Brazilian and Hong Kong Asset Managers Lead Institutional Holdings in Hyperliquid ETFs

James Seyffart, Senior Research Analyst at Bloomberg Intelligence, has revealed the leading institutional holders of spot Hyperliquid (HYPE) exchange-traded funds (ETFs). Private asset management firms from Brazil and Hong Kong have emerged as the largest holders, with combined exposure exceeding $34.44 million.

Leading Institutional Hyperliquid ETF Holders

Drawing from Securities and Exchange Commission (SEC) 13F filings, Seyffart compiled a list of 30 companies. Wealth High Governance (WHG) Asset Management, a São Paulo-based independent wealth and asset management firm, ranks at the top with 368,224 HYPE tokens held through ETFs, representing approximately $23.95 million in value.

WHG manages assets for high-net-worth families and institutional clients. The company was established in 2020 by former Credit Suisse executives, the Swiss multinational investment bank and financial services provider.

OLP Capital Management, also operating as OceanLink Management, follows closely. Headquartered in Hong Kong, this privately held entity holds 161,379 HYPE tokens valued at nearly $10.5 million, according to its regulatory filing.

Collectively, these two firms have surpassed the HYPE ETF holdings of major financial institutions including Swiss multinational bank UBS AG, Canadian financial services provider Bank of Montreal (BMO), and global quantitative trading firm Jane Street.

The HYPE ETF Market Landscape

Three issuers currently offer spot Hyperliquid ETFs regulated in the United States: the 21shares Hyperliquid Staking ETF (THYP), Bitwise Hyperliquid ETF (BHYP), and Grayscale Hyperliquid ETF (HYPG).

Bitwise’s BHYP commands the market segment with approximately $54.6 million in total net inflows as of Friday’s market close. In contrast, Grayscale’s HYPG and 21shares’ THYP have attracted $11.6 million and $6.7 million in net inflows, respectively.

The demand for Hyperliquid ETFs is underpinned by the strong performance of the underlying token since mid-August, coinciding with Bitcoin’s (BTC) recovery above $80,000 amid heightened institutional buying activity. Additional momentum stems from anticipated regulatory developments in the United States. President Donald Trump has directed Commodity Futures Trading Commission (CFTC) Chair Mike Selig to integrate Hyperliquid’s perpetual futures platform into the U.S. regulated ecosystem.

Following HYPE’s all-time high of $87.99 per token on Friday, the asset continues trading within the $84.66 to $87.88 range over the past 24 hours. With a circulating supply of 251.52 million tokens, this places Hyperliquid’s market capitalization between $21.29 billion and $22.1 billion during this period.

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