The first Hyperliquid ETF officially began trading on Tuesday, and early signs suggest it cleared a key hurdle for a new product: a strong first day relative to typical exchange-traded product launches.
The fund was approved by the US Securities and Exchange Commission (SEC) and was created by crypto asset manager 21Shares, with the ETF now trading under the ticker $THYP on the Nasdaq.
Hyperliquid ETF Launch Recap
Bloomberg analyst James Seyffart weighed in on the debut Hyperliquid ETF debut, offering what amounted to a clear-but-cautious read on the numbers. In a Tuesday post on X, Seyffart said $THYP finished the day at $1.8 million in trading, describing it as “very very solid” and stronger than an average ETF launch—though not in a category that he would label as extraordinary.
Alongside the trading activity, 21Shares also shared key launch disclosures. The firm set the fund’s management fee at 0.3%. By comparison, Morgan Stanley’s spot Bitcoin (BTC) exch
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