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Hyperliquid-Based Ventuals’ Trading Volume Surges 100% in 17 Days

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Cumulative trading volume on the tokenized private equity platform reached $200 million about four months after the protocol’s launch.

Ventuals, a protocol that lets users trade tokenized exposure to private and pre-IPO companies, has crossed $200 million in cumulative trading volume less than three months after launch, according to a Feb. 11 X post from the platform’s co-founder, Alvin Hsia.

The milestone was reached just 17 days after cumulative volume first hit $100 million, on Jan. 24, a level that took the platform 73 days to achieve, Hsia noted.

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Ventuals trading volume over time. Source: Loris.Tools

On-chain data from LorisTools, which tracks activity across Hyperliquid’s HIP-3 products, shows cumulative volume on Ventuals has climbed past $215 million by press time. The platform has recorded 5,342 unique traders and generated over $70,000 in fees since going live in October 2025.

Built on the Hyperliquid blockchain, Ventuals allows traders to take synthetic, leveraged positions tied to the valuations of private companies, including firms such as Anthropic and OpenAI.

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Volume by symbol on Ventuals. Source: LorisTools

The most actively traded product so far is MAG7 — a contract tracking the so-called “Magnificent Seven” U.S. tech companies, which includes Amazon, Apple and Microsoft — which has seen over $4 million in trading volume today, Feb. 12, the data shows.

Alongside the surge in activity, Ventuals’ liquid staking token vHYPE, which represents a claim on the underlying HYPE, Hyperliquid’s native token, rose about 20% to $30, according to CoinGecko data.

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vHYPE chart, Jan. 23 – Feb. 12. Source: CoinGecko

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Crypto World

Franklin Templeton Expands Crypto Arm With CoinFund Deal

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Franklin Templeton Expands Crypto Arm With CoinFund Deal

Global asset manager Franklin Templeton is set to expand its crypto footprint by acquiring a spinoff of the crypto-native investment firm CoinFund.

Franklin Templeton said Wednesday it plans to acquire 250 Digital, a CoinFund spinoff that runs liquid crypto investment strategies, expanding the asset manager’s digital asset business. The deal will form part of a new unit called Franklin Crypto once it closes.

The move follows CoinFund’s decision earlier this year to spin out its liquid strategies business into 250 Digital as the company sharpened its focus on venture investing.

Christopher Perkins will lead the new Franklin Crypto, and Seth Ginns will serve as chief investment officer alongside Franklin Templeton digital assets veteran Tony Pecore, as the company broadens its crypto investment platform for institutional clients.

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The deal will incorporate BENJI tokens, which represent ownership shares in the Franklin OnChain US Government Money Fund (FOBXX), a regulated money market fund tokenized by Franklin Templeton in 2021.

Acquisition involves all liquid strategies previously run by CoinFund

Franklin said the undisclosed transaction includes the 250 Digital investment team and all liquid cryptocurrency strategies previously run by CoinFund, and that it will also invest in those strategies as part of the agreement.

The transaction is expected to close in the second quarter of 2026, subject to the execution of definitive transaction agreements, client consents and other customary closing conditions.

Source: Franklin Templeton Digital Assets

Franklin Templeton’s digital asset arm manages around $1.8 billion in assets and is a major institutional player in the crypto industry, where it has been building a presence since 2018.

The company is known for being one of the first to launch a US-listed spot Bitcoin ETF alongside other major asset managers such as BlackRock in 2024.

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Related: Franklin Templeton, Ondo to launch tokenized ETFs with 24/7 trading via crypto wallets

The acquisition comes during a prolonged slump in the crypto market, with Bitcoin down around 45% from its peak above $126,000 recorded in October 2025.

However, Franklin Templeton says the environment is attracting talent and creating opportunities to build long-term infrastructure.

Franklin’s head of innovation, Sandy Kaul, told The Wall Street Journal the recent market selloff helped create an opening to expand.

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“This big selloff that we had in the crypto markets is creating a very unique opportunity that really made us all decide that this is the right time to pull the trigger,” Kaul said.

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