Underlying HYPE price volatility
The trust’s value is tied to a single digital asset, so market swings pass through to shareholders.
- Scope
- ETF share price and NAV
- Materiality
- high
21Shares Hyperliquid ETF
21Shares Hyperliquid ETF is a U.S.-listed exchange-traded fund structured as a trust that provides investors with exposure to the HYPE digital asset associated with the Hyperliquid ecosystem. The fund issues and redeems shares through authorized participants, with the underlying asset held by custodians on behalf of the trust.
| % | |
|---|---|
| ETF Shares | 100% Listed trust shares that investors trade on an exchange for exposure to the underlying asset. |
| Digital Asset Exposure | 0% Indirect investment exposure linked to the HYPE token and the Hyperliquid ecosystem. |
The fund is bought by investors seeking exchange-traded exposure to HYPE without directly holding the token...
- Retail brokerage investorsprimary
Buy listed ETF shares for simple access to HYPE through standard brokerage accounts.
- Institutional allocatorsprimary
Use the ETF as a regulated wrapper for tactical or strategic digital asset exposure.
- Authorized participantssecondary
Create and redeem baskets to keep the ETF price aligned with net asset value.
- Market makerssecondary
Trade the shares to support liquidity and tighter bid-ask spreads.
The trust is organized in the United States and its shares are listed on Nasdaq in the U.S...
- •United States listing on Nasdaq under ticker THYP
- •U.S.-based trust structure and SEC reporting
- •Underlying HYPE exposure is global and crypto-native
- •Custody and trading infrastructure are centered in the U.S.
The fund’s strategy is to provide a simple exchange-listed vehicle for HYPE exposure while maintaining the operational...
01
Maintain efficient ETF creation and redemptionshort-term
Keeps the share price close to the value of the underlying exposure.
02
Support investor access to HYPEshort-term
The product competes on ease of access versus direct token ownership.
03
Preserve custody and operational integritymedium-term
Digital asset funds depend on secure custody and reliable transfer processes.
The fund is exposed to the volatility, liquidity, and market structure risks of the underlying HYPE asset, which can...
Custody and operational risk
The fund relies on HYPE custodians and transfer processes to hold and move the underlying asset.
- Scope
- Asset safekeeping and basket settlement
- Materiality
- high
Regulatory risk for digital asset products
Crypto-linked funds can face changing rules on custody, disclosure, and market access.
- Scope
- Listing and product structure
- Materiality
- high
Authorized participant and liquidity risk
ETF pricing and arbitrage efficiency depend on active creation/redemption and market making.
- Scope
- Secondary-market trading
- Materiality
- medium
Fair value of HYPE holdings
NAV and period-to-period results
Share creation and redemption accounting
Shares outstanding and per-share metrics
Custody and control disclosures
Asset recognition and risk disclosure
: 11/08/2026