UBS, Bank of Montreal and Jane Street have disclosed holdings in US spot Hyperliquid ETFs, according to a Bloomberg Intelligence review of the funds’ first quarterly 13F ownership filings. Thirty firms reported combined positions worth $74.9 million as of June 30, the first hard look at who actually bought the products since they launched.
The largest single holder is not a Wall Street name. Wealth High Governance Asset Management, a Brazilian asset manager, reported nearly $24 million in shares of 21Shares’ HYPE fund, some 632,614 shares of the THYP product. That puts it ahead of every other disclosed holder by a wide margin. The Block carried the details from Bloomberg’s review, published Friday.
OLP Capital Management ranks second with $10.5 million. UBS is third at $7.5 million, Bank of Montreal fourth at $6.7 million, and Jane Street fifth at $4.4 million. Further down the list sit Discovery Capital, Brevan Howard, Balyasny and Boothbay, alongside small entries such as $22,068 from Royal Bank of Canada and $1,103 from Tower Research Capital. The spread of sizes tells its own story: a few firms sized the trade seriously, while others bought token amounts, likely to track the product or establish an option to add later.
Concentration at the top
The top five holders together reported $53 million, or 70.8% of the total disclosed. Bloomberg Intelligence ETF analyst James Seyffart compiled the table from the filings and posted it on X. “Earlier this week i took a look at the Hyperliquid ETFs and their 13F reporting,” he wrote. “Here’s a look at all the known holders of the three ETFs.”
The funds themselves are small by ETF standards. SoSoValue data show $356.58 million in net inflows since launch through Sept. 4, with the three products holding $480.86 million in net assets at Friday’s close. Friday’s $10.52 million inflow went entirely to Bitwise’s BHYP fund. For comparison, US spot bitcoin ETFs pulled $731 million on a single day earlier this month, their best session since January. The Hyperliquid products are operating at a small fraction of that scale.
Why the names matter more than the number
Seventy-five million is a rounding error in institutional terms. The composition of the holder list is the story. Jane Street is one of the largest market makers in US bitcoin and ether ETFs, and a firm of that profile taking exposure to HYPE, the token of a decentralized derivatives exchange, signals that the product has crossed onto mainstream trading desks. Market makers rarely hold for conviction, but their presence in the filings usually means they are providing liquidity in the products, which tightens spreads and makes the funds easier for larger investors to enter and exit.
UBS, meanwhile, gains HYPE exposure through a regulated wrapper without touching crypto custody directly, a route the bank has preferred for its digital asset exposure. Bank of Montreal’s position suggests Canadian institutions are using the same path. Brevan Howard and Balyasny are macro and multi-strategy hedge funds whose appearance points to trading interest rather than long-term allocation.
What Hyperliquid is and why it gets a fund
Hyperliquid runs a decentralized order-book exchange focused on perpetual futures, built on its own blockchain rather than renting security from Ethereum or Solana. The protocol generates substantial fee revenue from derivatives trading, which is what separates HYPE from the many governance tokens that exist mostly as voting chips. That revenue stream is the argument issuers made when they proposed ETF wrappers for the token in the first place: it behaves more like an equity claim on an exchange than like a payment coin.
The filings cover only June 30 positions and only firms required to file 13Fs, so the true institutional footprint is likely larger. Hedge funds with short positions, offshore vehicles and sub-threshold holders do not appear in the data at all. Positions opened after June 30 will surface in the October filings.
Context for Hyperliquid in Washington
The disclosures land as Hyperliquid’s US status draws political attention. President Donald Trump said this week that he wants Hyperliquid to enter the US market, with reporting pointing to a possible CFTC partnership path. An existing article covered that story separately, so this filing review stands as the market-side development: the tradable HYPE products are already inside US portfolios, whatever the regulatory endgame turns out to be.
For the ETF issuers, 21Shares, Bitwise and the third fund’s manager, the first 13F cycle answers the question every new crypto product faces at launch: does anyone actually buy it? Thirty filers and nearly half a billion in assets say yes, at a scale that is modest but real, and with a holder base that skews toward trading firms rather than buy-and-hold institutions.
The next quarterly filings, covering Sept. 30, will show whether early buyers added to positions as the token moved or took profits along the way. Between now and then, daily flow data from SoSoValue and the issuers will give a rough read on demand, though flows alone do not show who is on the other side. For a product category that launched into skepticism about whether a DeFi token belonged in a US-listed wrapper at all, the first disclosures are a better start than most expected.
The Brazilian tilt of the largest holder is also worth a note. Wealth High Governance has built its name on governance-focused strategies in Brazilian equities, and its near-$24 million bet dwarfs what most US firms filed. Either the firm sees something in HYPE that richer peers do not, or it simply moved earlier. Both possibilities say something useful about how crypto ETF ownership is forming outside the usual US institutional core.
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