Competition in the crypto ETF space intensified on Wednesday when 21Shares, one of the world's largest exchange-traded product managers, filed a registration statement with the SEC yesterday to create a Hyperliquid ETF, as noted by Reuters on Wednesday.
This move follows the launch of several other crypto funds this week and puts 21Shares in direct competition with Bitwise, which filed an application to create a similar Hyperliquid ETF in September.
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The fund, which would track the performance of Hyperliquid's native HYPE token, signals continued momentum from major asset managers to capitalize on demand for structured cryptocurrency products beyond Bitcoin and Ethereum.
It should be noted that the SEC's approval of dozens of cryptocurrency ETF applications is on hold due to the government shutdown, which has left the agency with a skeleton staff.