HYPE ETFs Appear in Major Financial Firms’ Portfolios
SEC filings list $18.6 million in HYPE ETF shares across UBS, Bank of Montreal and Jane Street as of June 30. The funds have continued to record net inflows since then.
Three firms reported $18.6M in HYPE ETFs at June 30
UBS, Bank of Montreal and Jane Street disclosed positions in the 21Shares Hyperliquid ETF (THYP), Bitwise Hyperliquid ETF (BHYP) and Grayscale Hyperliquid Staking ETF (HYPG) in their second-quarter Form 13F filings. The reports cover securities held at June 30, not current holdings.
Reported HYPE ETF holdings at June 30
UBS
$7.53 million
THYP: $2.31M
BHYP: $5.12M
HYPG: $98,392
Bank of Montreal
$6.69 million
BHYP only
181,981 reported shares
Jane Street
$4.38 million
THYP: $1.50M
BHYP: $2.31M
HYPG: $571,148
UBS reported 60,956 THYP shares, 139,201 BHYP shares and 4,250 HYPG shares in its second-quarter filing. Bank of Montreal listed 181,981 BHYP shares in its own filing, while Jane Street reported positions across all three funds in its June 30 disclosure.
These are fund shares, not direct HYPE token holdings. A Form 13F does not disclose when a position was opened, whether it remained in place after June 30 or the reason it was held.
Why Jane Street’s position is not a simple price call
Jane Street is a major market maker, so ETF shares can be used for liquidity provision, client trading, arbitrage or hedging. For THYP specifically, the fund prospectus identifies Jane Street Capital as an authorised participant, which may create or redeem ETF shares as part of that role.
The same caution applies to its reported Bitcoin ETF exposure. Jane Street’s holdings across five spot Bitcoin ETFs rose in market value from about $438.4 million to roughly $1.01 billion during the quarter, but the filings do not establish that either the Bitcoin or HYPE positions reflect a long-term directional view.
HYPE ETFs recorded five consecutive positive weekly flows
The 13F filings show ownership at June 30. More recent data from SoSoValue shows whether money continued to enter the three U.S.-listed HYPE funds after that date.
Each of the five reported weekly readings from August 7 through September 4 was positive. The dashboard’s cumulative net inflow figure rose from $280.82 million to $356.58 million over that period, while the latest reading showed a $12.27 million weekly inflow. The preceding week recorded $56.86 million.
Fund flows and 13F reports answer different questions
Positive ETF flows indicate that more money entered than left the funds during a reporting period. They do not identify the investors behind those flows, show whether UBS, Bank of Montreal or Jane Street added shares, or establish that ETF demand alone drove HYPE’s price.
The two datasets also cover different dates. It would be inaccurate to treat August and September inflows as proof that the three firms increased their June 30 positions. The filings identify reported holdings at a set date; flow data measures aggregate subscriptions and redemptions in later periods.
Why owning an ETF differs from using Hyperliquid
The funds give investors price exposure through a brokerage account without requiring them to buy, custody or trade HYPE onchain. That may broaden the pool of investors able to gain exposure to the token.
ETF shareholders do not receive HYPE tokens, control the fund’s wallets or use Hyperliquid’s perpetual-futures platform. The products provide financial exposure to HYPE, rather than participation in the protocol itself.
November filings will show whether the positions remained
Third-quarter Form 13F filings, due in mid-November, will show reported positions as of September 30. Until then, weekly ETF flows are the clearest public measure of whether fresh demand for the products is continuing.
They still cannot identify the buyers or show whether the three named firms changed their positions.
This article is for informational purposes and does not constitute financial, investment or trading advice.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
