21Shares launches THYP, a spot Hyperliquid ETF on Nasdaq with staking rewards and regulated crypto exposure.

21Shares is launching a new spot Hyperliquid ETF called THYP on Nasdaq, providing investors regulated access to Hyperliquid's HYPE token through traditional brokerage accounts. The ETF operates as a grantor trust, allowing staking of HYPE tokens to generate rewards, with a 0.30% annual fee paid in HYPE. Custody is secured by Anchorage Digital Bank and BitGo with insurance coverage, and staking will be managed by Figment Inc., with rewards shared between the trust and the staking provider. The ETF tracks the FTSE Hyperliquid Index and supports large-scale share transactions, but investors should be aware of high volatility, staking lockups, and potential redemption delays. This launch follows 21Shares' recent leveraged Hyperliquid product and comes amid competition from Bitwise and Grayscale, signaling growing institutional interest in Hyperliquid's ecosystem.