Thirty institutions held about $74.9 million in US exchange-traded funds tracking Hyperliquid’s HYPE token as of June 30, according to the first quarterly 13F filings for the products. Bloomberg Intelligence analyst James Seyffart compiled the holder list and published it on September 5. The names on it look nothing like a crypto-native rolodex: UBS, Bank of Montreal, Jane Street, Brevan Howard, Balyasny.
The largest single holder is an unexpected one. Wealth High Governance Asset Management, a Brazilian firm, reported $23.95 million in shares of 21Shares’ THYP fund, or 632,614 shares, the dominant position in the entire filing cohort. OLP Capital Management followed with $10.5 million. UBS ranked third at $7.5 million, Bank of Montreal fourth at $6.7 million and Jane Street fifth at $4.4 million. Discovery Capital, Brevan Howard, Balyasny and Boothbay fill out the upper half of the list.
The top five together hold about $53 million, or 70.8 percent of the disclosed total. The remaining 25 institutions split roughly $22 million. The tail is small enough to show how early this market is: Royal Bank of Canada disclosed $22,068 and Tower Research Capital $1,103.
Three funds in eight weeks
Three US spot HYPE ETFs launched in quick succession this year. 21Shares listed THYP on May 12, the first ETF tracking a decentralized perpetuals exchange token anywhere. Bitwise followed with BHYP on May 15. Grayscale completed the trio on June 3 with a staking-focused fund that passes rewards through to holders.
By June 30, Bitwise’s BHYP reported $128 million in net assets and held about 1.96 million HYPE tokens. That figure measures total fund size, not 13F-reported positions, and the gap between the two numbers is the point. Managers only file a 13F once their qualifying US holdings pass $100 million, so smaller investors, foreign institutions and positions held through other structures never show up. The filings are a floor, not a census.
| Fund | Issuer | Listed |
|---|---|---|
| THYP | 21Shares | May 12, 2026 |
| BHYP | Bitwise | May 15, 2026 |
| Grayscale HYPE staking ETF | Grayscale | June 3, 2026 |
Why banks and market makers are in at all
Hyperliquid runs a decentralized perpetual futures exchange on its own blockchain, and HYPE is its gas and governance token. That makes an ETF on the token an unusually concentrated bet: one application, one chain, one revenue stream built on trading fees. Jane Street’s presence, a quantitative firm known for market making, suggests the secondary market liquidity these funds need is forming. Bank holdings can include client money, and trading firms may hold shares as hedges, so a 13F line does not always mean a directional bet.
The disclosures land while Hyperliquid pushes for direct US access. Bloomberg reported this week that the exchange is in advanced talks to route some perpetual futures to American traders through Bitnomial, the CFTC-licensed venue owned by Payward. President Trump said on September 4 that he wants Hyperliquid to enter the US market. HYPE traded near $86 on September 6, about 1 percent below its all-time high of $87.89 set on September 3, with a market capitalization near $19.4 billion.
What the filings do not tell you
Second-quarter 13Fs snapshot June 30. Any buying or selling since then is invisible until the next round in October. HYPE has moved sharply in the interim, and three straight weeks of bitcoin ETF inflows totaling $3.8 billion suggest institutional appetite for crypto products generally is strengthening, which may or may not have carried into HYPE funds.
The comparison to the bitcoin ETF rollout is instructive anyway. Those funds also started with modest 13F totals before pension consultants and wirehouses arrived in later quarters. Hyperliquid’s first cohort is smaller and more specialized, led by a Brazilian asset manager rather than a US wirehouse, and the $74.9 million total is a rounding error next to the $101.3 billion in US spot bitcoin ETFs. But every large bitcoin ETF holder started somewhere, and the first round of filings now confirms that regulated institutions, not just crypto funds, took early positions in a token tied to a single trading application.
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