Asset manager 21Shares US LLC has filed for the launch of a new Exchange Traded Fund (ETF) based on the HYPE token, aiming to provide investors with access to its staking rewards and market performance. This ETF will be structured as a Delaware statutory trust, seeking to offer institutional investors exposure to HYPE’s potential without excessive fees or liabilities. 21Shares, known for its DeFi-focused ETFs, follows recent filings of similar products targeting Injective (INJ) and other protocols. The new HYPE ETF utilizes the US dollar price performance as a benchmark, tracking the token’s price through exchanges, while potentially utilizing approved staking providers to earn additional rewards. 21Shares may use these strategies to leverage potential gains from the HYPE token, similar to existing Bitcoin and Ethereum ETFs. To facilitate the creation and redemption of shares, 21Shares has outlined a process for authorized participants to trade in exchange for HYPE or equivalent cash value, utilizing a “HYPE Counterparty” for these transactions. This structure echoes established ETFs for cryptocurrencies like Bitcoin and Ethereum. The news comes after 21Shares’ previous filing for a leveraged product, the 2x Long HYPE ETF, which aims to double the daily return of HYPE using derivatives instead of direct token holdings. This would make it the first US-listed leveraged ETF tracking a live DeFi protocol. Additionally, earlier this month, 21Shares filed for an Injective (INJ) ETF. Analyst reports suggest that HYPE could experience sustained price increases due to the newly launched HYPE ETF and continued development within the Hyperliquid network.