CLNK vs THYP

CLNKBBitwise Chainlink ETF Beneficial Interest

THYPA21Shares Hyperliquid ETF

In short

CLNK Not a bet on digital money but on blockchain plumbing. Chainlink's oracle network feeds outside data to smart contracts, and CLNK holds LINK directly in a trust so the coin's price move shows up in a normal brokerage account.

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

CLNK The Trust seeks exposure to the value of Chainlink it holds, net of operating expenses and liabilities. It holds Chainlink, accrues fees in U.S. dollars, and is passively managed.

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

• CLNK Holds the coin itself, no futures and no roll mechanics: a passively managed grantor trust that tracks the value of the LINK it holds, net of expenses.
• 0.34% a year sits right at the middle of the spot-crypto pack, and Bitwise ran the management fee at 0% for the fund's first three months after its January 2026 launch.bitwiseinvestments.com
• LINK exposure arrives through a NYSE Arca listing: no crypto exchange account, no wallet, no seed phrase to guard.bitwiseinvestments.com
• Among the stronger builds in its spot-crypto cohort on cost and structure, from an issuer that does crypto and little else.bitwiseinvestments.com

• 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

• CLNK Not registered under the Investment Company Act, so those fund protections do not apply. Bitwise's own launch materials flag high risk, big swings, and possible total loss.bitwiseinvestments.com
• One coin, one thesis, and no cash coming back: the trust pays no distributions and accrues its fee against the LINK position.
• Some single-coin peers list at 0.30% (TSUI, TOXR, TDOT), and CLNK is a young, small fund that trades lightly, so spreads can run wider than on the giant crypto ETFs.

• 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 CLNK profile⁠

Full THYP profile⁠