Banks, asset managers, and trading firms have revealed notable positions in US-listed Hyperliquid exchange-traded funds (ETFs), marking a growing institutional interest in these investment vehicles. UBS, Bank of Montreal, and Jane Street have been identified among the earliest institutional participants in these Hyperliquid ETFs.
Major institutional investors revealed
A total of thirty institutions collectively reported holdings of $74.9 million across three Hyperliquid ETFs, according to James Seyffart, an ETF analyst at Bloomberg Intelligence. Wealth High Governance Asset Management emerged as the largest institutional holder, controlling 632,614 shares of 21Shares’ THYP fund valued at $23.95 million. OLP Capital Management followed as the second-largest stakeholder, with its ETF position totaling $10.5 million.
UBS disclosed $7.5 million in Hyperliquid ETF holdings, ranking as the third-largest institutional participant. Bank of Montreal reported $6.7 million, while Jane Street held $4.4 million in the funds. Combined, these five largest holders account for roughly $53 million, representing about 71% of all reported positions. Other notable institutional participants include Discovery Capital, Brevan Howard, Balyasny Asset Management, and Boothbay Fund Management.
| Institution | Holdings in Hyperliquid ETFs (USD) |
|---|---|
| Wealth High Governance Asset Management | $23.95 million |
| OLP Capital Management | $10.5 million |
| UBS | $7.5 million |
| Bank of Montreal | $6.7 million |
| Jane Street | $4.4 million |
Growth in HYPE exposure through ETFs
These developments signal increasing exposure to the HYPE token through regulated investment vehicles rather than direct interaction with Hyperliquid. ETF offerings provide investors with the ability to gain access via established brokerage accounts. Hyperliquid, the platform behind these products, operates its own blockchain and focuses primarily on perpetual futures markets.
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AAPLUS-based investors still face restrictions accessing Hyperliquid’s direct products. However, Payward, the operator of Kraken, reportedly is collaborating with the Commodity Futures Trading Commission (CFTC) to introduce regulated Hyperliquid-linked perpetuals in the US market.
Mini dictionary: Hyperliquid is a decentralized derivatives trading platform specializing in perpetual futures contracts. It operates its own blockchain to power these financial products, and its native token, HYPE, is used within its ecosystem.
Implications for market and regulation
The most recent disclosures stem from 13F filings, a quarterly requirement for institutional investment managers. However, analysts caution that this data provides only a partial view, as certain holdings may be omitted depending on reporting rules. Additionally, banks often maintain securities on behalf of clients and trading firms may use ETF positions for hedging.
Current 13F filings show 30 institutions invested $74.9 million in Hyperliquid ETFs, with the five largest accounting for about $53 million of those reported positions.
Attention is now turning to upcoming regulatory steps affecting Hyperliquid ETF flows and further portfolio disclosures. Hyperliquid’s scheduled token unlock on September 6, alongside ongoing buybacks of HYPE, are also expected to play a role in shaping market dynamics in the near term.
