At a Glance
- Asset manager 21Shares has filed with the SEC for a new ETF focused on the Hyperliquid protocol’s token, HYPE.
- This follows a similar filing by Bitwise last month, indicating growing institutional interest in alternative cryptocurrencies.
- The HYPE token offers benefits on the Hyperliquid decentralized exchange and is used for blockchain fees, with its value rising alongside platform popularity.
- US investors are showing a strong demand for ETFs tracking more volatile altcoins.
- The recent launch of the Bitwise Solana Staking ETF (BSOL) saw significant trading volume, signaling investor appetite for novel crypto instruments.
21Shares Seeks Approval for Hyperliquid ETF
Asset manager 21Shares is making a move into the alternative cryptocurrency ETF space by seeking approval for a fund that will track the token powering the Hyperliquid perpetual futures protocol and its associated blockchain . This development underscores the increasing attention Wall Street is paying to less common digital assets.
On Wednesday, 21Shares submitted a filing with the U.S. Securities and Exchange Commission (SEC) for the 21Shares Hyperliquid ETF. The filing did not yet specify a ticker symbol or management fees. For custodial services, the company has named Coinbase Custody and BitGo Trust.
This initiative comes on the heels of a similar filing made by Bitwise just last month for a Hyperliquid (HYPE) ETF. The HYPE token plays a crucial role within the Hyperliquid ecosystem. It provides holders with discounts on the platform’s decentralized exchange and is utilized for paying transaction fees on its blockchain. The token’s value has seen an upward trend over the past year, mirroring the growing adoption and usage of the Hyperliquid service.
Investor Demand for Altcoin ETFs Grows
US investors have increasingly demonstrated a strong appetite for exchange-traded funds (ETFs) that offer exposure to more volatile altcoins. These innovative financial products often incorporate novel features, such as the ability to generate yield through staking mechanisms common in various blockchain networks.
The recent performance of the Bitwise Solana Staking ETF (BSOL) serves as a prime example of this trend. On its second day of trading, the ETF recorded substantial trading volume, highlighting the market’s receptiveness to new altcoin-focused investment vehicles.
Bitwise Solana Staking ETF Achieves Strong Debut
The Bitwise Solana Staking ETF (BSOL) concluded its second day of trading on Wednesday with an impressive trading volume exceeding $72 million. This performance has drawn significant attention from market observers.
💡 Eric Balchunas, a Bloomberg ETF analyst, described the figure as a huge number and a good sign for the ETF’s prospects. He noted that such robust trading activity after the initial day’s hype is uncommon, as most ETFs tend to see a drop-off in volume once the initial excitement fades.
BSOL commenced trading on Tuesday, launching alongside ETFs for Litecoin (LTC) and Hedera (HBAR) from Canary Capital. Bitwise’s ETF was particularly notable, pulling in $55.4 million in trading volume on its debut. Balchunas highlighted this as the largest launch volume among all crypto ETFs in 2025.
Grayscale Investments also entered the competitive Solana ETF market, debuting its staking-enabled Grayscale Solana Trust ETF (GSOL) on Wednesday. This launch aimed to directly compete with Bitwise’s similar offering.
📊 However, Balchunas reported that GSOL’s debut trading volume stood at $4 million, which he characterized as healthy but [obviously] short of BSOL. He added that launching only one day after BSOL makes it considerably more challenging for GSOL to capture market share.
Expert Summary
The increasing number of proposed and launched cryptocurrency ETFs highlights a significant trend in institutional adoption. While the Bitwise Solana Staking ETF has seen a strong market reception, competitors are also vying for investor capital in this evolving landscape.