UBS, Bank of Montreal, Jane Street and 27 other institutions reported combined holdings of $74.9 million in Hyperliquid ETF as of June 30, according to analysis of 13F filings by Bloomberg Intelligence.
Brazil's Wealth High Governance led the group with nearly $24 million. The five largest holders accounted for $53.1 million, or 71% of the disclosed total across all 30 firms. The concentration shows Hyperliquid's entry into the institutional holdings mix at measurable scale, though still modest relative to broader crypto asset positions held by traditional finance.
Hyperliquid is a decentralized derivatives exchange built on its own blockchain layer. The protocol launched its spot and perpetuals markets in late 2023 and has grown to rank among the larger trading venues by volume. An ETF product would allow U.S.-listed funds to provide direct or synthetic exposure to the underlying asset without requiring institutional investors to hold or custody tokens directly.
The filing data captures positions as they stood on the last day of the second quarter. Institutions file 13F forms with the SEC within 45 days of quarter-end, making the June 30 snapshot public by mid-August at the earliest. The five-firm concentration of 71% tracks the pattern of early-stage institutional adoption, where a handful of large allocators and trading operations account for the bulk of inflows.
Jane Street is a major quantitative trading firm and UBS is a global systemically important bank. Bank of Montreal's inclusion adds a Canadian lender to the roster. Wealth High Governance's $23.9 million position is the single largest disclosed holding, though the firm's size and mandate remain less visible in Western market intelligence.
The $74.9 million total sits well below holdings in established crypto ETFs. Bitcoin spot ETFs alone saw inflows exceeding $19 billion in their first year after U.S. approval in January 2024. Hyperliquid's institutional footprint remains nascent by that measure, yet the diversity of holder types, exchanges, banks, proprietary traders, matches the pattern of early institutional adoption across newer crypto venues.
The next window into institutional positioning comes at quarter-end September 30, with filings due by mid-November. If the five largest holders have maintained or grown their positions, it would indicate sustained institutional interest rather than initial trial allocation.
