Arthur Hayes dumps HYPE and NEAR in profit-taking move ahead of crowded IPO calendar

Arthur Hayes, who leads investment strategy at family office Maelstrom Fund, disclosed today he has liquidated his entire positions in Hyperliquid (HYPE) and NEAR Protocol (NEAR).

He said a full explanation would come in an essay called “Reality Test” set to drop next Tuesday.

According to the crypto analyst, several macro and political factors will shape the next phase of the cycle, including rising energy prices, a series of high-profile AI IPOs, and a potential shift toward anti-AI rhetoric from President Trump ahead of the midterm.

Hayes expects market highs to occur between now and September, prompting him to realize gains and reduce risk, he said.

HYPE changed hands at around $67 at press time, down 8% after the BitMEX founder revealed his move, per CoinGecko. The digital asset hit a new all-time high above $75 earlier this week amid growing institutional interest.

Hayes previously projected HYPE could reach $150 if Hyperliquid continues to dominate decentralized perpetual futures trading and unlocks additional revenue streams. He doubled down on the price target last week.

The prominent investor also described HYPE, NEAR, and Zcash (ZEC) as the “holy trinity.”

NEAR, which soared as much as 38% following Hayes’ endorsement, slid about 19% as he exited his holdings, on-chain data shows.

Hayes shifted his focus toward Worldcoin (WLD) and began actively promoting the token.

Maelstrom considers Worldcoin to be an overlooked proxy for AI-related market exposure. As capital markets increasingly position ahead of potential IPOs from major AI firms including Anthropic and OpenAI, the fund argues that WLD may serve as a publicly tradable instrument for exposure to the Sam Altman-associated ecosystem.

Mega AI IPOs

Markets are pricing in a major IPO cycle led by SpaceX, Anthropic, and OpenAI, with Elon Musk’s company the closest to listing.

SpaceX is preparing to launch its investor roadshow on June 8, with a potential Nasdaq debut just days later. Valuation expectations range between $1.75 trillion and $1.8 trillion.

Rather than separating Starlink, Musk is said to be bringing the entire SpaceX ecosystem public in a single offering, combining rockets, satellite broadband, and AI initiatives into one listed entity.

Anthropic has quietly moved ahead in the regulatory pipeline, with a confidential SEC filing submitted on June 1.

The company is now positioned for a potential public debut later this year and is currently valued at roughly $1 trillion, supported by strong enterprise adoption and rapid revenue growth that has pushed it ahead of competitors in the IPO race.

OpenAI is widely expected to be preparing a confidential filing, with a potential S-1 in late Q3 and IPO in Q4, as investors anchor around a $1 trillion valuation and watch whether its heavy AI infrastructure spending can convert into long-term profitability.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.