21Shares launches first U.S. Hyperliquid ETF THYP, draws $1.8 million in first-day volume

21Shares has launched THYP, a U.S.-listed Hyperliquid ETF, and multiple reports said the fund drew about $1.8 million in first-day trading volume.

The company’s official product page describes THYP as the 21Shares Hyperliquid ETF, a Nasdaq-listed spot HYPE product with a 0.30% management fee. The page lists May 11, 2026 as the inception and fund launch date.

21Shares also said it launched TXXH alongside THYP. The company’s launch materials and SEC filing confirm the fund structure, while secondary coverage on May 12 and May 13 reported the first-day trading volume at roughly $1.8 million.

The debut adds to a growing wave of crypto-linked exchange-traded products aimed at investors who want packaged exposure to newer digital assets. Some coverage also reported about $1.2 million in net inflows on day one, but that figure was not confirmed by the official product page.

What happens next

The next questions are whether flow data continues to build after launch and whether 21Shares expands distribution or product details further. For now, the verified milestone is the listing, the launch, and the reported first-day volume.