Asset manager VanEck, known for pioneering crypto ETFs like Bitcoin and Ethereum spot products, is preparing to file with the U.S. SEC for a spot-staking ETF tied to HYPE, the native token of the Hyperliquid decentralized exchange.
This would mark HYPE as the youngest token to receive such a filing, following VanEck’s pattern of being first-to-file for Solana and Ethereum ETFs. The proposed ETF would offer U.S. investors exposure to HYPE’s price appreciation plus staking yields, handled internally by the fund to simplify access for traditional investors. VanEck is also planning a parallel physically backed exchange-traded product (ETP) in Europe, where approvals are faster—21Shares already launched a Hyperliquid ETP there in August.
Executives like Kyle Dacruz and Matt Maximo highlighted strong demand and Hyperliquid’s focus in their liquid fund strategy, with the platform topping DeFi revenue charts for four weeks straight. The firm is even considering using ETF profits for HYPE buybacks or ecosystem support, similar to their Bitcoin and Ethereum commitments.
Approval odds are uncertain amid SEC backlogs on XRP, SOL, and DOGE ETFs, but VanEck sees this accelerating a potential Coinbase listing for HYPE. The news propelled HYPE up 22% to a new all-time high of $55.34, reflecting broader DeFi momentum.
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Forward Industries’ $1.65B Solana Treasury Close
Nasdaq-listed Forward Industries (FORD), a 60-year-old design firm pivoting from medical/tech products to digital assets, has closed a record $1.65 billion private investment in public equity (PIPE) to launch the world’s largest corporate Solana treasury.
The funding, in cash and stablecoins like USDC/USDT, was led by Galaxy Digital, Jump Crypto, and Multicoin Capital (committing over $300M combined), with participation from existing shareholder C/M Capital Partners and others. Proceeds will primarily buy SOL tokens for active deployment in staking, lending, and DeFi on Solana, aiming to generate on-chain yields and boost SOL per share beyond passive holding.
Galaxy will manage treasury operations (trading, staking, infrastructure), Jump provides engineering via Firedancer (a high-performance Solana client), and Multicoin’s Kyle Samani joins as board chairman for strategic guidance. Cantor Fitzgerald led placement, with Galaxy as co-agent.
The move positions Forward as the top publicly traded Solana player, outpacing Upexi (2M+ SOL) and Sharps Technology ($400M raise). FORD shares surged 128% pre-market on the initial announcement, while SOL rose 2.3%, underscoring institutional conviction in Solana’s $1.2B Q2 economic value and 7,500+ developers.
CEO Michael Pruitt emphasized long-term shareholder value through ecosystem participation. A HYPE ETF would bring decentralized finance (DeFi) exposure to traditional investors, legitimizing Hyperliquid’s platform and potentially driving broader retail and institutional interest in DeFi tokens.
It could set a precedent for other DeFi-focused ETFs, accelerating crypto’s integration into conventional portfolios. The 22% surge in HYPE’s price to $55.34 reflects market enthusiasm, but ETF approval could further boost demand, liquidity, and price stability.
Staking yields within the ETF could attract yield-seeking investors, potentially increasing HYPE’s market cap and trading volume. A successful filing could pressure the SEC to clarify its stance on newer tokens like HYPE, SOL, XRP, and DOGE.
However, approval delays or rejections due to regulatory uncertainty could dampen market sentiment and slow DeFi ETF momentum. VanEck’s first-mover advantage may spur competitors (e.g., Grayscale, BlackRock) to explore DeFi ETFs, intensifying competition.
In Europe, the parallel ETP filing could capitalize on faster approvals, potentially drawing global capital away from U.S. markets if the SEC lags. VanEck’s potential use of ETF profits for HYPE buybacks or ecosystem support could strengthen Hyperliquid’s development, attracting more developers and projects.
Implications of Forward Industries’ $1.65B Solana Treasury
Forward’s massive Solana treasury sets a benchmark for public companies diversifying into digital assets, potentially inspiring other firms to allocate to crypto. This could drive institutional demand for SOL and validate blockchain treasuries as a corporate strategy.
The $1.65B infusion, used for staking, lending, and DeFi, will increase Solana’s on-chain activity, TVL (total value locked), and network security. Partnerships with Galaxy, Jump, and Multicoin signal robust infrastructure support, potentially accelerating Solana’s scalability and adoption.
FORD’s 128% share surge and SOL’s 2.3% rise reflect bullish sentiment. The treasury’s active SOL deployment could sustain upward pressure on SOL’s price, especially if yields outperform traditional assets. However, large-scale SOL purchases could cause short-term volatility.
Forward’s pivot to a Solana-focused treasury aims to boost SOL per share, offering shareholders indirect crypto exposure. Success could redefine Forward as a hybrid tech-crypto firm, but failure to manage treasury risks (e.g., crypto volatility, DeFi hacks) could harm investor confidence.
The involvement of heavyweights like Galaxy, Jump, and Multicoin underscores Solana’s institutional appeal, potentially attracting more VC funding and developer talent. It also positions Forward as a competitor to Upexi and Sharps, intensifying the race for corporate crypto dominance.
Both moves signal growing institutional confidence in DeFi and Solana, potentially fueling a broader crypto rally, especially for layer-1 and DeFi tokens. Large-scale crypto investments and ETF filings may invite stricter oversight, particularly if the SEC perceives risks to retail investors or market stability.
Forward’s pivot and VanEck’s ETF highlight the blurring lines between traditional finance/industry and crypto, which could reshape investment strategies and corporate balance sheets. These developments could catalyze significant capital inflows into DeFi and Solana, but their success hinges on regulatory clarity, market conditions, and execution.