HYPE token jumps 7% as SpaceX pre‑IPO perpetual opens
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- HYPE token rallied ~7% over 24 hours, outpacing declines in Bitcoin and other majors as Bitcoin fell below $77,000.
- Trade.xyz launched the SPCX‑USDC perpetual futures contract on Hyperliquid at 5:16 UTC, offering synthetic exposure to SpaceX.
- SPCX contract debuted with a $150 reference price, implying a $1.78 trillion valuation based on SpaceX’s 11.87 billion fully‑diluted share count.
- SPCX contract spiked to $216 within hours, settled at $202.89 (up 12.72% that the day), generating $33 million volume and $21.8 million open interest in its first session.
- Anthropic saw its tokenized pre‑IPO shares declared invalid, a fate mirrored by OpenAI, leading to a shift toward synthetic perpetuals that sidestep SPV restrictions.
- SpaceX holds 8,285 Bitcoin in Coinbase Prime custody, a position that will be disclosed in its S‑1 filing and requires fair‑value accounting.
Why it matters: Traders gain a new way to speculate on SpaceX’s valuation without owning shares, while the synthetic perpetual sidesteps the legal hurdles that halted tokenized pre‑IPO offerings, potentially reshaping private‑company exposure in crypto markets. The HYPE token’s 7% rally shows niche derivative products can outpace broader crypto declines, benefitting Hyperliquid’s liquidity providers and investors targeting Musk‑owned firms.
