21Shares filed a second amendment to its Hyperliquid spot ETF registration statement, disclosing that the fund plans to stake between 30% and 70% of the HYPE it holds and trade on Nasdaq under the ticker THYP. The update was flagged by CoinMarketCap in a post on April 16, 2026.
This is the second time 21Shares has returned to the SEC with revised paperwork on the same product, which suggests an active back-and-forth with regulators rather than a boilerplate first pass. HYPE traded in the mid-teens through the spring, and the four-way ETF race for the token has been one of the louder side stories behind Bitcoin's run at $74,658 as of April 16, 2026.
Why the 30-70% Range Matters
Most spot crypto ETFs that already trade in the United States do not stake. The Ethereum funds that launched in 2024 were explicitly non-staking to clear their approval path. 21Shares proposing a band of 30% to 70% is a meaningful departure because it hard-codes yield participation into the product structure and gives the manager room to adjust without filing again every time market conditions change.
The range also signals a risk framework. Staked HYPE cannot be instantly redeemed. If the fund stakes 70% and faces a redemption wave, it has to service outflows from the unstaked 30% and whatever matures from the staking queue. That is why a floor of 30% liquid is part of the language. It is a planned liquidity cushion, not an afterthought.
For passive investors who want HYPE exposure without running a validator or managing a non-custodial wallet, a 30-70% staked ETF is a middle path. You get some of the yield, some of the liquidity, and the usual brokerage wrapper. For anyone comparing this to spend-from-your-own-wallet setups, it is a very different trade. You give up direct key control and hand the validator relationship to 21Shares and its custodian.
THYP Joins a Four-Way Race
21Shares is not alone. Bitwise added a ticker and fee to its Hyperliquid ETF filing earlier this week, pushing BHYP into the same regulatory queue. Canary Capital and VanEck are also in the mix, making HYPE one of the most contested single-token ETF races since Solana. Each filer is trying to differentiate on something the SEC is willing to approve: fee, custody, staking design, creation and redemption mechanics.
The 30-70% staking band is 21Shares' attempt to stand out. Bitwise's most recent amendment did not disclose an equivalent in-kind staking range, and the Canary and VanEck filings have leaned on structural simplicity. If the SEC signs off on 21Shares with the staking language intact, the other three filers will almost certainly amend their own paperwork to match. No issuer wants to launch a product with a yield disadvantage when the benchmark competitor is routing 30 to 70 cents of every dollar through a validator.
What a Nasdaq Listing Buys
Listing THYP on Nasdaq rather than NYSE Arca or Cboe BZX is not a cosmetic choice. Nasdaq has handled most of 21Shares' US-listed products and has approved listing rule changes specifically for crypto ETPs that stake. The issuer is playing to a venue that already understands the filing. That usually shortens the runway between final SEC sign-off and the first trading day.
THYP as a ticker also fits the issuer's naming pattern: HYPE for the underlying, a one-letter prefix signaling the wrapper. It is clean, it will not be confused with an existing ticker, and it telegraphs what the product is to anyone scanning a trade screen.
Second Amendment, Not First Filing
The detail that is easy to miss is that this is amendment number two. Issuers file S-1 amendments when the SEC sends comments. A second amendment within weeks of the original filing means the staff has written back, 21Shares has answered, and the staff has written back again. That pattern is how approvals typically close out. It is not a guarantee, but it is the shape of a live negotiation rather than a shelved filing.
Two parallel filings that are not yet this far along are Goldman Sachs' proposed Bitcoin ETF that holds no spot BTC and the separately tracked Ethereum staking ETF applications. None of them have yet produced a second amendment with staking math as specific as what 21Shares disclosed today.
Overview
21Shares proposed staking 30% to 70% of the HYPE held by its Hyperliquid ETF and disclosed Nasdaq ticker THYP in a second S-1 amendment. The range splits the difference between yield generation and redemption liquidity, and the Nasdaq listing choice leans on a venue experienced with staking ETPs. Bitwise, Canary, and VanEck are all filing in parallel, and whichever structure the SEC approves first will likely become the template for the others.
