30 institutions hold $75M in Hyperliquid ETF exposure: 13F data

Thirty institutional investors collectively held roughly $74.9 million in Hyperliquid ETF products as of June 30, according to the latest round of quarterly 13F filings. The disclosures represent the first window into who exactly has been buying into one of crypto’s more unconventional ETF bets: a fund tracking the native token of a decentralized perpetual exchange.

Bloomberg Intelligence ETF analyst James Seyffart flagged the data, which shows a mix of asset managers, banks, and trading firms staking early positions in the newly launched products.

Who’s buying, and how much

The largest disclosed holder is Wealth High Governance Asset Management, a Brazil-based firm that reported approximately $23.95 million in 21Shares’ THYP fund. That translates to 632,614 shares, making it the single dominant position in the entire filing cohort.

Behind Wealth High Governance, the roster gets more recognizable. OLP Capital Management disclosed roughly $10.5M in holdings. UBS followed at $7.5M, Bank of Montreal at $6.7M, and Jane Street at $4.4M.

Those top five holders account for about 70.8% of the total reported exposure, or roughly $53M. The remaining 25 institutions split the other $22M or so among themselves.

The products themselves

Three Hyperliquid ETFs have launched in quick succession this year. 21Shares’ THYP began trading on May 12, 2026. Bitwise’s BHYP followed three days later on May 15. Grayscale rounded out the trio with a staking-focused Hyperliquid ETF on June 3.

By June 30, Bitwise’s BHYP fund alone reported $128M in net assets, holding approximately 1.96 million HYPE tokens. That figure captures total fund size, not just what shows up in 13F filings, since many holders either fall below the $100M reporting threshold or hold through structures that aren’t captured in the mandatory quarterly disclosures.

The gap between BHYP’s $128M in total net assets and the $74.9M reported across all three products in 13F filings suggests a significant chunk of demand is coming from retail investors or smaller institutions that don’t file 13Fs.

Context and precedent

The Hyperliquid ETF launch followed a now-familiar playbook that Bitcoin and Ethereum ETFs established. Spot Bitcoin ETFs launched in January 2024 and attracted billions in their first weeks. Ethereum spot ETFs followed later that year.

What makes Hyperliquid different is the underlying asset. Bitcoin and Ethereum are broadly recognized, even by people who couldn’t explain a hash function. HYPE, by contrast, is the governance and utility token for a specific decentralized exchange that specializes in perpetual futures trading.

What this means going forward

The fact that Jane Street, a quantitative trading firm known for its market-making activity, already appears in the filings hints at healthy secondary market liquidity. Among the three issuers, 21Shares attracted the single largest institutional holder, but Bitwise’s BHYP has the largest total fund size at $128M. Grayscale’s staking ETF offers a differentiated value proposition by passing through staking rewards.

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