21Shares has formally filed with the US SEC for a 2x HYPE ETF. This is a leveraged fund that goals to ship double the every day returns of the Hyperliquid Index. It builds on earlier filings from asset managers for the product.
21Shares Expands its DeFi Product Line with HYPE ETF Filing
In a brand new growth, 21Shares has submitted a submitting with the united statesSEC for a 2x leveraged HYPE ETF, in a bid to enhance the token’s publicity. The proposed product will amplify buyers’ publicity by 200%. This will provide a high-beta play for merchants searching for to capitalize on the platform’s surging on-chain exercise.
Bloomberg ETF analyst Eric Balchunas described the 21Shares submitting as “so niche it might just win.” He in contrast right now’s surge in thematic ETFs to the early booms in good beta and currency-hedged merchandise. If authorised, it might change into the primary U.S.-listed leveraged ETF to observe a dwell DeFi protocol’s price and perpetual market efficiency.
21Shares submitting for a 2x HYPE ETF. This is the type of submitting the place you are like man, that’s SO area of interest, idk.. however then you would lookup in 3-4yrs it is bought a number of billion. Just a complete land rush proper now, identical to with themes, curr hedging and good beta in eras previous. pic.twitter.com/7UiLP5AlnK
— Eric Balchunas (@EricBalchunas) October 17, 2025
The transfer follows a string of product launches by the agency, together with the 21Shares DOGE ETF, which just lately went dwell on the DTCC platform.
In Europe, the asset supervisor additionally listed the HYPE ETP on the SIX Swiss Exchange. This gave institutional buyers entry to the protocol’s token with out requiring wallets or on-chain custody. That itemizing arrived simply as Hyperliquid posted its strongest revenue month to date.
Analysts observe that the 2x HYPE ETF is the primary to combine Hyperliquid’s perpetual futures system into a standard 40-Act, daily-reset wrapper. By utilizing swaps as a substitute of custody, the construction introduces new layers of funding and counterparty publicity.
It was estimated that the preliminary capability might be round $500 million to $1.5 billion, relying on liquidity circumstances within the HYPE markets.
Asset Managers Intensify Push for Hyperliquid ETF Listings
The 21Shares transfer follows earlier strikes by different asset managers. Last month, Bitwise filed for an HYPE ETF. The product is designed to maintain the native token immediately, with in-kind creation and redemption options permitting shares to be swapped for HYPE tokens as a substitute of money.
Meanwhile, VanEck also applied for a spot staking Hyperliquid ETF within the U.S., alongside a parallel European ETP. The agency has hinted at integrating staking yields and potential HYPE buybacks tied to fund efficiency.
Adding to the momentum, Hyperliquid‘s HIP-3 upgrade went live on the platform. Perpetual market creation without permission was introduced in the update. As a result, qualified builders won’t want centralized approval to introduce derivatives straight onto the chain.
Experts say this improve might dramatically develop HYPE’s utility and liquidity, making it an much more engaging base asset for ETF issuers.
