Swiss asset manager 21Shares has launched a new exchange-traded product (ETP) for Hyperliquid’s HYPE token on the SIX Swiss Exchange. This new product allows investors to gain exposure to Hyperliquid without the complexities of on-chain wallets or custody.
Hyperliquid, a decentralized derivatives exchange that launched in late 2022, has rapidly become a major player in DeFi trading. Its on-chain order book has processed trillions of dollars in total activity and now commands nearly 80% of the decentralized perpetuals market. The platform’s success is attributed in part to a fee model that uses trading revenue to buy back the HYPE token, which recently reached a record high of over $50.
The ETP is a significant development for both companies. It solidifies 21Shares’ reputation as a leader in regulated crypto products and provides Hyperliquid with its first institutional investment vehicle. The decentralized exchange saw its highest-ever monthly volume in July, with $319 billion in trades. Despite some concerns over potential market manipulation and a recent outage, which resulted in the team reimbursing $2 million in losses, enthusiasm for the platform remains high. BitMEX co-founder Arthur Hayes even predicted that the HYPE token could see a more than 100x increase in the coming years.
August 2025, Cryptoniteuae
