Traditional finance firms are quietly appearing in exchange-traded funds tied to crypto derivatives venue Hyperliquid. According to The Block, Bloomberg Intelligence compiled the first quarterly 13F holdings snapshot for Hyperliquid ETFs, showing 30 institutions with disclosed positions totaling about $74.9 million.
UBS and Jane Street disclosed exposure
Bloomberg Intelligence ETF analyst James Seyffart posted on X that UBS held roughly $7.5 million in Hyperliquid ETF exposure, while top market maker Jane Street held about $4.4 million.
The largest disclosed position came from Brazilian asset manager Wealth High Governance Asset Management, which held about $23.95 million in 21Shares’ THYP fund. The top five holders accounted for around 70.8% of total exposure, equal to about $53 million.
The filing reflects a Q2 snapshot
The report said the 13F filing is only a second-quarter snapshot and does not reflect subsequent buying or selling. Bank positions may include client money, and market makers may also hold offsetting hedge positions, which means the disclosures should not automatically be interpreted as proprietary bullish bets by those institutions.
Even so, the appearance of a major bank and a leading market maker on the list suggests that on-chain perpetual trading platforms such as Hyperliquid have entered the reportable holdings of some mainstream institutions.
Earlier report mentioned possible US perpetual market move
ABMedia added that Chain News had previously reported that Hyperliquid was rumored to be entering the US perpetual market through Kraken’s parent company.