VanEck Plans Hyperliquid Spot Staking ETF in U.S., ETP in Europe

Edyme

September 11, 2025

Matt Maximo, senior digital assets investment analyst at VanEck, said the firm’s liquid fund has made Hyperliquid a priority this year...

VanEck, one of the most active traditional asset managers in the digital asset space, is setting its sights on Hyperliquid. According to a report from Blockworks, the investment firm is planning to file for a Hyperliquid (HYPE) spot staking ETF in the U.S. and an exchange-traded product (ETP) in Europe.

If approved, HYPE would become the youngest token to secure an ETF application from VanEck, which already manages products tied to Bitcoin and Ethereum.

Why VanEck Is betting on Hyperliquid

Hyperliquid, a layer-1 blockchain supporting a fast-growing perpetuals exchange, has quickly become one of the more notable projects in the space since its launch in 2023. Data shows it has led all blockchains in network revenue for four consecutive weeks, a metric VanEck views as evidence of strong demand.

Matt Maximo, senior digital assets investment analyst at VanEck, said the firm’s liquid fund has made Hyperliquid a priority this year. His colleague, Kyle Dacruz, added that VanEck is even considering allocating a percentage of profits from the new investment vehicles toward HYPE buybacks.

Currently, Hyperliquid itself directs nearly all of its revenue to buybacks, a mechanism that has helped sustain the token’s market activity.

For U.S. investors, a staking ETF could provide exposure to HYPE in a way that circumvents current access limitations. As Dacruz explained, HYPE does not yet trade on major U.S. exchanges like Coinbase, and an ETF could potentially push exchanges to reconsider.

Regulatory hurdles and broader context

VanEck’s plans are still subject to regulatory review. In Europe, where 21Shares successfully launched a Hyperliquid ETP in August, the approval path looks clearer.

The U.S. Securities and Exchange Commission, however, is still reviewing several high-profile crypto ETF applications for tokens like XRP and SOL, meaning a HYPE filing could face delays.

Meanwhile, VanEck is no stranger to moving early. The firm was first to file for ETFs tied to Solana and Ethereum, and filing for Hyperliquid would extend that track record.

It also comes as VanEck CEO Jan van Eck’s son co-founded Agora, a stablecoin startup bidding to issue Hyperliquid’s USDH. While some observers linked the two efforts, Dacruz emphasized that VanEck’s ETF plans are “completely separate” from Agora’s proposal.