Institutional investors disclosed nearly $75 million in Hyperliquid ETF holdings during the first quarterly ownership filings for US-listed HYPE funds.

Thirty firms reported a combined $74.9 million in positions as of June 30, according to 13F data compiled by Bloomberg Intelligence ETF analyst James Seyffart.

The list includes UBS, Bank of Montreal, Jane Street, Brevan Howard, and several asset managers.

Brazil-based Wealth High Governance Asset Management held the largest disclosed position at approximately $23.95 million, followed by Hong Kong-based OLP Capital Management with about $10.5 million.

The five largest holders accounted for more than 70% of all disclosed institutional exposure.

Five Firms Control 71% of Disclosed HYPE ETF Holdings

Wealth High Governance reported 632,614 shares of the 21Shares Hyperliquid ETF worth $23.95 million at the end of June.

OLP Capital ranked second with $10.5 million, followed by UBS with $7.53 million, Bank of Montreal with $6.69 million, and Jane Street with $4.38 million.

Table 1. Largest Disclosed Hyperliquid ETF Holders as of June 30, 2026

The top five positions totaled about $53 million, representing 70.8% of the $74.9 million disclosed across all 30 firms. Wealth High Governance alone accounted for almost one-third of the total.

However, the filings do not necessarily represent direct directional bets on the HYPE token. Positions reported by banks can include client assets, while trading firms such as Jane Street may hedge their ETF exposure with other instruments.

Hyperliquid ETFs Expand After May Launches

The institutional disclosures cover three US-listed funds providing exposure to Hyperliquid’s HYPE token.

The 21Shares Hyperliquid Staking ETF (THYP) launched in May and tracks spot HYPE while also allowing a portion of its holdings to be staked. As of this writing, THYP reported approximately $89.2 million in assets under management.

Bitwise launched its Hyperliquid ETF (BHYP) in May, providing spot HYPE exposure alongside staking. Grayscale later added its Hyperliquid Staking ETF (HYPG) in June.

Across the three funds, net inflows reached about $356.6 million through September 4, while combined net assets stood at roughly $480.9 million.

Table 2. Hyperliquid ETF Institutional Exposure and Fund Growth

The $74.9 million disclosed through 13F filings represents about 15.6% of the ETFs’ $480.9 million in net assets as of September 4.

Notably, the comparison is not exact because the ownership filings reflect June 30 positions while the fund-asset figure is more recent.

Brazil and Hong Kong Firms Lead Wall Street Names

Notably, the largest positions did not come from major US or European banks.

Brazil’s Wealth High Governance (WHG) and Hong Kong’s OLP Capital collectively held about $34.4 million, or roughly 46% of all disclosed institutional HYPE ETF exposure.

Their combined positions were larger than those reported by UBS, Bank of Montreal and Jane Street.

Other disclosed investors include Discovery Capital, Brevan Howard, Balyasny and Boothbay, while smaller positions were reported by firms including Royal Bank of Canada and Tower Research Capital.

The filings provide an early look at how traditional financial firms are gaining exposure to Hyperliquid without directly holding HYPE or interacting with the DEX.

The 13F Data Has Limits

13F filings generally apply to investment managers with at least $100 million in qualifying securities, meaning smaller firms may not appear in the dataset. The filings also show positions as of June 30 and do not reveal whether investors have since increased or sold their holdings.

They also do not distinguish between proprietary positions, client assets, and holdings used in hedged trading strategies.

The data therefore confirms institutional participation in HYPE ETFs, but it does not show that every reported position represents a long-term bullish view on Hyperliquid.

What Comes Next

The next round of ownership filings will show whether institutional participation is broadening beyond the 30 firms identified in the first quarter of reporting.

ETF flows will also matter, with the three US Hyperliquid funds already accumulating more than $480 million in combined assets, while the first disclosed institutional positions remain concentrated among a small number of holders.

A rise in both the number of reporting firms and the share of ETF assets held by institutions would provide stronger evidence that HYPE exposure is spreading further into traditional finance.

What this means for you: Institutional access to HYPE is growing through regulated ETFs, but the first disclosures are still highly concentrated. Five firms account for more than 70% of known institutional holdings, and the filings do not necessarily represent outright bullish bets.