First Hyperliquid ETF Debuts With Strong Trading Volume on Launch Day

The first ever Hyperliquid ETF has officially launched, giving investors a new way to gain exposure to the HYPE token without directly owning cryptocurrency. The ETF, trading under the ticker THYP, began trading on May 12 and posted what analysts described as a strong opening day performance.

According to Bloomberg ETF analyst James Seyffart, the fund recorded approximately $1.8 million in trading volume during its first day on the market. While the number may not be considered exceptionally high compared to some major crypto ETF launches, analysts said it was stronger than the average debut for a newly launched ETF.

THYP ETF Gives Investors Exposure to Hyperliquid

The THYP fund allows investors to track the performance of Hyperliquid, one of the largest onchain perpetual futures decentralized exchanges, without needing to buy or manage the HYPE token directly. This structure is designed to make crypto exposure easier for traditional investors using brokerage accounts.

Compared with previous altcoin ETF launches, THYP’s debut was smaller in volume. Earlier spot XRP ETFs generated around $58 million in first-day trading, while early Solana ETF products attracted roughly $57 million.

More Hyperliquid ETFs Could Launch Soon

Analysts expect additional Hyperliquid investment products to follow. Asset manager Bitwise is widely expected to launch its own Hyperliquid ETF next after previously filing for approval in the United States. The company recently updated its application by expanding approved trading counterparties and finalizing operational details.

Meanwhile, Grayscale is also seeking approval for a HYPE-related fund. At the same time, 21Shares said it plans to stake a significant portion of its HYPE holdings as part of its strategy.

Despite ETF excitement, the HYPE token traded lower on the day, falling around 4% to nearly $40.23.