ICE CEO: 11-Person Hyperliquid Tops Nasdaq; HYPE Jumps
At the Bernstein conference on May 27, ICE CEO Jeff Sprecher called 11-person Hyperliquid ‘bigger than Nasdaq.’ HYPE rose nearly 10% to $62.30, near its record high.
Jeff Sprecher, founder and CEO of Intercontinental Exchange, told investors at the Bernstein 42nd Annual Strategic Decisions Conference on May 27 that Hyperliquid, built by a team of 11, is larger than Nasdaq by some measures. The remark coincided with the HYPE token rising about 10% to $62.30 on Friday, approaching its all-time high of $64.44.
Sprecher described the venue as a ‘‘true DeFi exchange’’ and said ICE has met with Hyperliquid’s founders multiple times. He added that the company is not alarmed by the platform’s growth.
He pointed to product features that distinguish the platform from traditional venues: weekend oil futures, leverage up to 100x and a fully on-chain order book. Sprecher said those elements have led some legacy exchanges to extend trading hours.
Market data showed HYPE’s market capitalization climbed above $13.8 billion after the price gain. The token sits roughly 4% below its record $64.44 and ranks as the 11th-largest crypto asset by market value. HYPE has risen about 80% over the past 12 months.
Hyperliquid has conducted sizable buybacks this year, totaling about $1.16 billion, which reduced circulating supply. The token has drawn larger holdings from whales and has seen increased institutional interest, including growing spot ETF demand and a notable purchase by former BitMEX CEO Arthur Hayes.
At the conference, Sprecher said: “This Hyperliquid that we’re talking — if you haven’t heard about it, it’s bigger than NASDAQ, okay? It’s 11 people.”
Sprecher’s comments underscore ongoing contact between established exchange operators and on-chain trading platforms, with ICE having engaged with the Hyperliquid team several times.
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