Key Notes
- 21Shares has filed an S-1 with the SEC for the 21Shares Hyperliquid ETF.
- The ETF will hold physical HYPE tokens in custody with Coinbase and BitGo.
- This follows earlier 21Shares filings for Injective (INJ) and a 2x Long HYPE ETF.
Asset manager 21Shares US LLC has filed a new S-1 registration statement with the US Securities and Exchange Commission (SEC) for the “21Shares Hyperliquid ETF,” a fund designed to track the US dollar price performance and staking yield of HYPE, the native token of the Hyperliquid network .
The filing follows 21Shares’ growing push into DeFi-focused ETFs, following recent filings for Injective (INJ) and leveraged HYPE exposure.
21Shares Expands Its DeFi ETF Lineup
The 21Shares Hyperliquid ETF, structured as a Delaware statutory trust, seeks to offer institutional investors exposure to HYPE’s market performance and staking rewards, minus management fees and liabilities.
Coinbase Custody and BitGo Trust will serve as custodians, ensuring secure cold storage of the fund’s HYPE holdings.
HYPERLIQUID ETF filed by 21Shares! $HYPE is the youngest crypto asset to have an ETF application
Another W for the .hls pic.twitter.com/fWHZZthyKu
— gum (@0xGumshoe) October 29, 2025
According to the filing , the ETF will not employ leverage or derivatives. Instead, it will passively track HYPE’s price through a benchmark that aggregates data from major exchanges.
21Shares may also stake a portion of the fund’s HYPE through vetted staking providers or via liquid staking tokens, should regulatory clarity allow.
The filing also details that the ETF’s shares will be created and redeemed through authorized participants in exchange for HYPE or equivalent cash value.
The inclusion of a “HYPE Counterparty” to facilitate these transactions indicates a design similar to existing Bitcoin and Ethereum ETFs .
This HYPE ETF filing follows 21Shares’ earlier October submission for a 2x Long HYPE ETF, a leveraged product aiming to deliver double the daily returns of HYPE.
If approved, it would become the first US-listed leveraged ETF tracking a live DeFi protocol, using derivatives instead of direct token holdings. Also, earlier this month, 21Shares also filed for a spot Injective (INJ) ETF.
🚨 BREAKING: 21Shares just filed for a new $INJ ETF.
This is a major signal of growing institutional interest, making $INJ one of the few digital assets with multiple ETF products in progress. @21Shares is among the world’s largest exchange traded product issuers. pic.twitter.com/xjWSZJVmsT
— Injective 🥷 (@injective) October 20, 2025
HYPE Price Analysis: Breakout or Pause Ahead?
HYPE is currently trading around $49.38, up 3.5% on the day, with the Bollinger Bands widening. The RSI at 62.5 suggests moderate bullish momentum, while the MACD histogram continues to print higher bars.
HYPE price action with momentum indicators | Source: TradingView
The token has reclaimed the mid-Bollinger band and is now testing resistance near $49–$50. A daily close above this range could open a path toward the upper band at $55, followed by $61 if momentum sustains.
On the other hand, immediate support lies at $44, with stronger demand expected around $40, the mid-October accumulation zone. With the ETF filing, HYPE could very well be the best crypto to buy in 2025.
