As of the 13F filings dated June 30, 2026, the combined exposure held by 30 known institutions in Hyperliquid’s three ETFs was $74,882,768, equivalent to about 1,151,386 HYPE. This figure needs to be understood against HYPE’s circulating market cap at the time—it represented a very small share, and institutional participation was still at an early stage. The more important structural issue is holding concentration. Wealth High Governance Asset Management ranked first with $23.94 million, followed by OLP Capital Management with $10.50 million, with UBS, Bank of Montreal, and Jane Street ranking third through fifth. The top five together held $53.04 million, accounting for 70.84% of total disclosed exposure. This concentration means HYPE’s so-called "institutional holdings" are in fact dependent on the decisions of only a few funds—if any one of them decides to reduce exposure, the market impact could be amplified. Jane Street’s position ($4.38 million) was likely inventory generated by market-making activity rather than a directional bullish bet on HYPE by Jane Street. Market makers typically hold ETF shares for hedging or arbitrage, which is fundamentally different from long-term allocation. By contrast, the positions held by UBS and Bank of Montreal are more likely to reflect underlying client allocations—clients trade through banks, and when banks report, those positions are filed under the banks’ names. Compared horizontally with early listing data for ETFs of other L1s, the 13F disclosure level of $74.9 million is not especially low, but this number has a much smaller impact on HYPE’s market cap than it would on smaller tokens. Another limitation of 13F data is that it only covers U.S.-registered investment advisers; many overseas funds holding HYPE, or institutions gaining exposure through over-the-counter derivatives, will not appear in this filing. Therefore, this data represents a lower bound of institutional participation rather than the full picture. Key point to watch: if the next quarter’s 13F shows a change in Wealth High Governance’s position (either accumulation or liquidation), that will be a stronger signal than HYPE’s price swings—because it currently holds the largest known single institutional position.