UBS, Jane Street, Bank of Montreal and roughly two dozen other financial firms disclosed a combined $74.9 million in Hyperlinked ETF holdings as of June 30. The tally comes from Bloomberg Intelligence‘s review of the funds’ first quarterly ownership filings.
Bloomberg ETF analyst James Seyffart put together a list of 30 firms reporting positions across three Hyperliquid ETFs. The data is drawn from 13F filings, mandatory U.S. institutional disclosures, and marks the first ownership snapshot since the funds launched in May and June.
The biggest disclosed position belonged to Brazil’s Wealth High Governance Asset Management: 632,614 shares of 21Shares’ HYPE fund worth $23,948,236. OLP Capital Management came in second at $10.5 million. UBS reported $7.5 million. Bank of Montreal (BMO) held fourth at $6.7 million. Jane Street filed $4.4 million in exposure.
Those five firms accounted for $53 million. That is 70.8% of the total.
Below them, the long tail stretched wide. Royal Bank of Canada reported $22,068. Tower Research Capital filed $1,103. Seyffart’s list also named Discovery Capital, Brevan Howard, Balyasny and Boothbay among the holders. He wrote on X: “Earlier this week i took a look at the Hyperliquid ETFs and their 13F reporting. Here’s a look at all the known holders of the three ETFs.”
Three funds are now trading. 21Shares launched its Hyperliquid ETF (THYP) on May 12. Bitwise’s BHYP began trading May 18. Grayscale’s HYPG opened June 3. Investors buy shares through standard brokerage accounts to gain exposure to Hyperliquid’s HYPE token without touching crypto wallets or self-custody.
Capital has followed. Net inflows since launch reached $356.58 million through Sept. 4, per SoSoValue data. The three funds held $480.86 million in net assets at the close. Friday’s $10.52 million inflow went entirely to Bitwise’s BHYP.
Hyperliquid is a decentralized exchange built on its own blockchain. It is best known for perpetual futures, contracts with no expiry date. The protocol’s 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. A final structure has not been announced.
The 13F filings carry caveats. Second-quarter reports will not capture sales made after June 30. Bank holdings can include client money rather than proprietary positions. Trading firms may hold hedges against the shares they report. Managers file 13F only when they cross a $100 million threshold for qualifying securities, so the reports undercount the full set of ETF investors.
Holders, as ever, are divided on whether the filings reflect conviction or intermediation.
