberg ETF analyst Eric Balchunas described the figure as "a huge number" and "a good sign," noting that trading volume for most ETFs typically declines after the initial day's hype.
BSOL commenced trading on Tuesday alongside Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. Bitwise’s ETF achieved $55.4 million in trading volume on its debut, which Balchunas identified as the highest among all crypto ETFs launched in 2025.
Grayscale Investments also launched its staking-enabled Grayscale Solana Trust ETF (GSOL) on Wednesday, aiming to compete with Bitwise's similar offering. However, Balchunas reported that GSOL's debut trading volume was $4 million, which he characterized as "healthy but [obviously] short of BSOL." He further commented that being only one day behind is a significant disadvantage and makes competition much harder.