Arthur Hayes, the leader of investment strategy at the Maelstrom Fund family office, recently revealed that he has sold all of his holdings in two notable digital assets: Hyperliquid and NEAR Protocol. He indicated that he will provide a comprehensive explanation in an upcoming essay titled "Reality Test," which is expected to release next Tuesday.
Hayes pointed out that various macroeconomic and political developments will influence the upcoming cycle. Rising energy costs, prominent AI initial public offerings (IPOs), and a potential shift in rhetoric towards AI by President Trump are all factors weighing heavily on his investment strategy. Given these complexities, Hayes anticipates that market highs will emerge between now and September, which has prompted him to take profits and mitigate risk.
As of the latest reports, Hyperliquid (HYPE) trades around $67, reflecting an 8% decline after Hayes’s announcement. Earlier, HYPE achieved a new all-time high above $75, driven by increasing institutional interest.
Previously, Hayes projected that HYPE could surge to $150 if Hyperliquid maintains its leading position in decentralized perpetual futures trading and explores new revenue avenues. He reiterated this optimistic price target just last week. Notably, Hayes has referred to HYPE, NEAR, and Zcash as a top trio of investments. Although NEAR surged by 38% following his endorsement, it fell nearly 19% after he exited his position, indicating the volatility in the digital asset market.
In shifting his investment focus, Hayes has begun to advocate for Worldcoin (WLD). The Maelstrom Fund views Worldcoin as an underappreciated vehicle for exposing capital markets to AI-related opportunities. With the growing emphasis on capital positions ahead of upcoming IPOs from major AI companies like Anthropic and OpenAI, the fund argues that WLD presents a publicly tradable option closely linked to the ecosystem associated with Sam Altman.
Regarding the anticipated mega IPOs in the AI sector, the market is bracing for significant activity, particularly from SpaceX, Anthropic, and OpenAI. SpaceX appears poised to launch an investor roadshow on June 8, aiming for a Nasdaq debut soon after, with a valuation expectation ranging between $1.75 trillion and $1.8 trillion. Unlike the suggested separation of Starlink, Musk intends to publicize the complete SpaceX ecosystem through one comprehensive offering, uniting its rockets, satellite broadband, and AI projects under a single umbrella.
Anthropic, on the other hand, has quietly advanced its regulatory filings, having submitted a confidential SEC filing on June 1. This positions the company for a possible public debut later this year with an estimated valuation around $1 trillion, bolstered by rapid revenue growth due to strong enterprise adoption that positions it ahead of its competitors in the IPO race.
Furthermore, OpenAI is widely anticipated to be making preparations for a confidential filing, potentially leading to an S-1 submission later this year, followed by an IPO in the fourth quarter. Market expectations anchor around a valuation of $1 trillion, as investors remain vigilant about whether OpenAI's substantial spending on AI infrastructure will ultimately translate into sustainable profitability.