Crypto asset manager 21Shares filed a second amended S-1 registration for its Hyperliqud exchange-traded fund with the Securities and Exchange Commission on Tuesday, according to a report by The Block.
The new filing indicates the fund intends to trade on the Nasdaq Stock Market under the ticker symbol “THYP.”
Documents show the fund's sponsor, 21Shares US LLC, purchased two seed shares at $50 each on March 18 and redeemed them the following week. The issuer intends to purchase 20,000 shares from the trust at $25 per share as an initial seed creation basket to acquire HYPE before the official listing.
While the amendment provides details on the seed shares, it did not disclose a specific sponsor fee for the fund.
Staking strategy for HYPE holdings
The 21Shares Hyperliquid ETF also intends to utilize staking for a significant portion of its assets.
"Based on Utilization Rate analysis applied to historical data, the Trust generally intends to stake between 30% and 70% of the HYPE it holds, although the amount of HYPE that is staked may be lesser or greater from time to time," the filing stated.
This application is part of a broader race to launch products tracking Hyperliquid, a major onchain perpetual decentralized exchange (DEX). Bitwise filed a second amendment for its own Hyperliquid ETF last Friday, which is expected to trade under the ticker "BHYP" with a 0.67% annual management fee.
Grayscale also submitted an application for a HYPE ETF last month. As of Wednesday morning, HYPE was trading at $43.52, representing a 3% decline over the previous 24 hours.
