Billionaire investor Stanley Druckenmiller had never posted on X. Not once. Then Thursday happened, and his first post was not a photo of a sunrise or a hot take about the Fed. It was an investment disclosure.

Druckenmiller wrote that he is "excited to be an investor in trade(xyz)," without revealing any financial details. Trade[XYZ] is collaborating with Intercontinental Exchange (NYSE: ICE), the owner of the New York Stock Exchange, to bring a 24/7 product built on Hyperliquid to the U.S.

Hyperliquid, for the uninitiated, is a crypto exchange best known for "perpetual futures": contracts that don't expire, letting traders hold positions for as long as they meet margin requirements. It is described as the world's largest decentralized exchange for this kind of trading. ICE would be the exclusive operator of the U.S. markets, which have not yet received approval from the Commodity Futures Trading Commission.

Then Elon Musk weighed in. He responded to Druckenmiller's post with a single word: "Interesting." That's it. No follow-up, no disclosure of whether he'd invested in Hyperliquid, no detailed assessment. Just the word.

Apparently, that was enough. Hyperliquid's HYPE token surged about 20% on Thursday after ICE's announcement. Six Hyperliquid-linked funds were among the day's top-gaining ETFs, with leveraged funds tracking Hyperliquid Strategies Inc. (NASDAQ: PURR) leading the gains.

As of Thursday afternoon, the T-REX 2X Long PURR Daily Target ETF (BATS: KATT) jumped 38.03%, while the Defiance Daily Target 2X Long PURR ETF (NASDAQ: PUR) climbed 37.54%. The 21Shares 2x Long HYPE ETF (NASDAQ: TXXH) advanced 30.6%.

Meanwhile, unleveraged funds also rallied. The Grayscale Hyperliquid Staking ETF (NASDAQ: HYPG) gained 16.51%, the 21Shares Hyperliquid Staking ETF (NASDAQ: THYP) rose 16.35% and the Bitwise Hyperliquid ETF (NYSE: BHYP) added 15.94%.

$100 Million Buyback Adds Another Catalyst for PURR ETFs

Hyperliquid Strategies recently increased its share repurchase authorization from $30 million to as much as $100 million and extended the program through Oct. 31, 2027. Approximately $72 million remained available under the expanded authorization as of Oct. 23.

The buyback could provide support for PURR shares if the company executes repurchases. However, the authorization does not guarantee that the full amount will be spent or that the stock will appreciate.

That distinction matters for KATT and PUR, which target twice the daily performance of PURR shares rather than the HYPE token directly. Both funds can therefore be influenced by changes in the market's valuation of Hyperliquid Strategies, alongside broader sentiment toward the Hyperliquid ecosystem.

What Investors Should Know About These ETFs

KATT and PUR seek 2x daily exposure to PURR, while TXXH targets 2x the daily performance of HYPE. The three other funds provide distinct forms of Hyperliquid-related exposure through staking-oriented or other token-linked strategies.

Leveraged ETFs reset their exposure daily, so returns over multiple sessions can differ substantially from twice the underlying asset's cumulative return. Sharp reversals and volatility can magnify losses, making these products particularly risky to hold for extended periods.

Thursday's gains highlight how quickly institutional endorsements, corporate developments and crypto-market momentum can spill over into exchange-traded products. Whether the rally lasts will depend on the underlying assets' performance and whether the proposed expansion of Hyperliquid's U.S. market access translates into sustained adoption.