Institutional interest in U.S.-listed Hyperliquid ETF products is emerging as banks, asset managers, and trading firms disclose their positions in the funds. UBS, Bank of Montreal, and Jane Street were among the first reported institutional investors, signaling growing exposure to the HYPE token through regulated investment vehicles.

HYPE was trading at $86.61 on September 6, according to CoinGecko data, and reached a peak of nearly $88 on the day the disclosures were made. The disclosed positions, however, only reflect holdings as of June 30, meaning no new positions, transactions, or changes since that date are captured.

Institutional Holders Expand Hyperliquid ETF Exposure

Thirty institutions reported a combined $74.9 million across three Hyperliquid ETFs, according to a recent post by James Seyffart, a Bloomberg Intelligence ETF analyst.

https://x.com/JSeyff/status/2095926084298498313?ref_src=twsrc%5Etfw

Wealth High Governance Asset Management was the largest institutional holder across the three ETFs, with 632,614 shares of 21Shares' THYP worth $23.95 million. OLP Capital Management held the second-largest position at $10.5 million.

UBS ranked third with $7.5 million, followed by Bank of Montreal with $6.7 million and Jane Street with $4.4 million. Together, the five largest holders account for roughly $53 million, or about 70.8% of all reported positions. Other notable institutions include Discovery Capital, Brevan Howard, Balyasny, and Boothbay.

The disclosures come from quarterly 13F filings, which U.S. institutional investment managers above certain asset thresholds must file with the SEC, making them one of the few standardized windows into which firms hold a given fund. For context, the spot crypto ETF market pioneered by Bitcoin and Ethereum products has become a template for single-asset funds like these, and the HYPE funds mark an extension of that model to a newer token.

ETF Growth Expands Institutional Access

The position disclosures followed the launches of 21Shares' THYP on May 12, Bitwise's BHYP on May 15, and Grayscale's HYPG on June 3. As of September 4, the three ETFs had attracted $356.58 million in net inflows, with net assets standing at $480.86 million, according to SoSoValue data ().

The development is significant because ETF structures give investors HYPE exposure through conventional brokerage accounts rather than using Hyperliquid directly. The platform operates its own blockchain and specializes in perpetual futures. U.S. users remain restricted on the existing venue, while Payward is reportedly working with the CFTC on regulated Hyperliquid-linked perpetuals.

The 13F data remains an incomplete snapshot, as reporting rules limit coverage, banks may hold securities on behalf of clients, and trading firms may hold positions for hedging purposes. Attention will now turn to later filings, Hyperliquid ETF flows, and regulatory developments. Hyperliquid's September 6 token unlock and ongoing HYPE buybacks could also influence market dynamics.

Per CoinGecko (), HYPE's price data reflects market conditions as of September 6.