21Shares is moving ahead with plans to create an exchange-traded fund (ETF) focused on the Hyperliquid token, tapping into the growing interest on Wall Street in alternative cryptocurrencies. The asset manager submitted an application for the 21Shares Hyperliquid ETF to the Securities and Exchange Commission on Wednesday, although no ticker symbol or fee details were provided. Coinbase Custody and BitGo Trust have been designated as custodians for this ETF.

This filing follows a recent application by Bitwise for a similar Hyperliquid (HYPE) ETF last month. The Hyperliquid token is notable for offering discounts on transactions made through the associated decentralized exchange and is also utilized to settle fees on its blockchain. Its value has risen over the past year, coinciding with the increasing adoption of its services.

In a separate development, U.S. investors are showing a preference for ETFs that include more volatile altcoins, such as those that incorporate innovative features like staking. Notably, the Bitwise Solana (SOL) ETF reported impressive trading activity on its second day.

Bitwise Solana Staking ETF Surges with Impressive Volume

Meanwhile, the Bitwise Solana Staking ETF (BSOL) concluded its second trading day on Wednesday with trading volume exceeding $72 million. Bloomberg ETF analyst Eric Balchunas remarked that this amount is “a huge number” and reflects a positive trend, especially considering that most ETFs experience a decline in trading volume after the excitement of the first day fades.

BSOL debuted on Tuesday, coinciding with the start of trading for Canary Capital’s Litecoin (LTC) and Hedera (HBAR) ETFs. According to Balchunas, BSOL has achieved the highest trading volume among all cryptocurrency ETFs launched this year, with an impressive $55.4 million on its first day.

Grayscale Investments also introduced its Grayscale Solana Trust ETF (GSOL) on Wednesday, positioning it alongside Bitwise’s offering. However, GSOL’s initial trading volume reached $4 million, which Balchunas described as good, yet substantially lower than that of BSOL. He noted, “Being just one day behind is actually really huge; it complicates matters considerably."