21Shares Files HYPE ETF, Bitwise Solana ETF Sees ‘Huge Number’ on Day 2
The world of crypto ETFs is heating up, with significant developments from both 21Shares and Bitwise. 21Shares has recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that tracks the price and rewards of the Hyperliquid token (HYPE). Meanwhile, Bitwise's Solana ETF (BSOL) is making waves with impressive trading volumes.
21Shares' proposed Hyperliquid ETF aims to provide investors exposure to the underlying HYPE token without needing to directly hold it. The ETF is designed to mirror HYPE's market activity through derivative financial instruments, including swaps and options. The fund may also consider utilizing spot Hyperliquid exchange-traded products (ETPs) where applicable, to closely track HYPE's on-chain activity and staking yields. Coinbase Custody Trust Company and BitGo Trust Company will serve as custodians for the fund. The ETF is structured as a Delaware statutory trust, designed to mirror HYPE's price performance. The ETF plans to list on an unnamed exchange under a placeholder ticker, with shares redeemable in baskets via authorized participants using cash or in-kind HYPE transfers.
This filing follows an earlier submission by 21Shares for a 2X Leveraged HYPE ETF, which seeks to deliver double the daily returns of the Hyperliquid Index using leveraged derivatives. The submission is currently pending approval from the SEC. The 2X Leverage HYPE ETF is designed for active traders and institutional desks that manage short-term exposure.
Hyperliquid, the native token of the Hyperliquid blockchain, currently ranks as the 16th-largest cryptocurrency by market capitalization. The layer-1 blockchain was specifically designed for decentralized finance (DeFi) applications, offering infrastructure tailored to DeFi protocols. 21Shares' move highlights growing efforts to connect decentralized finance and mainstream investment through regulated crypto-focused exchange-traded products.
Meanwhile, Bitwise's Solana Staking ETF (BSOL) is off to a strong start. On its second trading day, Wednesday, October 29, 2025, BSOL saw trading volume exceed $70 million. This follows a record-breaking first day where it recorded $56 million in trading volume, making it the best ETF launch of 2025 among over 850 U.S. ETFs launched this year. On its first day, October 28, BSOL recorded $69.5 million in inflows. Bloomberg senior ETF analyst Eric Balchunas described the trading volume as "very impressive and a good sign".
BSOL's success is attributed to its unique structure, which allows investors to earn staking rewards and potential price appreciation. Roughly 82% of its Solana holdings are already staked through Helius Labs, with a goal of reaching 100%, translating to an average 7% annual yield. This allows institutions to participate in Solana's native economics without the operational burden of self-custody or node management.
The launch of these ETFs comes amidst a complex backdrop, including a U.S. government shutdown that has left the SEC operating with limited staff. Despite this, the SEC has clarified procedures for firms seeking to go public, allowing firms to file Form S-1 registration statements.
These developments signal a growing interest in crypto ETFs, with asset managers seeking to provide investors with regulated and accessible ways to gain exposure to digital assets. The performance of Bitwise's Solana ETF and the filing of 21Shares' Hyperliquid ETF demonstrate the increasing demand for diverse crypto investment products.
