Overview
- The S-1 details a Delaware statutory trust designed to passively track HYPE’s U.S. dollar price and staking yield without using leverage or derivatives.
- Coinbase Custody and BitGo Trust are named to safeguard the fund’s holdings, with pricing based on a benchmark that aggregates major exchange data.
- The structure would let authorized participants create and redeem shares in HYPE or cash, and the fund may stake tokens if permitted under regulatory guidance.
- The application follows 21Shares’ Oct. 17 filing for a 2x Long HYPE ETF and joins Bitwise’s HYPE proposal, with other managers reportedly preparing similar products.
- The filing arrives a week after 21Shares agreed to be acquired by FalconX, while HYPE recently traded near $47–$50 and ranks among the largest cryptocurrencies by market value.