Elon Musk, billionaire investor Stan Druckenmiller and Bitwise Chief Investment Officer Matt Hougan all reacted on Thursday to the same deal. Intercontinental Exchange (ICE), owner of the New York Stock Exchange, plans to bring Hyperliquid’s round-the-clock markets to Americans.
Investors reacted fast. Hyperliquid’s token, HYPE, rose 19.9% to $95.89 in 24 hours, CoinGecko data shows. Shares of Hyperliquid Strategies (PURR), a Nasdaq company that holds HYPE, jumped 21.8%.
What Is Hyperliquid, and Why Can’t Americans Use It?
Hyperliquid is a trading platform that runs on its own blockchain. Traders can bet on the prices of stocks, oil, gold, currencies and crypto at any hour.
The contracts are perpetual futures, which track an asset’s price and never expire. Trade[XYZ], one firm that lists them, says its markets passed $650 billion in volume in just over a year.
US residents are shut out as it stands, however, ICE agreed to run a regulated US version, pending approval, and is taking a minority stake in Trade[XYZ]. BeInCrypto covered the NYSE owner Hyperliquid deal earlier on Thursday.
What Each Man Said, and What Two of Them Own
Druckenmiller announced his investment in Trade[XYZ] on X.
“I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States,” Druckenmiller wrote.
Musk shared that post with a one-word reply, “Interesting.” Druckenmiller’s Duquesne Family Office also reported 2.94 million PURR shares, worth about $23 million as of June 30, in its 13F filing.
Hougan said buyers are still early.
“If you’re looking at $HYPE up 14% and wondering if you missed it, please consider that 99.9% of Americans do not know it exists,” Hougan posted.
He cited no source for that figure, but can he be neutral about Hyperliquid?
Bitwise runs a HYPE fund on the NYSE that charges a 0.34% annual fee on its assets.
The last rally on news of US access faded. After BeInCrypto reported Kraken’s Hyperliquid futures plan on September 17, HYPE hit a record $97.96. By October 26, it traded near $76.
The ICE venue still has no approval or launch date. The live HYPE price now sits about 2% below that September record.
