- Hyperliquid has proposed regulated pre-IPO futures to the SEC as HYPE jumps 18.5% in 24 hours.
- The filing strengthens Hyperliquid’s push into the US market but still faces regulatory uncertainty.
Hyperliquid is making a stronger push into the US market after filing a proposal with the Securities and Exchange Commission (SEC) for regulated pre-IPO futures.
The filing has given HYPE a fresh catalyst. HYPE jumped 18.5% in 24 hours to $69.78, becoming the best-performing coin among the top 100 by market capitalization. The token is also up 24% over the past week.
Hyperliquid Proposes Regulated Pre-IPO Futures
The Hyperliquid Policy Center and trading platform trade[XYZ] submitted a comment letter to the SEC on August 18.
The proposal responds to SEC Chairman Paul Atkins’ May 2026 request for ideas to improve the IPO process. Hyperliquid wants the regulator to consider rules for products called IPOPs.
IPOPs are perpetual contracts that track the expected valuation of companies preparing to go public. Traders can gain exposure to expected IPO prices without owning shares in the company.
The proposed contracts would be cash-settled and would not give traders voting rights or claims to company shares. The proposal also includes rules for price formation and market surveillance.
However, the filing is only a proposal. The SEC has not approved the product, and there is no confirmed timeline for a decision.
Hyperliquid Points to Pre-IPO Market Data
Hyperliquid and trade[XYZ] also presented data from five pre-IPO markets. The markets tracked companies including SpaceX, Cerebras, Quantinuum, SK Hynix and ChangXin Memory Technologies.
According to the filing, the eventual US offerings were priced between 10.8% and 38.4% below the valuations indicated by the IPOP markets on the previous day.
The data could support Hyperliquid’s argument that pre-IPO markets can provide useful price signals before companies list publicly. Still, the results do not guarantee that regulators will approve the proposed framework.
Why HYPE Is Rising
The SEC filing comes as the US crypto industry receives greater regulatory attention. That timing has helped investors focus on Hyperliquid’s plans for the US market.
Hyperliquid also has a direct connection between trading activity and its broader ecosystem. More trading products could increase activity on the platform and potentially support the buyback mechanism associated with HYPE.
Hyperliquid currently has a market capitalization of about $17.6 billion. It also recorded roughly $741 million in daily trading volume on August 19.
HYPE Faces Risks After Sharp Weekly Gain
The latest rally does not remove the risks facing HYPE.
The SEC filing is not an approval, and the regulator could reject or take no action on the proposal. The 24% weekly gain also means investors have already priced in some expectations around the US expansion.
HYPE also remains closely linked to activity on Hyperliquid. A major decline in trading volume could put pressure on the token.
For now, the SEC proposal gives Hyperliquid a significant new development to watch as it seeks a larger role in the US market.
ALSO READ: Pi Network Set to Change App Studio Pricing on August 24
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.