Zcash Continues Push Higher, Hyperliquid Flips Solana, and SEC Eyes New Rules for Tokenized Trading

Takeaways

• Zcash continues rally, approaches all-time high: While the wider crypto market has largely been stagnant over the past month, Zcash has jumped more than 113%, approaching a previous all-time high near $700 reached last year during crypto’s bull market. One major catalyst for the recent price jump came earlier this month when crypto hedge fund Multicoin Capital disclosed it had started aggressively buying the token.
  
  
• Hyperliquid flips Solana in fully diluted value: With the increase, the price of the Hyperliquid token jumped to $56.6 billion in fully diluted value, surpassing Solana, as traders increasingly turn to Hyperliquid to fuel onchain perpetuals and derivatives trading. This week alone, Hyperliquid has reportedly captured 42% of blockchain fees, surpassing Ethereum and Solana at 8% and 11%, respectively. Over the past year, Hyperliquid has jumped more than 117%.
  
  
• SEC eyes new tokenization exemption: The proposal would allow trading firms to list tokenized versions of public securities in the US for the first time, providing a light-touch regulatory structure for a product aimed at eliminating settlement delays and making US equities more accessible across the globe. SEC chair Paul Atkins has already signaled he’s open to the move, saying earlier this month the agency had begun forming formal rulemaking for onchain trading.
  
  
• SpaceX unveils bitcoin stash: Elon Musk’s rocket company reportedly acquired the coins for $661 million, or roughly $35,000 per coin. The company will reportedly go public on June 12 in one of the most anticipated public offerings of 2026, with reports indicating the IPO could raise up to $80 billion and value the company at more than $1 trillion.

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