21Shares has applied to the SEC for the HYPE Altcoin ETF.

An exciting development has occurred for crypto investors. 21Shares has officially filed with the U.S. Securities and Exchange Commission (SEC) for a new exchange-traded fund (ETF) that will track the native token of the Hyperliquid platform, HYPE. This application is seen as a significant step in the crypto ETF race.

On Wednesday morning, 21Shares submitted the Form S-1 registration form to the SEC, marking its place in the process. It was noted that no symbol has yet been determined in the company’s application. Importantly, the fund's custody services will be provided by Coinbase Custody Trust Company and BitGO Trust Company. This move is recorded as the second major entrepreneurial step following Bitwise's Hyperliquid ETF application made in September.

Currently, HYPE holds the position of the 16th largest cryptocurrency in terms of market capitalization and operates as a Layer-1 blockchain specifically designed for decentralized finance (DeFi) applications.

Last week, it was announced that prime broker FalconX acquired 21Shares. According to The Wall Street Journal, this merger aims to combine 21Shares' product distribution power with FalconX's institutional trading infrastructure to create next-generation derivative-focused and structured crypto funds. This move creates a significant opportunity for the company to offer a wider range of product options rather than being limited to just spot ETFs.

In recent weeks, major crypto companies like Grayscale, Bitwise, and Canary have launched ETFs based on assets such as Solana (SOL), Litecoin (LTC), and Hedera (HBAR). However, due to the U.S. government's entry into a fiscal shutdown process, the SEC's activities had been somewhat restricted. Last week, the SEC allowed S-1 applications to be filed without a "delay amendment," enabling automatically effective applications within 20 days. This development could pave the way for many pending crypto ETF applications to be launched more swiftly.

In summary, with 21Shares’ HYPE Altcoin ETF application, another significant development has occurred that investors should keep an eye on. Market conditions and regulatory changes can have a substantial impact on the future of crypto trading. Therefore, it is emphasized that investors need to carefully monitor the crypto ETF processes.