📅 October 29 | Switzerland
The crypto ETF craze shows no signs of slowing down. Amid a flurry of launches, 21Shares, one of the largest issuers of funds linked to digital assets, has just filed a new application with the SEC to list the first ETF based on Hyperliquid (HLP), the platform that has gained notoriety after its meteoric growth in the decentralized derivatives market. With this move, 21Shares seeks to position itself at the forefront of the next generation of financial products based on DeFi infrastructure.
📖 Over the past few months, the market has witnessed a historic expansion in the supply of ETFs linked to digital assets. From spot Bitcoin funds to products focused on Solana, Ethereum, and even tokenized stablecoins, institutional appetite seems insatiable.
Now, Hyperliquid, a decentralized trading platform specializing in perpetual derivatives, becomes the new protagonist. 21Shares, based in Switzerland and with a long track record of issuing regulated products, has filed the necessary paperwork to list the ETF with the U.S. Securities and Exchange Commission (SEC).
According to The Block, the proposal comes on the heels of a “wave of more than 20 new crypto ETF applications”, reinforcing the trend of institutionalization of the sector. Meanwhile, trading volume in Hyperliquid has grown explosively, exceeding $6 billion per day after the surge in speculative activity in October.
21Shares' product aims to offer regulated exposure to the performance of HLP tokens, allowing institutional and retail investors to access the ecosystem without directly using the protocol. If the SEC approves it, this ETF could set a key precedent for other DeFi funds seeking approval in 2025.
Experts consulted point out that 21Shares' move is no coincidence: the market is undergoing a transformation after the collapse of several unregulated funds, and investors now prioritize transparency, liquidity, and verifiable governance.
Topic Opinion:
I believe the launch of a Hyperliquid ETF represents a new turning point for decentralized finance. We're seeing on-chain protocols begin to integrate into traditional financial mechanisms, and this will forever change the relationship between DeFi and global markets. However, it's also a warning: regulation is coming faster than many anticipate, and not all projects are ready to thrive in that environment.
💬 Do you think DeFi ETFs will be the next big catalyst for the crypto market?
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