BAVA vs THYP

BAVABBitwise Avalanche ETF

THYPA21Shares Hyperliquid ETF

In short

BAVA One of the few US funds holding Avalanche outright, and it doesn't just park the coins: a secondary goal is staking them to gather more AVAX. It also undercuts the other US Avalanche fund on fee.

THYP The first US spot ETF for HYPE, the token behind the Hyperliquid perpetuals exchange. It holds the coin directly, stakes a slice of it, and charges less than the typical spot-crypto fund.

Stated mandate

BAVA The Trust seeks exposure to the value of Avalanche it holds, net of operating expenses, and has a secondary objective of obtaining additional Avalanche through staking.

THYP The Trust seeks to track HYPE's performance through the FTSE Hyperliquid Index, net of expenses and liabilities, and may reflect staking rewards at the Sponsor's discretion.

Why people hold it

• BAVA Direct AVAX exposure in a normal brokerage account: the trust seeks the value of the Avalanche it holds, net of expenses. No futures roll, no basket of other tokens.
• The staking twist: a stated secondary objective is obtaining additional Avalanche by staking the coins, a mechanism plain coin-holding trusts skip.
• 0.34% a year, a shade under the spot-crypto median and below GAVA, the other US Avalanche fund, at 0.35%.
• Passively run, with no manager timing the token, and it sits in the upper half of its spot-crypto peer group overall.

• THYP First US-listed spot Hyperliquid ETF: HYPE exposure inside an ordinary brokerage account, with no wallet, no private keys and no crypto exchange login.21shares.com
• Staking is built into the wrapper. A portion of the trust's HYPE is staked on the network, and rewards are passed to shareholders in cash rather than kept inside the token.21shares.com
• The 0.30% sponsor fee sits below the 0.35% median for spot-crypto ETFs and under BHYP, which tracks the same FTSE Hyperliquid Index.
• Coins are held by Anchorage Digital Bank and BitGo Bank & Trust, federally chartered trust banks built for digital assets.21shares.com

Worth knowing

• BAVA Small and thinly traded next to the big crypto funds, so spreads at the screen can be wider than the headline fee suggests.
• It's a commodity-style trust, not a registered fund, so the usual fund-law protections don't apply. Single-token crypto also swings hard both ways.
• Any staking rewards go toward adding Avalanche to the trust, not cash in your pocket, and the 2026 launch means a thin track record.

• THYP One token, one protocol. Value moves with the price of HYPE, the native asset of a young derivatives exchange, so drawdowns can be deep and fast.decrypt.co
• Launched in 2026, so there is little history to judge it by, and how much of the HYPE gets staked is set at the sponsor's discretion.
• It is a grantor trust, not a registered investment company, so the shareholder protections that come with 1940 Act funds do not apply here.

Full BAVA profile⁠

Full THYP profile⁠