THYP vs XRPC

THYPA21Shares Hyperliquid ETF

XRPCBCanary XRP ETF

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.

XRPC The one that got to the XRP party first: Canary's fund listed on Nasdaq in November 2025 holding real XRP with regulated trust-company custodians, not futures. First-mover status comes with a first-mover price tag of 0.50% a year.

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.

XRPC The Trust seeks to provide investors with exposure to the value of XRP held by the Trust, after deducting operating expenses and other liabilities.

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

• XRPC The first US spot XRP ETF to list, debuting on Nasdaq in November 2025. Its opening session drew the heaviest first-day volume of any 2025 ETF launch.nasdaq.com
• Holds actual XRP, custodied by Gemini Trust Company and BitGo Trust Company, rather than reaching for the price through futures or swaps.sec.gov
• Trades in the upper half of the spot-crypto ETF group on volume and spreads, so getting in and out has been less of a chore than in thinner single-token funds.

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.

• XRPC At 0.50% a year, it costs more than same-asset rivals that arrived behind it: Bitwise's XRP charges 0.34% and 21Shares' TOXR charges 0.30%.
• One token, no income. There is nothing to clip while you wait; the fund's value tracks XRP's price less expenses, and XRP moves hard in both directions.
• Launched in late 2025, so the track record is short and the fund's behavior across a full market cycle is still unwritten.

Full THYP profile⁠

Full XRPC profile⁠