Major Banks Hold $75 Million in Hyperliquid ETFs

Wall Street firms buy Hyperliquid ETF shares

Major financial firms, including UBS and Bank of Montreal, have reported holdings in new exchange-traded funds (ETFs) that track the HYPE token. An ETF is a basket of assets traded on a stock exchange, allowing investors to buy exposure to crypto without holding the digital tokens directly. According to Bloomberg Intelligence, 30 firms have disclosed positions in these funds. The top five holders combined own about $53 million out of the $75 million in total reported holdings.

Who owns the ETFs

Brazil-based Wealth High Governance Asset Management holds the largest stake, with nearly $24 million in shares of the 21Shares Hyperliquid ETF. OLP Capital Management follows with $10.5 million. The next largest investors are UBS with $7.5 million, Bank of Montreal with $6.7 million, and trading firm Jane Street with $4.4 million. Other listed firms include Brevan Howard, Balyasny, and Discovery Capital.

Three ETFs compete for investors

Three companies have launched Hyperliquid ETFs in the United States: 21Shares, Bitwise, and Grayscale. The first fund launched on May 12, followed by Bitwise three days later and Grayscale on June 3. Since their launch, these funds have collected $356.58 million in net inflows. As of Sept. 4, the three funds together held $480.86 million in total assets.

Data comes from quarterly reports

The ownership figures come from 13F filings, which are quarterly reports that large asset managers must submit to regulators. These reports only capture holdings as of the end of the quarter. They may not reflect recent sales or purchases. The filings also show that banks often hold ETF shares on behalf of their clients. Additionally, trading firms like Jane Street may hold these shares to hedge against price moves, rather than for long-term investment. Managers generally only have to file these reports once they manage more than $100 million in qualifying securities.

Hyperliquid remains closed to US users

Hyperliquid is a decentralized exchange, meaning it is not controlled by a single company. It is known for offering perpetual futures contracts, which allow traders to bet on price movements without owning the underlying asset. Currently, Hyperliquid restricts access for users in the United States. However, recent developments suggest US access could expand. President Trump has expressed interest in bringing the platform to the US market. Separately, Kraken’s parent company is working with regulators to offer certain Hyperliquid-linked products through a US-regulated exchange called Bitnomial.

• The Block