Hyperliquid ETF Debuts on Nasdaq With $1.2M Inflows

THYP seeks to track the spot price of the Hyperliquid (HYPE) token, which is tied to the perpetual futures platform of the same name. The platform has facilitated over $8.4 trillion in trading volume since launching in 2023, according to data from Dune Analytics.

The debut volume was a fraction of earlier altcoin ETF launches. The Bitwise Solana Staking ETF (BSOL) attracted $56 million on its opening day in late October, while the Canary XRP ETF (XRPC) brought in $58 million when it launched in November.

THYP carries a 0.3% management fee, below the 0.67% fee proposed by Bitwise for its own Hyperliquid ETF, BHYP, which Seyffart said is next in line for SEC approval. Grayscale is also awaiting a decision on its Grayscale HYPE ETF (GHYP) and has not yet set a fee for the product.

The launch adds to a growing number of altcoins packaged into funds available on Wall Street. In September, the #SEC moved away from case-by-case reviews of spot crypto ETFs in favor of generic listing standards, making the approval process more accessible.

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