21Shares to List Spot Hyperliquid ETF (THYP) on Nasdaq May 12, Featuring Built-In Staking

21Shares said it will list its spot Hyperliquid ETF, ticker THYP, on Nasdaq on May 12, offering brokerage clients regulated exposure to HYPE, the native token of the Hyperliquid perpetuals trading network. THYP is structured as a grantor trust rather than a fund registered under the Investment Company Act of 1940 (the "1940 Act"). 21Shares said the structure allows the sponsor to stake the fund's HYPE to generate yield while maintaining passive price exposure. The ETF carries a 0.30% annual sponsor fee, paid in HYPE. Custody will be provided by Anchorage Digital Bank and BitGo Bank & Trust, which use cold storage backed by up to $350 million of joint theft and fraud insurance. The trust may stake 30% to 70% of its HYPE holdings via Figment Inc., and the sponsor can raise that allocation to as much as 100%. Staking rewards are split roughly 70% to the trust and 30% to the provider. Creation and redemption will be in-kind in baskets of 10,000 shares and limited to authorized participants. THYP uses the FTSE Hyperliquid Index as its pricing benchmark. HYPE rose on the announcement and was trading at $42.071 at the time of writing. In its prospectus, 21Shares emphasized risk factors, warning THYP may be unsuitable for investors unable to bear a total loss. The filing cites HYPE annualized volatility above 126% and flags validator jailing penalties, staking lockups lasting one to seven days, and potential redemption delays. 21Shares already offers a 2x leveraged HYPE product, TXXH, which began trading on April 30. Competitors Bitwise and Grayscale have also filed for spot HYPE ETFs, under the tickers BHYP and GHYP. The listing follows months of growth in Hyperliquid's perpetuals trading volume. Early flows into THYP are expected to offer a read on how traditional investors value the venue.