TCAN vs THYP

TCAND21Shares Canton Network ETF

THYPA21Shares Hyperliquid ETF

In short

TCAN The first US ETF built around Canton Coin, the utility token of a privacy-focused blockchain designed for institutional finance. One token, one wrapper, bought like any other stock.

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

TCAN The Fund seeks returns, before fees and expenses, that correspond to Canton Coin’s price performance. It primarily invests in CC and other instruments designed to provide exposure to or returns consistent with CC.

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

• TCAN Launched 2026 as the first US ETF offering direct exposure to Canton Coin, so no crypto exchange account or private keys to manage.globenewswire.com
• Plain mandate: at least 80% of net assets in CC and CC-linked instruments, tracking the coin's price before fees. No basket, no index detours.21shares.com
• Canton's validator and governance ranks include Goldman Sachs and Deutsche Bank, though their involvement is not an endorsement of the coin or the fund.globenewswire.com
• Runs as a 1940 Act fund, with BitGo Bank & Trust and U.S. Bank named as fund custodians rather than the issuer holding coins itself.21shares.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

• TCAN Costs 0.50% a year against a 0.35% median for spot-crypto funds. Cheaper names sit in the group (XRPZ, XRP), but none of them hold Canton Coin.
• Small and thinly traded, so spreads can be wide and shares can trade at a premium or discount to NAV.21shares.com
• Single-token exposure with a short operating history and no distributions; the coin's price does all the work.21shares.com

• 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 TCAN profile⁠

Full THYP profile⁠