UBS, Jane Street and Bank of Montreal disclosed Hyperliquid ETF holdings totaling $75 million in the funds' first quarterly 13F filings, with Brazil's Wealth High Governance Asset Management the top holder at $24 million in 21Shares' HYPE fund. The disclosures mark the first institutional ownership data for the three U.S. HYPE ETFs launched between May and June.
UBS, Jane Street and Bank of Montreal are among firms with $75 million in combined Hyperliquid ETF holdings, per the funds' first quarterly 13F filings.
"Earlier this week I took a look at the Hyperliquid ETFs and their 13F reporting," James Seyffart, ETF analyst at Bloomberg Intelligence, wrote on X. "Here's a look at all the known holders of the three ETFs."
Brazil's Wealth High Governance Asset Management was the top holder, reporting 632,614 shares in 21Shares' HYPE fund worth $23,948,236 on June 30. OLP Capital Management held $10.5 million, UBS $7.5 million, Bank of Montreal $6.7 million and Jane Street $4.4 million. The top five accounted for 70.8 percent of the $74.9 million total.
The disclosures mark the first institutional ownership data for the three U.S. HYPE ETFs — 21Shares' THYP launched May 12, Bitwise's BHYP on May 18 and Grayscale's HYPG on June 3. The funds have drawn $356.58 million in net inflows since launch through Sept. 4, holding $480.86 million in net assets.
Discovery Capital, Brevan Howard, Balyasny and Boothbay also appeared on the list, with Royal Bank of Canada at $22,068 and Tower Research Capital at $1,103 among the smallest disclosed positions.
The second-quarter filings won't capture subsequent sales, and bank holdings can include client money. Trading firms may also hold hedges against their ETF shares. Managers generally must file a 13F once they cross the $100 million threshold for qualifying securities, so the reports don't capture every ETF investor.
Hyperliquid is a decentralized exchange built on its own blockchain, best known for perpetual futures contracts with no expiry date. Its terms currently restrict U.S. users, though the Trump administration has said it wants to bring the platform into the country.
Kraken's parent company Payward is working with the CFTC on access to certain Hyperliquid-linked perpetuals through regulated exchange Bitnomial, as The Block reported Friday. That could give U.S. customers a separate product using Hyperliquid's infrastructure without opening the existing venue to them. The final structure has not been announced.
Friday's $10.52 million inflow went entirely to Bitwise's BHYP, per SoSoValue data. The 13F disclosures show traditional finance firms treating HYPE as an investable asset through regulated vehicles, a step that could encourage additional allocations as the funds accumulate assets.
This article is for informational purposes only and does not constitute investment advice.
