21Shares, one of the largest exchange-traded product (ETP) issuers in the world, has filed a Form S-1 with the U.S. Securities and Exchange Commission (SEC) for the launch of the 21Shares Hyperliquid ETF. The proposed fund aims to track the performance of Hyperliquid’s native HYPE token, marking another major step in institutional access to digital assets.
The ETF has not yet received an official ticker, but the filing names Coinbase Custody Trust Company and BitGO Trust Company as custodians — two of the most trusted digital asset custodians in the industry. Their inclusion signals increasing institutional confidence in crypto-backed financial products and the ongoing integration of blockchain assets into traditional investment portfolios.
Rising Institutional Interest in Crypto ETFs
The 21Shares Hyperliquid ETF filing comes amid a wave of new cryptocurrency ETF proposals in the United States. Competitors such as Grayscale, Bitwise, and Canary have also submitted filings for funds linked to Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
Hyperliquid’s native token, HYPE, currently ranks as the 16th largest cryptocurrency by market capitalization. Built on a Layer-1 blockchain tailored for decentralized finance (DeFi) applications, Hyperliquid is designed to deliver fast, low-cost transactions and scalable infrastructure for DeFi developers. The introduction of a HYPE-based ETF could offer traditional investors exposure to this rapidly growing ecosystem without the need to hold the underlying token directly.
FalconX and 21Shares Merger to Drive Next-Generation Crypto Funds
The ETF announcement follows news that FalconX, a leading institutional digital asset platform, plans to acquire 21Shares. The merger will combine FalconX’s advanced trading infrastructure with 21Shares’ expertise in exchange-traded products, creating a powerhouse for innovative crypto investment solutions.
Industry analysts expect the partnership to accelerate the development of derivative-based and structured crypto funds, expanding far beyond traditional spot products. By bridging the gap between institutional trading technology and retail-accessible investment vehicles, FalconX and 21Shares aim to redefine how investors gain exposure to digital assets.
As the crypto ETF landscape continues to evolve, the 21Shares Hyperliquid ETF represents a major milestone — blending regulatory progress, institutional trust, and blockchain innovation in a single product designed for the next era of digital finance.
