Swedish crypto asset manager Virtune on Tuesday listed an ETP tracking Hyperliquid's HYPE token on Xetra in Germany and an ETP tracking SUI on Nasdaq Stockholm. The launches reflect how European ETP issuers are moving beyond bitcoin and ether.
Photo: Christopher Kock, CEO of Virtune.
Demand for regulated exposure to smaller crypto protocols has risen sharply among European investors in 2026. Virtune's dual launch on Tuesday illustrates how issuers are positioning themselves for a market that can no longer be served by bitcoin and ether products alone. The company, founded in 2023, reports approximately 300 million dollars in assets under management and more than 90 percent market share for crypto ETNs on Nasdaq Nordics.
One of the two new products is an ETP tracking Hyperliquid's HYPE token, listed on Deutsche Börse's Xetra platform. The product is available to Nordic investors through brokers including Avanza and Montrose.
Hyperliquid has been one of this year's most sought-after underlying assets in European crypto ETPs. According to Virtune, the protocol is on track to become the third-largest exposure in Europe measured by inflows in 2026.
"We are seeing strong and growing interest from both institutional and private investors. At the same time, investor demand is clearly evolving beyond traditional bitcoin and ether exposure, with increasing interest in more diversified and innovative ways to access the digital asset market through regulated investment products," says Christopher Kock, CEO of Virtune.
HYPE has risen from around 21 dollars in January to over 40 dollars in April, a gain of approximately 100 percent. The backdrop is rapid growth in trading on the Hyperliquid platform, a decentralised exchange specialising in derivatives such as perpetual futures. The platform has taken market share from centralised venues through lower transaction costs and continuous trading without market hours.
The design of the Hyperliquid protocol ties trading volume directly to token price: 97 percent of platform revenues are used to buy back and burn HYPE tokens, meaning increased activity lifts the price over time.
At the same time, Virtune listed a physically backed ETP tracking SUI on Nasdaq Stockholm. The product trades in Swedish kronor under the ticker VIRSUI, with an annual management fee of 0.95 percent. The ETP is available through brokers and banks across the Nordics. SUI is the native token of the Sui blockchain, a Layer 1 protocol built for high transaction throughput and low costs, with applications in DeFi, gaming and NFTs.
The launches reflect a trend in which European issuers increasingly offer exposure to individual protocols and applications within decentralised finance, not only the largest cryptocurrencies. For investors, this means access to more differentiated digital assets through regulated structures and established custody solutions.
For Virtune, the dual launch strengthens its position in a European market where competition between ETP issuers has intensified alongside investor interest spreading beyond bitcoin and ether.