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21shares Launches THYP and TXXH, the First U.S. ETFs Tracking Hyperliquid
NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- 21shares, one of the world’s leading issuers of crypto exchange-traded funds (ETFs), today announced the launch of the 21shares Hyperliquid ETF (Ticker: THYP), providing direct spot exposure and integrating staking rewards, and the 21shares 2x Long HYPE ETF (Ticker: TXXH), offering leveraged exposure. The funds are the first U.S. ETFs designed to provide investors with exposure to HYPE, the native token of Hyperliquid, a next-generation decentralized exchange (DEX) that has emerged as a significant liquidity hub for 24/7 on-chain trading infrastructure.
Regulatory framework and 40-Act protections
The products described in this announcement include both a 33-Act Exchange-Traded Product (ETPs) and a 40-Act Exchange-Traded Fund (ETFs). The 21shares Hyperliquid ETF (THYP) is an 33-Act Spot ETP and is not registered under the Investment Company Act of 1940. Consequently, shareholders of THYP do not have the same regulatory protections as 40-Act registered ETFs and mutual funds, such as oversight by an independent board of directors. THYP is subject to significant risk and heightened volatility and is not suitable for an investor who cannot afford the loss of the entire investment. An investment in THYP is not a direct investment in HYPE. Conversely, the 21Shares 2x Long Hyperliquid ETF (TXXH) is a 40-Act ETF registered under the Investment Company Act of 1940.
| Ticker | ISIN | Exchange | Currency | Fee | Inception Date | Issuer |
| THYP |
US90137V1089 | NASDAQ | USD | 0.30% | 4 May 2026 | 21Shares US LLC |
| TXXH | US53656H7364 | NASDAQ | USD | 1.89% | 30 April 2026 | 21Shares US LLC |
Hyperliquid has rapidly established itself as a category leader, commanding over 50% of DEX perpetual open interest and processing roughly $8 billion1 in daily volume. By bringing THYP and TXXH to the U.S. market, 21shares continues its mission to bridge the gap between traditional finance and decentralized innovation through easy to access and transparent investment vehicles.
“Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives”, said Andres Valencia, EVP, Investment Management at 21shares. “We have conviction in the strength of Hyperliquid's fundamentals and its growing role in decentralized finance – having processed over $4 trillion2 in cumulative volume since its inception and commanding over 50% of DEX perpetual open interest3. Bringing THYP and TXXH to the U.S. market allows us to bridge the gap for American investors, offering them a transparent way to gain exposure to a network that is demonstrating a high-performance approach to decentralized trading infrastructure.”
The expected distribution dates of staking rewards for the 21shares Hyperliquid ETF (Ticker: THYP), as set forth in the table below.
| Declaration Date | Ex Date | Record Date | Payable Date |
| 6/26/26 | 6/29/26 | 6/29/26 | 6/30/26 |
| 9/28/26 | 9/29/26 | 9/29/26 | 9/30/26 |
| 12/28/26 | 12/29/26 | 12/29/26 | 12/30/26 |
We believe that Hyperliquid’s architecture sets a new standard for decentralized trading by operating entirely on-chain with a real-time order book, eliminating the need for external oracles. Key fundamental strengths include:
- Robust revenue and tokenomics: Hyperliquid generates over $56 million per month in trading fees4 based on current market activity, with over 95% directed5 toward daily open-market buybacks of HYPE. Fee revenue is dependent on trading volumes and market conditions and is not guaranteed.
- Long-term alignment: more than 76% of tokens are allocated to the community, with team tokens locked until 2028 to encourage sustainable growth6.
- Vertical expansion: powered by the Hyperliquid Chain and HyperEVM, the platform allows for a full-stack financial operating system where developers can build applications natively.
For more information on 21shares’ full product suite, visit www.21shares.com.
About 21shares
21shares is one of the world’s leading cryptocurrency exchange traded product (ETP) providers and offers one of the largest suites of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto ETPs that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares delivers innovative, simple and cost-efficient investment solutions.
21shares is a subsidiary of FalconX, one of the world's largest digital asset prime brokers. 21shares maintains independent operations from FalconX while strategically leveraging the resources and reach of FalconX to accelerate its mission and unlock new growth. For more information, please visit www.21shares.com.
Media Contact
Audrey Belloff: audrey.belloff@21shares.com
Alethea Jadick: ajadick@sloanepr.com
Important Information
General crypto asset and market risks
Investments in these products are highly speculative and involve a high degree of risk, including the potential for a total loss of invested funds. Crypto assets like HYPE operate without central authority or banks, are not legal tender, and are not backed by any government. They have experienced extreme volatility and may be subject to fraud, manipulation, and rapid changes in the regulatory environment. An investment in these funds provides indirect exposure and is not a direct investment in HYPE or the Hyperliquid Network.
Product-specific investment risks
The 2x Long Hyperliquid ETF (TXXH) is intended for sophisticated investors who understand the effects of daily compounding and are able to actively monitor their investments. It is designed to deliver twice the daily performance of its underlying asset and is not intended to achieve its objective over periods longer than a single day. Due to daily rebalancing, investors could lose the entire value of their investment within a single trading day.
The Hyperliquid ETF (THYP) may stake a portion of its holdings to generate rewards, which introduces unique risks. Assets committed to staking may be subject to "lock-up" or unbonding periods, and if a validator fails to perform or engages in misconduct, the Fund’s staked assets may be reduced through "slashing" penalties. Staking rewards are paid to the Trust and are not guaranteed.
Operational disclosures
Shares of these funds are bought and sold at market prices rather than Net Asset Value (NAV) and are not individually redeemable directly with the Fund. Brokerage commissions and fund expenses will reduce overall returns. There is no guarantee that either fund will meet its stated investment objective, and they may be less tax-efficient than other ETFs.
Prospectus delivery and service providers
An investor should consider the investment objectives, risks, charges, and expenses of these funds carefully before investing. This material must be accompanied or preceded by a prospectus, which contains this and other important information.
- For THYP (33-Act): The Marketing Agent is Foreside Global Services, LLC. Please read the prospectus at: https://cdn.21shares.com/uploads/product_documents/Prospectus/THYP.pdf
- For TXXH (40-Act): Prospectuses may be obtained by downloading them from www.21Shares.com or calling (646) 370-6016. The Distributor is PINE Distributors LLC.
Shares of these products are NOT FDIC insured, may lose value, and have no bank guarantee.
TUCRM- 5434458-04/26
1 Data as of 4 May 2026. Source: Hyperliquid: Protocol Metrics.” DeFiLlama, 2026, defillama.com/protocol/hyperliquid
2 Data as of 4 May 2026. Source: Perp DEX Volume Rankings - DeFi Futures Trading.” DeFiLlama, 2026, defillama.com/perps
3 Data as of 4 May 2026. Source: Perp DEX Volume Rankings - DeFi Futures Trading.” DeFiLlama, 2026, defillama.com/perps
4 Data as of 4 May 2026. Source: DeFiLlama. (n.d.). Perpetuals dexes. The competitor referred to is Aster. Retrieved from https://defillama.com/perps
5 Source: Cointelegraph. (n.d.). Hype gains 300% in 2 months: Is DEX overvalued? Retrieved from https://cointelegraph.com/news/hype-gains-300-in-2-months-is-dex-overvalued
6 Source: WuBlockchain Podcast. "EP-38 Exclusive Interview with Hyperliquid Founder Jeff: How 11 People Built 'Binance Onchain'?" YouTube, 18 Aug. 2025, www.youtube.com/watch?v=M0CluQjzULQ
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