21Shares Files Second Amendment for Hyperliquid ETF, Targets Nasdaq Listing Under THYP

21Shares submitted its second amended S-1 filing to the U.S. Securities and Exchange Commission, signaling continued progress toward launching a spot ETF tied to the HYPE token of Hyperliquid.

The filing states the fund is expected to list on the Nasdaq Stock Market under the ticker THYP, potentially making it one of the first ETFs tracking the Hyperliquid ecosystem.

Seed Shares and Initial Investment Structure Disclosed

The filing revealed that 21Shares US LLC purchased two seed shares at $50 each on March 18, later redeeming them the following week. The sponsor plans to purchase 20,000 shares at $25 each as an initial creation basket to acquire HYPE tokens before launch.No sponsor fee was disclosed in the amendment.

ETF Plans to Stake 30%–70% of HYPE Holdings

The proposed ETF intends to stake between 30% and 70% of its HYPE holdings, depending on utilization rates.Competing applications from Bitwise and Grayscale are also progressing, with Bitwise planning a BHYP ticker and a 0.67% annual management fee.

HYPE traded around $43, down about 3% in 24 hours, with a market capitalization near $10.4 billion.

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