TheBlock
UBS, Bank of Montreal and Jane Street are among the major financial firms disclosed as holders of US-listed Hyperliquid ETFs in the funds' first quarterly ownership reports. Bloomberg Intelligence analyst James Seyffart tallied $74.9 million in total holdings across the three ETFs, with Wealth High Governance Asset Management leading at $23.9 million in 21Shares' THYP fund. The roster reads like a who's who of TradFi crypto adoption: UBS ranked third at $7.5 million, BMO fourth at $6.7 million, and Jane Street fifth at $4.4 million.
Why it matters
This is the first hard look at who is actually behind the bid in the three Hyperliquid ETFs that launched between May and June. 13F filings only capture managers above the $100 million qualifying-securities threshold, so the disclosed $74.9 million is a floor, not a ceiling. The presence of bank trading desks like UBS, BMO and Jane Street alongside multi-strategy hedge funds including Brevan Howard, Balyasny, Boothbay and Discovery Capital mirrors the early institutional pattern seen in spot Bitcoin and Ethereum ETFs: a mix of dedicated crypto-native asset managers and TradFi firms using the wrapper as a regulated on-ramp.
The Hyperliquid thesis is the underlying venue, a decentralized perpetual futures exchange running on its own blockchain. The platform currently bars US users, and the disclosed ETF ownership is one of the few clean ways institutions can get HYPE exposure through a US brokerage account.
Market impact
Cumulative net inflows into the three Hyperliquid funds reached $356.58 million since launch through September 4, with $480.86 million in total net assets at the latest close. Friday alone brought $10.52 million in net inflows, all of it into Bitwise's BHYP. The Trump administration has publicly backed bringing Hyperliquid onshore, and Kraken parent Payward is working with the CFTC on a structure through regulated exchange Bitnomial that would route Hyperliquid-linked perpetuals to US customers without opening the existing venue directly. If that product lands, the $74.9 million 13F base becomes the early gauge of how much TradFi demand is waiting in the wings.
Frequently asked questions
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How much have institutional firms disclosed in Hyperliquid ETF holdings?
Bloomberg Intelligence's first 13F review found $74.9 million in disclosed holdings across the three US-listed Hyperliquid ETFs, with Wealth High Governance Asset Management leading at $23.9 million in 21Shares' THYP fund.
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Which major TradFi firms are holding Hyperliquid ETFs?
UBS ($7.5M), Bank of Montreal ($6.7M) and Jane Street ($4.4M) all appear on the holder list, alongside multi-strategy hedge funds including Brevan Howard, Balyasny, Boothbay and Discovery Capital.
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How much have Hyperliquid ETFs raised since launch?
The three funds (21Shares THYP, Bitwise BHYP, Grayscale HYPG) have pulled in $356.58 million in cumulative net inflows since May 12 through September 4, with $480.86 million in total net assets at the latest close.
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Why do these first 13F disclosures matter for Hyperliquid?
13Fs reveal who is actually behind the bid in regulated US wrappers. The presence of major TradFi bank trading desks and multi-strategy hedge funds mirrors the early institutional adoption pattern seen in spot Bitcoin and Ethereum ETFs.
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Can US investors access Hyperliquid directly today?
Not on the native venue. Hyperliquid's terms currently bar US users, but the three ETFs give US investors brokerage-based exposure to the HYPE token. Kraken parent Payward is separately working with the CFTC to route Hyperliquid-linked perpetuals to US customers through regulated exchange Bitnomial.
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