VanEck to File for Hyperliquid Spot-Staking ETF in U.S. and Europe
VanEck, one of the leading global asset managers in the digital assets space, is preparing to file for a Hyperliquid (HYPE) spot-staking platform-traded fund (ETF) in the United States while simultaneously launching a related platform-traded product (ETP) in Europe, according to people familiar with the matter. The move underscores the firm’s commitment to innovating within the regulated investment space and expanding its suite of crypto-related offerings to meet rising investor demand.
The proposed products would give investors exposure to HYPE, the native token of the Hyperliquid blockchain. Hyperliquid, launched in 2023, has rapidly carved out a position in the decentralized finance sector, recently topping network revenue charts for four consecutive weeks. Its momentum has made it an attractive target for asset managers viewking to package high-growth tokens into structured investment vehicles.
Expanding into spot and staking ETFs
What makes the planned VanEck ETF stand out is its design as a spot-staking product. Unlike traditional spot ETFs, which simply provide investors exposure to the price of a token, this fund would also integrate staking. That means investors could potentially benefit from both the appreciation of HYPE and the staking yields generated by participating in the blockchain’s consensus mechanism. If approved, this would represent a milestone in the evolution of digital asset ETFs, blending passive exposure with active yield generation within a regulated wrapper.
In Europe, where regulatory frameworks for crypto ETPs are more flexible, VanEck is preparing to launch a parallel product. European markets have historically been quicker to approve innovative digital asset funds, and VanEck’s dual strategy reflects an effort to capture demand across jurisdictions with diverse levels of regulatory openness. Still, the European ETP would remain subject to approval processes, though analysts note it may face fewer hurdles than its U.S. counterpart.
Potential purchasebacks and market implications
Another notable element under consideration is VanEck’s plan to use a portion of net profits from these products to repurchase HYPE tokens on the open market. Such purchasebacks could create additional demand pressure for the token, potentially influencing its price dynamics in both primary and secondary markets. The move would be highly unusual for an ETF, which typically does not directly intervene in token markets beyond holding underlying assets.
That said, HYPE is not currently listed on major U.S. platforms, a factor that could complicate both the structure of the proposed ETF and its accessibility to investors. VanEck has not commented on whether it would viewk listings on U.S. platforms or rely on alternative liquidity channels.
The U.S. Securities and platform Commission (SEC) has only recently begun approving spot digital asset ETFs, begining with BTC earlier this year. Adding staking yields into the mix could raise new regulatory concerns around custodianship, investor protections, and the classification of staking rewards. Whether the SEC will embrace a spot-staking ETF remains uncertain.
For VanEck, however, the initiative fits into a broader pattern of pushing boundaries in digital asset investment. By filing for a HYPE-based ETF in the U.S. and preparing a parallel ETP in Europe, the firm is signaling confidence in the growing adoption of blockchain projects beyond established tokens like BTC and ETH. If approved, the products could pave the way for a new generation of crypto ETFs that combine yield, governance exposure, and growth potential, reshaping how investors access decentralized finance through traditional markets.
