Musk and a Wall Street Billionaire Eye a Market Bitwise Says 99.9% of Americans Don't Know

On Thursday, Elon Musk, billionaire investor Stan Druckenmiller, and Bitwise Chief Investment Officer Matt Hougan all responded to an announcement regarding a significant deal involving Intercontinental Exchange (ICE), which owns the New York Stock Exchange. ICE is set to introduce Hyperliquid's 24/7 trading markets to American investors.

The market reacted swiftly to the news, with Hyperliquid's token, HYPE, experiencing a surge of 19.9%, reaching a price of $95.89 within a day, according to data from CoinGecko. Additionally, shares of Hyperliquid Strategies (PURR), a company listed on Nasdaq that holds HYPE, saw an increase of 21.8%.

Hyperliquid is a trading platform that operates on its own blockchain, allowing traders to speculate on the prices of various assets, including stocks, oil, gold, currencies, and cryptocurrencies at any time of the day. The platform offers perpetual futures contracts, which track asset prices and do not have an expiration date. One of the platforms that list these contracts, Trade[XYZ], reported that its trading volume exceeded $650 billion in just over a year.

Currently, U.S. residents are unable to access Hyperliquid, but ICE has announced plans to create a regulated version of the platform in the U.S., pending the necessary approvals. ICE is also acquiring a minority stake in Trade[XYZ]. Earlier on Thursday, BeInCrypto reported on the deal between ICE and Hyperliquid.

Druckenmiller publicly shared his support for Trade[XYZ] on social media platform X, stating, "I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States." Musk responded to Druckenmiller's post with a simple, "Interesting." As of June 30, Druckenmiller's Duquesne Family Office reported ownership of 2.94 million shares of PURR, valued at approximately $23 million in its 13F filing.

Hougan emphasized that potential buyers are still in the early stages of the investment opportunity. He noted in a post, "If you're looking at $HYPE up 14% and wondering if you missed it, please consider that 99.9% of Americans do not know it exists." Although he did not provide a source for this statistic, it raises questions about his objectivity regarding Hyperliquid.

Bitwise manages a HYPE fund on the NYSE, which charges an annual fee of 0.34% on its assets. In the past, a previous rally triggered by news of U.S. access to Hyperliquid faded quickly. Following a report from BeInCrypto about Kraken's plans for Hyperliquid futures on September 17, HYPE reached an all-time high of $97.96. However, by October 26, the token's value had dropped to around $76.

As it stands, ICE's proposal still awaits approval, and no specific launch date has been announced. Currently, the price of HYPE is approximately 2% lower than its record high from September.