# 21Shares Hyperliquid Staking ETF > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/21Shares Hyperliquid Staking ETF). ## Overview 21Shares Hyperliquid Staking ETF is a U.S.-organized exchange-traded trust designed to provide exposure to HYPE, the native digital asset associated with the Hyperliquid protocol, together with staking-related participation. The Trust issues and redeems Shares through Creation Baskets and holds HYPE through designated custodians, with Shares listed on an exchange under the symbol THYP. ## Products & services • Exchange-traded Shares listed under ticker THYP • HYPE digital-asset exposure • Hyperliquid staking participation • Creation and redemption baskets • Custody of HYPE through designated custodians - **HYPE exposure** (70%) — Shares provide investment exposure to HYPE, the digital asset associated with Hyperliquid. - **Staking participation** (15%) — The product incorporates staking-related activity intended to generate returns from eligible HYPE holdings. - **ETF access and liquidity** (15%) — The Trust packages digital-asset exposure into exchange-traded Shares with basket-based issuance and redemption. - Exchange-traded Shares listed under ticker THYP - HYPE digital-asset exposure - Hyperliquid staking participation - Creation and redemption baskets - Custody of HYPE through designated custodians ## Customers The primary buyers are investors seeking exchange-traded exposure to HYPE and the Hyperliquid ecosystem without directly managing wallets, validators, or digital-asset custody. Authorized Participants create and redeem Shares in Creation Baskets, while exchange investors trade Shares through the secondary market. Custodians and service providers support the product’s operational delivery rather than serving as end-market customers. - **Exchange investors** (primary) — Buy and sell THYP Shares to obtain market exposure to HYPE through a listed security. - **Institutional allocators** (primary) — Use the ETF structure to access HYPE without directly operating digital-asset custody infrastructure. - **Authorized Participants** (secondary) — Exchange HYPE for Creation Baskets and support primary-market liquidity and arbitrage. - **Crypto-native investors** (secondary) — Seek exposure to Hyperliquid and potential staking-related returns through an exchange-traded product. - Retail investors seeking exchange-traded HYPE exposure - Institutional investors requiring regulated market access - Authorized Participants creating and redeeming baskets - Crypto-focused allocators seeking staking participation - Intermediaries using Shares for portfolio exposure ## Geography The Trust is organized and listed in the United States, and its Shares trade on a U.S. exchange under the symbol THYP. Its underlying exposure is tied to the globally accessible Hyperliquid digital-asset ecosystem rather than to a conventional country-specific operating market. The available filings do not disclose country-level revenue or geographic revenue percentages. - U.S.-organized investment trust - Shares listed on a U.S. exchange as THYP - Underlying exposure linked to a global digital-asset protocol - HYPE custody handled through designated custodians - No country-level revenue breakdown disclosed ## Strategy The product’s strategy is to combine listed-market access to HYPE with a trust structure that handles custody, basket creation and redemption, and staking-related activity. This structure is intended to reduce the operational burden of direct digital-asset ownership while preserving exposure to the Hyperliquid ecosystem. The Sponsor also uses HYPE held by custodians to meet fees and Trust expenses not otherwise assumed by the Sponsor. - **Establish functional primary and secondary-market liquidity** (short-term) — Reliable basket creation, redemption, and trading are central to ETF investor access. - **Deliver operationally efficient HYPE custody and staking** (medium-term) — The ETF value proposition depends on simplifying direct digital-asset ownership and participation. - **Build investor access to the Hyperliquid ecosystem** (long-term) — A listed wrapper can broaden access beyond investors able or willing to manage direct HYPE holdings. - Package HYPE exposure into an exchange-traded security - Use in-kind Creation Baskets to support market structure - Provide staking-related participation through the Trust - Outsource asset custody to designated HYPE Custodians - Use HYPE transfers or sales to fund Trust expenses ## Risks The Trust is exposed to the price, liquidity, operational, regulatory, and custody risks of HYPE and the broader digital-asset market. Its staking and custody model adds dependence on protocol functionality, custodians, and the ability to transfer or liquidate HYPE to pay expenses. The Prospectus is the principal source for detailed risks, and the available filing states that no material changes had occurred from those disclosures. - **HYPE market and valuation volatility** [critical] — Digital-asset prices can move sharply, directly affecting the Trust's asset value and Share price. - **Digital-asset regulatory uncertainty** [high] — Changes in securities, commodities, custody, or staking regulation could restrict operations or investor access. - **Custody and private-key security** [high] — The Trust depends on HYPE Custodians to safeguard and transfer assets used for redemptions and expenses. - **Hyperliquid protocol and staking dependence** [high] — Technical failures, governance events, slashing, or reduced staking functionality could impair the strategy. - **ETF liquidity and tracking risk** [high] — Limited Authorized Participant activity or HYPE liquidity can widen Share spreads and cause deviations from underlying value. - HYPE price volatility can materially reduce Share value - Digital-asset regulation may restrict the product or its activities - Custodian failure could impair access to Trust assets - Protocol or staking failures could reduce expected returns - Thin HYPE liquidity may disrupt basket processing - Operational errors may affect creation and redemption ## Accounting The Trust’s reported asset value is likely dominated by fair-value measurement of HYPE, making valuation methodology, pricing sources, and market liquidity critical to financial statement analysis. HYPE received in Creation Baskets is held for redemptions, transfers, or sales to fund fees and expenses, so in-kind activity and digital-asset disposals can affect the composition and carrying value of assets. Staking-related rewards, Sponsor fees, custody costs, and other Trust expenses may create timing differences between economic activity and reported net asset value. - **Fair value measurement of HYPE** — Can materially affect assets, net assets, and investor returns. - **In-kind Creation Baskets and redemptions** — Changes asset composition and may affect realized gain or loss presentation. - **Staking rewards** — Affects investment income, assets, and net asset value. - **Digital-asset custody and impairment judgments** — Could reduce reported assets and increase expenses or losses. - **Sponsor fees and Trust expenses** — Reduces net assets and can create taxable or realized transaction effects. - Fair-value estimates drive reported HYPE asset values - Creation Baskets are received in HYPE rather than cash - In-kind redemptions affect asset composition and realized results - Staking rewards require recognition and valuation judgments - Sponsor fees and Trust expenses reduce net asset value - Digital-asset sales may create realized gains or losses --- *Last updated: 2026-09-24T11:05:53.605845+00:00*