VanEck intends to introduce a US-based fund backed by HYPE tokens with staking options, as well as an exchange-traded product (ETP) in Europe. Company representatives confirmed the plan but did not specify the timeline for filing.
If approved, HYPE will become the youngest digital asset for which VanEck has initiated a listing. Previously, the firm launched ETFs on Bitcoin, Ethereum, and other tokens.
Why Hyperliquid
According to VanEck digital asset analyst Matt Maximo, Hyperliquid is a main focus for the company’s liquid assets fund this year. The segment is seen as promising due to consistent demand.
Kyle Dacruz, director of digital products, noted that the company is exploring the possibility of directing part of the fund’s profits toward buybacks of HYPE. At present, the Hyperliquid ecosystem itself already repurchases tokens in amounts equal to nearly all of its revenue.
Hyperliquid is a Layer-1 blockchain that powers a popular platform for perpetual futures trading. The project launched in 2023 and, over the past four weeks, has led all blockchains in terms of network revenue.
According to Dacruz, HYPE has strong demand but is absent from major US exchanges, including Coinbase. He emphasized that the launch of an ETF could not only expand access for US investors but also influence exchanges to consider listing the token.
Connection to the Launch of USDH
Amid Hyperliquid’s growth, the ecosystem is discussing the launch of the stablecoin USDH. One of the contenders to issue it is Agora, founded by Nick van Eck, the son of VanEck CEO Jan van Eck. VanEck is involved in managing Agora’s reserves, and Jan van Eck has publicly supported the initiative.
However, Dacruz stressed that VanEck’s ETP launch is not connected to Agora’s actions. He stated that the companies operate independently, and the HYPE ETF application is not tied to the question of who will issue USDH.
Regulatory Outlook
VanEck’s Hyperliquid products in the US will only launch with regulatory approval. In Europe, a similar ETP from 21Shares entered the market in August. Meanwhile, the SEC continues to review ETF applications for larger assets, including XRP and SOL.
VanEck has also filed applications for ETFs on AVAX, SOL, JitoSOL, and BNB. If the HYPE fund is approved first, the company will continue its priority filings, similar to its approach with Solana and Ethereum.
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