UBS, Jane Street among firms with combined $75 million in Hyperliquid ETF holdings: Bloomberg

Institutional investors including UBS, Bank of Montreal and Jane Street appeared among the first disclosed holders of U.S. Hyperliquid exchange-traded funds, according to a Bloomberg Intelligence review of quarterly ownership filings. The list, published Friday by BI ETF analyst James Seyffart, covers the three funds tied to Hyperliquid's HYPE token.

Wealth High Governance Asset Management topped the known holders with 632,614 shares of the 21Shares HYPE fund, valued at $23,948,236 on June 30. OLP Capital Management followed with $10.5 million of exposure. UBS ranked third at $7.5 million, while Bank of Montreal reported $6.7 million and Jane Street $4.4 million. Other names in the table included Discovery Capital, Brevan Howard, Balyasny and Boothbay. Royal Bank of Canada disclosed $22,068 and Tower Research Capital $1,103.

The five largest holders—Wealth High Governance, OLP, UBS, BMO and Jane Street—together accounted for $53 million, or 70.8% of the $74.9 million total shown in Bloomberg's table. The disclosures capture positions as of the second quarter and do not reflect later sales. Bank holdings may include client assets, and trading firms may hold hedges against the shares. 13F filings are required only when managers cross the $100 million threshold for qualifying securities, so the data is not a complete count of ETF investors.

Hyperliquid ETF market

21Shares launched the first Hyperliquid ETF, THYP, on May 12. Bitwise's BHYP started trading three days later, and Grayscale introduced HYPG on June 3. The funds give brokerage-account investors exposure to HYPE. Since launch through Sept. 4, they have drawn $356.58 million in net inflows, according to SoSoValue. Friday's $10.52 million inflow went entirely to Bitwise's BHYP, and the three funds held $480.86 million in net assets at the close.

Hyperliquid is a decentralized exchange running on its own blockchain and is best known for perpetual futures, which have no expiry date. It currently restricts U.S. users, although the Trump administration has expressed interest in bringing the platform into the country. Kraken parent Payward is working with the CFTC on access to certain Hyperliquid-linked perpetuals through regulated exchange Bitnomial, as The Block reported Friday. That structure could let U.S. customers access a separate product built on Hyperliquid infrastructure without opening the existing venue to them; no final structure has been announced.