Institutional Investors Gain Regulated Access to Hyperliquid’s HYPE via 21Shares ETP

21Shares AG has launched the first exchange-traded product (ETP) tracking Hyperliquid’s native token, HYPE, on the SIX Swiss Exchange. The product, which began trading on August 28, 2025, offers institutional and traditional investors a regulated and transparent avenue to access the Hyperliquid Protocol without the complexities of direct digital asset investment [1]. The ETP is fully backed 1:1 by physical HYPE tokens, which are stored in institutional-grade cold wallets [1]. It charges a management fee of 2.5% and is available for trading in U.S. dollars [1].

Hyperliquid has experienced exponential growth since its inception in late 2022. As of August 2025, the platform accounts for over 70% of the decentralized perpetual futures trading market, surpassing its top 10 competitors combined in terms of market share [1]. Over the past 90 days, Hyperliquid has consistently processed more than $35 billion in weekly trading volume, with weekly all-time highs exceeding $90 billion [1]. The platform’s unique infrastructure—a purpose-built Layer 1 blockchain designed exclusively for perpetual futures trading—enables it to handle massive trading volumes with near-instant transaction finality, avoiding the congestion and high fees associated with many other decentralized exchanges [1].

Hyperliquid’s tokenomics model is a key driver of the HYPE token’s value proposition. Over 95% of the platform’s revenue is allocated to daily, open-market buybacks of HYPE, creating a consistent source of buying pressure. To date, the platform has spent over $1 billion on HYPE buybacks [1]. This model has contributed to a significant increase in the token’s value, with HYPE reaching a record high of $50.99 in early August 2025 [3]. Since its initial trading in late November 2023, the token has surged approximately 15 times, gaining 430% from its April 2025 low [4].

Hyperliquid’s expansion is not limited to perpetual futures. The platform is now leveraging its custom-built blockchain and HyperEVM development environment to launch additional financial products, including spot trading and support for third-party applications [1]. Recent partnerships, such as with Phantom wallet and digital asset custodian BitGo, have expanded institutional access and user adoption [4]. As of July 2025, the platform had surpassed 600,000 registered users [3]. Despite some challenges, such as a 37-minute API outage in July, the platform has taken steps to maintain user trust, including reimbursing $2 million in losses to affected traders [3].

The 21Shares Hyperliquid ETP aims to bridge the gap between traditional finance and decentralized finance (DeFi). Unlike direct investment in digital assets, the ETP allows investors to access HYPE through a conventional brokerage account, eliminating the need for a crypto wallet or on-chain custody [1]. This simplification aligns with 21Shares’ broader mission to make crypto investing more accessible to a wider audience. As a regulated product listed on a recognized exchange, the ETP provides an added layer of transparency and investor protection that is often absent in direct DeFi interactions [1].

Analysts have noted both the strengths and risks of investing in HYPE. While the token’s fundamentals are strong, with record-breaking fee generation and a dominant market position in decentralized perpetual futures, its valuation remains elevated. As of late August 2025, the HYPE token trades at a fully diluted valuation (FDV) of over $50 billion, with only one-third of its supply currently in circulation [4]. Despite these concerns, many observers continue to see Hyperliquid as one of the most compelling protocols in DeFi [4].

Source:

[1] 21Shares Hyperliquid ETP (https://www.cash.ch/publireportage/21shares/21shares-hyperliquid-etp-856448)

[2] 21Shares推出追踪HYPE的交易所交易产品 (https://www.mitrade.com/cn/insights/news/live-news/article-3-1079986-20250829)

[3] 21Shares lists first Hyperliquid ETP on SIX Swiss Exchange (https://cointelegraph.com/news/hyperliquid-token-institutional-europe-new-21shares-etp)

[4] Hyperliquid's HYPE Hits Record High Above $50 on Trading (https://finance.yahoo.com/news/hyperliquid-hype-hits-record-high-165114185.html)