VanEck Files for SEC Approval on Hyperliquid Spot ETF - Crypto Markets Brace for Impact
Wall Street's crypto embrace accelerates as VanEck prepares to launch the first Hyperliquid-focused ETF.
SEC Showdown Ahead
VanEck just dropped the paperwork for what could become the first spot ETF tracking Hyperliquid's performance. The filing signals institutional confidence in the liquid staking protocol's growth trajectory—and sets up another regulatory battle with the SEC.
Market Implications
ETF approval would funnel traditional capital directly into Hyperliquid's ecosystem, potentially mirroring the explosive inflows seen after Bitcoin ETF greenlights. Traders are already positioning for volatility, with Hyperliquid tokens ticking upward on speculation.
Because nothing says 'mainstream adoption' like wrapping a decentralized protocol in a Wall Street-approved wrapper—complete with management fees, of course.
Image source: Nebius Group.
Does Nebius have more big deals in the works?
The five-year deal is worth up to $19.4 billion. Nebius' market cap was about $15 billion before the announcement. Nebius stock soared, but it may continue to rise. Nebius founder and CEO Arkady Volozh stated:
We expect to secure significant long-term committed contracts with leading AI labs and big tech companies. I'm happy to announce the first of these contracts, and I believe there are more to come.
A smart time to raise capital
Nebius is also taking advantage of the moment by announcing a capital raise. It will raise about $1 billion from a public share offering priced at $92.50 per share. Additionally, it is issuing convertible notes to raise another $2.7 billion.
That helps explain the stock's pullback from this week's peak. Yet, the convertible bonds carry attractive interest rates for the company. The initial conversion price of about $138.75 per share represents a 50% premium over the public share offering price.
Other shareholders may simply be locking in profits after the meteoric rise in the share price earlier in the week. If management is accurate with its prediction of more deals to come, though, Nebius stock could soon regain new highs.
