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Hyperliquid's "Wall Street Moment": ETF Hits $100 Million, DAT Makes Russell 3000

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The HYPE token has seen an impressive 150% price increase this year, far outperforming Bitcoin during the same period.

Original Title: "ETF Sees $100 Million Inflows, DAT Joins Russell 3000: Hyperliquid's 'Wall Street Moment'"
Original Author: Claude, DeepTech TechFlow

DeepTech Summary: ICE (NYSE's parent company) founder and CEO Jeff Sprecher publicly praised Hyperliquid as "bigger than Nasdaq" during a May 27 Bernstein investor conference, stating, "I really wish I were younger so I could be personally involved." This statement came only 12 days after ICE, in partnership with CME, lobbied the CFTC to "crack down" on Hyperliquid.

Sprecher also revealed that NYSE has secretly plugged into a blockchain settlement system. The HYPE token hit a record high of $64 this week, with two spot ETFs launching and attracting over $100 million in inflows in just 10 days. Additionally, its DAT company PURR has been included in the Russell 3000 index.

On May 27, Jeff Sprecher, the founder and CEO of Intercontinental Exchange (ICE), during an interview at the Bernstein Annual Strategic Decisions Conference, gave a rare and emotionally charged assessment of Hyperliquid.

"This Hyperliquid that we're talking about, if you haven't heard of it, is bigger than Nasdaq, okay? Eleven people. You look at this and you say, 'Wow, this is really amazing,'" Sprecher said. He then added, "I love this thing. I really wish I were younger and could participate in it personally. By the way, there are billionaires being mass-produced among the people doing this."

ICE is the parent company of the New York Stock Exchange, which also operates one of the world's largest energy futures markets. Sprecher's statement is the most direct public endorsement of Hyperliquid by the top echelons of traditional finance to date.

12 Days Ago, Joint Lobbying for "Crackdown", Now CEO's Tune Has Changed Dramatically

Sprecher's praise caused a stir due to the timeline.

On May 15, Bloomberg reported that CME and ICE executives had warned the CFTC and Capitol Hill officials, suggesting that Hyperliquid's decentralized perpetual contract trading might pose market manipulation and sanctions evasion risks, and called for it to be brought under the traditional financial regulatory framework. After the news was exposed, HYPE briefly fell by nearly 9%.

Just 12 days later, the head of ICE found himself lauded at one of Wall Street's most important investor conferences.

Sprecher directly addressed this contradiction at the Bernstein conference: "The headline of an article made it seem like we were scared. We were not scared. In fact, we are in dialogue with these people, understanding what they are doing. They are learning about our world, and we are learning about theirs. In that sense, it's mutual admiration."

He then quickly shifted the conversation to the core regulatory issue: "What we say to regulators is, can we do this too? Why are you prohibiting us when this has already happened? Can there be a level playing field? This administration is very supportive of digitization. If you think it's legitimate, then let us do it; if you think it's not, why haven't they received those ugly letters you sent to us?"

This statement revealed ICE's true logic in lobbying the CFTC: not to shut down Hyperliquid, but to ask regulators to loosen the reins so that traditional trading platforms can also participate in the on-chain derivatives market.

SpaceX Eve of Listing: Hyperliquid Becomes a "Shadow Pricing Venue"

Sprecher's focus on Hyperliquid was not just talk; he had a very specific observation window: SpaceX is set to land on Nasdaq on June 12 with a valuation of around $1.75 trillion, and Hyperliquid is already trading SpaceX derivative contracts.

"I think what really elevates it is SpaceX. They have already launched trading of SpaceX derivatives. It will be very interesting on June 11 when SpaceX is officially priced to see what the price discovery in this private market is and whether this price will affect the IPO itself." Sprecher said, "Regulators and market participants will say this is either completely irrelevant or highly relevant."

He then calculated an extreme scenario: considering that Hyperliquid allows up to 100:1 leverage, if retail investors flood into SpaceX derivatives, the notional open interest on-chain "might be even larger than the IPO itself."

"So I say you can't ignore it. I still don't know if we should embrace it or abhor it, but I think by June we will all have an answer."

HYPE ETF Launches with $100 Million Inflows in First 10 Days, PURR Included in Russell 3000

Sprecher's statement comes at a crucial juncture for Hyperliquid as it experiences a intense mainstreaming catalyst.

On May 12 and 15, 21Shares and Bitwise respectively launched the first U.S. HYPE spot ETFs on Nasdaq and NYSE (under tickers THYP and BHYP).

According to bitcoin.com, within the first 10 trading days after the launch, the two funds attracted net inflows of over $100 million, representing 1.04% of HYPE's total market capitalization. This exceeded the debut performance of Bitcoin and Ethereum ETFs in terms of market cap ratio. Bitwise recorded a single-day net inflow of $19.05 million on May 27, making it the largest HYPE ETF globally.

On May 22, FTSE Russell announced the preliminary list for the June 2026 Russell U.S. Index reconstitution, where Hyperliquid Strategies (NASDAQ: PURR) appeared in the Russell 3000 Index's additions list, set to be effective on June 26.

PURR is currently the largest HYPE token treasury company, holding around 20 million HYPE tokens (valued at around $799 million as of April 29) and $103 million in cash, with no debts. Being included in the Russell 3000 means passive funds tracking the index will passively buy into PURR, further bridging the gap for HYPE to reach traditional capital markets.

HYPE token hit a record high above $64 this week, with a year-to-date growth of around 150%, significantly outperforming Bitcoin. According to CoinGecko data, HYPE currently has a market capitalization of around $12.7 billion, ranking it tenth among all crypto assets.

Jeff Yan Visits Washington D.C., Hyperliquid Policy Center Takes Positive Stance

Facing lobbying pressure from CME and ICE, Hyperliquid has chosen to respond proactively.

Hyperliquid founder Jeff Yan revealed on May 15 that he met with policymakers in Washington, D.C., alongside the Hyperliquid Policy Center (HPC).

HPC, an independent research and advocacy organization established in February 2026, is led by former Blockchain Association policy director and Variant's former Chief Legal Officer Jake Chervinsky, with initial funding of 1 million HYPE tokens from the Hyper Foundation.

Yan stated on the X platform that the meeting discussed "how on-chain transactions as a financial innovation can have a clear global user demand" and "bringing the on-chain derivatives market into the U.S. regulatory pathway."

In response to Bloomberg's report on CME and ICE lobbying efforts, HPC mentioned that the market provided by Hyperliquid is "more beneficial and less risky than traditional centralized trading platforms" and anticipated that the CFTC would establish a specific regulatory framework for on-chain derivatives platforms.

An interesting detail: CME and ICE themselves are currently facing parallel investigations by the CFTC and the Department of Justice due to the "well-timed" oil futures trades on their respective platforms ahead of federal policy announcements.