VanEck plans to submit an application to the U.S. Securities and Exchange Commission to launch a spot ETF linked to the Hyperliquid token HYPE. Company executives revealed that this ETF will include overlay features, making it more attractive for investors.

The goal of this institution is to allow individual and institutional investors to access HYPE in a regulated environment and enjoy staking rewards. Due to the relatively relaxed regulatory policies in Europe, VanEck also plans to launch two Hyperliquid ETFs in Europe, in sync with the U.S. market.

Recently, Hyperliquid has seen a significant increase in attention in the cryptocurrency market. Over the past week, the price of HYPE has risen by 20.7% to $54.45, although it has slightly retraced by 0.5% in the last 24 hours. According to recently released market data, HYPE's 24-hour trading volume reached $543.4 million, an increase of 54.76% compared to before, with a current market capitalization of $18.7 billion. In the decentralized finance sector, its fully diluted valuation has reached $54.77 billion.

Matt Maximo, VanEck's senior digital asset analyst, pointed out that Hyperliquid has become an important part of the company’s broader liquid digital asset fund strategy. The company plans to use part of the ETF funds to buy back HYPE on the open market. Kyle Dacruz, VanEck's director of digital asset products, stated that the demand for regulatory access to HYPE in the U.S. market is increasing, and such an ETF will provide investors with exposure and allow participants to earn staking rewards.

When mentioning HYPE, it has been listed on several mainstream market platforms. VanEck's interest in financial products related to crypto assets began with applications for Ethereum and Solana ETFs, and then expanded to other blockchain projects. Since 2024, the fund manager has been offering staking-based exchange notes in Europe and has submitted an application for an Avalanche ETF to the U.S. Securities and Exchange Commission.

The U.S. Securities and Exchange Commission has not yet approved any staking ETFs, including those based on Ethereum. The Commission plans to update regulations regarding cryptocurrency asset exchange-traded funds, which is expected to shorten the review process for existing applications. Although the review time is expected to be reduced from 240 days to about 95 days, VanEck's application may not be approved immediately.

Due to the relatively loose regulations in Europe, VanEck also plans to launch two Hyperliquid ETFs in Europe, following the precedent set by 21Shares in listing Hyperliquid ETFs in the region. Although the regulatory framework in the United States remains slow, this plan provides a template for future market development.

Cryptopolitan recently reported that the price of HYPE has reached a historic high of nearly $55, making it one of the top fifteen cryptocurrencies by market capitalization. This surge is driven by fierce competition among several crypto entities, including Paxos, Frax, Agora, and the recent Ethena, which has committed to using 95% of its revenue for Hyperliquid and covering the conversion fees from USDC pairs.

The launch of USDH is expected to increase the liquidity of the HYPE decentralized finance platform, which currently manages over $5 billion in USDC deposits.