Hyperliquid Strategies (PURR) and the HYPE ETFs

Not everyone who wants HYPE exposure can or wants to hold the token directly. Hyperliquid’s terms restrict the United States, and many investors prefer a brokerage account. Since late 2025, three listed wrappers exist: one company and two ETFs.

At a glance

	Hyperliquid Strategies Inc	21shares Hyperliquid ETF	Bitwise Hyperliquid ETF
Ticker / venue	PURR, Nasdaq	THYP, Nasdaq	BHYP, NYSE
What it is	Operating company holding HYPE	Spot HYPE ETF	Spot HYPE ETF
Listed	December 2025 (merger with Sonnet BioTherapeutics)	12 May 2026	15 May 2026
Fee	None as such; corporate costs and dilution instead	0.30%	0.34% (0% for the first month on the first $500M)
Stakes HYPE	Yes (staking income is its main revenue)	Yes; staking rewards distributed quarterly	Yes, in-house via Bitwise Onchain Solutions
Price tracks	Company value: HYPE holdings plus or minus a premium, cash, debt and share issuance	HYPE net asset value	HYPE net asset value

21Shares also lists a 2x leveraged HYPE fund (TXXH, 1.89% fee), which resets daily and is not a buy-and-hold product.

Hyperliquid Strategies (PURR)

Hyperliquid Strategies Inc is a “digital asset treasury” company: a listed firm whose main asset is a large HYPE position. It reached Nasdaq in early December 2025 through a merger with Sonnet BioTherapeutics. In its August 2026 update, The Block reported, it put its HYPE treasury at about $1.9B, with about $149.9M in cash and no debt, after raising $647M in equity.

On the chain itself, a validator named “Hyperliquid Strategies x Unit” had about 38.9M HYPE delegated to it on 4 November 2026, the fourth-largest stake (Hyperliquid API). Delegations can come from anyone, so that number isn’t the same as the company’s holdings.

A treasury company is not a fund. Its share price can trade well above or below the value of its HYPE, it can issue new shares (diluting holders) to buy more, and it carries company risks: management, costs, accounting and regulation.

Two different “PURR”s

Hyperliquid’s first spot token, launched in 2024, is also called PURR (spot token index 1 in the API, with its own HyperEVM contract). It is a meme token. Nasdaq: PURR is the company. They have no economic link.

The spot HYPE ETFs

Both ETFs hold HYPE in custody and plan to stake most of it, so their returns are HYPE’s price move plus staking rewards minus the fee. On 4 November 2026 validators’ predicted staking APRs were about 2.1% to 2.2% after commission (Hyperliquid API), so staking roughly covers or exceeds the fee, before the issuers’ own staking costs.

• THYP (21Shares) was the first US spot HYPE ETF, launching 12 May 2026 on Nasdaq at 0.30%. 21Shares published quarterly staking-reward distribution dates starting 30 June 2026.
• BHYP (Bitwise) began trading 15 May 2026 on NYSE at 0.34%. Bitwise says it is the only HYPE ETP sponsor staking with its own infrastructure. Its prospectus warns that staking exposes the trust to slashing and could delay redemptions.

Why it matters to you

• For US investors, these are the mainstream routes to HYPE exposure. Hyperliquid itself restricts US users; brokerage products don’t.
• ETFs track HYPE more closely than PURR does. A treasury company’s premium or discount can swamp HYPE’s own move.
• These products hold a lot of HYPE. Their staking and buying add to demand and to stake concentration; their selling would do the reverse.

What can go wrong