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.
It follows a similar filing for a Hyperliquid (HYPE) ETF from Bitwise last month. The token gives discounts on the Hyperliquid decentralized exchange and is used to pay fees on its blockchain. It has increased in value over the past year, in line with the service’s growing popularity.
US investors have demonstrated their appetite for ETFs tracking more volatile altcoins, some of which include novel instruments such as staking. Bitwise’s new Solana (SOL) ETF recorded significant trading volume on its second day on the market.
Bitwise Solana staking ETF volume sees “huge number”
Meanwhile, the Bitwise Solana Staking ETF (BSOL) ended its second day of trading on Wednesday with over $72 million in trading volume.
Bloomberg ETF analyst Eric Balchunas said the figure “is a huge number” and a “good sign” as the trading volume on most ETFs drops “after [the] day one hype is over.”
BSOL debuted for trading on Tuesday alongside Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. Bitwise’s ETF pulled in $55.4 million in trading volume in what Balchunas said was the largest of all crypto ETFs launched in 2025.
Related: Solana staking ETFs are ‘missing part of puzzle’: Bitwise CIO
Grayscale Investments also debuted its staking-enabled Grayscale Solana Trust ETF (GSOL) on Wednesday to rival Bitwise’s similar ETF.
However, Balchunas said GSOL’s notched $4 million in trading volume on debut, which he called “healthy but [obviously] short of BSOL.”
“Being just one day behind is actually really huge,” he added. “Makes it so much harder.”
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