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Asset management firm 21Shares has filed for a new exchange-traded fund (ETF) tracking the Hyperliquid (HYPE) token, a key asset behind the perpetual futures protocol and blockchain of the same name. The filing, submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday, comes as investor interest in altcoin-related ETFs continues to grow.
The proposed product, called the 21Shares Hyperliquid ETF, aims to provide institutional and retail investors with exposure to HYPE without the need to directly hold the token. While the filing did not include details such as the fund’s ticker symbol or management fees, Coinbase Custody and BitGo Trust were listed as custodians for the fund’s assets.
The move follows a similar Hyperliquid ETF filing from Bitwise Asset Management last month, suggesting mounting institutional attention toward emerging blockchain projects beyond Bitcoin and Ethereum.
What Is Hyperliquid and Why It’s Gaining Attention
Hyperliquid is a decentralized perpetual futures exchange and blockchain platform that has gained traction among traders for its efficiency and low transaction costs. The platform’s native token, HYPE, is used for paying network fees and accessing trading discounts within the ecosystem.
Over the past year, HYPE has seen a steady rise in both adoption and valuation, reflecting growing confidence in the project’s long-term sustainability. The filing of ETFs tracking this token signals a new phase of institutional acknowledgment, giving investors exposure to niche blockchain assets that power decentralized finance (DeFi) innovations.
According to market observers, Hyperliquid’s combination of scalability, on-chain derivatives trading, and user-friendly design has made it a standout in the altcoin landscape — a key reason firms like 21Shares are positioning themselves early.
Bitwise’s Solana ETF Records $72 Million Trading Volume
While 21Shares’ ETF filing made headlines, Bitwise Asset Management also drew attention with impressive trading figures for its recently launched Solana Staking ETF (BSOL).
Launched earlier this week, the ETF ended its second trading day with more than $72 million in volume, according to Bloomberg ETF analyst Eric Balchunas. He described the figure as “a huge number” and “a good sign,” noting that most ETFs typically see a sharp decline in trading activity after their initial debut.
The Bitwise Solana ETF allows investors to gain exposure to Solana (SOL) while also benefiting from staking yields — a mechanism that rewards participants for securing the Solana blockchain. This unique feature has made the ETF particularly appealing to investors seeking both capital appreciation and passive income.
Surge in Altcoin ETF Demand Shows Investor Appetite
The recent developments highlight a broader trend in the crypto market — the rising demand for altcoin-based ETFs. As Bitcoin and Ethereum ETFs mature and see stabilization in inflows, investors are looking for new opportunities in emerging blockchain ecosystems.
Bitwise’s Solana ETF launch came alongside new offerings from Canary Capital, which introduced ETFs for Litecoin (LTC) and Hedera (HBAR). On its debut, Bitwise’s ETF recorded $55.4 million in trading volume, the largest among all crypto ETFs launched in 2025.
This trend underscores how investors are beginning to diversify their crypto exposure through regulated products, particularly in staking and DeFi-related assets.
Grayscale Joins the Competition with Solana Trust ETF
Adding to the competition, Grayscale Investments introduced its own Grayscale Solana Trust ETF (GSOL) on Wednesday. The ETF, which also features staking capabilities, aims to rival Bitwise’s offering in the same segment.
According to Balchunas, Grayscale’s product achieved $4 million in trading volume on its first day — a “healthy” start, though notably below the Bitwise ETF’s figures. Industry analysts view the entry of multiple issuers as a positive sign, suggesting that the market for staking-enabled ETFs is entering a new phase of expansion.
Institutional Interest in Altcoins on the Rise
The surge in ETF filings and trading volumes reflects growing institutional confidence in alternative cryptocurrencies beyond the established leaders. While Bitcoin remains the dominant digital asset in institutional portfolios, the rise of Ethereum, Solana, and now Hyperliquid-backed products demonstrates a maturing market structure.
ETFs like those from 21Shares and Bitwise provide investors with compliant, transparent access to these assets — a crucial factor for regulatory-conscious funds and financial advisors.
Analysts predict that if the SEC continues approving such altcoin-linked ETFs, the crypto ETF market could see billions in new inflows over the next 12 months.
Outlook
With 21Shares filing for its Hyperliquid ETF and Bitwise achieving a strong start with its Solana Staking ETF, the momentum behind altcoin ETFs is unmistakable. As more asset managers explore similar products, 2025 may become the year when alternative blockchain ETFs move into the mainstream, giving investors broader, regulated access to the evolving world of decentralized finance.
