One of crypto's biggest winners over the past half-year is now accessible to ordinary investors in regulated form. Virtune is listing a physically-backed Hyperliquid ETP on Nasdaq Stockholm and Helsinki from July 7, with a 0.95 percent annual fee.
Virtune, a Swedish regulated crypto asset manager, holds over 90 percent market share for crypto ETNs on Nasdaq Nordics. The new listing extends the company's push into a broader trend where built-in yield mechanisms — so-called tokenomics — increasingly determine which digital assets attract institutional interest.
Virtune Hyperliquid ETP was listed on July 7 with ISIN SE0028425314, trading in parallel on two marketplaces. On Nasdaq Stockholm, the product trades in Swedish kronor under the ticker VIRHYPE, while on Nasdaq Helsinki it trades in euros under the ticker VIRHYPEE. The annual management fee is 0.95 percent, and the product is physically backed, meaning Virtune actually holds the underlying HYPE tokens as collateral, unlike structures that merely track the price synthetically.
Hyperliquid is a decentralized blockchain and trading platform built for high-frequency trading of digital assets. The platform uses what's known as an on-chain order book — meaning buy and sell orders are recorded directly on the blockchain rather than in a separate, centralized system — enabling low latency and low transaction costs. Since launch, Hyperliquid has grown into the leading decentralized platform for perpetual futures, and is today among the crypto industry's largest protocols by trading volume and protocol revenue.
A significant share of Hyperliquid's revenue goes to what's called the Assistance Fund, used to buy back HYPE tokens on the open market. The mechanism creates a direct link between platform activity and token demand — the more trading, the more buybacks. It's this link between growth and token value that, according to Virtune CEO Christopher Kock, makes HYPE a "particularly interesting digital asset" in a maturing crypto market.
Beyond the trading platform itself, Hyperliquid is expanding into a broader blockchain ecosystem through HyperEVM, which allows developers to build decentralized applications and financial services on the network.
Virtune launched in 2023 and has since attracted over 160,000 investors, with roughly $250 million in assets under management. The company's dominant market share on Nasdaq Nordics for crypto ETNs makes the Hyperliquid listing another step in a broader product expansion, as more protocols with built-in yield mechanisms get regulated, exchange-listed wrappers aimed at Nordic investors.
Sources: Virtune
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