21Shares Pursues HYPE ETF While Bitwise Solana ETF Sees Significant Gains

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

The company submitted an application for the 21Shares Hyperliquid ETF to the Securities and Exchange Commission on Wednesday, without revealing a ticker symbol or fee structure. Coinbase Custody and BitGo Trust have been designated as custodians.

This follows a recent application for a Hyperliquid (HYPE) ETF submitted by Bitwise last month. The token offers discounts on the Hyperliquid decentralized exchange and serves as a means to settle fees on its blockchain. Its value has risen over the past year, parallel to the increasing popularity of the service.

US investors have shown interest in ETFs that track more volatile altcoins, some of which incorporate innovative instruments like staking. Bitwise’s newly launched Solana (SOL) ETF recorded impressive trading activity on its second day of trading.

Bitwise Solana staking ETF volume sees “huge number”

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

Bloomberg ETF analyst Eric Balchunas stated that this amount “is a huge number” and a “promising sign,” as trading volume for most ETFs tends to decline “after [the] day one hype is over.”

BSOL started trading on Tuesday alongside Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. Bitwise’s ETF achieved $55.4 million in trading volume, marking it as the largest cryptocurrency ETF launch of 2025, according to Balchunas.