Quarterly reports filed on Form 13F for the period ending June 30 revealed significant institutional interest in the Hyperliquid ecosystem. Thirty independent asset management firms disclosed aggregate positions in three U.S. exchange-traded funds (ETFs) based on the HYPE token, with a total value reaching $74.9 million. It is important to emphasize: these data capture a snapshot of portfolios as of the reporting date and do not reflect subsequent trading adjustments.
Ownership Structure and Key Players
An analysis of the distribution of stakes shows the dominance of Brazilian asset manager Wealth High Governance Asset Management, whose holding is valued at $23.9 million—nearly a third of the total disclosed amount. The top five largest holders also include global banking giant UBS with a position of $7.5 million, Canada's Bank of Montreal ($6.7 million), and renowned market maker Jane Street with $4.4 million. The presence of such systemic players as UBS and Jane Street signals HYPE's transition from a purely retail asset into the sphere of interest of traditional financial institutions.
Since the launch of products from issuers 21Shares, Bitwise, and Grayscale, these funds have managed to attract approximately $356.6 million in net capital. The combined assets under management of the three ETFs have already reached the $480.9 million mark, demonstrating sustained demand for regulated access instruments to Hyperliquid.
My analytical conclusion: The disclosure of positions in 13F filings is merely the tip of the iceberg, as many hedge funds use offshore structures or derivatives to bypass reporting thresholds. Nevertheless, the fact that conservative institutions have entered HYPE ETFs confirms the growing legitimization of this blockchain project. The key risk remains unchanged: high token concentration and volatility, so current levels may represent a consolidation zone before the next move.