Thirty firms disclosed combined Hyperliquid ETF holdings in their first quarterly ownership filings, a Bloomberg Intelligence review shows. Brazil's Wealth High Governance Asset Management topped the list, with UBS, Bank of Montreal and Jane Street also among the largest holders.
Thirty firms reported combined Hyperliquid ETF holdings of $74.9 million in their first quarterly 13F filings, according to a Bloomberg Intelligence review published Friday. Bloomberg ETF analyst James Seyffart compiled the list from the disclosures.
Wealth High Governance leads the pack
Brazil's Wealth High Governance Asset Management reported 632,614 shares of 21Shares' HYPE fund, worth $23,948,236 at the end of June, putting it ahead of every other disclosed holder. OLP Capital Management came next with $10.5 million in exposure, then UBS at $7.5 million, Bank of Montreal at $6.7 million and Jane Street at $4.4 million.
Discovery Capital, Brevan Howard, Balyasny and Boothbay also appeared on the list, alongside smaller entries such as $22,068 from Royal Bank of Canada and $1,103 from Tower Research Capital. According to Seyffart: "Earlier this week i took a look at the Hyperliquid ETFs and their 13F reporting". Together, the top five holders reported $53 million, or 70.8% of the $74.9 million total.
The filings won't capture any subsequent sales, and bank holdings can include client money. Trading firms may also hold hedges against the shares. Managers generally must file a 13F only after they clear the $100 million threshold for qualifying securities, so the reports don't count every ETF investor.
Three funds, steady inflows since May
21Shares brought the first Hyperliquid ETF to market on May 12 with THYP, followed three days later by Bitwise's BHYP, then Grayscale's HYPG on June 3. The three funds have drawn $356.58 million in net inflows since launch through Sept. 4, per SoSoValue data. Friday's $10.52 million inflow went entirely to Bitwise's BHYP, and the three funds held $480.86 million in net assets at the close.
Hyperliquid is a decentralized exchange built on its own blockchain, best known for perpetual futures contracts that have no expiry date. Its terms currently restrict U.S. users, though the Trump administration has said it wants to bring the platform into the country. Kraken's parent company Payward is working with the CFTC on access to certain Hyperliquid-linked perpetuals through regulated exchange Bitnomial, which could give U.S. customers a separate product using Hyperliquid's infrastructure without opening the existing venue to them. The final structure has not been announced.
Source: The Block
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