21Shares Amends Hyperliquid ETF Filing, Targets Nasdaq Listing Under THYP

• 21Shares has filed a second amendment for its proposed Hyperliquid ETF and plans to list the product on Nasdaq under the ticker THYP.
• The filing also outlines seed activity and an intended initial creation basket of 20,000 shares to acquire HYPE before launch.

21Shares has taken another step toward launching a Hyperliquid ETF, adding more detail to its filing as competition around HYPE-linked products begins to tighten.

The asset manager submitted a second amended filing on Tuesday, indicating that the fund is intended to trade on Nasdaq under the ticker THYP. In ETF terms, that kind of update tends to matter. It does not guarantee a launch date, but it usually suggests the filing process is becoming more concrete rather than less.

Nasdaq listing plans and seed activity sharpen the picture

The amendment also disclosed early seed mechanics, which gave the filing a more operational feel than a generic registration document. According to the filing, 21Shares US LLC, the sponsor of the fund, purchased two seed shares at $50 each on March 18 and then redeemed them the following week.

That may sound minor, and in one sense it is. But seed activity like this often signals an issuer is actively working through the fund’s setup rather than simply reserving a place in line.

The filing goes further. 21Shares said it plans to purchase 20,000 shares from the trust at $25 per share as an initial seed creation basket, with the proceeds intended to acquire HYPE before the ETF begins trading.

The race for a Hyperliquid fund is starting to look real

What makes the filing more notable is the timing. Several issuers are now trying to get to market with products tied to Hyperliquid, the protocol and blockchain that has become one of the most closely watched names in crypto over the past year.

For 21Shares, the second amendment suggests the SEC dialogue is active and ongoing, which the market usually reads as progress, even if the final path is never fully smooth.

The broader point is simple enough. Hyperliquid is no longer being treated as a niche token story. Once issuers start naming tickers, seed baskets and listing venues, the market begins to treat the ETF not as a possibility in theory, but as a product that may actually be nearing the shelf.