A fresh batch of regulatory filings is pulling back the curtain on who, exactly, is betting big on Hyperliquid through Wall Street’s newest crypto investment vehicles. According to a Bloomberg Intelligence review of the funds’ first quarterly ownership disclosures, Hyperliquid ETF exposure among institutional investors reached nearly $75 million as of June 30, spread across 30 known holders ranging from global banks to niche trading firms.
Key takeaways
- As of June 30, 30 known institutional holders had exposure to the three U.S. Hyperliquid ETFs, according to 13F filings compiled by Bloomberg.
- Combined institutional exposure totaled $74,882,768, equivalent to roughly 1,151,386 HYPE tokens.
- Wealth High Governance Asset Management led all holders with $23,948,236 in exposure through 21Shares’ HYPE fund.
- The top five institutions — Wealth High Governance, OLP Capital Management, UBS, Bank of Montreal and Jane Street — together held $53,044,015, or about 70.84% of all disclosed exposure.
- The three Hyperliquid ETFs have pulled in $356.58 million in net inflows since launch and held $480.86 million in net assets as of September 4, per SoSoValue data.
Overview of Institutional Exposure to Hyperliquid ETFs
Thirty institutional investors disclosed positions in Hyperliquid ETFs by the end of the second quarter, marking the first real look at who is buying into the sector through regulated fund wrappers. The figures come from 13F filings, the quarterly disclosures that U.S. asset managers must submit once they cross the $100 million threshold in qualifying securities.
Number of institutional holders and total exposure
Combined institutional exposure to the three Hyperliquid ETFs stood at $74,882,768 on June 30, an amount equivalent to roughly 1,151,386 HYPE tokens at the time. That figure represents a snapshot rather than a running total, since it reflects holdings reported for that single filing date and doesn’t account for any buying or selling that happened afterward.
Bloomberg analyst data compilation
The numbers were pulled together by Bloomberg Intelligence ETF analyst James Seyffart, who published the full list of known holders on Friday. “Earlier this week I took a look at the Hyperliquid ETFs and their 13F reporting,” Seyffart wrote on X, adding that his review offered “a look at all the known holders of the three ETFs.” His breakdown gives the clearest picture yet of institutional appetite for HYPE-linked products since the funds began trading earlier this year.
Top Institutional Holders and Concentration
A small handful of firms account for most of the disclosed money, with the five biggest holders controlling more than seven out of every ten dollars in tracked institutional exposure. That concentration is one of the more striking details in Seyffart’s data, and it says a lot about how early-stage crypto ETF adoption tends to cluster around a few large players before broadening out.
Largest holders by exposure value
Wealth High Governance Asset Management topped the list by a wide margin. Its 13F filing showed 632,614 shares of 21Shares’ HYPE fund, worth $23,948,236 on June 30 — nearly two and a half times the size of the next largest position. OLP Capital Management ranked second with $10,495,651 in exposure, followed by UBS at $7,525,757, Bank of Montreal at $6,693,261, and Jane Street at $4,381,110.
Further down Seyffart’s list, names like Discovery Capital, Brevan Howard, Balyasny and Boothbay also appeared among the known holders. At the smaller end, Royal Bank of Canada reported just $22,068 in exposure, and Tower Research Capital held a mere $1,103 — a reminder that some institutions are testing the waters with token positions rather than committing serious capital.
Concentration of holdings among top five institutions
Together, Wealth High Governance, OLP Capital Management, UBS, Bank of Montreal and Jane Street reported $53,044,015 in combined exposure, or about 70.84% of the $74.9 million total disclosed across all 30 holders. That level of concentration matters because it shows institutional interest in Hyperliquid ETFs is still shallow and top-heavy rather than broadly distributed — a pattern common in newly launched crypto fund categories where a few early movers set the tone before wider adoption follows, if it follows at all.
It’s also worth noting what the filings don’t capture. Bank holdings like UBS’s and Bank of Montreal’s can include client money rather than proprietary bets, and trading firms such as Jane Street may be running hedges against their reported shares rather than taking directional positions. Since 13F reporting only applies once a manager crosses the $100 million threshold in qualifying securities, the list almost certainly undercounts the true universe of institutional buyers.
How the Hyperliquid ETF Market Has Evolved
The institutional interest disclosed in these filings sits against a backdrop of steady growth for the underlying products. 21Shares was first to bring a Hyperliquid ETF to market, launching THYP on May 12. Bitwise followed three days later with BHYP, and Grayscale rounded out the field with HYPG on June 3.
Since launch, the three funds have collected $356.58 million in net inflows through September 4, according to SoSoValue data, and held $480.86 million in net assets at that point. On the day the holder list was published, Bitwise’s BHYP alone absorbed a $10.52 million inflow. Investors can buy shares of these funds through ordinary brokerage accounts to gain exposure to Hyperliquid’s HYPE token without holding the asset directly.
Hyperliquid itself is a decentralized exchange built on its own blockchain, best known for offering perpetual futures — contracts with no expiry date. Its terms currently keep U.S. users off the platform directly, though the Trump administration has signaled interest in bringing Hyperliquid into the country. Kraken’s parent company, Payward, is reportedly working with the CFTC on giving U.S. customers access to certain Hyperliquid-linked perpetuals through the regulated exchange Bitnomial, though no final structure has been announced.
FAQ
How many institutions hold Hyperliquid ETFs according to the latest data?
By June 30, three Hyperliquid ETFs had attracted investment from 30 identified institutional investors, based on 13F filings reviewed by Bloomberg Intelligence.
What is the total institutional exposure value to Hyperliquid ETFs?
Combined institutional exposure amounted to approximately $74.9 million, equivalent to roughly 1,151,386 HYPE tokens.
Which institutions are the largest holders of Hyperliquid ETFs?
Wealth High Governance Asset Management holds the largest exposure at about $23.9 million, followed by OLP Capital Management, UBS, Bank of Montreal, and Jane Street.
What percentage of total institutional Hyperliquid ETF exposure is controlled by the top five holders?
The top five holders control approximately 70.84% of the total disclosed institutional exposure, according to Bloomberg’s data.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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