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Hyperliquid ETF, the first ETF of its kind listed in the United States by cryptocurrency fund manager 21 Shares, made its official debut on the Nasdaq Stock Exchange, recording net inflows of $1.2 million and a trading volume of $1.8 million on its first day of trading.

This fund is called the “21Shares Hyperliquid ETF,” which seeks to follow the performance of the spot price of the HYPE token that facilitates trading on the Hyperliquid Perpetual Futures Platform. This trading platform has already seen cumulative trading volumes of over $8.4 trillion since its inception in 2023.

James Seyffart, an ETF analyst for Bloomberg, said that it was a good beginning when compared to most other ETF launches, but it was still significantly lower than other well-known cryptocurrency funds.

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Hyperliquid ETF Faces Competition From Other Crypto Funds

Despite the Hyperliquid ETF having a strong start, it is far behind many other crypto ETFs that have been launched within the last few months. The Bitwise Solana Staking ETF had an almost $56 million trading volume on its first day of operation back in October, while the Canary XRP ETF generated around $58 million on its first day of trading in November.

With all that said, the fact remains that the lower the volume is, the more it underscores the rising interest in the altcoin-based investment vehicles among the institutional players in New York. In the last year, the US regulators have been becoming more accommodating when it comes to crypto ETFs.

In September, the SEC moved away from reviewing spot crypto ETFs individually and introduced “generic listing standards,” simplifying the approval process for many digital asset funds.

Furthermore, the Hyperliquid ETF was also released before the upcoming introduction of another ETF called the Bitwise Hyperliquid Staking ETF, which, according to Seyffart, can be approved shortly. Meanwhile, Grayscale Investments continues to wait for an SEC decision about its proposed Grayscale HYPE ETF.

Hyperliquid ETF Offers Lower Management Fee

A third advantage the Hyperliquid ETF can leverage in competing for market share in the rapidly expanding crypto ETF space is the low cost of managing it. The management fee for THYP is 0.3%, which is considerably lower than the proposed management fee of 0.67% for the Bitwise Hyperliquid ETF.

At the start of the year, Seyffart predicted that several crypto exchange-traded funds would ultimately shut down due to decreasing demand by investors. This was prior to a Bloomberg study finding that the average life span of an ETF had fallen from 4.66 years in 2024 to 3.5 years in 2025.

Even though several ETFs have already closed during the early months of 2026, there has been no impact on any of the major crypto ETFs yet.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

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Metaplanet reported stronger first-quarter earnings as the Tokyo-listed company continued its Bitcoin treasury strategy. Revenue reached ¥3.08 billion for the quarter ended March 31, 2026, marking a 251% increase from the same period a year earlier.

Profits from operations also increased during the quarter. Although the firm saw some of its reported bottom line impacted by Bitcoin price fluctuations, it rose 282.5% year-on-year to ¥2.27 billion for the period.

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Metaplanet Q1 Results Show Bitcoin Accounting Pressure

The results were shared in an X post by CEO Simon Gerovich. Metaplanet raked in ¥3.08 billion revenue, ¥2.27 billion operating profit, a 73.6% and a 2.8% BTC yield for Q1 FY2026.

Despite this, the company still declared a net loss of ¥114.5 million. The loss was attributed by management to depreciation of the value of Bitcoin, not a decline in operations.

The result had shown how accounting changes can impact Bitcoin treasury firms. Metaplanet had also posted a full-year FY2025 net loss of approximately ¥95 billion, mainly due to an ¥102.2 billion non-cash Bitcoin valuation.

During the quarter, Metaplanet increased its Bitcoin holdings. On March 31, 2026, the company owned a total of 40,177 BTC, maintaining its position as the largest publicly listed Bitcoin holder in the world outside the United States.

In Q1 2026, the company purchased around ¥60 billion worth of 5,075 BTC. The purchases were at an average price of approximately $79,000 per Bitcoin.

The company has also been acquiring capital using a number of funding moves. In February, it distributed ¥12.2 billion in fresh shares and ¥40.7 billion in the following month.

Metaplanet Funding Moves Support Bitcoin Expansion

The company further funded its operations with Bitcoin-backed credit facilities and also utilized Class B preferred shares. The financing actions allowed the company to keep adding Bitcoin while managing its capital needs.

During this period, the firm launched mNAV linked moving strike warrants. They have features that allow fundraising to be modified based on market conditions and share performance.

As the Bitcoin prices declined, the balance sheet looked weaker. Total assets fell from ¥505.2 billion in December to ¥466.6 billion, while net assets declined 12.1% during the quarter to ¥402.9 billion.

Metaplanet left its guidance for fiscal 2026 unchanged despite those pressures. The firm maintains its ¥16 billion revenue and ¥11.4 billion operating profit.

The company also diversified its digital finance business. It made an investment in the stablecoin issuer JPYC and rolled out U.S.-based Metaplanet Asset Management.

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Charles Schwab launches spot Bitcoin and Ether trading for its first customers. The phased Schwab crypto rollout will give select users direct access to digital assets within one of the biggest brokerage platforms in the US market.

The company confirmed the launch on Tuesday in a post on X and said initial clients can trade Bitcoin and Ethereum at Schwab alongside their other investments.

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Schwab Crypto Expands Access With Paxos Support

The crypto trading service integrates into the same platform used for stocks and other investment products. But it will not roll out in New York and Louisiana, where the licensing requirements are stricter.

The move places Schwab deeper inside the digital asset market as traditional finance firms expand crypto access. It also comes while U.S. regulators and lawmakers work toward clearer rules for digital asset platforms.

Previously, Schwab said it was introduced through Charles Schwab Premier Bank. Both custody, settlement, and trade execution are undertaken by Paxos itself behind the platform.

Crypto assets will be held in separate Schwab crypto accounts. This means that they will not sit within traditional brokerage accounts, separating cryptocurrency positions from regular investment portfolios.

It results in a 0.75% fee for any crypto trade made through the company. They also added research tools, education, and market updates along with 24/7 customer service.

Joe Vietri, Schwab’s head of digital assets, said the firm aims to be a destination for retail entry into crypto markets. Jonathan Craig, who heads retail investing at Schwab, said clients will use digital assets without stepping outside the broader Schwab platform.

Schwab Crypto Expansion Plans Follow Internal Testing

The Schwab crypto launch is the result of months of internal testing. The company has also announced that it will be introducing additional cryptocurrencies and future transfer options for deposits and withdrawals.

Such scheduled changes may enhance this platform’s value for clients looking for broader access to assets. They could also enhance Schwab’s ability to compete with crypto-native exchanges.

The launch coincides with Washington debating digital asset laws. Legal analyst Bill Hughes recently stated that the proposed CLARITY Act may attract trading activity from offshore exchanges with its more transparent guidelines for U.S. platforms.

Schwab enters the market with a large financial scale. As of March 2026, the company held $11.77 trillion in client assets and had 39.1 million active brokerage accounts.

In the first quarter, it had an adjusted net income of $2.6 billion, up 38% from a year earlier. That scale infuses the Schwab crypto rollout with significance in the traditional finance and digital asset market.

The Schwab crypto rollout shows how brokerage firms are adding digital assets while using regulated account structures. The service will provide retail users with an additional way of accessing Bitcoin and Ethereum exposure.

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Vietnam plans to launch its first regulated crypto and digital asset market as early as the third quarter of 2026. Officials said the framework will bring trading activity under formal oversight after years of limited official rules in the sector.

Deputy Minister of Finance Nguyen Duc Chi announced the timeline at the Digital Trust in Finance 2026 forum on May 12. He said the government is working with financial regulators and security agencies to prepare rules for digital asset trading.

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Vietnam Advances Digital Asset Market Framework

This plan comes as Vietnam moves ahead to regulate crypto platforms more clearly. As the country readies its official market activity, authorities have approved five companies to assist run trading platforms. The move backs reforms for the digital economy.

According to Chi, by the third quarter of this year Vietnam may have the first trials of its crypto asset market. He said that the framework would be built around transparency, investor protection, and stronger finance management by regulators. As per the framework, it also included tax, customs, and budget systems.

Vietnam’s national digital economy targets by 2030 align with the digital asset plan. Officials want the digital economy to contribute a minimum of 30% of GDP. Targeting to reduce 80% of transactions, and engage more than 40% of an enterprise in innovation activities

According to a Reuters report, five companies that applied to get a crypto exchange license successfully passed the first qualification stage in March. 

It consists of companies affiliated with Techcombank, VPBank, LPBank, VIX Securities, and Sun Group. In August of this year, Vietnam had opened an application for licenses to crypto exchanges.

Licensed Digital Asset Platforms Face New Tax Rules

The licensing process provides a route for local businesses to enter the regulated digital asset market. This transition is about moving crypto trading into licensed platforms away from grey channels. The framework proposed suggested that only companies located in Vietnam could engage in exchange activities.

The trading of items is additionally entailed in the tax coverage. The initiative will impose a 0.1% tax on every transaction via licensed platforms. Crypto trades would be treated like stock market transactions by the tax regime by the authorities.

The draft framework would apply to corporate investors under a separate set of rules. Companies that profit from crypto transactions will continue to pay a 20% corporate tax after costs and expenses. The interest has also been expressed in exempting such transactions from value-added tax.

However, this does not mean that cryptocurrencies will be authorized as a form of payment inside Vietnam. Even if the two countries establish a monetary swap, all transactions and settlements still have to be carried out in the Vietnamese dong. 

Last year, Vietnam introduced a five-year pilot, and the latest measures direct digital asset activity to official financial regulation.

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