ETF Attracts $100 Million, DAT Added to Russell 3000: Hyperliquid’s “Wall Street Moment”
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ETF Attracts $100 Million, DAT Added to Russell 3000: Hyperliquid’s “Wall Street Moment”
The HYPE token has surged approximately 150% year-to-date, significantly outperforming Bitcoin over the same period.
Navigating Web3 tides with focused insightsAuthor: Claude, TechFlow
TechFlow Intro: Jeff Sprecher, Founder and CEO of Intercontinental Exchange (ICE)—the parent company of the New York Stock Exchange—publicly praised Hyperliquid as “bigger than Nasdaq” during Bernstein’s Investor Conference on May 27, adding, “I wish I were younger so I could jump in myself.” This statement came just 12 days after ICE and CME jointly lobbied the U.S. Commodity Futures Trading Commission (CFTC) to regulate Hyperliquid out of existence. Sprecher also revealed that the NYSE has secretly integrated a blockchain-based settlement system. The HYPE token hit an all-time high of $64 this week; two spot ETFs launched just 10 days ago have already attracted over $100 million in assets under management; and Hyperliquid’s publicly traded entity, PURR, has been added to the Russell 3000 Index.
On May 27, Jeff Sprecher, Founder and CEO of Intercontinental Exchange (ICE), delivered an unusually candid and emotionally charged assessment of Hyperliquid during an interview at Bernstein’s Annual Strategic Decisions Conference.
“This Hyperliquid we’re talking about—if you haven’t heard of it yet—it’s bigger than Nasdaq, okay? Eleven people. When you see that, you say, ‘Wow, that’s incredible.’” Sprecher said. He added immediately: “I love this. I wish I were younger so I could jump in myself. By the way, billionaires are being minted en masse among those building this.”
ICE is the parent company of the New York Stock Exchange and operates one of the world’s largest energy futures markets. Sprecher’s remarks represent the most direct public endorsement of Hyperliquid to date from the highest echelons of traditional finance.
From Joint Lobbying Against Hyperliquid to CEO’s Sharp Pivot—Just 12 Days Later
The shockwaves generated by Sprecher’s praise stem largely from the timing.
According to Bloomberg, on May 15, senior executives from both CME and ICE issued warnings to the CFTC and congressional staffers, asserting that Hyperliquid’s decentralized perpetual contracts pose risks of market manipulation and sanctions evasion—and urging regulators to bring the platform under traditional financial oversight. Following the report’s release, HYPE briefly dropped nearly 9%.
Just 12 days later, ICE’s chief executive publicly expressed admiration for Hyperliquid at one of Wall Street’s most influential investor conferences.
Sprecher directly addressed the apparent contradiction at the Bernstein conference: “One article’s headline made it sound like we were terrified. We’re not terrified. In fact, we’re engaging with these people, learning what they’re doing. They’re learning about our world, and we’re learning about theirs. In that sense, it’s mutual respect.”
Yet he quickly pivoted to the core regulatory demand: “What we’re telling regulators is: Can we do this too? Why prohibit us from doing something that’s already happening? Can we get a level playing field? This administration strongly supports digital innovation. If you deem this legal, let us do it too; if you deem it illegal, why haven’t they received the same harsh letters you’ve sent us?”
This statement reveals the true logic behind ICE’s lobbying efforts: not to shut down Hyperliquid, but to pressure regulators into loosening restrictions—so traditional exchanges can enter the on-chain derivatives market.
On the Eve of SpaceX’s IPO: Hyperliquid Emerges as a “Shadow Pricing Market”
Sprecher’s interest in Hyperliquid isn’t abstract—he’s tracking a highly specific use case: SpaceX is scheduled to list on Nasdaq on June 12 at an estimated valuation of $1.75 trillion, and Hyperliquid is already trading SpaceX derivative contracts.
“What really elevates it, I think, is SpaceX. They’ve already launched trading of SpaceX derivatives. It’ll be fascinating on June 11—the day before formal pricing—when the private market discovers the price, and whether that price influences the IPO itself,” Sprecher said. “Regulators and market participants will say either this is completely irrelevant—or highly relevant.”
He then outlined an extreme scenario: Given Hyperliquid’s up to 100:1 leverage, massive retail participation in SpaceX derivatives could make the on-chain nominal exposure “potentially larger than the IPO itself.”
“So I say—you simply can’t ignore it. I still don’t know whether we should embrace it or oppose it—but by June, we’ll all have answers.”
HYPE ETFs Attract $100M in 10 Days; PURR Added to Russell 3000
Sprecher’s remarks coincided with Hyperliquid’s rapid mainstream adoption.
On May 12 and 15, 21Shares and Bitwise launched the first U.S.-listed spot HYPE ETFs (ticker symbols THYP and BHYP) on Nasdaq and the NYSE, respectively. According to bitcoin.com, the two funds attracted over $100 million in net inflows within their first 10 trading days—absorbing 1.04% of HYPE’s total market cap. That proportion exceeds the同期 performance of both Bitcoin and Ethereum ETFs at launch. On May 27 alone, Bitwise recorded $19.05 million in net inflows, making its fund the world’s largest HYPE ETF.
On May 22, FTSE Russell published the preliminary list for its 2026 U.S. Index Reconstitution, effective June 26. Hyperliquid Strategies (Nasdaq ticker: PURR) was included in the Russell 3000 Index’s addition list.
PURR is currently the largest treasury vehicle holding HYPE tokens, owning approximately 20 million HYPE tokens (valued at roughly $799 million as of April 29), plus $103 million in cash and zero debt. Inclusion in the Russell 3000 means passive funds tracking the index will automatically buy PURR shares—further strengthening the transmission channel between HYPE and traditional capital markets.
The HYPE token surged past $64 this week, hitting an all-time high. Its year-to-date gain stands at ~150%, far outpacing Bitcoin’s performance over the same period. According to CoinGecko, HYPE’s current market cap is approximately $12.7 billion—ranking tenth among all crypto assets.
Jeff Yan Heads to Washington; Hyperliquid Policy Center Engages Directly
Facing lobbying pressure from CME and ICE, Hyperliquid chose direct engagement.
Hyperliquid founder Jeff Yan revealed on May 15 that he and the newly formed Hyperliquid Policy Center (HPC) had already met with U.S. policymakers in Washington. Launched in February 2026, HPC is an independent research and advocacy organization led by Jake Chervinsky—former Head of Policy at the Blockchain Association and former Chief Legal Officer at Variant—with initial funding of 1 million HYPE tokens from the Hyper Foundation.
Yan stated on X that discussions covered “how on-chain trading, as a financial innovation, meets clear global user demand” and “the regulatory pathway for bringing on-chain derivatives markets to the United States.”
In response to Bloomberg’s reporting on the CME-ICE lobbying effort, HPC asserted that Hyperliquid’s market “offers greater benefits and lower risk than traditional centralized exchanges,” and expects the CFTC to establish a dedicated regulatory framework for on-chain derivatives platforms.
An interesting detail: Both CME and ICE themselves are currently facing parallel investigations by the CFTC and the Department of Justice over “uncannily well-timed” oil futures trades executed on their platforms ahead of federal policy announcements.
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