21Shares Applies for Hyperliquid ETF as New Crypto Funds Hit Market

21Shares has filed for a Hyperliquid exchange-traded fund (ETF) that would track the token of the Decentralized Exchange (DEX). This ETF would be the second HYPE-focused ETF to trade in the U.S., following a similar one by Bitwise. The product aims to provide exposure to the HYPE token, which ranks as the 16th largest cryptocurrency with a market capitalization of $12.7 billion. The fund is proposed to use Coinbase as the primary exchange and BitGo as a custodian for its assets. This filing adds to an increasing trend, with the SEC currently reviewing over 90 applications for crypto-focused ETFs, reflecting strong demand for alternative products in the digital asset space. Additionally, T. Rowe Price has also applied for its first crypto ETF, aiming to diversify into various digital assets, including market leaders like Bitcoin and Ethereum.

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