In traditional financial markets, the question of how much a company is worth before its IPO (Initial Public Offering) is a "black box" game monopolized by Wall Street investment banks. Underwriters negotiate in dark pools, and ordinary investors have no right to even glance at the pricing process.
However, on August 18, 2026, an open letter submitted to the US Securities and Exchange Commission (SEC) is attempting to completely shatter this black box.
The letter is signed by: Hyperliquid Policy Center (HPC) and Trade[XYZ].
IPOP: Reshaping Wall Street’s Pricing Power with On-Chain Perpetual Contracts
In this comment letter responding to the SEC Chairman Paul Atkins' request for opinions on "IPO Modernization" (CLL-16), Hyperliquid and Trade[XYZ] promoted a revolutionary concept to the US's highest financial regulatory agency: IPOP (Initial Public Offering Perpetual).
This is a perpetual contract that is traded before a company goes public and ends or converts after the listing. Although it does not represent ownership of stocks, it can create an open and transparent price consensus through global capital competition.
To demonstrate the validity of this on-chain price discovery to the SEC, Hyperliquid directly presented five hardcore cases that have been completed: Cerebras, Quantinuum, SpaceX, SK Hynix ADR, and Changxin Technology (CXMT).
As crypto analysts pointed out, Hyperliquid’s confidence in daring to challenge the SEC comes from its irreplaceable underlying architecture: "Hyperliquid's true advantage and revolutionary aspect lie in the fact that the entire price formation process is publicly auditable."
If Hyperliquid were using a regular Layer 2 or an off-chain matching system, this auditability would be greatly reduced, and the SEC's acceptance would be very low. However, Hyperliquid is the only "Fully Onchain Orderbook + Layer 1," which has become its stepping stone to break into the American capital market.
"Self-Fulfilling Prophecy" and the Under-the-Radar Schemes of Wall Street Giants
This letter is not only Hyperliquid's "claim to legitimacy" in terms of regulation but also the starting point of a potential network effect.
Once the SEC clarifies the regulatory boundaries for IPOP, issuers, underwriters, and various hedge funds on Wall Street will have to consider the IPOP prices on Hyperliquid as an important input for IPO pricing.
This will trigger a classic **"self-fulfilling prophecy"**: more people refer to on-chain prices → more funds are attracted to on-chain trading → on-chain prices become more accurate → leading to more traditional institutions referencing [1].
In fact, smart money has already started to act. According to 13F filings, PURR (holding a long position in HYPE) listed on the Nasdaq saw a significant increase in institutional holdings in Q2, with top quant giants such as Renaissance, Citadel, and Jane Street prominently listed [2].
Although this cannot prove that institutions are betting on the SEC to approve IPOP immediately, it absolutely demonstrates that Wall Street's most perceptive capital is taking the financial revolution brought by Hyperliquid seriously.
On the Eve of Revolution, How Can Ordinary People Arm Themselves?
As Hyperliquid reshapes global asset pricing power with a fully on-chain order book, ordinary traders who remain stuck in traditional coin trading mentality will inevitably be left behind by the times.
Faced with the imminent influx of Wall Street quant giants, you need to arm yourself with the AiCoin mobile app to seize the opportunity in this on-chain financial revolution:
1. Monitoring Main Players, Seeing Through Institutional Moves: Hyperliquid's biggest advantage is "publicly auditable," but the massive amount of on-chain data is overwhelming for ordinary people. AiCoin's main order monitoring feature can help you capture real-time anomalies of giants like Citadel and Jane Street in the IPOP market, revealing their strategies.
2. Multi-Dimensional K-Line for Accurate Price Review: AiCoin provides deep K-line charts and technical indicators comparable to professional Wall Street terminals, enabling you to clearly review the whole price discovery process of pre-IPO assets like Cerebras and SpaceX on-chain and find patterns.
3. Lightning-fast Connection to Seize Information Asymmetry: Before the SEC makes a final statement and traditional funds flood in, there still exists significant information asymmetry in the IPOP market on Hyperliquid. By connecting with AiCoin, you can enjoy millisecond trading experiences and lock in profits ahead of the curve.
Don’t wait until Wall Street giants turn the table to realize what’s happening. Connect to Hyperliquid now and become one of the first beneficiaries of this financial revolution.
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The content of this article represents only the author's personal opinions and does not reflect the platform's stance. The opinions, conclusions, and recommendations in this article are for investors' reference only and do not constitute any investment advice related to this platform. Investing in US stocks still requires one to bear market risks, regulatory risks, and compliance risks with local laws and regulations (especially foreign exchange controls, overseas investment declarations, etc.).
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