UBS, Jane Street among firms with combined $75 million in Hyperliquid ETF holdings: Bloomberg

UBS, Bank of Montreal and Jane Street have disclosed holdings in U.S. Hyperliquid ETFs, according to a Bloomberg Intelligence review of the funds’ first quarterly ownership disclosures.

Wealth High Governance Asset Management reported nearly $24 million in shares of 21Shares' HYPE fund at the end of June. That put it ahead of UBS, Bank of Montreal and Jane Street in a list published Friday by Bloomberg Intelligence ETF analyst James Seyffart.

"Earlier this week i took a look at the Hyperliquid ETFs and their 13F reporting," Seyffart wrote on X. "Here's a look at all the known holders of the three ETFs."

Wealth High Governance's filing shows 632,614 shares in the 21Shares ETF, worth $23,948,236 on June 30. The next name on Seyffart's list, OLP Capital Management, had $10.5 million in exposure.

At $7.5 million, UBS ranked third. Bank of Montreal was fourth with $6.7 million, and Jane Street fifth with $4.4 million. The list went on to name Discovery Capital, Brevan Howard, Balyasny and Boothbay.

The smaller entries included $22,068 from Royal Bank of Canada and $1,103 from Tower Research Capital. Wealth High Governance, OLP, UBS, BMO and Jane Street together reported $53 million. They accounted for 70.8% of the $74.9 million total, based on the figures in Bloomberg's table.

The second-quarter filings won't capture any subsequent sales, and bank holdings can include client money. Trading firms may also have hedges against the shares. Managers generally have to file a 13F once they meet the $100 million threshold for qualifying securities, so the reports aren't a full count of ETF investors.

21Shares was first to bring a Hyperliquid ETF to market on May 12 with THYP. Bitwise's BHYP began trading three days later, while Grayscale launched HYPG on June 3. Investors can buy the funds' shares in brokerage accounts to get exposure to Hyperliquid's HYPE token.

The funds have brought in $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. 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.

As The Block reported Friday, Kraken's parent company Payward is working with the CFTC on access to certain Hyperliquid-linked perpetuals through regulated exchange Bitnomial. That 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.