One of the largest exchange-traded product managers, 21Shares, has filed a Form S-1 with the U.S. Securities and Exchange Commission for the 21Shares Hyperliquid ETF, aiming to track the performance of Hyperliquid’s native HYPE token. The ETF, which has not yet been assigned a ticker, lists Coinbase Custody Trust Company and BitGO Trust Company as custodians, signaling growing institutional support for digital assets.
The filing comes amid a wave of cryptocurrency ETF proposals, with Grayscale, Bitwise, and Canary also moving forward this week with products tied to Solana, Litecoin, and HBAR. HYPE, currently ranked as the 16th largest cryptocurrency by market cap, powers a Layer 1 blockchain designed for decentralized finance applications.
The move follows news that FalconX will acquire 21Shares, a deal set to merge FalconX’s trading infrastructure with 21Shares’ ETP expertise. The partnership could accelerate the development of derivative-based and structured crypto funds, expanding beyond traditional spot products.