VanEck Pits HYPE ETF Against SEC Stalemate and Exchange Hurdles

VanEck, a global asset manager with $90 billion in assets under management, has confirmed plans to file for a spot-staking exchange-traded fund (ETF) linked to the native token of Hyperliquid, HYPE, in both the U.S. and Europe. The ETF would represent a significant milestone, making HYPE the youngest token to secure an ETF filing from the firm, which has previously launched ETFs for Bitcoin and Ether. The move underscores VanEck’s ongoing expansion into the crypto space and highlights growing institutional interest in decentralized trading infrastructure.

According to VanEck spokespersons, the firm is in the process of developing the HYPE-based ETF and is considering strategies to support Hyperliquid’s growth. One such strategy involves allocating a portion of the fund’s net profits toward HYPE buybacks or ecosystem support, mirroring the approach used for Bitcoin and Ethereum ETFs. Hyperliquid already conducts HYPE buybacks equivalent to nearly all of its platform revenue, a practice that aligns with VanEck’s proposed approach.

Hyperliquid, a layer-1 blockchain supporting a popular perpetual futures exchange, has seen rapid adoption since its 2023 launch. The chain has led all competing blockchains in network revenue for four consecutive weeks, according to Blockworks research. Its HYPE token has shown steady price performance, trading at $55.61 as of the latest data, with a 2% increase in the previous 24 hours. The firm noted that HYPE’s limited availability on major U.S. exchanges like Coinbase makes the token an attractive addition to the ETF lineup, potentially encouraging exchanges to list it.

The ETF filing is part of a broader strategy by VanEck to diversify its crypto offerings. The firm has previously filed for ETFs tied to tokens such as BNB and Solana, and it is currently pursuing additional applications for AVAX and JitoSOL. The approval process, however, remains subject to regulatory discretion. In the U.S., the Securities and Exchange Commission (SEC) faces a backlog of crypto ETF applications, including those for larger tokens like XRP and SOL. Meanwhile, 21Shares has already launched a European ETP for Hyperliquid, indicating growing regulatory acceptance of the token in certain markets.

VanEck emphasized that its HYPE ETF filing is entirely independent of Agora’s ongoing proposal for a Hyperliquid-aligned stablecoin, USDH. Agora, co-founded by Nick van Eck, the son of VanEck CEO Jan van Eck, has put forward its own bid to issue the stablecoin, but the firm stressed that the ETF initiative is not contingent on Agora securing the USDH ticker. VanEck’s CEO has publicly expressed bullish sentiment toward Hyperliquid and defended Agora’s USDH proposal on social media. Nonetheless, both entities operate separately, and the ETF filing is being pursued regardless of the outcome of the stablecoin governance process.