VanEck is preparing to file for a Hyperliquid staking ETF in the United States, along with a similar exchange-traded product (ETP) in Europe. The move highlights growing institutional interest in newer blockchain projects that have quickly gained traction since their launch. Hyperliquid, a layer-1 blockchain that powers a perpetual futures exchange, has recently drawn attention for its rapid growth and network revenue performance. VanEck’s filing could open a pathway for broader investor access to Hyperliquid’s native token, HYPE, though the process will depend heavily on regulatory approvals still pending.

VanEck’s Filing Plans

According to reports, VanEck intends to submit a filing for a Hyperliquid spot staking ETF in the US. Alongside this, the firm is working on introducing an ETP in Europe. Employees at VanEck noted that the product would allow investors to gain exposure to HYPE, a token not yet listed on major US exchanges like Coinbase. A representative from the company did not confirm when the US filing might go live, but the process will follow the same regulatory pathway as previous crypto ETF applications.

Why Hyperliquid?

Hyperliquid launched in 2023 and quickly became known for its perpetual futures exchange. It has led all blockchains in network revenue for four straight weeks, according to research cited in the filings. VanEck analysts highlighted this performance as a reason for targeting Hyperliquid as an ETF candidate. They also noted that investor demand for the project has been strong despite the token’s absence from large US trading platforms. By offering a regulated ETF, VanEck sees a chance to give investors direct exposure while potentially encouraging exchanges to list HYPE in the future.

Profit Allocation and Token Buybacks

One point raised by VanEck’s team is that a percentage of the investment product’s net profits could be directed toward HYPE buybacks. Currently, Hyperliquid itself uses nearly all of its platform revenue for token buybacks, a model the ETF may mirror in part. While this allocation remains under consideration, it signals how VanEck is aligning the fund’s mechanics with the token’s existing economic structure.

Regulatory Environment

The success of VanEck’s Hyperliquid staking ETF will depend on approval from US regulators. The SEC continues to review multiple crypto ETF applications, including those for more established tokens such as XRP and Solana. In Europe, progress has been faster. A Hyperliquid ETP launched in August through 21Shares, showing there is precedent for similar products in international markets. VanEck’s European filing may therefore move more quickly than its US counterpart.

Broader Context

VanEck has been active in building its crypto ETF lineup. The firm already manages bitcoin and ether ETFs and has applied for funds tied to AVAX, SOL, JitoSOL, and BNB. The latest step with Hyperliquid fits into a broader strategy of expanding its offerings to cover high-demand assets earlier than competitors. For context, VanEck was among the first to file for both Ethereum and Solana ETFs in the US.

Separation from USDH Stablecoin Efforts

The announcement also comes as various projects compete to issue USDH, a stablecoin tied to the Hyperliquid ecosystem. One of the participants is Agora, a startup co-founded by Nick van Eck, son of VanEck CEO Jan van Eck. While the family connection has drawn attention, VanEck’s digital assets director emphasized that the Hyperliquid ETF and ETP filings are entirely separate from Agora’s stablecoin plans. He clarified that the products do not depend on who eventually issues USDH.

Related read: Paxos, Agora and Frax compete for Hyperliquid’s USDH

Next Steps for VanEck’s Filing

VanEck’s plan to file for a Hyperliquid staking ETF underscores how quickly institutional interest can shift to newer blockchain projects with strong performance. While the filings in both the US and Europe remain subject to regulatory approval, the move positions Hyperliquid among the few emerging tokens considered for mainstream investment products. If approved, the Hyperliquid staking ETF could provide regulated access to HYPE and mark another step in the integration of crypto assets into traditional financial markets.