Thirty institutions reported a combined $74.9 million in Hyperliquid-linked ETF holdings across their first quarterly 13F filings, according to a Bloomberg Intelligence review of the funds’ inaugural institutional reports.
Bloomberg Intelligence ETF analyst James Seyffart published the figures on X. The data, current as of June 30, places Brazil’s Wealth High Governance Asset Management at the top of the list. The firm held 632,614 shares of 21Shares’ Hyperliquid Staking ETF (THYP), valued at $23,948,236. That is nearly a third of all disclosed exposure.
OLP Capital Management came in second at $10.5 million. UBS ranked third with $7.5 million. Bank of Montreal took slot four at $6.7 million, and market maker Jane Street rounded out the top five at $4.4 million. The top five collectively accounted for roughly $53 million, or 70.8% of the total.
Discovery Capital, Brevan Howard, Balyasny, and Boothbay also appear on the list.
The disclosures mark the first time major traditional-finance firms have appeared in regulatory filings for Hyperliquid ETF products. The category is new: 21Shares listed THYP on Nasdaq on May 12, offering HYPE exposure with built-in staking yield. Bitwise followed three days later with the spot Bitwise Hyperliquid ETF (BHYP) on the NYSE. Grayscale’s Hyperliquid Staking ETF (HYPG) rounds out the field.
That the filings exist at all is a function of timing. 13F reports are required of institutional investment managers overseeing at least $100 million in qualifying assets. They are backward-looking. These snapshots reflect positions held on June 30, not current exposure. Traders have had three months to adjust since then.
The institutional interest tracks Hyperliquid’s own growth. The Layer 1, best known for its onchain perpetuals exchange, saw $2.9 trillion in trading volume in 2025. That is an increase of more than 400% from the prior year, according to Bitwise. The platform commands roughly 60% of all onchain derivative open interest globally. HYPE has become the tenth-largest crypto asset by market cap, with a valuation above $11 billion as of May.
Whether that translates into sustained ETF demand remains an open question. The 13F filings show what firms held three months ago, not what they think today. Several of the disclosed holders, Jane Street among them, are active market makers whose ETF positions can reflect liquidity provision rather than directional bets.
The $74.9 million total, while modest against the billions funneled into spot bitcoin and ether ETFs, represents a starting point for the first cohort of institutional filers. The next round of 13Fs, covering positions as of September 30, is due in November.
