Author: Claude, Deep Tide TechFlow

Deep Tide Introduction: Jeff Sprecher, founder and CEO of ICE (the parent company of the New York Stock Exchange), publicly praised Hyperliquid as "larger than Nasdaq" at the Bernstein Investor Conference on May 27, saying, "I really wish I were younger to get involved personally." This statement came just 12 days after ICE joined CME in lobbying the CFTC to "suppress" Hyperliquid. Sprecher also revealed that the NYSE has secretly connected to a blockchain settlement system. The HYPE token reached a historic high of $64 this week, and two spot ETFs raised over $100 million in just 10 days since their launch, while their DAT company PURR was included in the Russell 3000 index.

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

"What we are discussing, Hyperliquid, if you haven't heard, it's larger than Nasdaq, okay? There are 11 people. When you see this, you say, wow, that's amazing," Sprecher said. He added, "I love this stuff. I really wish I were younger to get involved personally. By the way, there are billionaires being born in bulk among the people doing this."

ICE is the parent company of the New York Stock Exchange and operates one of the largest energy futures markets in the world. Sprecher's statement is the most direct public endorsement from the highest echelons of traditional finance for Hyperliquid to date.

12 Days Ago Jointly Lobbied to "Suppress," Now CEO's Tone Has Shifted

The reason Sprecher's praise has caused a stir is because of the timeline.

On May 15, Bloomberg reported that executives from CME and ICE had warned CFTC and congressional officials that Hyperliquid’s decentralized perpetual contract trading might constitute market manipulation and sanctions evasion risks, demanding that it be included under the traditional financial regulatory framework. Following this news, HYPE temporarily fell nearly 9%.

Just 12 days later, the head of ICE openly expressed admiration at one of the most important investor meetings on Wall Street.

Sprecher directly addressed this contradiction at the Bernstein conference: "There was a headline that made people think we were scared. We were not scared. We are actually talking to these people, understanding what they are doing. They are understanding our world, and we are understanding their world. In that sense, it’s a mutual admiration."

But he then shifted the topic to the core demands of regulatory frameworks: "What we are saying to the regulators is, can we also do this? Why do you prohibit us from doing this when it’s already happening? Can there be a fair competitive environment? This administration is very supportive of digitization. If you think this is legal, then let us do it; if you think it’s illegal, then why haven’t they received those ugly letters you sent us?"

This statement reveals the real logic behind ICE's lobbying of the CFTC: it's not about shutting down Hyperliquid, but rather requesting regulators to loosen restrictions on themselves so traditional exchanges can also participate in the on-chain derivatives market.

On the Eve of SpaceX's IPO: Hyperliquid Becomes a "Shadow Pricing Market"

Sprecher's attention to Hyperliquid is not casual; he has a very specific observation window: SpaceX is set to go public on June 12 with an estimated valuation of about $1.75 trillion, while derivatives contracts for SpaceX are already trading on Hyperliquid.

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

He then calculated an extreme scenario: considering Hyperliquid allows leverage as high as 100:1, if retail investors flood into SpaceX derivatives, the on-chain nominal exposure could "potentially be larger than the IPO itself."

"So I say you can't ignore it. I still don’t know if we should embrace it or hate it, but I expect we’ll all have answers in June."

HYPE ETF Raises $100 Million in 10 Days, PURR Included in Russell 3000

Sprecher's remarks come at a pivotal moment as Hyperliquid experiences intense mainstreaming catalysis.

On May 12 and 15, 21Shares and Bitwise launched the first US HYPE spot ETFs on Nasdaq and the NYSE (ticker THYP and BHYP). According to bitcoin.com, the two funds have seen a cumulative net inflow of over $100 million within 10 trading days, absorbing 1.04% of HYPE's total market cap, which is higher than the performance of Bitcoin and Ethereum ETFs during their respective debut. Bitwise recorded a single-day net inflow of $19.05 million on May 27, becoming the largest HYPE ETF globally.

On May 22, FTSE Russell released the preliminary list for the 2026 Russell US index reshuffle, with Hyperliquid Strategies (NASDAQ ticker PURR) appearing on the supplemental list for the Russell 3000 index, expected to take effect on June 26.

PURR is currently the largest treasury company for HYPE tokens, holding about 20 million HYPE (valued at approximately $799 million as of April 29), along with $103 million in cash, with no liabilities. Being included in the Russell 3000 means that passive funds tracking this index will automatically buy PURR, further connecting HYPE to traditional capital markets.

The HYPE token reached a historic high of $64 this week, with an increase of around 150% year-to-date, far exceeding Bitcoin's performance during the same period. According to CoinGecko data, HYPE currently has a market capitalization of about $12.7 billion, ranking tenth among crypto assets.

Jeff Yan Travels to Washington, Hyperliquid Policy Center Takes on Challenges

Faced with lobbying pressure from CME and ICE, Hyperliquid chose to respond directly.

Hyperliquid founder Jeff Yan revealed on May 15 that he and the Hyperliquid Policy Center (HPC) have held meetings with policymakers in Washington. HPC is an independent research and advocacy organization established in February 2026, led by former Blockchain Association policy director and Variant's former chief legal officer Jake Chervinsky, with initial funding of 1 million HYPE provided by the Hyper Foundation.

Yan mentioned on the X platform that the meeting discussed "how on-chain trading as a financial innovation has a clear global user demand," and "the regulatory pathway for introducing on-chain derivatives markets to the US."

HPC stated in response to Bloomberg's report of the CME and ICE lobbying that the market provided by Hyperliquid "is more beneficial and less risky than traditional centralized exchanges," and anticipates that the CFTC will establish a dedicated regulatory framework for on-chain derivatives platforms.

An interesting detail: CME and ICE are currently facing parallel investigations by the CFTC and the Justice Department due to "timing-in precise" oil futures trades that occurred on their platforms ahead of federal policy announcements.