The market is bracing for the largest-ever run of public listings. SpaceX plans an initial public offering (IPO) in mid-June at a valuation near $1.7 trillion. OpenAI and Anthropic are sure to be queued up right behind it, with each circling the $1 trillion mark.

The traditional perspective is that these huge and highly in-demand offerings would suck liquidity out of the financial system, harming disfavored sectors, like crypto. But this time, there’s a wrinkle that could make these IPOs into a powerful cocktail of growth for at least a few cryptocurrencies.

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Here’s why that might be the case, and what you can do to get some upside if it plays out.

This platform is giving investors a proxy for what they want

It’s usually quite difficult for investors to get exposure to a company’s shares before its public offering. One crypto platform in particular is quickly becoming the go-to spot for investors looking for a workaround to that issue.

Hyperliquid (CRYPTO: HYPE) runs a decentralized exchange for perpetual futures, which are a type of financial derivative contract that tracks an asset’s price on a rolling basis.

The asset’s appeal to investors rests on a feedback loop. Nearly all of the trading fees are routed into open-market purchases of the token, much like a stock buyback. More fees mean more buying.

Because Hyperliquid is decentralized, users can create their own markets for derivatives for anyone to participate in (for a fee). As a result, there are now synthetic perpetual futures contracts that let people speculate on the pre-IPO valuations of those three soon-to-launch giants without anyone involved ever holding a real share of any of them. It’s a very different financial proposition from actually holding shares, but it offers a close-enough approximation of the returns that many are flocking to buy them.

Therefore, the pre-IPO products are the lure for Hyperliquid, and their job is to pull fresh users onto a venue where they may then eventually end up also trading everything else, potentially including many of the crypto assets listed on the exchange.

You should know that Hyperliquid currently prevents U.S. users from accessing its platform to avoid regulatory violations. You can still buy the coin in America, though.