Overview
- 21Shares submitted an application for a passive fund that would track the Hyperliquid network’s Hype token, coming a week after agreeing to be acquired by FalconX.
- The filing names Coinbase Custody and BitGo Trust to safeguard the ETF’s holdings in cold storage.
- The S-1 outlines a Delaware statutory trust intended to mirror Hype’s U.S.-dollar price and staking yield without using leverage or derivatives.
- Authorized participants would create and redeem shares in exchange for Hype or cash, according to the proposed structure.
- Hype has surged about 15x over the past year to rank 11th by market value, as the SEC weighs numerous crypto ETF proposals following September procedural changes.