UBS, BMO and Jane Street Disclose Holdings in Hyperliquid…

Thirty institutions disclosed positions in U.S. Hyperliquid exchange-traded funds in the products' first round of quarterly ownership filings, accounting for $74.9 million in reported holdings tied to the HYPE token, according to a tally compiled by Bloomberg Intelligence ETF analyst James Seyffart.

Wealth High Governance Asset Management led the list with 632,614 shares of the 21Shares Hyperliquid Staking ETF, ticker THYP, valued at $23.95 million as of June 30. OLP Capital Management followed at about $10.5 million, ahead of UBS at $7.5 million, Bank of Montreal at $6.7 million and Jane Street at $4.4 million. The five largest holders represented roughly $53 million, or 70.8% of the total disclosed. Other names included Discovery Capital, Brevan Howard, Balyasny and Boothbay, while reported positions ran as low as $22,068 for Royal Bank of Canada and $1,103 for Tower Research Capital.

What the filings do — and do not — show

13F disclosures capture holdings at the end of the second quarter and do not reflect any trading after June 30. Bank filings can include assets managed or held on behalf of clients, and trading firms such as Jane Street may hold ETF shares for market-making, arbitrage or hedging rather than as a directional view on HYPE. The reporting threshold also limits the picture: managers generally must file once they oversee at least $100 million in qualifying securities, so smaller investors can be absent. The $74.9 million identified is therefore not the total institutional capital in Hyperliquid ETFs, and individual positions should not automatically be read as bullish bets.

Asset growth offers a more current gauge of demand. 21Shares launched THYP in May, Bitwise introduced BHYP days later and Grayscale entered with HYPG in early June. The three products had gathered $356.58 million in cumulative net inflows through Sept. 4 and ended that session with $480.86 million in combined net assets. A further $10.52 million entered the funds on Sept. 4, all of it into BHYP.

The ETFs give U.S. investors exposure to HYPE through conventional brokerage accounts, without holding the token directly or using Hyperliquid, whose terms restrict direct U.S. access. Hyperliquid's core business is decentralized perpetual futures, supported by its own blockchain and the HYPE token. Kraken parent Payward has been working with the CFTC on potential access to certain Hyperliquid-linked perpetual products through regulated exchange Bitnomial, though no final structure has been announced. For HYPE investors, the filings mainly signal that Hyperliquid-linked products are reaching mainstream trading infrastructure; whether inflows continue and the ownership base broadens beyond the concentrated group disclosed at the end of June remains the next test.