21Shares Updates HYPE ETF Filing, Confirms THYP Ticker

Highlights:

• 21Shares has amended its S-1 registration statement for a Hyperliquid spot ETF.
• The asset management firm also confirmed THYP as its proposed ETF market ticker.
• The company has remained silent on the fund’s possible management fee.  

According to Bloomberg and exchange-traded fund (ETF) analyst James Seyffart, asset management firm 21Shares has submitted an updated S-1 registration statement with the United States Securities and Exchange Commission for its spot Hyperliquid (HYPE) ETF.

The asset management firm also designated THYP as the market ticker symbol for the new ETF. The ETF analyst stated that the updated filing was likely in response to the SEC’s feedback following the initial S-1 registration statement filed in October 2025. He added that the filing amendment suggests that the ETF is moving closer to a potential US launch. 

NEW: Updated filing from @21shares_us on their Hyperliquid ETF. Ticker will be $THYP. No information on fees yet. Suspect updates/changes are due to SEC comment and feedback. Getting closer to a US listed hyperliquid ETF. pic.twitter.com/9Bsj6ufDnu

— James Seyffart (@JSeyff) April 14, 2026

21Shares is not the only asset management firm that is on the verge of launching the first-ever HYPE ETF. Bitwise was the first investment company to submit an application for HYPE ETF with the SEC in September last year. Grayscale later joined the race, with its first filing in March 2026. Like 21Shares, Bitwise submitted an amended registration statement for its HYPE ETF on April 10, 2026.  

Important Details About 21Shares Revised Hyperliquid ETF Filing

According to the document presented to the SEC, the 21Shares Hyperliquid ETF is anticipated to list on the Nasdaq Stock Market, one of America’s largest exchanges for stocks and crypto-related products. So far, 21Shares has not released any information on the ETF’s management fee. The ETF’s initial filing named Coinbase Custody and BitGo Trust as the custodians for its HYPE holdings. 21Shares US LLC will serve as the ETF’s Trust sponsor, while CSC Delaware Trust Company was named the ETF’s Trustee. 

Like many other ETFs, the 21Shares HYPE fund is designed to track the market performance of HYPE passively, the native token of the Hyperliquid decentralized exchange (DEX) and layer-1 blockchain.   This means that the ETF will not actively trade HYPE. Instead, it will buy or sell HYPE when investors create new shares or redeem existing ones 

Processes Involved in Creating and Redeeming Shares

Only big financial institutions known as Authorized Participants are allowed to create or redeem shares directly with the Trust. They can do this using either cash or the HYPE token. If they choose cash, they send money to the trust. The Sponsor then instructs a third party to buy the equivalent value of HYPE and deposit it into the Trust. 

The same process applies in a reverse form when companies want to redeem shares. The Trust sells HYPE and sends the proceeds back to the investor. The Authorized Participants, not the Trust, will cover all trading costs and price differences incurred during the transaction. Alternatively, companies can choose to redeem their shares for HYPE instead of cash. In this case, the Trust will simply transfer the asset back to the investors.  

An important part of 21Shares’ HYPE ETF setup is that third-party firms will be involved in handling HYPE transactions. The ETF’s Sponsor will select these firms, and they will be responsible for buying, selling, or converting HYPE into cash when needed. The Sponsor takes time to scrutinize companies before selecting them. Some of the factors considered include financial strength, track record, reputation, and regulatory status. 

Hyperliquid’s Price Drops Slightly as 21Shares Update Filing for its HYPE ETF

At the time of writing, HYPE is 3% down in the past 24-hours and changing hands at roughly $43.60. The asset has a market cap of approximately $10.4 billion, with a trading volume of $361.17 million. Outstanding token value is approximately $24.87 billion, while the fully diluted valuation is about $42 billion. Despite its short-term price decline, HYPE’s price soared 10.8% week-to-date, 12.3% month-to-date, and 166.5% year-to-date.