21Shares has applied for an ETF tracking the Hyperliquid decentralized exchange token, following in the footsteps of Bitwise. The SEC is reviewing over 90 crypto ETF applications, including those for altcoins like Solana, Cardano, XRP, and Dogecoin. The proposed fund would offer exposure to HYPE, the 16th largest digital coin.

HYPE, Hyperliquid’s native token, has a $12.7 billion market cap and has seen a 32% increase in the past week. T. Rowe Price has also filed for a mixed crypto ETF with exposure to Bitcoin, Ethereum, and Solana. Asset managers are meeting strong demand for crypto products in a more favorable regulatory environment.

Bitcoin and Ethereum-focused funds have amassed over $155 billion and $23.4 billion in assets respectively, making them the most successful ETFs in the industry’s history. These funds provide traditional investors with access to crypto through shares on stock exchanges, addressing concerns about complexity, security, and taxes.

Read more at Yahoo Finance: 21Shares Applies for Hyperliquid ETF as New Crypto Funds Hit Market