VanEck plans to apply for the launch of a Hyperliquid physically backed ETF in the United States

BlockBeats News, September 11th, according to Blockworks report, VanEck plans to apply for a Hyperliquid physically-backed ETF in the United States and to apply for a Exchange-Traded Product (ETP) on a European platform.

VanEck's Senior Digital Asset Investment Analyst, Matt Maximo, stated that Hyperliquid has been the main focus of the company's liquidity fund this year. VanEck's Director of Digital Asset Products, Kyle Dacruz, added that the company is considering allocating a portion of the investment product's net profit to HYPE buybacks. Currently, Hyperliquid has used almost all platform revenue for HYPE buybacks.

As for when VanEck's HYPE ETF application will take effect, the two individuals did not comment. The company's spokesperson also did not immediately respond to a request for comment.