Who Is Buying Hyperliquid ETFs?
UBS, Bank of Montreal and Jane Street were among 30 institutions that disclosed holdings in U.S. Hyperliquid ETFs during the funds’ first quarterly ownership filings, giving investors an early look at institutional participation in products tracking the HYPE token.
Wealth High Governance Asset Management topped the list compiled by Bloomberg Intelligence ETF analyst James Seyffart. The firm reported 632,614 shares of the 21Shares Hyperliquid Staking ETF, or THYP, worth $23.95 million as of June 30.
OLP Capital Management followed with about $10.5 million. UBS reported $7.5 million, Bank of Montreal held $6.7 million and Jane Street disclosed $4.4 million.
The five largest disclosed holders therefore accounted for about $53 million, or 70.8% of the $74.9 million identified across the filings. Other names included Discovery Capital, Brevan Howard, Balyasny and Boothbay.
Smaller reported holdings ranged down to $22,068 for Royal Bank of Canada and $1,103 for Tower Research Capital.
The concentration gives the Hyperliquid ETF market an institutional footprint only months after the products launched, although the filings do not necessarily show long-term investment conviction from every firm involved.
What Do The 13F Filings Actually Tell Investors?
The disclosures provide a snapshot of holdings at the end of the second quarter rather than a live picture of current exposure. Any purchases or sales after June 30 are absent from the data.
There are other limitations. Holdings reported by banks can include assets managed or held for clients, while trading firms such as Jane Street may own ETF shares as part of market-making, arbitrage or hedged strategies rather than a directional bet on HYPE.
Form 13F reporting is also incomplete by design. Investment managers generally become subject to the filing requirement once they manage at least $100 million in qualifying securities. Smaller investors therefore may not appear.
That means the $74.9 million identified in the filings should not be treated as the total amount of institutional capital invested in Hyperliquid ETFs. Nor should each reported holding automatically be interpreted as a bullish call on the underlying token.
Investor Takeaway
The appearance of UBS, BMO and Jane Street gives Hyperliquid ETFs institutional visibility, but 13F filings show ownership rather than investment intent. The stronger evidence of demand is the combination of disclosed holdings, continued ETF inflows and growth in assets since the products launched.
How Fast Are Hyperliquid ETFs Growing?
The U.S. market for HYPE funds is still young. 21Shares launched THYP in May, followed days later by Bitwise’s BHYP. Grayscale entered the market with HYPG in early June.
The three products had attracted $356.58 million in cumulative net inflows through Sept. 4 and finished that session with $480.86 million in combined net assets.
Another $10.52 million entered the funds on Sept. 4, with the entire daily inflow going to Bitwise’s BHYP.
Those figures provide a more current measure of demand than the June 30 institutional filings. They show that assets continued to build during July, August and early September, after the reporting date captured by the first batch of 13Fs.
The ETFs also give investors a route to HYPE through traditional brokerage accounts without directly holding the token or using Hyperliquid itself. That distinction is particularly relevant in the U.S., where direct access to Hyperliquid remains restricted under the platform’s terms.
Why Does Wall Street Interest Matter For Hyperliquid?
Hyperliquid has built its business around decentralized perpetual futures, derivatives contracts without expiration dates that have become a major source of crypto trading activity. Its own blockchain and HYPE token form the economic base of that ecosystem.
ETF demand creates a separate route for U.S. capital to gain exposure to the token even while the underlying trading venue remains unavailable to U.S. users.
That separation could become increasingly important if regulated firms find ways to connect Hyperliquid technology with U.S.-compliant derivatives markets. Kraken parent Payward has been working with the CFTC on potential access to certain Hyperliquid-linked perpetual products through regulated exchange Bitnomial, although the final structure has not been announced.
For HYPE investors, the institutional filings are therefore less important as proof that major banks are making outright crypto bets than as evidence that Hyperliquid-linked products are entering mainstream trading infrastructure.
The next test will be whether ETF inflows continue after the initial launch period and whether the institutional ownership base broadens beyond the relatively small group that accounted for most disclosed holdings at the end of June.