The 21Shares Hyperliquid ETP is a publicly traded investment product designed to offer investors straightforward exposure to the price movements of HYPE, the proprietary digital asset underpinning the Hyperliquid decentralized perpetual futures protocol. This ETP is fully asset-backed, with each unit securely collateralized by actual HYPE tokens. These tokens are held in segregated, institutional-grade cold storage by a professional custodian, effectively removing the complexities of private key management and direct engagement with cryptocurrency exchanges for investors.