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The first spot $HYPE ETF just launched in the US. Ticker is THYP. Listed on Nasdaq by 21Shares. A regulated ETF designed to track the price of HYPE, the native token of Hyperliquid, that’s tradable through any normal brokerage account. No crypto wallet needed. No exchange account. Just buy it like a stock. Now institutions sitting on trillions that never touched DeFi can get exposure to one of the best-structured altcoins in the market right now. The ETF generally intends to stake between 30% and 70% of its HYPE holdings. Roughly 70% of staking rewards are retained by the trust, while 30% goes to the sponsor, custodians, and staking providers. The rest stays liquid for redemptions. That means the ETF can generate staking yield on top of price exposure. That is rare for a crypto ETF. Fees are 0.30% annually. For context, Bitwise filed for a competing HYPE ETF at 0.67%. 21Shares undercut that by more than half. Why such a HYPE? Hyperliquid generates over $630M in annual revenue. 97% of protocol revenue is used for automatic HYPE buybacks on the open market. Traditional allocators understand cash flows. They understand buybacks. This is a crypto asset that speaks their language, the language Wall Street actually respects. Is competition coming? Grayscale and VanEck are also waiting on SEC approval for their own spot HYPE ETFs. Grayscale has significant weight in this space, so the competitive picture will evolve. 21Shares also launched a leveraged HYPE ETF in April, but it has only attracted around $1.4M so far. The bridge between DeFi and TradFi keeps getting smaller. Hyperliquid is becoming impossible to ignore.

My friends at GLC Research once again proved they're some of the best researchers in the space with their new Maple Finance Q1 2026 report. Some takeaways... Q1 2026 was a rough quarter for crypto. BTC down 22.6%, ETH down 32%, DeFi lending down 17%. Maple's AUM still grew 1.9% to $4.66B. Despite 70+ margin calls at peak market stress, zero forced liquidations occurred. Loans fell 27% but revenue only dropped 5.9% to $6.51M, still up 451% year-over-year, because Maple was earning more per dollar of loans deployed. Both $syrupUSDC and $syrupUSDT crossed $1B in deposits, each yielding around 200 bps above Aave v3 throughout the entire quarter. The bigger picture: this was the first serious macro stress test for onchain credit infrastructure since 2022, and Maple came through it remarkably well. The report is 30 pages, definitely worth going through. You can find it on the official GLC Research website or their X profile. $SYRUP

You know how bullish I've always been on the Maple team. This team just got a lot stronger. Map added three senior leaders to the team. Look at what Maple has achieved already. Now add this kind of leadership on top. Why did Maple decide to make this move? In 2025, Maple grew TVL from $500M to over $4.5B. Maple is no longer just a DeFi protocol. Maple is becoming a real institutional business. And institutions that scale at that speed either collapse under their own weight, or they make the right hires at the right time. Maple made the right hires. 🥞 Natalie Williams 🍁 joins as Head of Marketing. 15 years of building marketing functions for VC and PE-backed companies at critical growth stages. Airwallex. Clearco. Early-stage AI. She has taken complex, high-stakes stories and made them land with audiences that were not paying attention yet. That is exactly what Maple needs. The product is already institutional-grade. The track record is already there. What has been missing is a wider audience that actually understands the story. 🥞 Conor O'Hanlon 🍁 joins as General Counsel. Allen & Overy to Perkins Coie to NYDIG to Block to Tools for Humanity. That career path tells you everything. He has been inside the room for major regulatory, licensing, and institutional digital asset work. He is qualified across New York, California, England, Wales, and Ireland. As Maple expands into new jurisdictions and new products, you need someone who has already done this at institutional scale. Conor has. 🥞 Tarek Court 🍁 joins as Head of Trading. Started in European equity index futures and energy derivatives. Moved into crypto in 2012. He has traded through every cycle this space has ever produced. He knows what breaks and what holds because he was there when it broke. Maple's roadmap through 26/27 goes well beyond institutional lending. Expanding allocation capability into new strategies requires someone with that depth of market experience. $SYRUP