21Shares Pursues HYPE ETF Amid Strong Performance of Bitwise Solana ETF

Asset manager 21Shares is aiming to introduce an exchange-traded fund (ETF) that tracks the token associated with the Hyperliquid perpetual futures protocol and blockchain, reflecting increasing interest on Wall Street in alternative cryptocurrencies.

The company submitted its application for the 21Shares Hyperliquid ETF to the Securities and Exchange Commission on Wednesday, though it did not specify a ticker symbol or fees. Coinbase Custody and BitGo Trust have been appointed as custodians.

This follows a similar submission for a Hyperliquid (HYPE) ETF by Bitwise last month. The token offers discounts on the Hyperliquid decentralized exchange and is utilized for transaction fees on its blockchain. It has seen a rise in value over the past year, paralleling the increasing popularity of the service.

US investors have shown a keen interest in ETFs that track more volatile altcoins, including innovative instruments such as staking. Bitwise’s new Solana (SOL) ETF experienced substantial trading activity on its second day post-launch.

Bitwise Solana staking ETF volume sees “huge number”

In the meantime, the Bitwise Solana Staking ETF (BSOL) concluded its second trading day on Wednesday with over $72 million in trading volume.

Bloomberg ETF analyst Eric Balchunas stated that this figure “is a huge number” and indicates a “good sign,” as trading volume for most ETFs typically declines after initial hype fades.

BSOL started trading on Tuesday simultaneously with Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. Bitwise’s ETF garnered $55.4 million in trading volume, which Balchunas noted as the highest among all crypto ETFs launched in 2025.