TLDR
- VanEck is filing for a spot staking Hyperliquid ETF in the U.S. to increase investor access to HYPE.
- The launch of the Hyperliquid ETF is expected to lead to a potential listing of the HYPE token on Coinbase.
- VanEck executives believe the Hyperliquid decentralized exchange has strong growth potential, challenging larger competitors.
- The HYPE token has surged 23% over the past week, reaching a price of $56.
- VanEck is considering allocating a portion of net profits toward HYPE token buybacks to support its value.
VanEck is pursuing a spot staking Hyperliquid ETF in the U.S. The asset manager believes the move could lead to the Coinbase listing of Hyperliquid’s native token, HYPE. This comes as HYPE has gained strong momentum, with a 23% weekly gain, reaching $56.
VanEck Files for Spot Staking Hyperliquid ETF
VanEck has confirmed its plan to launch a Hyperliquid ETF in the U.S. This ETF will include a staking yield facility, enhancing investor access to the token. The move is designed to support the continued growth of Hyperliquid’s decentralized exchange, which has been challenging larger competitors in the crypto derivatives space.
- Source- Blockworks Research
Kyle Dacruz, VanEck’s director of digital asset products, stated that the firm has received significant demand for a Hyperliquid ETF. He added that the ETF would facilitate U.S. investor access to the HYPE token, which could be listed on major exchanges. Dacruz noted that VanEck is considering allocating some net profits from its products to HYPE buybacks.
VanEck has also shown strong confidence in Hyperliquid’s growth prospects. Executives have highlighted the platform’s impressive performance, executing billions in trades with minimal issues. VanEck’s CEO, Jan van Eck, praised the DEX’s technology and decentralized governance, stating that it has earned the trust of investors.
HYPE Token Surges as VanEck Eyes ETF
VanEck’s focus on Hyperliquid stems from its potential to disrupt the broader crypto market. Hyperliquid has already executed billions of dollars in trades, outpacing major competitors. The decentralized exchange’s strong performance has contributed to the growing value of the HYPE token, with the price surging 23% over the past month.
The firm is betting on Hyperliquid’s growth by focusing on HYPE buybacks. This strategy aligns with VanEck’s belief in the exchange’s long-term potential. VanEck’s senior digital assets analyst, Matt Maximo, emphasized that Hyperliquid remains a key focus for the firm’s liquid fund.
Kyle Dacruz further stressed that the launch of the Hyperliquid ETF is crucial for meeting investor demand. He noted that the ETF could help improve U.S. investors’ access to the HYPE token, potentially boosting its listing on top exchanges like Coinbase.
HYPE Token Surges, Nears Top-10 Crypto Status
The HYPE token’s price has continued its rally, hitting new all-time highs. It surged another 3% recently, reaching $56. The token’s recent success has led it to overtake competitors like Chainlink (LINK) and Sui (SUI), positioning it to enter the top-10 list of cryptocurrencies.
The success of the Hyperliquid ETF and HYPE token could drive significant growth in the decentralized exchange market. VanEck’s efforts are positioning the firm to capitalize on Hyperliquid’s momentum. As the HYPE token continues to surge, it could soon be listed on major exchanges, including Coinbase.
