VanEck Bets on Crypto’s Infrastructure with HYPE ETF Push

VanEck, a leading asset management firm, has announced its intention to apply for a physically-backed exchange-traded fund (ETF) listing in the United States for Hyperliquid (HYPE), a token associated with the decentralized derivatives platform Hyperliquid. The firm's move underscores growing institutional interest in tokenized assets and the potential for regulated exposure to crypto market infrastructure. The proposed ETF would seek to track the performance of the HYPE token by holding a physical amount of the asset, a departure from many existing crypto ETFs that typically use futures contracts.

The firm is also exploring similar structures in Europe, where it plans to offer a European-traded ETP (exchange-traded product) under a different regulatory framework. This dual approach highlights VanEck’s strategy to capitalize on divergent regulatory environments across jurisdictions while maintaining compliance with local requirements. The European ETP would likely be structured to meet the criteria set by the European Securities and Markets Authority (ESMA), which has been cautious but increasingly receptive to token-backed products under the Markets in Crypto-Assets (MiCA) regime.

VanEck has emphasized its commitment to due diligence in the application process, including a comprehensive assessment of the HYPE token's liquidity, market depth, and governance model. The firm cited Hyperliquid’s increasing market capitalization and growing user base as key factors in its decision to pursue the ETF. In a statement, VanEck noted that the token’s role in facilitating decentralized trading on the Hyperliquid platform is central to its potential as a long-term asset.

The proposed ETF also aligns with VanEck’s broader strategy to expand its alternative asset offerings, with a particular focus on crypto-related products. The firm has previously launched products in Bitcoin, Ethereum, and gold, and now aims to diversify its exposure to the fast-evolving crypto derivatives market. The company is also considering potential buybacks and shareholder value initiatives, contingent on the success of the ETF filing and regulatory approval.

Analysts have noted that VanEck’s entry into the HYPE ETF space could accelerate broader institutional adoption of tokens tied to on-chain infrastructure, especially among investors seeking diversified exposure to the crypto ecosystem. However, the application remains subject to review by the U.S. Securities and Exchange Commission (SEC), which has taken a cautious approach to physically-backed crypto ETFs. The firm has not provided a timeline for approval but has indicated that it is prepared for a potential regulatory review process.