21shares Launches THYP and TXXH, the First U.S. ETFs Tracking Hyperliquid

Rhea-AI Summary

21shares launched two U.S.-listed Hyperliquid products: the 21shares Hyperliquid ETF (THYP), a 33-Act spot ETP with staking rewards, and the 21shares 2x Long Hyperliquid ETF (TXXH), a 40-Act leveraged ETF. Both list on NASDAQ, charging 0.30% (THYP) and 1.89% (TXXH), with 2026 inception dates and a published 2026 staking distribution schedule for THYP.

Positive

• First U.S. ETFs providing exchange-traded exposure to Hyperliquid’s HYPE token
• THYP offers spot-like exposure plus staking rewards to shareholders
• TXXH provides 2x leveraged exposure to Hyperliquid’s HYPE token
• NASDAQ listings with THYP fee of 0.30% and TXXH fee of 1.89%
• Hyperliquid processes roughly $8 billion in daily volume and over $4 trillion cumulative
• Hyperliquid generates over $56 million per month in trading fees, with over 95% used for HYPE buybacks
• More than 76% of HYPE tokens allocated to community; team tokens locked until 2028

Negative

• THYP is a 33-Act ETP and not registered under the Investment Company Act of 1940
• THYP shareholders lack 40-Act protections such as an independent board of directors
• THYP is subject to significant risk and heightened volatility, including potential loss of entire investment
• An investment in THYP is not a direct investment in the HYPE token
• Hyperliquid fee revenue depends on trading volumes and market conditions and is not guaranteed

News Market Reaction – TXXS

-8.80%

-8.80% Session close to close

In the May 12 session, TXXS declined 8.80%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -8.8% in the session following this news. A negative reaction despite positive produ...

Analysis

The stock moved -8.8% in the session following this news. A negative reaction despite positive product news would have fit a recent pattern where several updates, including new launches and documentation releases, coincided with selling pressure. With the stock already trading well below its 52-week high of 30.7 and under its 200-day MA of 10.6, further downside after this announcement would have highlighted ongoing skepticism toward 21shares’ product expansion rather than a lack of news flow.

Key Figures

THYP fee: 0.30% TXXH fee: 1.89% Daily volume: $8 billion +5 more

8 metrics

THYP fee 0.30% Gross fee for 21shares Hyperliquid ETF (THYP)

TXXH fee 1.89% Gross fee for 21shares 2x Long Hyperliquid ETF (TXXH)

Daily volume $8 billion Approximate daily trading volume on Hyperliquid DEX

Cumulative volume $4 trillion Cumulative trading volume processed by Hyperliquid since inception

Monthly fees $56 million Monthly trading fee revenue generated by Hyperliquid

Fee buybacks share 95% Portion of fee revenue directed to daily HYPE buybacks

Community allocation 76% Share of HYPE tokens allocated to the community

Staking schedule 2026 6/26/26–12/30/26 THYP staking reward declaration to payable dates in 2026

Historical Context

5 past events · Latest: May 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	New ETF launch	Positive	-4.0%	Launch of TCAN ETF giving exposure to Canton Coin on NASDAQ.
Apr 29	Financial statements	Neutral	-6.0%	Publication of 2025 financial statements for 21Shares AG.
Apr 21	Staking schedule	Positive	+7.3%	Announced 2026 staking reward distribution dates for TDOT and TSUI ETFs.
Apr 21	Base prospectus	Neutral	-4.2%	FCA approval of UK Base Prospectus for ETP programme.
Mar 27	Staking distributions	Positive	-3.1%	Announced per-share staking distributions for TETH and TSOL ETFs.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news often saw mixed reactions: several product and documentation updates were met with mild sell-offs, while one staking-related announcement drew a positive move.

Recent Company History

Over the last few months, 21shares (TXXS) has issued frequent product and documentation updates. On Mar 27, 2026, it announced staking distributions for TETH and TSOL, followed by a UK Base Prospectus approval on Apr 21, 2026 and a separate staking schedule for TDOT and TSUI the same day. Financial statements for 2025 were published on Apr 29, 2026, and the TCAN launch on May 7, 2026 extended its crypto ETF lineup. Today’s Hyperliquid ETFs continue that expansion theme.

Key Terms

decentralized exchange (DEX), staking rewards, Investment Company Act of 1940, open interest, +2 more

6 terms

decentralized exchange (DEX) technical

"a next-generation decentralized exchange (DEX) that has emerged as a..."

A decentralized exchange (DEX) is an online marketplace that lets people trade cryptocurrencies directly with each other without a central company holding users’ funds or matching trades. It uses automated computer programs on a blockchain to carry out trades and manage prices, like a digital farmers’ market where sellers and buyers connect directly. For investors, a DEX matters because it changes who controls the assets, can lower some fees, and introduces different risks and liquidity patterns compared with traditional, centrally run exchanges—affecting how easily and safely positions can be entered or exited.

staking rewards financial

"providing direct spot exposure and integrating staking rewards..."

Staking rewards are incentives given to individuals who commit their cryptocurrency holdings to support a blockchain network's operations, such as confirming transactions and maintaining security. Think of it like earning interest or dividends for locking up your savings or investments, encouraging people to keep their assets engaged in keeping the system running smoothly. For investors, staking rewards provide a way to earn passive income while helping to secure the network.

Investment Company Act of 1940 regulatory

"not registered under the Investment Company Act of 1940..."

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

open interest technical

"commanding over 50% of DEX perpetual open interest and processing..."

Open interest is the total number of outstanding futures or options contracts that have been created but not yet closed or settled. Think of it like the number of active tickets in a queue — higher open interest means more traders are involved and the market is more liquid, which helps price moves be more reliable and shows the strength of investor interest or conviction in a trend.

on-chain technical

"operating entirely on-chain with a real-time order book..."

On-chain describes actions or data that are recorded directly on a blockchain, a public digital ledger that creates a permanent, time-stamped record of transactions. For investors, on-chain activity provides verifiable evidence of transfers, ownership changes or automated program actions (like contract-driven payments); seeing these entries is like checking a bank statement and helps assess liquidity, settlement finality, fees, and transparency when judging risk and market behavior.

order book technical

"operating entirely on-chain with a real-time order book..."

A stock market order book is a live list of all pending buy and sell requests for a particular security, showing quantities and the prices traders are willing to trade at. Think of it as a market’s bulletin board: it reveals how much demand and supply exists at different prices, so investors can gauge liquidity, how easily a trade will fill, and how close the market is to moving the price.

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AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- 21shares, one of the world’s leading issuers of crypto exchange-traded funds (ETFs), today announced the launch of the 21shares Hyperliquid ETF (Ticker: THYP), providing direct spot exposure and integrating staking rewards, and the 21shares 2x Long HYPE ETF (Ticker: TXXH), offering leveraged exposure. The funds are the first U.S. ETFs designed to provide investors with exposure to HYPE, the native token of Hyperliquid, a next-generation decentralized exchange (DEX) that has emerged as a significant liquidity hub for 24/7 on-chain trading infrastructure.

Regulatory framework and 40-Act protections

The products described in this announcement include both a 33-Act Exchange-Traded Product (ETPs) and a 40-Act Exchange-Traded Fund (ETFs). The 21shares Hyperliquid ETF (THYP) is an 33-Act Spot ETP and is not registered under the Investment Company Act of 1940. Consequently, shareholders of THYP do not have the same regulatory protections as 40-Act registered ETFs and mutual funds, such as oversight by an independent board of directors. THYP is subject to significant risk and heightened volatility and is not suitable for an investor who cannot afford the loss of the entire investment. An investment in THYP is not a direct investment in HYPE. Conversely, the 21Shares 2x Long Hyperliquid ETF (TXXH) is a 40-Act ETF registered under the Investment Company Act of 1940.

Ticker	ISIN	Exchange	Currency	Fee	Inception Date	Issuer
THYP	US90137V1089	NASDAQ	USD	0.30%	4 May 2026	21Shares US LLC
TXXH	US53656H7364	NASDAQ	USD	1.89%	30 April 2026	21Shares US LLC

Hyperliquid has rapidly established itself as a category leader, commanding over 50% of DEX perpetual open interest and processing roughly $8 billion¹ in daily volume. By bringing THYP and TXXH to the U.S. market, 21shares continues its mission to bridge the gap between traditional finance and decentralized innovation through easy to access and transparent investment vehicles.

“Having pioneered the first Hyperliquid exchange-traded product in Europe, we have seen the protocol evolve into a de facto global liquidity hub for decentralized derivatives”, said Andres Valencia, EVP, Investment Management at 21shares. “We have conviction in the strength of Hyperliquid's fundamentals and its growing role in decentralized finance – having processed over $4 trillion² in cumulative volume since its inception and commanding over 50% of DEX perpetual open interest³. Bringing THYP and TXXH to the U.S. market allows us to bridge the gap for American investors, offering them a transparent way to gain exposure to a network that is demonstrating a high-performance approach to decentralized trading infrastructure.”

The expected distribution dates of staking rewards for the 21shares Hyperliquid ETF (Ticker: THYP), as set forth in the table below.

Declaration Date	Ex Date	Record Date	Payable Date
6/26/26	6/29/26	6/29/26	6/30/26
9/28/26	9/29/26	9/29/26	9/30/26
12/28/26	12/29/26	12/29/26	12/30/26

We believe that Hyperliquid’s architecture sets a new standard for decentralized trading by operating entirely on-chain with a real-time order book, eliminating the need for external oracles. Key fundamental strengths include:

• Robust revenue and tokenomics: Hyperliquid generates over $56 million per month in trading fees⁴ based on current market activity, with over 95% directed⁵ toward daily open-market buybacks of HYPE. Fee revenue is dependent on trading volumes and market conditions and is not guaranteed.
• Long-term alignment: more than 76% of tokens are allocated to the community, with team tokens locked until 2028 to encourage sustainable growth⁶.
• Vertical expansion: powered by the Hyperliquid Chain and HyperEVM, the platform allows for a full-stack financial operating system where developers can build applications natively.
  

For more information on 21shares’ full product suite, visit www.21shares.com.

About 21shares

21shares is one of the world’s leading cryptocurrency exchange traded product (ETP) providers and offers one of the largest suites of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto ETPs that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21shares delivers innovative, simple and cost-efficient investment solutions.

21shares is a subsidiary of FalconX, one of the world's largest digital asset prime brokers. 21shares maintains independent operations from FalconX while strategically leveraging the resources and reach of FalconX to accelerate its mission and unlock new growth. For more information, please visit www.21shares.com.

Media Contact

Audrey Belloff: audrey.belloff@21shares.com
Alethea Jadick: ajadick@sloanepr.com

Important Information

General crypto asset and market risks

Investments in these products are highly speculative and involve a high degree of risk, including the potential for a total loss of invested funds. Crypto assets like HYPE operate without central authority or banks, are not legal tender, and are not backed by any government. They have experienced extreme volatility and may be subject to fraud, manipulation, and rapid changes in the regulatory environment. An investment in these funds provides indirect exposure and is not a direct investment in HYPE or the Hyperliquid Network.

Product-specific investment risks

The 2x Long Hyperliquid ETF (TXXH) is intended for sophisticated investors who understand the effects of daily compounding and are able to actively monitor their investments. It is designed to deliver twice the daily performance of its underlying asset and is not intended to achieve its objective over periods longer than a single day. Due to daily rebalancing, investors could lose the entire value of their investment within a single trading day.

The Hyperliquid ETF (THYP) may stake a portion of its holdings to generate rewards, which introduces unique risks. Assets committed to staking may be subject to "lock-up" or unbonding periods, and if a validator fails to perform or engages in misconduct, the Fund’s staked assets may be reduced through "slashing" penalties. Staking rewards are paid to the Trust and are not guaranteed.

Operational disclosures

Shares of these funds are bought and sold at market prices rather than Net Asset Value (NAV) and are not individually redeemable directly with the Fund. Brokerage commissions and fund expenses will reduce overall returns. There is no guarantee that either fund will meet its stated investment objective, and they may be less tax-efficient than other ETFs.

Prospectus delivery and service providers

An investor should consider the investment objectives, risks, charges, and expenses of these funds carefully before investing. This material must be accompanied or preceded by a prospectus, which contains this and other important information.

• For THYP (33-Act): The Marketing Agent is Foreside Global Services, LLC. Please read the prospectus at: https://cdn.21shares.com/uploads/product_documents/Prospectus/THYP.pdf
• For TXXH (40-Act): Prospectuses may be obtained by downloading them from www.21Shares.com or calling (646) 370-6016. The Distributor is PINE Distributors LLC.

Shares of these products are NOT FDIC insured, may lose value, and have no bank guarantee.

TUCRM- 5434458-04/26

¹ Data as of 4 May 2026. Source: Hyperliquid: Protocol Metrics.” DeFiLlama, 2026, defillama.com/protocol/hyperliquid
² Data as of 4 May 2026. Source: Perp DEX Volume Rankings - DeFi Futures Trading.” DeFiLlama, 2026, defillama.com/perps
³ Data as of 4 May 2026. Source: Perp DEX Volume Rankings - DeFi Futures Trading.” DeFiLlama, 2026, defillama.com/perps
⁴ Data as of 4 May 2026. Source: DeFiLlama. (n.d.). Perpetuals dexes. The competitor referred to is Aster. Retrieved from https://defillama.com/perps
⁵ Source: Cointelegraph. (n.d.). Hype gains 300% in 2 months: Is DEX overvalued? Retrieved from https://cointelegraph.com/news/hype-gains-300-in-2-months-is-dex-overvalued
⁶ Source: WuBlockchain Podcast. "EP-38 Exclusive Interview with Hyperliquid Founder Jeff: How 11 People Built 'Binance Onchain'?" YouTube, 18 Aug. 2025, www.youtube.com/watch?v=M0CluQjzULQ

FAQ

What did 21shares announce about the new Hyperliquid ETFs THYP and TXXH on May 12, 2026?

21shares announced the launch of THYP and TXXH, the first U.S. ETFs offering exposure to Hyperliquid’s HYPE token. According to 21shares, THYP provides spot exposure with staking rewards, while TXXH offers 2x leveraged exposure, both listed on NASDAQ.

How does the 21shares Hyperliquid ETF (THYP) provide staking rewards to investors?

THYP integrates staking rewards, distributing them to shareholders on scheduled dates. According to 21shares, 2026 distribution cycles use declaration dates of 6/26, 9/28, and 12/28, with corresponding ex, record, and payable dates clustered at each quarter-end.

What are the management fees and inception dates for THYP and TXXH Hyperliquid ETFs?

THYP charges a 0.30% fee and TXXH charges 1.89%, according to 21shares. THYP’s inception date is May 4, 2026, while TXXH began trading April 30, 2026, with both funds listed in U.S. dollars on NASDAQ.

What risks do investors face with the 21shares Hyperliquid ETF (THYP)?

THYP is a 33-Act spot ETP not registered under the Investment Company Act of 1940. According to 21shares, shareholders lack 40-Act protections, and THYP is subject to significant risk and volatility, including the possibility of a total investment loss.

Is investing in THYP the same as directly buying the Hyperliquid HYPE token?

Investing in THYP is not a direct investment in HYPE tokens. According to 21shares, THYP provides exchange-traded exposure and distributes staking rewards, but investors hold ETF shares rather than on-chain tokens, and they face ETP-specific structural and regulatory risks.

How large is the Hyperliquid ecosystem that underlies 21shares THYP and TXXH ETFs?

Hyperliquid currently commands over 50% of DEX perpetual open interest and around $8 billion in daily volume. According to 21shares, the protocol has processed more than $4 trillion in cumulative volume and generates over $56 million in monthly trading fees.

What tokenomics and alignment features of Hyperliquid are highlighted by 21shares for THYP and TXXH investors?

Hyperliquid allocates more than 76% of HYPE tokens to the community, with team tokens locked until 2028. According to 21shares, over 95% of fee revenue funds daily open-market buybacks of HYPE, linking protocol activity to token demand.