21Shares Files to Launch ETF for Hyperliquid Token
21Shares, a leading crypto asset manager, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). The filing proposes an exchange-traded fund (ETF) that tracks the Hyperliquid (HYPE) token. The ETF aims to offer investors exposure to Hyperliquid’s price performance and staking yields without owning the token directly.
The SEC accepted the filing on October 29, 2025. This step could help integrate Hyperliquid’s decentralized finance (DeFi) ecosystem into regulated markets. Hyperliquid is growing as a key perpetual decentralized exchange (DEX), and 21Shares’ move has increased optimism around its market presence.
The filing aligns with rising institutional interest in crypto ETFs. Data from SoSoValue shows that U.S.-listed spot Bitcoin and Ethereum ETFs saw inflows over $4.57 billion by October 29, 2025.
Hyperliquid’s Growth and ETF Structure
According to the filing, 21Shares plans to use derivatives like swap agreements and options, plus possible spot HYPE exchange-traded products (ETPs), to meet its investment goals. This approach reflects Hyperliquid’s on-chain market features, such as perpetual futures and fee structures, while complying with SEC rules.
Earlier in October 2025, 21Shares filed for a 2X Leveraged ETF for HYPE. This indicates the firm’s bullish outlook on the token.
Hyperliquid has become a major player in DeFi during 2025. Its trading volumes exceeded $3 trillion, according to Hyperliquid stats. The platform runs a fully on-chain perpetual exchange on a custom Layer 1 blockchain. It offers zero gas fees and high scalability, outperforming competitors like Aster and Lighter.
Hyperliquid’s success is due to its architecture that solves DeFi challenges including speed, cost, and transparency. The ETF could boost institutional adoption and bring significant capital into the Hyperliquid ecosystem.
SEC’s Support for Crypto ETFs
The SEC recently approved generic listing standards to fast-track spot crypto ETFs. This update reduced the review period from 240 days to 75 days. The change reflects a positive regulatory shift supporting crypto products.
The regulatory update, alongside support from U.S. President Donald Trump’s administration to mainstream crypto assets, has opened doors for ETFs tracking assets such as Solana and XRP. Hyperliquid’s proposed ETF now joins this expanding market.
