Hyperliquid’s HYPE token has jumped as its HIP-3 pre-IPO perp marketplace heats up ahead of a series of high-profile tech IPOs.

SpaceX bitcoin treasury in focus as pre-IPO market launches at $1.78 trillion valuation

HYPE tokens surged over 5% on Monday after Bitwise’s spot ETF debut on NYSE Arca offset regulatory pressure instigated by CME and ICE.

Hyperliquid’s HYPE token has jumped as its HIP-3 pre-IPO perp marketplace heats up ahead of a series of high-profile tech IPOs.

Bitwise CIO Matt Hougan said Hyperliquid is undervalued as HYPE gains 77% this year and its buyback model drives value.

The asset manager recently launched a HYPE-based exchange-traded fund and said it will use some of the fees generated to buy the token.

Crypto investors have underestimated Hyperliquid’s token, HYPE, valuing the platform as a crypto exchange instead of an all-encompassing finance app, says Bitwise’s Matt Hougan.

Hyperliquid's HYPE token has decoupled from Bitcoin with 101% YTD gains as the platform's revenue explodes across multiple sectors.

SpaceX reaches a $2.5 trillion valuation on Hyperliquid amid IPO anticipation. IPO by June 30, 2026 now at 95% YES.

Hyperliquid's HYPE token crossed $50 on Wednesday for the first time since September 2025, fueled in part by a high-profile call from Bitwise's chief investment officer.

Hyperliquid’s token is up while other assets are down, which analyst Eric Balchunas says has led to a rare trading boom in newly launched HYPE-related ETFs.

Hyperliquid's HYPE token nears its all-time high as derivatives open interest hits $9.4B, fee revenue dominates crypto, and short squeeze conditions build.

Hyperliquid’s HYPE logged double-digit gains on the day, as ETF demand outpaced the token's supply reduction mechanism.

Hyperliquid is trading just 2.5% below its all-time high as Grayscale, Galaxy and an a16z-linked wallet collectively accumulated HYPE.