THYP vs VBNB

THYPA21Shares Hyperliquid ETF

VBNBBVanEck BNB ETF Common Shares of Beneficial Interest

In short

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.

VBNB The first U.S. spot BNB ETP. VanEck's trust holds the BNB Chain token itself in cold storage, no futures or leverage, so an asset that once required an exchange wallet now trades in a brokerage account.

Stated mandate

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.

VBNB The Trust seeks to reflect the price of BNB and, if staking is implemented, rewards from staking part of its BNB, after operating expenses.

Why people hold it

• 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

• VBNB Launched in 2026 as the first U.S. exchange-traded product built for spot BNB exposure, a slot no other fund filled first.vaneck.com
• Plain plumbing: the trust holds BNB directly, uses no leverage or derivatives, and keeps the coins in cold storage with qualified custodian Anchorage Digital Bank.vaneck.com
• Staking optionality is written into the mandate: if VanEck turns it on, rewards flow to the trust, and shareholders get told via an SEC filing.sec.gov
• Built as a grantor trust, so the trust itself isn't taxed federally; each holder is treated as owning a pro rata slice of the BNB inside it.sec.gov

Worth knowing

• 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.

• VBNB The 0.39% sponsor fee runs a shade above the typical single-asset crypto fund in its group, where names like XRP and GXRP sit lower.
• No staking at launch, and the filings say the BNB may stay unstaked indefinitely. Until that changes, shares track price only, less expenses.sec.gov
• One token, no hedging: VanEck's own disclosure calls BNB highly volatile and says the trust won't try to avoid losses. It also trades lighter than the bitcoin and ether giants.vaneck.comsec.gov

Full THYP profile⁠

Full VBNB profile⁠