21Shares has rolled out the 21Shares 2x Long HYPE ETF (NASDAQ:TXXH), offering investors a leveraged play on HYPE, the native token of Hyperliquid (CRYPTO: HYPE).

• 21Shares 2x Long HYPE ETF shares are showing limited movement. What’s next for TXXH stock?

The fund is designed to deliver twice (2x) the daily price performance of HYPE, giving traders amplified exposure through a familiar exchange-traded structure — without directly holding the underlying cryptocurrency. Notably, the launch puts 21Shares ahead of rivals racing to bring HYPE-linked products to market, even as several firms pursue spot offerings still awaiting regulatory approval.

The ETF uses derivatives such as swaps, futures and options to achieve its objective, allocating at least 80% of its assets to instruments aligned with its daily leverage goal. Like other leveraged ETFs, TXXH resets daily and is intended for short-term, actively managed strategies rather than long-term holding.

Read Also: This Ethereum Rival May Soon Challenge Polymarket, Kalshi For The Prediction Market Throne

Key features of TXXH:

  • 2x daily exposure: Targets double the daily performance of HYPE, magnifying both gains and losses
  • Derivatives-based strategy: Uses swaps, futures and options instead of direct crypto ownership
  • Short-term focus: Designed for active traders due to daily reset and compounding effects
  • Access to DeFi infrastructure: Taps into Hyperliquid's perpetual futures ecosystem and on-chain trading model
  • Transparent revenue linkage: Hyperliquid allocates a large share of trading fees toward HYPE token buybacks, supporting its market dynamics
  • Simplified leverage: Offers leveraged exposure without margin accounts, collateral requirements, or direct crypto custody
  • Management Fee: 1.89%

While the structure lowers barriers to leveraged crypto trading, the amplified risk profile means the ETF is best suited for investors who can closely monitor positions and navigate short-term volatility.

Hyperliquid is a blockchain-based derivatives platform offering perpetual futures that never expire, designed for fast, exchange-like trading. Its standout feature is a revenue model that directs 95% of trading fees toward daily HYPE token buybacks — driving significant market activity — though performance depends on overall trading volumes.

TXXH launch comes as firms such as Bitwise Asset Management and Grayscale Investments have filed with the U.S. Securities and Exchange Commission for spot Hyperliquid ETFs, including proposals such as BHYP and GHYP. Bitwise has already amended its filing to include a 0.67% fee and plans to list on NYSE Arca, signaling progress toward a potential launch. Meanwhile, Grayscale also updated its filing last week to drop Coinbase as its primary custodian and replace it with Anchorage Digital Bank.

Read Also: Alphabet Soars, Meta Sinks As Big Tech Splits — ETFs Let You Pick The Right Side

Photo: Shutterstock