ICE CEO: Hyperliquid ‘bigger than Nasdaq’; HYPE jumps 10%

Intercontinental Exchange CEO Jeff Sprecher told investors at the Bernstein 42nd Annual Strategic Decisions Conference on May 27 that Hyperliquid, a decentralized derivatives platform, is ‘bigger than Nasdaq.’ The remark coincided with HYPE climbing nearly 10% to $62.30 and the platform’s market value surpassing $13.8 billion.

Sprecher said ICE has met with Hyperliquid’s founders several times and described them as ‘extremely smart.’ He called the venue ‘a true DeFi exchange’ and noted the core team is about 11 people.

Market participants point to Hyperliquid’s fully on-chain order book, weekend oil futures trading and leverage up to 100x as features that have attracted traders. Sprecher highlighted those attributes while noting some traditional exchanges have extended trading hours and adjusted product offerings in response.

On Friday HYPE reached $62.30, near its all-time high of $64.44. The token’s rise pushed Hyperliquid’s market capitalization above $13.8 billion, making it the 11th-largest crypto asset by market value. HYPE has gained roughly 80% over the past 12 months.

The token’s price action has included sizable whale activity and about $1.16 billion in buybacks this year, which reduced circulating supply. Market participants also flagged growing spot ETF demand and a large purchase by former BitMEX CEO Arthur Hayes.

Sprecher said ICE is not ‘freaked out’ by competition from on-chain venues. He did not provide details on whether ICE will pursue formal partnerships or direct competition with Hyperliquid.