UBS, Bank of Montreal and Jane Street Disclose Investments in Hyperliquid ETFs
UBS, Bank of Montreal and trading firm Jane Street have disclosed holdings in U.S. exchange-traded funds tied to Hyperliquid’s HYPE token, highlighting growing institutional participation in the emerging regulated market for crypto investment products.
The disclosures were identified in quarterly filings reviewed by Bloomberg Intelligence analyst James Seyffart, which showed several major institutions holding shares across three U.S. funds linked to Hyperliquid.
Wealth High Governance Asset Management reported the largest disclosed position. Its filing showed 632,614 shares of the 21Shares Hyperliquid ETF valued at nearly $24 million as of June 30.
OLP Capital Management reported the second-largest position at approximately $10.5 million, followed by UBS with a holding valued at $7.5 million. Bank of Montreal reported approximately $6.7 million, while Jane Street disclosed a position worth $4.4 million.
Together, the five institutions reported roughly $53 million in holdings across the funds.
Institutional Holdings Grow Across Hyperliquid ETFs
The filings provide only a partial picture of institutional ownership because quarterly Form 13F disclosures do not capture every type of investor or transaction.
The reports also reflect positions as of June 30, meaning trades conducted after that date are not included. In addition, the filing requirements mean the available disclosures do not necessarily represent all institutional exposure to the funds.
There are other factors that can complicate interpretation of the reported holdings. Positions disclosed by banks may include assets held on behalf of clients rather than investments made directly with the institutions’ own capital.
Trading firms such as Jane Street may also use derivatives to hedge ETF positions. As a result, a disclosed holding does not necessarily indicate a purely directional bet on HYPE’s price.
The filings nevertheless provide a window into institutional participation in U.S. investment products offering exposure to Hyperliquid.
Three U.S. Funds Offer Regulated HYPE Exposure
The U.S. Hyperliquid fund market expanded rapidly during the second quarter.
21Shares launched the THYP fund on May 12, making it the first U.S. fund linked to Hyperliquid. Bitwise followed with BHYP three days later, while Grayscale introduced HYPG on June 3.
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| Source: JSeyff |
That structure can also provide an alternative for institutions and other investors that face restrictions on directly accessing decentralized cryptocurrency platforms.
SoSoValue data showed that the three funds had accumulated $356.58 million in net inflows through September 4.
Bitwise’s BHYP accounted for the entire $10.52 million inflow recorded on Friday, according to the data cited in the source material.
Combined assets across the products reached $480.86 million, indicating that the funds have attracted substantial capital despite their relatively recent launches.
U.S. Access to Hyperliquid Remains Limited
The institutional interest comes as access to Hyperliquid itself remains restricted for U.S. users.
Hyperliquid operates a blockchain-based decentralized exchange that is particularly known for perpetual futures contracts. Its main platform does not currently provide access to U.S. users, making regulated investment products one route for American investors seeking exposure to the ecosystem.
Separately, Payward is working with the Commodity Futures Trading Commission on regulated Hyperliquid-linked products through Bitnomial.
The proposal could create a separate avenue for U.S. customers to access Hyperliquid-related products without directly using the main Hyperliquid platform.
The developments underscore the emerging distinction between direct access to decentralized trading platforms and regulated financial products built around their underlying assets.
For UBS, Bank of Montreal, Jane Street and other institutional investors, the reported ETF positions provide evidence of participation in that regulated market. However, the filings alone do not establish whether the institutions have taken direct directional exposure to HYPE, particularly where holdings may represent client assets or be offset through hedging strategies.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.