Elon Musk and billionaire investor Stan Druckenmiller publicly supported Intercontinental Exchange's (ICE) plan to bring Hyperliquid's round‑the‑clock perpetual futures market to U.S. investors. ICE, which owns the New York Stock Exchange, intends to create a regulated U.S. version of the platform pending approval and will take a minority stake in the trading firm Trade[XYZ].
Market reaction
Following the announcements, Hyperliquid's native token HYPE increased by 19.9% to $95.89 within 24 hours, according to CoinGecko data. Shares of Hyperliquid Strategies (ticker PURR), a Nasdaq‑listed company that holds HYPE, rose 21.8%.
What is Hyperliquid?
Hyperliquid operates on its own blockchain and offers perpetual futures contracts that track the price of assets such as stocks, oil, gold, currencies and cryptocurrencies. The contracts have no expiration date. Trade[XYZ] reports that the platform's markets generated more than $650 billion in volume in just over a year.
Comments from the investors
Stan Druckenmiller announced his investment in Trade[XYZ] on X, stating his excitement about the partnership with ICE to bring 24/7 perpetual futures to the United States. Musk replied to Druckenmiller’s post with a single word, “Interesting.” Druckenmiller’s Duquesne Family Office disclosed ownership of 2.94 million PURR shares, valued at roughly $23 million as of June 30, in a recent 13F filing.
Matt Hougan, Chief Investment Officer of Bitwise, noted that HYPE had risen 14% and suggested that most Americans were unaware of the token. Bitwise manages a Hyperliquid ETF (ticker BHYP) on the NYSE that charges a 0.34% annual fee. The ETF traded over $40 million in its first three hours of trading on the day of the announcement.
Recent price trends
After earlier reports of Kraken’s involvement with Hyperliquid futures in September, HYPE reached a record $97.96. By late October, the token was trading near $76, and the current price remains about 2% below the September peak.
Regulatory status
ICE’s proposed U.S. venue has not yet received regulatory approval, and no launch date has been announced.
