At the Token2049 crypto conference in Singapore this October, Jeff Yan, CEO of Hyperliquid (CRYPTO: HYPE), said that most of the upside from shares of private companies moving toward their initial public offerings (IPOs) goes to "a select few people with privilege" in advance of when the public can buy in. His crypto exchange is one potential remedy for that. It offers, through outside developers, perpetual futures contracts that grant investors exposure to those businesses before they've gone public. For example, on Hyperliquid's platform, a contract tracking Anthropic implied a $2 trillion valuation as of Oct. 15.
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