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HYPE UBS, Bank of Montreal and Jane Street join the ranks of institutional investors in the U.S. Hyperliquid ETF
Core Points:
UBS, Bank of Montreal (BMO) and Jane Street have disclosed their holdings in three regulated U.S. Hyperliquid exchange-traded funds (ETFs). Wealth High Governance ranks first with nearly $24 million in positions, with the top five holders accounting for 70.8% of disclosure agency exposure. The three funds attracted net inflows of $356.58 million, and Payward is seeking to enter the U.S. market through compliance channels through Bitnomial, offering perpetual contracts linked to Hyperliquid.
Distribution of Major Institutional Positions
UBS, Bank of Montreal and Jane Street have disclosed their investments in U.S. ETFs that track Hyperliquid HYPE tokens. According to Bloomberg Intelligence analyst James Seyffart, quarterly documents show that multiple large institutions hold stakes in these funds.
Wealth High Governance Asset Management reported the largest known position through the 21Shares Hyperliquid ETF. It listed 632,614 shares worth nearly $24 million in its June 30 filing. OLP Capital Management ranked second with exposure of approximately $10.5 million. At the same time, UBS ranked third after reporting a position of $7.5 million.
Bank of Montreal's position is valued at US$6.7 million, and Jane Street disclosed an investment value of US$4.4 million. Together, these five holders reported approximately $53 million in positions.
Institutional demand growth around three Hyperliquid funds
However, these documents do not provide a complete record of the ownership of Hyperliquid ETFs. Managers typically file Form 13F disclosures after qualifying securities exceed the $100 million threshold. In addition, the second quarter report does not include transactions completed after June 30.
Positions held by banks may contain customer assets rather than direct investments on the company's balance sheet. Trading companies may also hedge their shares with derivatives, thereby reducing their directional exposure to HYPE.
21Shares launched THYP on May 12, the first U.S. fund linked to Hyperliquid. Bitwise launched BHYP three days later, while Grayscale launched HYPG on June 3.
These products allow broker investors to access HYPE without having to directly purchase tokens or have a dedicated cryptocurrency wallet. In addition, regulated funds provide convenient access for institutions that cannot access decentralized platforms. SoSoValue data showed that as of September 4, cumulative net inflows were US$356.58 million. Bitwise's BHYP recorded its entire $10.52 million inflow on Friday.
Compliance with U.S. market access is still under development
Consolidated assets reach $480.86 million, while Hyperliquid operates a blockchain-based decentralized exchange known for its perpetual contracts. The platform restricts use by U.S. users, although Payward is working with the U.S. Commodity Futures Trading Commission (CFTC) to launch compliance products linked to Hyperliquid through Bitnomial.
The proposal could provide independent access to U.S. customers without having to open up Hyperliquid's main platform. Overall, these disclosures suggest that banks, asset managers and trading firms are entering the emerging market for regulated Hyperliquid funds.
