Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Coinbase, one of the world’s largest cryptocurrency exchanges, has expanded its offering of wrapped assets by adding support for two new coins: Zcash (ZEC) and Hyperliquid (HYPE). The new wrapped tokens, cbZEC and cbHYPE, are now available exclusively on Base, Coinbase’s Ethereum Layer 2 network.
Coinbase stated that cbZEC and cbHYPE are ERC-20 tokens pegged 1:1 with their respective underlying assets. The company holds the original ZEC and HYPE tokens in custody, ensuring that each wrapped asset is directly backed and redeemable.
The introduction of cbZEC and cbHYPE extends the list of wrapped tokens supported by Coinbase. Existing wrapped tokens include Bitcoin (cbBTC), Ethereum (cbETH), XRP (cbXRP), Dogecoin (cbDOGE), Cardano (cbADA), Litecoin (cbLTC), and MegaETH (cbMEGA).
Wrapped assets function as transferable digital tokens representing ownership of the original cryptocurrency. Holders can unwrap or redeem these assets at a 1:1 ratio by depositing them into their Coinbase accounts.
This move enables Zcash and Hyperliquid holders to deploy their assets within the growing DeFi ecosystem on Base. By leveraging cbZEC and cbHYPE, users can access various decentralized finance applications—such as lending or borrowing platforms—that require ERC-20 tokens.
Mini dictionary: Base is a Layer 2 blockchain built on Ethereum, designed to scale user activity with faster transactions and lower fees, while remaining connected to the Ethereum network and its security model.
Wrapped AssetUnderlying CoinAvailabilityContract AddresscbHYPEHyperliquid (HYPE)Base only0xB200000000000000000000451d033a5000cb479ecbZECZcash (ZEC)Base only0xB2000000000000000000008501b13360000cb2ECWarning over impersonation and scamsCoinbase drew attention to the growing risk of scams targeting new wrapped assets. The company warned users of potential fraudulent actors who may create fake cbHYPE and cbZEC tokens or impersonate official sources.
To ensure the safety and legitimacy of transactions, Coinbase published the official contract addresses for both cbHYPE and cbZEC on Base. The company emphasized that users should always verify contract addresses before interacting with these tokens.
Coinbase reminded users, “There may be fraudulent actors pretending to be cbHYPE and cbZEC. The Base contract addresses for cbHYPE and cbZEC are cbHYPE: 0xB200000000000000000000451d033a5000cb479e, cbZEC: 0xB2000000000000000000008501b13360000cb2EC.”
Impersonators have frequently targeted users of newly released assets, seeking to exploit inexperience or miscommunication by listing unofficial tokens or directing users to fake addresses. Coinbase urged account holders to remain vigilant and avoid disclosing sensitive information or transferring assets to unverified addresses.
Coinbase, based in the United States, operates as a publicly traded exchange and is known for its emphasis on compliance and user security standards within the digital asset industry.
Social engineering and impersonation scams have become increasingly common in the cryptocurrency ecosystem, especially with new token launches. Coinbase’s latest advisory reflects growing industry awareness regarding the importance of user education and proactive risk management for digital asset holders.
Hyperliquid’s HYPE token is joining the ranks of Bitcoin, Ethereum, XRP, and Solana inside a regulated ETF wrapper. Hashdex’s Nasdaq CME Crypto Index ETF, which trades under the ticker NCIQ, will add HYPE as its ninth holding effective September 1, 2026, giving the token a 3.36% portfolio weight.
That makes HYPE the fifth-largest position in the fund.
Inside the numbers Bitcoin dominates at 74.36%, Ethereum sits at 11.88%, XRP holds 5.21%, Solana commands 3.79%, and HYPE slides in at 3.36%. The gap between Solana and HYPE is less than half a percentage point.
NCIQ launched in February 2025 with only Bitcoin and Ethereum, so the expansion to nine assets over roughly 18 months reflects how quickly the eligible universe of crypto assets has grown under the index’s methodology. To qualify for inclusion, tokens must meet market capitalization thresholds, liquidity standards, and compliance requirements aligned with SEC regulations.
HYPE’s breakout year HYPE was trading around $83 at the time of the announcement, representing a roughly 230% gain year-to-date.
Hyperliquid operates as a decentralized exchange focused on perpetual futures. The token had already attracted interest from dedicated spot ETF products prior to this index inclusion.
Hashdex, led by CIO Samir Kerbage, has conducted quarterly reconstitutions of NCIQ to incorporate newly eligible assets, gradually transforming what started as a two-asset Bitcoin-and-Ethereum fund into something closer to a broad market crypto index.
What this means for investors and the broader market The inclusion creates a structural source of demand for HYPE. When new money flows into NCIQ, 3.36 cents of every dollar must be allocated to the token. Index funds are passive by design, meaning they buy regardless of short-term price action.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
According to monitoring by TradingBeats (formerly Hyperinsight), the U.S.-Iran conflict has escalated again, with both sides launching mutual attacks, raising risks of supply disruptions in the Strait of Hormuz. WTI crude oil rose 5.2% to $90.22, while Brent crude gained 4.6% to $94.65, hitting near five-week peaks. The WTI and Brent contracts are currently trading at $90.87 and $95.50 respectively, with 24-hour increases of around 4.81% and 4.69%. Amid the rapid rise in oil prices, a major crude oil short position holder (0x0c4a) on Hyperliquid partially stopped losses, closing out 31,461.31 WTI and 50,774.85 Brent short positions. This resulted in losses of approximately $53,900 and $161,200 respectively, with the account recording a single-day drawdown of $1.26 million. As of press time, the position still holds around $16.88 million in combined short positions in both oils: WTI crude oil (20x leverage): short position worth about $6.459 million, average entry price of $88.70, unrealized loss of around $153,400, liquidation price of $97.49; Brent crude oil (20x leverage): short position worth about $10.425 million, average entry price of $91.89, unrealized loss of around $392,300, liquidation price of $101.63.
Hyperliquid Strategies Inc. (HSI), a Nasdaq-listed company with a primary focus on building its corporate treasury around the HYPE token, has expanded its equity financing plan. The company raised its stock-sale program commitment from $1 billion to $2.5 billion, according to a Form 8-K filing submitted to the US Securities and Exchange Commission on September 1.
HSI doubles equity facility for HYPE-fueled treasury strategyThe increase comes as part of Amendment No. 1 to HSI’s Committed Equity Facility agreement with Chardan Capital Markets, initially signed in October 2025. This facility allows HSI to gradually sell newly issued shares on the market and use the proceeds to fund its strategy of accumulating HYPE tokens.
The amendment formally raises the total commitment for equity sales to $2.5 billion from the original $1 billion cap. As detailed in the September 1 filing, this step reflects HSI’s expanding approach to crypto treasury management and token demand generation.
The Amendment increases the Total Commitment from $1.0 billion to $2.5 billion.
Hyperliquid Strategies, September 1 Form 8-K
HSI had already used a significant portion of its initial facility. According to its August 27 earnings announcement, the firm raised $646.6 million at an average share price of $8.70 and deployed $773.4 million to purchase approximately 16.5 million HYPE tokens at an average cost of $46.77 each.
$773.4 million deployed to accumulate ~16.5 million HYPE tokens at average cost of $46.77.
Hyperliquid Strategies, August 27 earnings release
The latest amendment introduces extra measures to protect existing shareholders. Once $1 billion in stock is sold through the facility, any further sales of shares below $12.02 are capped so that the total issued stock does not exceed 42,641,847 shares, or 19.99% of total outstanding shares before the amendment. This restriction, known as the Exchange Cap, aligns with Nasdaq’s shareholder approval requirements under Rule 5635 and limits dilution from discounted stock sales unless shareholder approval is obtained.
Original CapNew CapAverage HYPE CostShares Cap Below $12.02$1 billion$2.5 billion$46.7742,641,847 sharesHSI positioned itself as a corporate treasury specialist in the crypto sector, offering public-market investors indirect exposure to HYPE alongside staking rewards at the company level.
Mini dictionary: Hyperliquid Strategies Inc. (HSI) is a public company listed on Nasdaq that focuses on building digital asset treasuries, primarily by accumulating the HYPE token as a reserve asset and offering investors synthetic exposure to its value and staking rewards.
As of June 30, HSI’s total assets stood at $2.06 billion, with $1.904 billion allocated to HYPE. The company reported zero debt, and its HYPE holdings increased from 12.5 million to 29.3 million over the last fiscal year.
The company reported a 77% price increase in HYPE over Q2, during which the broader crypto market lost nearly 13% of its capitalization. The scaled-up equity program gives HSI substantial flexibility for future HYPE purchases, though buying capacity remains tied to its ability to raise new funds through share sales.
Protocol revenues and buyback mechanism drive demandHYPE’s economic model has been described by Coinbase Institutional as “equity-like,” as fees collected by the Hyperliquid protocol are used for systematic buybacks of the HYPE token. Matt Hougan, CIO at Bitwise, highlighted this approach in his analysis of the protocol’s revenue-driven value model.
Hyperliquid generated more than $800 million in revenue last year and uses ~99% of it to buy and burn HYPE.
Matt Hougan, Bitwise CIO
Bitwise estimates that since Hyperliquid launched, $1.3 billion worth of HYPE tokens have been purchased and burned. According to DefiLlama, annualized fee revenue from Hyperliquid stands at $950.63 million, with the protocol’s annualized net revenue at $713.83 million. Open interest on the platform recently reached $13.771 billion, while the HYPE token currently trades at $82.21.
New investments by HSI would combine institutional-level demand with ongoing protocol-driven buybacks. This creates a link between trading activity, treasury accumulation, and token demand in the wider crypto market.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Preview: US ADP Non-Farm Payrolls data will be released tonight, with an expected 48,000 new jobs added.
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Hyperliquid Strategies expanded its equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion on Sept. 1, according to a new U.S. Securities and Exchange Commission filing.
Summary
Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion in capacity. The facility permits periodic share sales but does not guarantee the company raises $2.5 billion. Proceeds may fund general corporate purposes, including potential HYPE purchases, subject to discretion and conditions. A 42,641,847-share exchange cap applies to certain below-$12.02 sales after the first $1 billion raised. PURR closed at $11.36 on September 1, falling approximately 7.3% during the regular trading session. The Nasdaq-listed company can raise funds over time by selling newly issued PURR shares to Chardan. Hyperliquid Strategies previously said proceeds from the facility could support general corporate purposes, including potential purchases of HYPE, the native token of the Hyperliquid network.
The $2.5 billion commitment represents the facility’s maximum aggregate capacity. It does not mean the company has received that amount, completed an offering of that size or committed the proceeds to buying HYPE.
Actual proceeds will depend on the number of shares sold and the prices at which transactions occur. Each issuance would also increase PURR’s outstanding share count, creating potential dilution for existing investors.
Hyperliquid Strategies adds $1.5 billion in capacity Hyperliquid Strategies and Chardan signed the amendment to their ChEF purchase agreement on Sept. 1. The original agreement dates to Oct. 22, 2025.
The amendment raises the total commitment by $1.5 billion. Chardan can purchase newly issued common shares from Hyperliquid Strategies after the company submits qualifying purchase notices under the agreement.
Today we filed an 8K explaining the details of our updated equity facility.
When we originally put this facility in place it had a headline of $1bn (which at the time seemed like an awful lot). We are now close to hitting the $1bn limit, so we have increased the agreement to… pic.twitter.com/OsbcpogT67
— David Schamis (@dschamis) September 1, 2026 Hyperliquid Strategies controls the timing and amount of individual sales. Its SEC disclosures state that financing decisions will depend on market conditions, PURR’s trading price and management’s assessment of how the proceeds should be deployed.
The arrangement differs from a traditional loan. Selling shares does not create principal repayments or interest expenses. However, the company exchanges equity for cash, reducing the percentage ownership represented by each existing share.
The facility also does not guarantee that Chardan will purchase $2.5 billion in stock. Transactions remain subject to the agreement’s terms, conditions and limitations. The amount ultimately raised could be lower than the maximum commitment.
Potential HYPE purchases remain optional Hyperliquid Strategies said in its prospectus that proceeds from equity-facility sales were planned for general corporate purposes, including potential HYPE purchases.
That language gives management broad discretion. It does not establish a minimum HYPE allocation, purchasing deadline or fixed token target. The company could also direct proceeds toward operating expenses, transaction costs or other corporate requirements.
The Sept. 1 Form 8-K does not report a new HYPE acquisition. It also does not disclose whether Hyperliquid Strategies has completed share sales using the additional $1.5 billion of capacity.
Hyperliquid Strategies reported holding 29.3 million HYPE as of Aug. 19. Since completing its business combination in December 2025, the company had spent $773.4 million to acquire approximately 16.5 million tokens at an average price of $46.77, as crypto.news reported.
The company also reported $149.9 million in cash at the end of June and said it carried no debt. Its HYPE position had more than doubled from the roughly 12.6 million tokens associated with the company’s creation.
In related coverage, the transaction that formed Hyperliquid Strategies included $305 million in cash alongside the initial HYPE contribution. The company has since used equity financing as a central part of its token accumulation strategy.
Nasdaq rules limit lower-priced issuances The amendment introduces an exchange cap that becomes relevant after aggregate share sales through the facility reach $1 billion.
After that threshold, Hyperliquid Strategies generally cannot sell more than 42,641,847 shares at prices below $12.02. The limit equals 19.99% of the common shares outstanding immediately before the amendment was executed.
The company can exceed the cap if shareholders approve additional issuances under Nasdaq rules. The restriction may also cease to apply if shareholder approval is not required under an available Nasdaq provision.
At $12.02 per share, 42,641,847 shares would represent approximately $512.5 million in gross proceeds. This calculation excludes fees and assumes every share is sold at the stated price.
The relationship between the share cap and the expanded commitment could restrict access to the full facility when PURR trades below $12.02. Raising the entire $2.5 billion may require higher sale prices, shareholder approval or an applicable Nasdaq exception.
The effect on existing investors will depend on the timing and size of each issuance. Selling shares at lower prices requires the company to issue more stock to raise the same amount of cash, increasing dilution.
PURR closes below the amendment’s threshold PURR closed at $11.36 on Sept. 1, down approximately 7.3% during regular trading. The stock opened at $11.76 and traded between $11.03 and $12.31. Volume reached about 24.3 million shares.
Source: Google Finance The closing price placed PURR below the amendment’s $12.02 reference level. However, the market price does not activate the exchange cap by itself. The restriction concerns completed below-threshold sales after cumulative facility purchases reach $1 billion.
HYPE treasury company Hyperliquid Strategies increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, giving the company additional capacity to raise capital through share sales.
In a Tuesday filing with the US Securities and Exchange Commission, Hyperliquid Strategies said it amended its October 2025 Chardan Equity Facility purchase agreement to increase the aggregate gross purchase price of newly issued common shares.
The agreement allows Hyperliquid Strategies to periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase shares subject to pricing, trading volume, and other conditions. Chardan can subsequently resell the shares in the public market.
The increased facility gives the company more potential funding for its HYPE-focused treasury strategy, but drawing on it would issue additional shares and could dilute existing shareholders. The $2.5 billion represents the maximum capacity rather than funds already raised.
Hyperliquid Strategies previously reported raising $647 million through the facility and expanding its treasury to about 29.3 million HYPE tokens.
The expansion follows renewed market interest in Hyperliquid. HYPE jumped more than 20% in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the US “in a fully compliant and legal fashion.”
Hyperliquid Strategies shares rose 30.4% following Trump’s remarks. Despite sharing the protocol’s name and holding its native token, the company says it is independent and not affiliated with Hyperliquid.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
HYPE treasury company Hyperliquid Strategies increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, giving the company additional capacity to raise capital through share sales.
In a Tuesday filing with the US Securities and Exchange Commission, Hyperliquid Strategies said it amended its October 2025 Chardan Equity Facility purchase agreement to increase the aggregate gross purchase price of newly issued common shares.
The agreement allows Hyperliquid Strategies to periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase shares subject to pricing, trading volume, and other conditions. Chardan can subsequently resell the shares in the public market.
The increased facility gives the company more potential funding for its HYPE-focused treasury strategy, but drawing on it would issue additional shares and could dilute existing shareholders. The $2.5 billion represents the maximum capacity rather than funds already raised.
Hyperliquid Strategies previously reported raising $647 million through the facility and expanding its treasury to about 29.3 million HYPE tokens.
The expansion follows renewed market interest in Hyperliquid. HYPE jumped more than 20% in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the US “in a fully compliant and legal fashion.”
Hyperliquid Strategies shares rose 30.4% following Trump’s remarks. Despite sharing the protocol’s name and holding its native token, the company says it is independent and not affiliated with Hyperliquid.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
TradeXYZ recorded $202.36 billion in trading volume during the second quarter of 2026, an increase of 79.2% from the previous quarter, according to a Sept. 1 report from the Hyperliquid Research Collective.
Summary
TradeXYZ’s quarterly trading volume rose 79.2% to $202.36 billion, according to the independent research report. Equity perpetual volume increased 377% quarter-on-quarter, reaching $58.9 billion across 55 markets during Q2 2026. TradeXYZ’s HIP-3 volume share increased from 84.5% to 95.1% during the second quarter of 2026. Quarter-end open interest reached $2.96 billion, representing a 64.6% increase from the previous quarter’s level. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, reducing HIP-3 competition. The platform’s estimated share of trading across Hyperliquid’s HIP-3 markets rose from 84.5% to 95.1% during the quarter. Its fastest-growing segment was equity perpetuals, where volume increased 377% quarter-on-quarter to $58.9 billion across 55 markets.
The figures come from an external research report prepared by GLC Research, Four Pillars, Arrakis and GRZ Research. They should not be treated as audited financial results or figures confirmed through a TradeXYZ regulatory filing.
2026 Trade[XYZ] Q2 Report
Today, we're excited to release Trade[XYZ]'s 2026 Q2 Report.
While three of its HIP-3 rivals, Felix, Ventuals, and Dreamcash, shut down entirely this quarter, Trade[XYZ] pulled further ahead. Its share of HIP-3 volume climbed from 84.5% to 95.1%.… pic.twitter.com/F2irNgYE2r
— Hyperliquid Research Collective (HRC) (@HyperliquidR) September 1, 2026 The report also calculated $7.59 million in quarterly revenue, up 32.9%, while open interest reached $2.96 billion at the end of June. Open interest increased 64.6% from the previous quarter.
TradeXYZ captures 95.1% of HIP-3 trading volume TradeXYZ’s quarterly volume rose by approximately $89.43 billion from the estimated Q1 level of $112.93 billion. Growth in trading activity outpaced revenue, which increased by 32.9% over the same period.
That difference can reflect changes in product mix, fee rates, trader tiers and the proportion of volume generated by markets with lower effective fees. The report did not provide enough audited information to identify a single cause.
TradeXYZ’s HIP-3 market share increased by 10.6 percentage points during Q2. The research group estimated that its share had reached approximately 99.5% on a trailing 30-day basis by the time the report was prepared.
HIP-3 allows third parties to deploy perpetual futures markets on Hyperliquid while using the network’s trading infrastructure. Deployers can choose market parameters and list assets that are not available through Hyperliquid’s original validator-operated markets.
Hyperliquid’s current fee documentation says HIP-3 deployers may retain up to 50% of the trading fees generated by their markets. That creates a direct revenue model for platforms that can attract traders and maintain liquid order books.
The structure also separates TradeXYZ from a conventional centralized exchange. Users trade through Hyperliquid’s on-chain infrastructure, while TradeXYZ acts as the deployer responsible for its market selection and related parameters.
Equity perpetuals drive the fastest growth Equity perpetual volume reached $58.9 billion during Q2, representing about 29.1% of TradeXYZ’s total reported volume. The segment covered 55 equity-linked markets by the end of the quarter.
A perpetual contract gives traders price exposure to an underlying asset without a fixed expiration date. Equity perpetuals can therefore track the market value of a company’s shares while trading outside the normal operating hours of traditional stock exchanges.
These contracts do not necessarily provide the same rights as owning the underlying shares. Perpetual holders generally do not receive voting rights, legal ownership or direct claims on company assets. Funding payments and liquidation rules also create risks that do not apply to ordinary unleveraged share ownership.
TradeXYZ introduced its pre-IPO perpetual product, known as IPOP, on May 1. The first market tracked Cerebras, followed by contracts linked to SpaceX and Quantinuum, according to the report.
The research group said those contracts continued through the companies’ public listings and then converted into standard equity perpetuals. It also claimed that the pre-IPO markets provided prices close to the companies’ opening public trades.
Those conclusions come from the report’s analysis. TradeXYZ has not filed audited evidence showing that pre-IPO perpetual prices consistently predict opening prices, and three completed examples would not establish long-term reliability.
The growth forms part of a wider convergence between cryptocurrency infrastructure and equity markets. For example, Wintermute registered as a U.S. broker-dealer while preparing to expand into equities and tokenized securities, as covered in the report on its regulated U.S. securities entry.
Rival closures increase market concentration TradeXYZ’s rising share also reflects the departure of competing HIP-3 deployers. Felix, Ventuals and Dreamcash stopped operating between June 19 and July 2, according to the research report.
Their closures removed alternative venues during and shortly after the quarter. This means TradeXYZ’s 95.1% share resulted from both its own volume growth and reduced competition.
The report did not provide detailed reasons for each closure. It also did not disclose whether customers experienced losses, whether open positions were transferred or how much volume each departing platform handled before stopping operations.
A market share approaching 100% gives TradeXYZ a strong position among HIP-3 deployers, but it also concentrates activity and operational dependence in one platform. Future market share could change if new deployers enter, existing teams relaunch or Hyperliquid modifies the HIP-3 framework.
The concentration is specific to HIP-3 markets and should not be confused with TradeXYZ controlling all Hyperliquid trading. Hyperliquid also hosts its original perpetual markets, spot assets and other infrastructure outside TradeXYZ’s deployed products.
CFTC action does not directly approve TradeXYZ The report described the U.S. Commodity Futures Trading Commission’s May action on perpetual futures as regulatory validation for the broader product category.
On May 29, the CFTC issued a policy statement explaining its position on listing perpetual contracts. The agency released the statement alongside an order allowing a designated contract market to list a bitcoin-linked perpetual futures contract.
That action covered a U.S.-regulated contract offered by a registered market operator. It did not approve TradeXYZ, Hyperliquid’s offshore markets or TradeXYZ’s equity perpetual products.
TradeXYZ users should therefore not interpret the CFTC decision as granting U.S. regulatory authorization to the platform. The legal treatment of equity-linked perpetuals can involve derivatives and securities rules that differ from those governing a bitcoin contract.
Regulators in other jurisdictions have followed separate approaches. One Trading received a Dutch license to offer regulated perpetual futures in the European Union, according to coverage of its European derivatives authorization.
The comparison shows that regulatory approval normally applies to a specific operator, legal entity and product structure. Broader acceptance of perpetual futures does not automatically authorize every on-chain market using a similar contract design.
Q3 data will test whether TradeXYZ retains its lead The next relevant update will be TradeXYZ’s third-quarter volume, revenue and open-interest data. Those figures should show whether Q2 growth continued after three competing HIP-3 deployers closed.
Equity perpetual activity will be another key measure. The segment must maintain liquidity across its expanded list of markets for the 377% quarterly increase to represent more than a short-term surge around major listings.
Future pre-IPO conversions will also provide more evidence about how TradeXYZ handles corporate listings, reference prices and contract transitions. The report did not announce a fixed schedule for additional IPOP markets.
TradeXYZ’s U.S. availability remains a separate regulatory question. Neither the research report nor the CFTC statement announced approval for the platform to offer equity perpetuals directly to U.S. customers.
Hyperliquid Strategies has raised its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, increasing the company’s access to capital through future share sales.
SEC filing details amendmentsIn a filing submitted Tuesday to the US Securities and Exchange Commission, Hyperliquid Strategies announced an amendment to its equity facility purchase agreement with Chardan, first established in October 2025. The amendment lifts the aggregate gross purchase price of newly issued common shares that Chardan may buy from the company.
The agreement allows Hyperliquid Strategies to direct Chardan, a New York-based broker-dealer and investment bank, to acquire shares in tranches, guided by predetermined pricing, trading volume, and other conditions. Chardan, in turn, holds the ability to resell these shares on the open market.
The $2.5 billion figure represents the facility’s maximum drawdown potential, not funds currently raised. If accessed, this arrangement would provide additional financial support for Hyperliquid Strategies’ treasury operations focused on the HYPE token. However, drawing on the facility would involve issuing new shares, which could dilute the stake of existing shareholders.
HYPE treasury strategy and market momentumTo date, Hyperliquid Strategies has reported securing $647 million through this equity facility, growing its treasury to about 29.3 million HYPE tokens.
Recent market interest in Hyperliquid has intensified. In August, the HYPE token jumped over 20% after US President Donald Trump remarked that Commodity Futures Trading Commission Chair Michael Selig was working to introduce the decentralized trading platform to US markets “in a fully compliant and legal fashion.”
Hyperliquid Strategies’ shares climbed 30.4% following Trump’s statements.
Despite sharing a name with the trading protocol and holding its native HYPE token, Hyperliquid Strategies asserts its independence and states that no official affiliation exists between the company and Hyperliquid.
Broader trends in asset managementAs institutional strategies evolve, technological advancements are also shaping financial services. While traditional markets often rely on intermediaries and brokers, platforms like 1stepSwap are redefining asset management. Investors are beginning to hold shares of major US companies, as well as assets such as gold and silver, directly in crypto wallets. By tokenizing real-world assets and instantly sourcing optimal prices, these platforms aim to eliminate middlemen from the process.
2 September 2026 | 10:40 Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion, increasing its potential HYPE-buying capacity without reporting any completed share sales or token purchases.
Key Takeaways The facility’s maximum commitment increased to $2.5 billion. The $2.5 billion is not cash already raised. Lower-priced PURR sales face a 42.64 million-share limit. Direct HYPE demand requires completed share sales and token purchases. What the $2.5 billion figure actually means Hyperliquid Strategies’ September 1 filing increased the total commitment under its equity-purchase agreement with Chardan Capital Markets from $1 billion to $2.5 billion. The additional $1.5 billion gives the company more room to issue and sell PURR common shares under the agreement’s conditions.
The figure represents the maximum aggregate gross purchase price of those shares, rather than money already held by Hyperliquid Strategies. The filing concerns the Nasdaq-listed treasury company trading under PURR, not the Hyperliquid protocol itself.
And still the company’s wider strategy makes the amendment relevant to HYPE. Its latest annual report identifies accumulating the token as its primary business, although the expanded agreement provides no fixed allocation or buying schedule. Any future purchases would still begin with transactions in the equity market.
Four steps separate the facility from HYPE demand 1. Hyperliquid Strategies must issue PURR shares The agreement allows the company to create and sell new common shares, but issuance does not happen automatically. Management decides when to use the facility and how much stock to offer.
2. The share sales still have to occur Hyperliquid Strategies can raise money only when shares are purchased under the agreement. The amount collected will depend on how often the company uses the facility, how many shares it issues and the prices calculated under its terms.
Those prices determine the cost to existing shareholders. A lower PURR price requires more shares to raise the same amount of money, increasing dilution and using the applicable share allowance more quickly.
That constraint becomes more important after the first $1 billion of sales. From that point, shares issued below $12.02 count toward an aggregate limit of 42,641,847 shares, representing 19.99% of the common stock outstanding immediately before the amendment.
At just under $12.02 per share, raising the additional $1.5 billion would require more than 124.8 million shares—nearly three times the 42.64 million-share limit. Reaching the full capacity at those prices would therefore require shareholder approval unless Nasdaq rules permit an exception.
The $12.02 figure is not a minimum sale price. It is the threshold below which the share-count restriction applies, making PURR’s market value an important factor in how much of the facility can be used efficiently.
3. Completed sales must produce usable cash Only completed transactions create cash that Hyperliquid Strategies can deploy. The $2.5 billion ceiling describes the agreement’s maximum gross purchase value, not proceeds already received.
4. Management must direct the money toward HYPE Cash from PURR sales does not enter the HYPE market on its own. Management must authorize token purchases and report them before any portion of the expanded facility can be counted as direct HYPE demand.
Will HYPE benefit? HYPE could benefit, but not from the amendment alone. The token receives direct demand only when Hyperliquid Strategies completes PURR sales and uses the resulting capital to purchase HYPE.
Previous transactions show that this route is more than theoretical. In its August 27 financial update, the company reported raising $647 million through PURR issuance during the fiscal year while deploying $773 million from its available capital to acquire HYPE.
Those purchases helped increase its treasury from an initial 12.5 million tokens to 29.3 million HYPE by June 30. The figures should not be read as a one-to-one flow of the same money, but they show that equity financing has already supported the company’s broader accumulation strategy.
The latest amendment could extend that process, although management retains flexibility. The company’s annual filing says future capital may also support acquisitions involving businesses connected with the Hyperliquid ecosystem.
Confirmed treasury purchases would add buying demand, but they would not guarantee an equivalent increase in HYPE’s market value. The price effect would depend on how quickly the company bought, the liquidity available at the time and how much supply other holders brought to the market.
HYPE holds near its record as the wider market slips While that future buying power remains unconfirmed, HYPE is already displaying relative strength in the spot market. The token traded near $83.3 at approximately 07:00 UTC on September 2, about 4% below its late-August record near $86.70.
Hyperliquid (HYPE/USD) daily price chart with moving averages and RSI indicator. HYPE reached that record before the September 1 amendment, so the expanded facility cannot explain the rally but it may add another possible source of future demand. But for now no reported PURR sale or treasury purchase connects the agreement with the token’s current price.
HYPE’s resilience stands out against a market in which XRP fell to $1.32 despite positive ETF inflows. Larger assets were also contending with the yield and yen pressures weighing on crypto as September began.
The plan depends on two markets Financing a HYPE treasury with newly issued stock ties the company’s buying power to the market value of PURR. A stronger PURR price allows Hyperliquid Strategies to raise capital with fewer new shares, while a weaker price makes the same strategy more dilutive and brings the exchange cap into play sooner.
That relationship becomes more demanding after HYPE’s August rally. New capital now buys fewer tokens than it did before the advance, leaving the company to weigh the price paid for HYPE against the number of PURR shares issued to finance each purchase.
The facility’s real strength will become visible in PURR’s sale prices, not in its $2.5 billion ceiling. Those prices could determine whether the expanded agreement provides efficient HYPE-buying power or remains largely unused capacity.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Key Highlights Hyperliquid’s HYPE token climbed 1.29% to approximately $83 following its integration into Hashdex’s NCIQ cryptocurrency ETF The token secured a 3.36% allocation in the Nasdaq CME Crypto Index, bringing the total number of assets in the fund to nine On September 1, Hyperliquid Strategies increased its equity financing arrangement with Chardan Capital Markets from $1 billion to $2.5 billion Cryptocurrency analyst Ted (@TedPillows) reported on X that a major investor acquired $11.8 million worth of HYPE within 24 hours The platform is currently negotiating with Payward, Kraken’s parent entity, to provide regulated perpetual futures contracts for U.S.-based traders The HYPE token from Hyperliquid is currently valued at approximately $83, marking a 1.29% increase following the simultaneous announcement of two significant developments. Investment firm Hashdex incorporated HYPE into its diversified spot cryptocurrency ETF, while Hyperliquid Strategies expanded its equity financing capability to $2.5 billion.
Hyperliquid (HYPE) Price The modification to Hashdex’s Nasdaq CME Crypto Index ETF, trading under NCIQ, became effective on September 1, 2026. The portfolio now encompasses nine digital assets, representing an expansion from its previous eight-asset composition.
HYPE joins the index with a 3.36% allocation. Bitcoin maintains its position as the dominant holding at 74.36%, with Ethereum following at 11.88%, XRP at 5.21%, and Solana at 3.79%.
Hyperliquid Secures a Spot In Hashdex’s ETF
Hashdex has added Hyperliquid’s hyperliquid:native to its Nasdaq CME Crypto Index ETF, effective September 1.
The move expands NCIQ from eight crypto assets to nine. HYPE enters the index with a 3.36% weighting, according to cited… pic.twitter.com/DwzCkSHurZ
— BSCN (@BSCNews) September 2, 2026
The current index composition features Bitcoin, Ethereum, XRP, Solana, Hyperliquid, Stellar, Cardano, Chainlink, and Bitcoin Cash.
NCIQ was introduced by Hashdex in February 2025, initially containing only Bitcoin and Ethereum. The fund operates on a rules-based framework that evaluates factors including liquidity, market capitalization, custodial infrastructure, and compliance with regulatory listing requirements.
Samir Kerbage, Chief Investment Officer at Hashdex, emphasized that expansion was integral to the fund’s design. “The intention behind launching NCIQ in February 2025 with two assets was always portfolio expansion,” Kerbage explained.
Kerbage further highlighted Hyperliquid’s decentralized exchange architecture and emerging regulatory clarity as factors contributing to the ecosystem’s growing significance in traditional financial markets.
Hyperliquid Strategies Boosts Capital Facility Coinciding with the ETF news, Hyperliquid Strategies submitted documentation to the SEC expanding its equity financing arrangement with Chardan Capital Markets from $1 billion to $2.5 billion. This expanded framework represents available capacity rather than capital already secured.
The ultimate funds raised will vary based on share distribution volumes and market pricing. The organization has indicated that proceeds may support general corporate operations, potentially including additional HYPE token acquisitions, though no specific allocation requirements exist.
As of August 19, Hyperliquid Strategies maintained holdings of 29.3 million HYPE tokens. Beginning in December 2025, the firm deployed $773.4 million to purchase approximately 16.5 million tokens at a mean cost of $46.77 per token.
PURR, the company’s publicly traded stock on Nasdaq, concluded September 1 at $11.36, representing a 7.3% decline for the session. This valuation remains beneath the $12.02 reference threshold connected to share issuance limitations outlined in the revised financing agreement.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Since Multicoin Capital transferred a significant amount of HYPE to Coinbase Prime while the asset is trading near its recent highs, Hyperliquid is facing a potentially significant supply event. Over the course of the last 12 hours, Multicoin Capital deposited a total of 261,555 HYPE, or roughly $21.7 million, to Coinbase Prime, according to on-chain data provided.
Hyperliquid breaks the ceilingThe transfers took place in three batches: 63,235 HYPE, 101,144 HYPE, and 97,176 HYPE. The transactions stand out in particular because of the timing. After an incredible surge from roughly $57 in the second half of August, HYPE is currently trading at $82.93. The token entered consolidation after recently reaching the $86–$87 range.
HYPE/USDT Chart by TradingViewThe likelihood that coins are being prepared for sale usually increases with large transfers to an exchange-related address. A Coinbase Prime deposit should not be taken as an executed market sale, though. Additionally, prime infrastructure can support OTC, settlement, and institutional custody.
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Sell-side liquidity surgesTherefore, rather than being evidence that Multicoin has dumped $21.7 million worth of HYPE, the transfers indicate increased potential sell-side liquidity. Institutional pressure on HYPE is close to its peak. The movement is worthwhile to watch because of its technical structure. As buyers run into resistance, HYPE has repeatedly produced upper wicks, having failed to sustain its rally past approximately $84–$87.
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A clean breakout may be more challenging if there is more institutional supply around these levels. However, there is not yet much indication of a significant technical breakdown. HYPE is still well above its primary moving averages.
The following averages stay around $64.01 and $62.86, while the shortest major average on the chart is located around $73.48. This leaves a significant gap between structural support and spot price.
Additionally, momentum has cooled without crumbling. After previously entering overbought territory, the RSI has dropped toward 66, indicating that the rally is losing some excess while still remaining comparatively strong. The level to watch right now is approximately $80. Losing it might accelerate profit-taking and reveal the $76–$73 area.
On the other hand, absorbing the Multicoin-related supply while holding $80 would demonstrate significant underlying demand. The $21.7 million Coinbase Prime deposit presents a valid sell-risk signal for the time being, but HYPE's price structure has not yet confirmed that institutional distribution is outpacing buyers.
Hyperliquid Strategies Inc (Nasdaq: PURR), the publicly traded company behind the Hyperliquid trading ecosystem, disclosed in a Form 8-K filed September 1 that it has expanded its committed equity financing facility with Chardan Capital Markets LLC from $1.0 billion to $2.5 billion. The report, submitted to the U.S. Securities and Exchange Commission, amends the ChEF Purchase Agreement the two parties first signed in October 2025.
Amendment No. 1 Lifts the Total Commitment Under Amendment No. 1, the total commitment under which Hyperliquid may issue newly created shares of common stock to Chardan rises from $1.0 billion to $2.5 billion in aggregate gross purchase price, subject to the terms, conditions and limitations of the original agreement. The increase provides a larger equity line the company can draw on over time rather than an immediate capital raise, according to the filing. A copy of the amendment is filed as Exhibit 10.1 to the 8-K and is incorporated into the report by reference.
The Exchange Cap and Nasdaq Constraints The filing also spells out an exchange cap that limits dilution. After $1.0 billion of stock has been sold under the facility, Hyperliquid may not issue shares priced below $12.02 apiece if the transaction would push the total above 42,641,847 shares, about 19.99% of the shares outstanding before the amendment, unless stockholders approve the issuance under Nasdaq Stock Market rules. That threshold mirrors Nasdaq listing standards that require shareholder approval for issuances at or above 20% of outstanding shares. The company is incorporated in Delaware and lists its principal executive offices at 477 Madison Avenue in New York.
More Financing Firepower for the Ecosystem The expanded facility gives Hyperliquid Strategies additional flexibility to fund growth as it pushes deeper into institutional crypto markets. The company’s HYPE token has already weathered a major unlock, and the platform has extended its reach into tokenized equities alongside other institutions this year. The commitment does not itself deliver new proceeds, but it raises the ceiling on capital the company can raise from Chardan as it scales its trading and tokenization ambitions, and the filing does not specify how any future proceeds would be used.
AUTHOR
Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
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Hyperliquid‘s HYPE token rose 1.29% to around $83 following its addition to Hashdex’s Nasdaq CME Crypto Index ETF, growing investor interest and attracting significant institutional moves.
ETFs expand amid fresh allocationsHashdex, a global digital asset manager, updated its Nasdaq CME Crypto Index ETF (trading under the ticker NCIQ) on September 1, 2026, to include HYPE among its diversified holdings. With this move, the fund now tracks nine digital assets instead of eight.
HYPE was entered into the index with a 3.36% allocation. The majority of the index remains concentrated in Bitcoin at 74.36%, with Ethereum at 11.88%, XRP at 5.21%, and Solana at 3.79%. The rest of the portfolio also features Stellar, Cardano, Chainlink, and Bitcoin Cash.
AssetETF Allocation (%)Bitcoin74.36Ethereum11.88XRP5.21Solana3.79Hyperliquid (HYPE)3.36Stellar, Cardano, Chainlink, Bitcoin CashRemainderNCIQ was initially launched by Hashdex in February 2025, offering investors exposure to only Bitcoin and Ethereum. The ETF applies a rules-based methodology, scoring candidates on liquidity, market capitalization, custodial infrastructure, and adherence to regulatory standards.
Hashdex Chief Investment Officer Samir Kerbage said the intention in February 2025 was always future growth: “The intention behind launching NCIQ in February 2025 with two assets was always portfolio expansion.”
Kerbage also pointed out Hyperliquid’s decentralized architecture, noting that increasing regulatory clarity helps position its ecosystem for larger roles in mainstream financial markets.
Mini dictionary: Hashdex is a global asset management company specializing in crypto and blockchain investment products, known for offering publicly traded cryptocurrency ETFs in multiple countries.
Strategic equity move and market activityHyperliquid Strategies, the capital markets division affiliated with the Hyperliquid platform, expanded its equity financing facility with investment bank Chardan Capital Markets from $1 billion to $2.5 billion. According to regulatory filings, this framework boosts available capacity for financing but does not represent funds that have already been raised.
The actual proceeds from this arrangement will depend on market conditions and share issuance volumes. Hyperliquid Strategies stated that proceeds could cover general corporate expenses, including, but not limited to, additional HYPE token acquisitions, although no minimum allocation is required.
As of August 19, the firm held 29.3 million HYPE tokens. Since December 2025, Hyperliquid Strategies spent $773.4 million to buy roughly 16.5 million HYPE tokens at an average of $46.77 apiece.
Meanwhile, on September 1, shares of PURR, Hyperliquid Strategies’ Nasdaq-listed company stock, ended at $11.36, decreasing by 7.3% over the session. This price remains below the $12.02 reference point related to the updated share issuance terms.
A new spike in on-chain activity further drove interest: Analyst Ted (@TedPillows) wrote on X that an unidentified whale investor accumulated $11.8 million in HYPE over a 24-hour window, sparking momentum in both trading volume and social media attention.
An anonymous investor accumulated $11.8 million worth of HYPE in just one day, highlighting ongoing accumulation and investor confidence in the token.
Broader plans and new partnershipsHyperliquid’s platform is also reported to be engaged in talks with Payward, the parent company of US-based crypto exchange Kraken. Discussions center on offering regulated perpetual futures products to United States traders—an area increasingly seen as a bridge between decentralized protocols and traditional markets.
Mini dictionary: Payward is the parent company of Kraken, one of the largest US-based cryptocurrency exchanges known for both spot and futures trading services.
No timeline has been publicized for the conclusion of these negotiations. Market participants are monitoring the outcome amid a climate of regulatory scrutiny and evolving product offerings in the US.
The digital assets market is seeing an emerging strategy linked to stocks: token buybacks. Since January, crypto groups have dedicated nearly $640 million to their own assets, according to Allium Labs data. Hyperliquid and pump.fun account for nearly 90% of the recorded amounts. For the projects involved, these operations aim to reduce the available supply and strengthen the connection between activity, revenue, and token value.
In brief Crypto groups have spent $638 million on buybacks of their own tokens since January. Hyperliquid and pump.fun account for nearly 90% of buybacks recorded by Allium Labs. Hyperliquid dedicates 99% of its fee revenues to buyback of its HYPE token. Several projects, including Sky Protocol and Lido, use buybacks to better link revenue and token value. Examples from Jupiter, Chainlink and Helium show buybacks do not guarantee price increases. Crypto: Buybacks Scale Up Companies specialized in cryptocurrencies have spent $638 million on buybacks since the beginning of the year. According to a Financial Times report, this amount already exceeds the $545 million recorded over the same period last year. The gap is even more striking compared to 2024, when buybacks amounted to only $366,000 for the whole year. Allium Labs thus confirms the rapid growth of a still recent practice.
This development occurs in a challenging crypto environment. Some investors turn to shares related to artificial intelligence, which show strong gains. Meanwhile, bitcoin remains about 38% below its peak, while XRP and Solana have dropped about 60%. Prices recently rebounded after a surprise intervention by the US Treasury in the bond market.
According to Elton Shehdula, head of research at Allium Labs, buybacks present a visible interest for projects. They can notably serve to show that teams remain confident in their own token. Once the assets are bought back, groups can also reduce the available market supply. This mechanism aims to support the price, although its effect remains difficult to measure.
Hyperliquid and pump.fun Dominate Operations In crypto, Hyperliquid is at the forefront of this new dynamic. The perpetual contracts exchange platform dedicates 99% of its transaction fee revenue to buying back its HYPE token. Since its launch in December 2024, it has bought back and canceled $1.3 billion worth of contracts. This policy clearly distinguishes Hyperliquid from projects that allocate only a fraction of their revenue to this strategy.
Hyperliquid dominates token buybacks, with nearly $370 million spent over the year, ahead of Pump.fun and other protocols. Source: Financial Times. The HYPE token has increased by 70% over the past year, while the overall sector experienced a decline. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, considers aggressive buybacks the main reason for this rise. According to him, investors can thus more directly link the growth of a blockchain’s activity to the value of its token. This relationship is becoming central in analyzing the economic models offered by some projects.
HYPE reaches a new high, surpassing $80 after a clear acceleration of its price during summer 2026. Source: Financial Times Pump.fun is also among the groups mobilizing significant amounts for their own tokens. Together with Hyperliquid, the platform accounts for nearly 90% of the buybacks recorded by Allium Labs. This concentration shows that the overall increase mainly depends on a few projects capable of financing regular purchases. Other players have more limited means or still adopt different strategies to manage their asset values.
A Crypto Model Inspired by Stock Markets Token buybacks follow a logic known from stock markets. In the US and UK, publicly listed companies have used stock buybacks for decades to support their shares and increase returns for existing shareholders. In the digital assets world, the logic remains different. Tokens generally do not grant economic rights or voting rights comparable to those attached to stocks.
This difference partly explains why buyback operations have long remained rare. Under former SEC chair Gary Gensler, many leaders avoided initiatives that could bring cryptocurrencies closer to securities status. They then feared increased exposure to US regulator lawsuits. The context changed under the Trump administration, with a more favorable approach by US authorities towards digital assets.
This change gave more room to leaders wishing to launch buyback programs. The strategy also emphasizes revenue rather than just visibility. This development accompanies an increased search for concrete economic benefits. Tokens can thus start to operate, in some cases, according to a logic closer to that of traditional securities.
Sky Protocol and Lido Test Other Approaches Sky Protocol has dedicated $26 million to buying back its tokens, according to Allium Labs. Its co-founder Rune Christensen indicates that the protocol generated over $400 million in revenue during the past year. According to him, this buyback must align the interests of holders participating in decisions with the protocol’s long-term success. SKY holders have voting rights on the blockchain.
The SKY token has increased by 5% over one year. Lido, for its part, announced in August its intention to implement regular buybacks when several conditions are met. One of these is an annualized revenue of $40 million. The announcement seeks to link protocol revenue to token value, while Lido has lost 71% over one year.
Other crypto projects, however, show less favorable results. Jupiter has dedicated nearly $14 million to buying back its tokens since January, while its price dropped 55% over one year. Chainlink has also performed buybacks, but its LINK token lost half its value over the same period. These examples show that buybacks do not guarantee a lasting price increase.
Buybacks Still Far from Decisive Helium gave a different answer by ending its buyback program in February. Its co-founder Amir Haleem then estimated that the market did not pay enough attention to these operations to justify their cost. This decision highlights a limitation: reducing supply is not enough to create sustainable demand. Without additional buyers, pressure on the price can thus remain limited.
Elton Shehdula is also skeptical about buybacks’ ability to provoke significant price increases. He points out that a project buying back its own assets does not automatically become solid. Amir Hajian, a researcher at Keyrock, observes that investors now increasingly assess the potential economic benefits of tokens. The market thus depends less on the enthusiasm that made many assets rise simultaneously.
Some crypto projects therefore seek to directly distribute part of the created value. THORSwap token holders linked to THORChain can receive 55% of the revenue when they lock their assets to secure and validate transactions. Another share, equivalent to 20%, finances token buybacks. Despite this combination, the token’s price has halved over one year, confirming that supply reduction alone is not a sufficient mechanism.
The $640 million committed since January nonetheless shows that buybacks hold an important place in the digital asset economy. This strategy brings some projects closer to mechanisms used by publicly traded companies, while retaining differences linked to rights attached to tokens. Future results will show whether revenues, buybacks, and demand can evolve together. Crypto might continue to test this model, but its effectiveness will depend on demand and the fundamentals of each project.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
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Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
A crypto whale identified by wallet address 0x6436 has been steadily building one of the more closely watched positions in the $HYPE market, dropping another $11.88 million on 141,442 tokens in the most recent transaction flagged by on-chain analytics platform Lookonchain.
The move is the latest in a rapid series of large buys. According to Lookonchain, the same wallet acquired $20.24 million worth of $HYPE on August 30, following a $31.5 million purchase made three days prior. Taken together, the wallet has spent roughly $63.6 million accumulating $HYPE within the span of less than a week, a pace that on-chain analysts have described as a high-conviction trend on the @HyperliquidX network.
A pattern of aggressive buyingThe scale of this particular wallet's activity stands out even against a broader backdrop of sustained whale interest in $HYPE. Wallet address 0x6436 was also seen withdrawing additional HYPE worth approximately $55.4 million from exchanges over a three-day period , a move generally interpreted as a signal of intent to hold rather than trade in the near term. Large withdrawals from exchange wallets into private holdings are generally read as accumulation, since it removes tokens from immediately available exchange liquidity and signals an intent to hold rather than trade short term.
On-chain data shows a divergence where retail holder counts have been slipping while whale holder counts hit new highs, suggesting smaller players are selling into larger buyers who are accumulating size and often moving coins off exchange.
Hyperliquid draws sustained institutional attention Hyperliquid has built a serious following among derivatives traders who want the speed and depth of a centralized exchange without handing custody of their assets to one. $HYPE serves as the platform's native asset, used for governance, fee discounts, and staking within the ecosystem.
Hyperliquid is increasingly being framed less as a single derivatives DEX and more as a growing ecosystem, with strong revenue, ETFs tracking $HYPE, and an aggressive buyback program that has helped the token climb over 150% year to date. That narrative has kept large buyers engaged through multiple pullbacks, and the behavior of wallet 0x6436 suggests at least one major player is far from finished adding to its position.
Sources:
Lookonchain: Hyperliquid (HYPE) Onchain News and Whale Tracking
Bloomingbit: Hyperliquid Whale Buying Continues as $60 Million in Exchange Withdrawals Emerges
CoinMarketCap: Latest Hyperliquid News and Market Insights
Hyperliquid price has risen 1.29% to about $83 as HYPE gains fresh exposure through a regulated investment product. The move follows Hashdex adding HYPE to its multi-asset spot crypto ETF.
Hashdex has added HYPE to the Hashdex Nasdaq CME Crypto Index ETF, which trades under the NCIQ ticker. The change takes effect September 1, 2026, and increases the fund’s holdings from eight crypto assets to nine.
Hashdex Adds HYPE to NCIQ ETF HYPE has joined the Nasdaq CME Crypto Index after satisfying its eligibility requirements. These rules cover liquidity, market capitalization, qualified custody support, and applicable regulatory listing standards.
Hashdex launched NCIQ in February 2025 with Bitcoin and Ethereum. The fund has since added eligible cryptocurrencies as the underlying index has been reconstituted.
The index now includes Bitcoin, Ethereum, XRP, Solana, Hyperliquid, Stellar, Cardano, Chainlink, and Bitcoin Cash.
HYPE is entering with a 3.36% weighting, according to the index data cited in the report. The allocation places Hyperliquid behind four larger crypto holdings in the index.
Bitcoin remains the largest allocation at 74.36%, while Ethereum accounts for 11.88%. XRP holds 5.21%, making it the third-largest asset, while Solana accounts for 3.79%.
Why Has Hashdex Added HYPE? HYPE has qualified for the index after meeting the methodology used to determine which crypto assets can join. Hashdex is therefore adding the token as part of NCIQ’s rules-based structure.
The addition also gives NCIQ investors exposure to Hyperliquid without requiring them to purchase HYPE separately. That exposure sits alongside eight other eligible crypto assets within the fund.
Hashdex CIO Samir Kerbage said the ETF was designed to expand as the cryptocurrency market developed.
“When we launched NCIQ in February 2025 with two assets, the whole point was that the portfolio would expand,” Kerbage said.
Kerbage also cited Hyperliquid’s decentralized trading model and recent regulatory developments. He said the ecosystem has become an increasingly important part of crypto and financial markets.
For investors, Kerbage said index investing provides systematic exposure to an evolving crypto market. It also avoids requiring investors to select individual assets as the market changes.
Hyperliquid Eyes Wider US Market Access HYPE’s ETF inclusion comes as Hyperliquid is also seeking greater access to the U.S. market. The decentralized trading platform is widely known for its perpetual futures products.
Hyperliquid and Kraken parent Payward have reportedly discussed offering selected perpetual futures to U.S. traders. The potential arrangement would involve CFTC-regulated derivatives exchange Bitnomial.
Hyperliquid has historically restricted U.S. users because of domestic rules covering derivatives trading. A regulated structure could provide a route for selected products to reach U.S. customers.
U.S. officials are also considering regulatory paths for bringing more offshore crypto trading activity under domestic oversight. Any Hyperliquid expansion would remain subject to U.S. regulatory requirements.
Crypto index investing is moving beyond Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) as institutional products increasingly absorb newer digital assets that meet stricter liquidity, custody and regulatory standards.
• What’s going on with BTC today?
Hashdex’s Nasdaq CME Crypto Index ETF (NASDAQ:NCIQ) added Hyperliquid (CRYPTO:HYPE) on Tuesday, taking the fund’s portfolio to nine cryptocurrencies.
HYPE’s inclusion follows its addition to the Nasdaq CME Crypto Index, where constituents must meet minimum requirements for liquidity, market capitalization, exchange availability, custody support and compatibility with Nasdaq’s generic listing standards for crypto ETPs.
NCIQ now has exposure to Bitcoin, Ethereum, Solana, XRP, Stellar, Cardano, Chainlink, Bitcoin Cash, in addition to HYPE. The fund launched in February 2025 with only Bitcoin and Ethereum and has expanded through successive quarterly reconstitutions.
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The shift is notable because it reflects the growing institutionalization of crypto beyond the largest tokens. Hyperliquid has emerged as a major decentralized trading ecosystem, while HYPE has been one of the stronger-performing large crypto assets this year. HYPE has gained nearly 223% so far in 2026, reaching about $83, recently.
Crypto Indexes Are Becoming More DynamicThe Nasdaq CME Crypto Index is designed to evolve as the market changes rather than maintain a fixed basket. Assets must trade on at least two approved exchanges, have support from a qualified custodian and satisfy liquidity requirements. Eligible assets also need to represent at least 0.5% of the market capitalization of the eligible universe before they can be considered for inclusion. Constituents are then weighted by free-float market capitalization.
That methodology is becoming more relevant as regulated crypto investment infrastructure expands. CME launched Nasdaq CME Crypto Index futures in June, giving investors a regulated way to gain broad crypto exposure through a single futures contract. CME said average daily volume across its cryptocurrency futures suite was up 43% year-to-date as of May.
For investors, NCIQ’s expansion offers a different proposition from single-asset crypto ETFs. Rather than betting on which token will lead the next rally, the rules-based approach automatically adds assets as they become sufficiently liquid, sizable and institutionally accessible.
Hashdex manages about $1 billion in assets, as of Aug. 24.
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US-listed HYPE sector treasury firm Hyperliquid Strategies Inc (PURR) has amended its ChEF purchase agreement with Chardan Capital Markets, lifting the total commitment for newly issued common stock from $1 billion to $2.5 billion. The newly issued shares have a par value of $0.01; while the financing scale has expanded significantly, the issuance remains subject to clear price and quantity constraints. This amendment introduces a trading platform cap mechanism: once cumulative sales exceed $1 billion, additional issuances priced below $12.02 per share will be restricted, with a cap of 42,641,847 shares, equivalent to 19.99% of the outstanding shares prior to the amendment. Any additional issuance beyond this threshold will require shareholder approval in line with Nasdaq rules. This design not only greatly boosts financing capacity but also provides existing shareholders with protection against excessive dilution. According to market data from BIT (bit.com), PURR closed down 7.31%.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The institutional landscape of the cryptocurrency market has reached an important milestone — Hyperliquid (HYPE) has officially joined the regulated Nasdaq CME Crypto Index alongside Bitcoin, XRP, and other leading digital assets.
The changes to the benchmark's composition took effect today following a scheduled quarterly rebalancing, as confirmed by an official supplement to the prospectus of the Hashdex Nasdaq CME Crypto Index ETF (NCIQ) filed with the SEC.
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The updated documentation revealed the exact weights of nine assets within the index. Bitcoin (74.36%) and Ethereum (11.88%) retain the largest shares. At the same time, HYPE debuted with a 3.36% weighting, coming close to Solana (3.79%) and surpassing all other participants.
Weekly price chart of Hashdex Nasdaq CME Crypto Index ETF (NCIQ), Source: TradingViewAgainst this backdrop, XRP firmly retained its status as the third-largest asset in the index with a 5.21% share — its slight decline occurred within the framework of standard market volatility, confirming the coin's resilient position in the face of a new strong competitor.
The remaining less than 1.5% of the fund is divided among Cardano, Chainlink, Stellar, and Bitcoin Cash.
How Hyperliquid's ETF foundation opened the token's path into an index with Bitcoin and XRPHyperliquid's inclusion in the Nasdaq CME index was driven by its strict compliance with the exchange's requirements for market capitalization, liquidity, and secure custody standards. This step is supported by developed infrastructure in the U.S. market.
Statistics from the SoSoValue platform as of September 1 show that the net asset value of spot HYPE ETFs reached $461.54 million, equivalent to 2.45% of the coin's market capitalization. By issuer, BlackRock's IBYH fund leads with $236.10 million in net assets, followed by Fidelity's FHYP with $138.59 million and 21Shares' THYP with $86.85 million.
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Combined net inflows into these spot funds reached $344.31 million, with a daily trading volume of $14.72 million, while the HYPE token itself was priced at $83.62 ahead of the rebalancing.
The fact that Hyperliquid has joined the Nasdaq CME index alongside Bitcoin, XRP, and other industry leaders changes the asset's distribution — buying the diversified Hashdex fund now automatically includes exposure to HYPE.
The institutional crypto sector marked a major development as Hyperliquid (HYPE) was officially added to the Nasdaq CME Crypto Index, positioning the token alongside prominent digital assets such as Bitcoin, XRP, and Ethereum.
Quarterly index rebalancing brings new compositionThis update followed the Nasdaq CME Crypto Index’s scheduled quarterly rebalancing, which went into effect today. An official prospectus supplement for the Hashdex Nasdaq CME Crypto Index ETF (NCIQ), filed with the U.S. Securities and Exchange Commission, confirmed these changes.
The latest documentation disclosed the asset allocation for the index. Bitcoin commands the largest weight at 74.36%, followed by Ethereum with 11.88%. Hyperliquid entered the index with a 3.36% weighting, outpacing multiple established tokens and nearly matching Solana, which holds a 3.79% share.
XRP remains the third-largest token in the index, holding a 5.21% share. This figure represents a minor drop attributed to common market fluctuations, but still highlights XRP’s continued importance in a shifting competitive field.
Less than 1.5% of the remaining index weight is divided among Cardano, Chainlink, Stellar, and Bitcoin Cash.
AssetIndex WeightBitcoin74.36%Ethereum11.88%XRP5.21%Solana3.79%Hyperliquid (HYPE)3.36%Others (ADA, LINK, XLM, BCH)<1.5% combined The prospectus supplement confirms that Hyperliquid has joined the ranks of Bitcoin, Ethereum, XRP, and Solana in the Nasdaq CME Crypto Index, debuting with a notable 3.36% weighting and surpassing several established assets.
Hyperliquid’s path to institutional inclusionHyperliquid secured its spot in the Nasdaq CME Crypto Index by meeting strict criteria for market capitalization, liquidity, and custody security. These requirements aim to ensure institutional-level risk controls and transparency, reflecting the standards upheld across U.S. financial markets.
According to SoSoValue’s September 1 data, the net asset value of spot HYPE exchange-traded funds (ETFs) reached $461.54 million, representing 2.45% of HYPE’s total market capitalization. BlackRock’s IBYH fund led the segment with $236.10 million in net assets, followed by Fidelity’s FHYP with $138.59 million, and 21Shares’ THYP with $86.85 million.
FundNet AssetsBlackRock IBYH$236.10 millionFidelity FHYP$138.59 million21Shares THYP$86.85 millionAggregate net inflows to these HYPE ETFs totaled $344.31 million, with the daily trading volume reported at $14.72 million. Ahead of the index rebalancing, the HYPE token traded at $83.62.
With Hyperliquid’s addition to the Nasdaq CME index, investors in the Hashdex fund now gain automatic exposure to HYPE alongside Bitcoin, XRP, Ethereum, and other key crypto assets.
Mini dictionary: Hyperliquid is a blockchain-based platform and token that focuses on providing decentralized, non-custodial exchange infrastructure, emphasizing high liquidity and efficient transaction processing without intermediaries.
By adding Hyperliquid to its roster, the Nasdaq CME Crypto Index broadens investor access and diversification within regulated ETF offerings, reflecting ongoing expansion in the institutional adoption of digital assets.
Hyperliquid (HYPE) trades above $84.30 on Tuesday, heading toward the record high at $86.75 set on Sunday. Hyperliquid Labs is reportedly in advanced talks with Kraken Parent Payward to bring its perpetual futures products to the US, and institutional demand remains strong, boosting optimism and supporting the token’s upside.
Hyperliquid’s US expansion talks with Kraken Parent fuel optimismBloomberg reported on Monday that Hyperliquid Labs is in advanced talks to bring its perpetual futures to US traders through Kraken’s parent company Payward.
This development follows US President Donald Trump’s statement that his administration is working to bring the fast-growing platform to the US.
“A deal, if it gets regulatory sign-off, would allow US-based traders to use Payward’s Bitnomial exchange to trade some perpetual futures tied to the price of crypto tokens built on Hyperliquid’s blockchain technology,” Bloomberg added.
Payward’s subsidiary Bitnomial, a US-regulated digital asset exchange and clearinghouse, would allow its registered users access to a subset of Hyperliquid’s crypto-linked futures. The structure would solve the main issue that has kept Hyperliquid out of the US.
These ongoing developments suggest that a successful US expansion could broaden Hyperliquid’s market reach and strengthen institutional adoption, providing a positive catalyst for HYPE and supporting its long-term bullish outlook.
Institutional demand remains robustInstitutional demand for Hyperliquid remained strong last week. SoSoValue data showed spot ETFs recorded a net weekly inflow of $56.86 million last week, marking the highest weekly flows since the end of June. If these inflows continue and intensify, HYPE could rally toward the all-time high (ATH) of $86.75.
Total HYPE spot ETF net inflow weekly chart. Source: SoSoValueHyperliquid technical outlook: Nears record highsHYPE trades at $84.36 on Tuesday, extending its advance well above key Exponential Moving Averages (EMAs), reinforcing a bullish near-term bias. The 50-day EMA at $67.78, the 100-day EMA at $62.46, and the 200-day EMA at $54.95 all trail price and fan out beneath it, suggesting a strong underlying uptrend after reclaiming the long-term upward support line.
Momentum remains constructive with the Relative Strength Index (RSI) hovering near 68, close to overbought territory. At the same time, the Moving Average Convergence Divergence (MACD) stays in positive territory. Still, it shows fading upside as its latest reading eases, hinting at a maturing bullish phase rather than fresh acceleration.
On the downside, initial support is seen at the recently established horizontal floor around $74.60, ahead of dynamic demand clustered near the 50-day EMA at $67.78 and the 100-day EMA at $62.46.
With no clear resistance markers above the current price in this dataset, HYPE’s topside remains open toward the ATH level around $86.75. However, elevated momentum readings warn that further gains could be vulnerable to corrective setbacks toward the mentioned supports.
HYPE/USD daily chart(The technical analysis of this story was written with the help of an AI tool. Know more.)
Key Takeaways Digital wallets connected to North Korea’s state-backed Lazarus Group liquidated more than $30 million worth of Bitcoin through Hyperliquid during a three-week period The funds were exchanged for Ethereum and Solana before being transferred to Kraken, LBank, and KuCoin exchanges Payward, the company behind Kraken, is conducting advanced negotiations with Hyperliquid Labs to provide perpetual futures trading to American customers The CFTC is working with Hyperliquid to establish a compliant entry into the U.S. market, according to President Trump The decentralized platform has facilitated more than $5.19 trillion in total perpetual contract trading volume Digital wallets associated with the notorious Lazarus Group from North Korea offloaded over $30 million in Bitcoin through the Hyperliquid platform across a three-week timeframe, according to new findings that emerge as Kraken’s parent entity pursues regulatory pathways to introduce the platform to American traders.
Lazarus-Linked Wallets Move Over $30M Through Hyperliquid as U.S. Explores Regulated Entry
Arkham researcher Emmett Gallic said addresses linked to the OFAC-sanctioned North Korean hacking group Lazarus Group have recently moved more than $30 million through Hyperliquid, with… pic.twitter.com/qZsHNZ7uQx
— Wu Blockchain (@WuBlockchain) August 31, 2026
On-chain intelligence provided by Arkham and analyzed by CoinDesk revealed that wallets connected to the state-sponsored cybercriminal operation were actively routing capital through the decentralized derivatives exchange.
The Bitcoin liquidations were subsequently swapped for Ethereum and Solana tokens. These digital assets were then channeled to major centralized trading platforms, specifically Kraken, LBank, and KuCoin.
The wallets were initially identified by cryptocurrency investigator ZachXBT during 2024. Arkham Intelligence subsequently tagged these addresses as being affiliated with the Lazarus Group.
CoinDesk reported that it was unable to determine the identity of those controlling the receiving accounts or verify whether the exchanges had knowledge of the funds’ origins.
Exchange Statements Kraken emphasized that regulatory compliance remains fundamental to its business model and confirmed it tracks blockchain transactions using specialized analytics services. The exchange stated its systems are engineered to prevent assets originating from sanctioned addresses from entering its platform.
LBank recognized the complexity of the situation, noting that illicit fund movements spanning multiple platforms, blockchain networks, and legal jurisdictions represent a sector-wide challenge that cannot be addressed by any individual entity.
KuCoin stated it could not verify the alleged activity without access to the specific wallet information. The platform noted that public blockchain records don’t necessarily reflect compliance measures implemented after digital assets arrive at an exchange.
Hyperliquid did not provide a response to inquiries.
The United States Treasury Department imposed sanctions on the Lazarus Group in 2019. The organization has been implicated in numerous cryptocurrency heists, most notably the $625 million Ronin Network breach in 2022. According to Chainalysis research, cryptocurrency transactions associated with sanctioned nations surged 694% throughout 2025.
Hyperliquid’s model permits users to execute trades directly from their cryptocurrency wallets without establishing conventional brokerage accounts or completing know-your-customer verification procedures. This framework creates challenges for regulatory bodies attempting to implement sanctions screening at the user account level.
This incident marks not the first appearance of North Korean-connected wallets on Hyperliquid. During December 2024, a security analyst from MetaMask discovered suspected North Korean wallets that had been conducting trades on the platform since at least October of that year. The revelation prompted approximately $250 million in net withdrawals within 24 hours.
Payward Negotiates U.S. Market Entry Concurrently, Payward is conducting advanced discussions with Hyperliquid Labs regarding the provision of specific perpetual contracts to American traders via Bitnomial, its derivatives platform regulated by the Commodity Futures Trading Commission.
According to Bloomberg’s reporting, Payward has presented a preliminary framework for the proposed arrangement to the CFTC. The agreement remains contingent upon regulatory authorization. Representatives from both Payward and Hyperliquid Labs declined to provide comments.
During a White House gathering on August 19, President Trump acknowledged the initiative, stating the CFTC was actively working to facilitate Hyperliquid’s entry into the United States market through “fully compliant and legal fashion.”
Payward completed its acquisition of Bitnomial in May for a valuation reaching $550 million. The transaction provided access to a designated contract market, derivatives clearing organization, and futures commission merchant licensing. Kraken introduced regulated perpetual contracts for qualified U.S. customers in June.
Hyperliquid has facilitated over $5.19 trillion in aggregate perpetual contract volume and maintained approximately $13.3 billion in open interest at the time of this report.
Key Takeaways Hyperliquid Labs and Payward (Kraken’s parent entity) are negotiating to launch crypto perpetual futures for American traders through Bitnomial, a Payward-owned subsidiary A formal proposal detailing the operational framework has been submitted to the CFTC, though final regulatory clearance remains outstanding According to ex-SEC legal advisor Ashley Ebersole, the regulatory review timeline may span 10 to 12 months Despite handling more than $4 billion in daily transactions, Hyperliquid presently restricts access for U.S.-based users The HYPE token has climbed over 85% year-over-year and recently touched a record peak above $86 In a significant move toward regulatory compliance, Hyperliquid Labs is pursuing a collaboration with Payward, the entity behind Kraken exchange, to introduce crypto perpetual futures trading to the American market. According to initial reports from Bloomberg, the negotiations focus on leveraging Bitnomial—a regulated Payward subsidiary—as the authorized U.S. trading infrastructure.
Hyperliquid in Advanced Talks With Kraken Parent Payward to Enter U.S. Market
Bloomberg reported that Hyperliquid Labs is in advanced talks with Kraken parent Payward to enter the U.S. market. If approved by regulators, Payward’s U.S.-regulated exchange and clearinghouse… pic.twitter.com/C4sjOE8Bdh
— Wu Blockchain (@WuBlockchain) August 31, 2026
Crypto perpetual futures represent derivative instruments that mirror an underlying asset’s price movements while operating without expiration dates. These products have gained substantial traction on international and decentralized exchanges but face stringent oversight within U.S. borders.
Currently, Hyperliquid prohibits American users from accessing its decentralized exchange platform, which facilitates over $4 billion in daily transaction volume. Under the proposed arrangement, verified U.S. participants would gain access to a curated portfolio of crypto perpetuals connected to Hyperliquid’s liquidity pools via Bitnomial’s regulated infrastructure.
Earlier this year, Payward completed its acquisition of Bitnomial in a deal valued at up to $550 million. This strategic purchase provided Payward with comprehensive CFTC-approved derivatives infrastructure encompassing exchange operations, clearinghouse functions, and brokerage services.
The Commodity Futures Trading Commission has already received Payward’s preliminary framework proposal. However, official regulatory authorization has not yet been secured.
Approval Process May Extend Beyond One Year Ashley Ebersole, previously a senior legal counsel at the SEC and currently serving as co-founder and chief legal officer at real-world assets platform tx., indicated that the authorization process could require a minimum of 10 to 12 months under optimal circumstances.
According to Ebersole, both the Securities and Exchange Commission and the CFTC might need to coordinate on the approval. Updated interpretive guidance concerning custody protocols and order routing requirements would probably be necessary before American traders could participate in these markets.
The partnership’s architectural design aims to maintain all U.S. trading activity within regulated parameters. Bitnomial would manage regulatory compliance obligations, while American customers would be prevented from directly interacting with Hyperliquid’s decentralized infrastructure.
Federal regulators have consistently raised concerns regarding decentralized and permissionless trading venues, highlighting potential vulnerabilities related to market manipulation, anti-money laundering compliance, and sanctions enforcement mechanisms.
American Market for Crypto Perpetuals Expands These discussions emerge as U.S. regulatory bodies have begun facilitating pathways for crypto perpetual futures products. Last May, the CFTC granted authorization to KalshiEX and Coinbase to offer these instruments. The following month, the commission issued a public request for feedback regarding crude oil perpetual contracts and around-the-clock trading capabilities.
During a press gathering with technology industry executives, President Donald Trump specifically referenced Hyperliquid, stating that CFTC Chairman Michael Selig was actively working to integrate the platform into the U.S. market through fully compliant channels.
Additionally, the Hyperliquid Policy Center has advocated for regulatory harmonization between the SEC and CFTC concerning perpetual contract oversight, contending that enhanced regulatory clarity would encourage greater domestic market participation.
A Kraken representative declined to provide commentary regarding the ongoing negotiations.
Hyperliquid (HYPE) Price At the time of publication, HYPE was changing hands at $84.16, representing a daily increase of approximately 2.5%. The digital asset has appreciated more than 85% throughout the past twelve months and recently established a new all-time high slightly above $86.
Hyperliquid Labs is in advanced talks with Payward, the parent company of Kraken, to bring its perpetual futures to US traders, Bloomberg reported on August 31, citing people familiar with the matter who were not authorized to discuss it publicly. Representatives for both companies declined to comment.
Under the structure being discussed, US-based traders would access a subset of crypto-linked perpetual futures tied to Hyperliquid's blockchain through Bitnomial, the CFTC-regulated exchange and clearinghouse Payward acquired for $550 million in a deal that closed May 1. Payward has already presented the basic structure to the CFTC, according to the report.
Hyperliquid has never served US customers directly. The platform, built as a permissionless, decentralized exchange with no central operator, handles more than $4 billion in daily trading volume, but its lack of a gatekeeper has been the core obstacle to US regulatory approval, with officials citing concerns about market manipulation, money laundering and sanctions evasion on a venue anyone with an internet connection can access. Routing a subset of Hyperliquid-linked contracts through Bitnomial's registered infrastructure would let Payward, not Hyperliquid, serve as the regulated operator and hold the customer relationship, addressing that gap without requiring Hyperliquid to abandon its permissionless design.
The talks follow direct comments from the Trump administration. President Trump said on August 19 that CFTC Chairman Mike Selig was working to bring Hyperliquid into the US in a fully compliant way, and the CFTC has publicly reinforced that direction, telling Bloomberg that failing to keep pace with financial and technological change risks the country's standing as the global hub of financial innovation. The report noted a deal, if it clears regulatory sign-off, could serve as a template for other offshore, unregistered crypto platforms seeking a compliant route into the US market.
The news moved markets on both sides of the trade. HYPE, Hyperliquid's native token, rallied more than 35% on the week and set a fresh all-time high above $86 following the report, pushing its market capitalization into the $17 billion to $21 billion range. Shares of Intercontinental Exchange and Nasdaq, which operate competing derivatives infrastructure, fell 1.3% to 1.5% on the same day.
The proposed structure would not open Hyperliquid's own platform to Americans. Registered US users would trade through Bitnomial under US rules, with identity checks and a limited menu of contracts, a narrower proposition than the exotic markets, including tokenized commodities and pre-IPO equities, that Hyperliquid's broader ecosystem offers offshore. For Payward, the arrangement extends a strategy of building regulated market access through acquired licenses. It closed its Bitnomial purchase in May specifically to secure CFTC licensing, a different approach from rival Polymarket, which paid $112 million for its own licensed derivatives venue rather than partnering with an existing platform.
In an event that caught the attention of blockchain researcher Emmett Gallic, wallets previously identified as being connected to North Korea’s Lazarus Group have been moving funds.
According to the recent on-chain tracking, about $30 million worth of stolen funds were moved through Hyperliquid [HYPE] using HyperUnit.
What happened back in 2024? Now these are not normal wallet addresses, as according to pseudonymous blockchain investigator ZachXBT, these wallets have been a part of various hacks.
Back in May 2024, he specifically identified seven Bitcoin [BTC] addresses holding about 891 BTC, worth approximately $61.8 million at the time, as being connected to the Lazarus Group.
His broader investigation traced more than $200 million in stolen cryptocurrency from 25+ hacks. The recent activity suggests that there were four outflows of Bitcoin, including 244 BTC, 262 BTC, 136 BTC, and 121 BTC.
Going forward, these Bitcoins were then moved into the Hyperliquid ecosystem and subsequently converted into Ethereum [ETH] and Solana [SOL].
Those assets were then bridged across different networks, including Ethereum, Solana, and Tron. This happened before portions were sent toward centralized exchanges such as KuCoin, LBank, and Kraken, as well as unidentified Tron-based services.
Why is this a regulatory concern? This is sensitive because Lazarus has been sanctioned by the U.S. Treasury’s Office of Foreign Assets Control (OFAC). As expected, this has raised questions about whether platforms have adequate systems to detect and restrict sanctioned wallets.
At the same time, U.S. President Donald Trump recently remarked that Hyperliquid is actively being considered for a compliant U.S. expansion, with CFTC Chairman Michael Selig reportedly helping lead that effort.
Trump said,
I understand that [Commodity Futures Trading Commission Chair] Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.
Needless to say, against that backdrop, the discovery of Lazarus-linked wallets moving millions through Hyperliquid could become a compliance concern. This is because Lazarus is under U.S. sanctions.
Did this affect HYPE’s price, though? Here, while all this was happening, HYPE’s price remained relatively strong at around $83.12 after a hike of almost 60% in a month. This means that traders had not yet viewed the wallet activity as a major threat to Hyperliquid.
This further coincided with Binance recently announcing that it would gradually restrict transfers involving 16 crypto and payment platforms following recent U.S. sanctions targeting Iranian- and Russian-linked services.
Final Summary Wallets previously identified as being connected to North Korea’s Lazarus Group have recently been moving millions. ZachXBT traced more than $200 million in stolen cryptocurrency from 25+ hacks back in May 2024.
Payward has pitched the CFTC on a structure that would let its Bitnomial subsidiary offer registered U.S. users perps linked to Hyperliquid’s markets.
Original Image Credits: Monkey Business Images / Shutterstock.com
Posted September 1, 2026 at 6:29 am EST.
Hyperliquid Labs is in talks with Payward, the parent company of Kraken, on a structure that would give U.S. traders access to perpetual futures tied to Hyperliquid’s markets, Bloomberg reported Monday. The arrangement would be the offshore exchange’s first legal route into the largest derivatives market in the world.
Under the proposed setup, Payward subsidiary Bitnomial would offer registered U.S. users a selection of crypto perps linked to Hyperliquid’s decentralized exchange and its underlying layer 1 blockchain. Payward has already presented the Commodity Futures Trading Commission with an outline of the structure and is waiting on final approval, according to Bloomberg.
This story is an excerpt from the Unchained Daily newsletter.
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Hyperliquid currently restricts U.S. users, which has kept the largest onchain perps venue walled off from American retail and institutional flow. A licensed onshore wrapper would change the addressable market for HYPE holders and hand Payward a differentiated derivatives product as it prepares a public listing.
Policy momentum is building around the product.The Hyperliquid Policy Center urged the SEC and CFTC last week to harmonize their treatment of perpetual contracts, President Donald Trump said in mid-August that CFTC Chair Michael Selig was working to bring the platform onshore in a fully compliant fashion, and the CFTC cleared Kalshi and Coinbase to list crypto perps in May.
Payward closed its purchase of Bitnomial in May for up to $550 million, acquiring a CFTC-licensed stack spanning exchange, clearing and brokerage operations, the first crypto-native firm to hold all three. The company has been stacking acquisitions and capital ahead of an IPO that Bloomberg has reported could slip to 2027. Hyperliquid, meanwhile, has spent the year building a Washington presence, with the HPC. Legacy exchanges have circled the platform from both directions: ICE and CME have reportedly pressed regulators to rein it in, and ICE chair Jeff Sprecher later said his company had held multiple meetings with Hyperliquid.
HYPE was most recently trading near $84, slightly below its record price of $86.80 reaached last week.
Related Listen: CME vs. Kalshi. Is Washington Picking a Winner in Prediction Markets?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Hyperliquid is reportedly in discussions with Payward, the parent company of Kraken, to introduce its perpetual futures products to U.S. market participants. This development, reported by Laura Shin, suggests a strategic move by Hyperliquid to tap into the regulated U.S. market for perpetual futures. The talks reportedly involve leveraging Bitnomial’s infrastructure, which Payward acquired earlier this year, to facilitate a regulated pathway for Hyperliquid’s offerings. This aligns with Kraken’s recent introduction of CFTC-regulated perpetual futures for U.S. clients, indicating a potential expansion of Hyperliquid’s market presence in the U.S.
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Key Takeaways Hyperliquid’s negotiations with Payward appear to suggest a strategic entry into the U.S. market for perpetual futures. Market pricing for Hyperliquid reaching $100 by the end of 2026 is currently at 63.5% YES, indicating confidence in its growth potential. The talks may indicate a broader regulatory acceptance of Hyperliquid’s offerings, enhancing its market credibility. What to Watch Markets will be closely monitoring the finalization of these negotiations and any formal announcements from Hyperliquid or Payward. Developments in regulatory approvals or partnerships could further impact market pricing, potentially increasing the likelihood of Hyperliquid reaching its price targets. Observers should also watch for any related regulatory updates or market reactions from competing exchanges.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 63.5% — — View market → January 1 2027 4.2% — — View market → January 1 2027 2.9% — — View market → January 1 2027 5.3% — — View market → January 1 2027 2.8% — — View market → January 1 2027 83% — — View market → January 1 2027 14% — — View market → January 1 2027 6.5% — — View market →
Crypto wallets linked to the OFAC-sanctioned Lazarus Group moved $30 million in digital assets through Hyperliquid, weeks after regulators said they were working on a path to introduce the exchange into US markets.
Crypto wallet addresses linked to the North Korean state-affiliated hacker collective Lazarus Group moved $30 million in digital assets through the decentralized exchange Hyperliquid.
The Lazarus-tagged wallets sent funds to Hyperliquid and HyperUnit via Bitcoin (BTC), traded them into Ether (ETH) or Solana (SOL) and bridged them out to Tron, Solana or the Ethereum network, according to blockchain data shared by Arkham analyst Emmett Gallic in a Monday X post.
Ultimately, the deposits were sent to crypto exchanges KuCoin and Kraken, as well as Lbank, along with several unlabeled services based on the Tron network.
The transfers occurred weeks after US President Donald Trump said that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working on a regulatory pathway to introduce Hyperliquid into US markets, according to a speech during a White House event on Aug. 16.
The Lazarus Group is the main suspect in some of the largest-ever cryptocurrency hacks, including the $1.4 billion hack of Bybit exchange in 2025, the industry’s largest so far.
North Korea-linked threat actors were tied to at least $578 million of the $634 million stolen in crypto-related incidents in April.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Crypto wallets linked to the OFAC-sanctioned Lazarus Group moved $30 million in digital assets through Hyperliquid, weeks after regulators said they were working on a path to introduce the exchange into US markets.
Crypto wallet addresses linked to the North Korean state-affiliated hacker collective Lazarus Group moved $30 million in digital assets through the decentralized exchange Hyperliquid.
The Lazarus-tagged wallets sent funds to Hyperliquid and HyperUnit via Bitcoin (BTC), traded them into Ether (ETH) or Solana (SOL) and bridged them out to Tron, Solana or the Ethereum network, according to blockchain data shared by Arkham analyst Emmett Gallic in a Monday X post.
Ultimately, the deposits were sent to crypto exchanges KuCoin and Kraken, as well as Lbank, along with several unlabeled services based on the Tron network.
The transfers occurred weeks after US President Donald Trump said that Commodity Futures Trading Commission (CFTC) Chair Michael Selig was working on a regulatory pathway to introduce Hyperliquid into US markets, according to a speech during a White House event on Aug. 16.
The Lazarus Group is the main suspect in some of the largest-ever cryptocurrency hacks, including the $1.4 billion hack of Bybit exchange in 2025, the industry’s largest so far.
North Korea-linked threat actors were tied to at least $578 million of the $634 million stolen in crypto-related incidents in April.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Serenity: GoPro's stock surges over 80%, its foray into optical communications surprises the market.
Serenity published a post stating that action camera maker GoPro ($GPRO) plans to merge with photonics firm Starman Optical to enter the AI data center 800G/1.6T optical module market. Following the announcement, GoPro’s share price surged over 80%. Serenity commented, “GoPro competing against AAOI is absolutely outside my expectations.” It noted that GoPro’s shift from action cameras to the AI data center optical communications sector is quite unexpected, and the market has reacted strongly to this transformation plan.
2 minutes ago
US stocks open September with a dismal start: Oil prices and US Treasury yields rise in tandem, weighing on high-risk assets.
On the first trading day of September, the three major U.S. stock indexes opened lower across the board: the Dow Jones Industrial Average fell 0.64%, the S&P 500 dropped 0.71%, the Nasdaq slid 1.31%, and the Philadelphia Semiconductor Index once plunged more than 3%. Intel and Qualcomm declined nearly 3%, AMD and Meta fell over 2%, while Tesla, Alibaba, and Nvidia dropped nearly 2%. The core factor pressuring the market is the simultaneous rise in oil prices and global bond yields. Brent crude oil broke above $92 per barrel during the session; market concerns over Middle East tensions and shipping disruptions in the Strait of Hormuz are expected to push up energy prices and inflation, further strengthening expectations of a Federal Reserve interest rate hike. Currently, CME’s FedWatch Tool shows the probability of a 25-basis-point Fed rate hike in September to a range of 3.75%-4.00% has risen to 66%. Paul Ciana, technical strategist at Bank of America, stated the S&P 500’s upward breakout starting in August remains intact, provided it holds above 7,500 points. Meanwhile, neither the RSI nor MACD has confirmed the recent price highs, indicating upward momentum is weakening. Ciana noted seasonal headwinds, election uncertainty, and rising front-end U.S. Treasury yields are posing greater challenges to the market, with higher yields increasing the risk that stocks will enter a consolidation phase rather than rallying at an accelerated pace. Matt Maley, strategist at Miller Tabak, also warned the stock market has so far been able to ignore rising yields, but this does not mean the pressure from high yields will not eventually surface. JPMorgan Chase, meanwhile, argues rising yields may not be an insurmountable obstacle for the bull market, as they could reflect stronger economic activity momentum.
2 minutes ago
Firelight Protocol completes $8 million funding round, led by Gumi Cryptos Capital.
DeFi protocol Firelight Protocol has secured an $8 million funding round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, Tribe Capital, and other investors. The project aims to build an on-chain risk protection layer for DeFi, planning to launch its protocol and first set of coverage products in September, while expanding its insured asset base from XRP to include Bitcoin (BTC) and Stellar (XLM). Incubated by DeFi infrastructure provider Sentora, Firelight targets the smart contract vulnerability risks that fintech companies face when entering the on-chain yield market. It has developed an on-chain protection mechanism where users’ insured positions are represented as NFTs. In the event of a vulnerability exploit, an alliance of independent risk firms—GFX Labs, Hypernative, Credora, Native, and Cyfrin—will evaluate claim eligibility, with a goal of completing reviews in 3–4 days and payouts within 10 days. Firelight CEO Anthony DeMartino stated that the product is not geared toward crypto-native speculators, but rather intends to act as a "protective layer" to drive the next wave of capital into on-chain spaces. Currently, roughly $80 billion is locked in DeFi, yet less than 1% of that total has on-chain risk coverage. Firelight identifies fintech firms, digital banks, and payment platforms as its core potential clients.
2 minutes ago
Injective: No Attack Occurred, Partial Validators Temporarily Jailed Due to Accelerated Upgrade
Injective officials announced that community contributors coordinated an accelerated network upgrade yesterday. As the time required for all validators and ecosystem infrastructure to complete the upgrade exceeded expectations, some validators were temporarily jailed, leading to a temporary dip in the network’s staked amount. Several exchanges also temporarily suspended INJ deposits and withdrawals. Injective stressed that its blockchain network and INJ token remained fully secure throughout the process: the underlying protocol and consensus mechanism were not compromised, user and staked funds suffered no losses or risks, and the network continued processing transactions without any downtime. The official noted that the accelerated upgrade was triggered by attacks on a small number of binary options market applications within the Injective ecosystem. The incident only impacted those applications, and did not exploit the Injective blockchain, protocol, native assets, or consensus mechanism. The attack vector has since been contained and repaired. Injective added that its team is deploying enhanced security mechanisms, real-time monitoring systems, and additional protective measures to identify abnormal activities earlier and reduce the risk of similar incidents recurring.
Hyperliquid’s block trading layer Silhouette has announced the mainnet launch of its RFQ (Request for Quote) trading system, with initial support for xStocks, Payward’s tokenized stock framework. According to the announcement, traders can submit quotes for supported xStocks, receive competitive bids from multiple market makers, and final executed trades settle directly on-chain, with support for 24/7 trading and large-sized orders. This model eliminates the need to build separate order books for each tokenized stock; once trading activity reaches a certain threshold, the assets can also be listed on Hyperliquid’s HyperCore market. Data shows that since its launch in June 2025, xStocks has recorded a cumulative trading volume exceeding $40 billion, with over 200,000 holders, of which nearly $20 billion in volume has been settled on-chain. The current global tokenized stock market size is around $2.53 billion, with xStocks boasting a market cap of ~$620 million, ranking third globally. In addition, Payward announced today that it will tokenize the 100 largest companies by market cap listed on the London Stock Exchange. The first batch of London-listed xStocks is expected to launch in the coming weeks, pending regulatory approval.
2 minutes ago
US job openings saw a slight uptick in July, with overall labor demand remaining stable.
U.S. job openings rose slightly in July, signaling that overall labor demand has remained stable in recent months. Data released by the U.S. Bureau of Labor Statistics on Tuesday showed that July job openings climbed from June’s downwardly revised 7.18 million to 7.27 million, versus economists’ median estimate of 7.31 million. The report notes the U.S. labor market is still in the "low hiring, low layoffs" pattern that has prevailed for most of the past few years. Amid geopolitical uncertainty and persistent inflation, employers are cautious about expanding their headcount but reluctant to cut staff easily. The increase in job openings was driven mainly by manufacturing, state and local governments (excluding education), healthcare and social assistance sectors. Meanwhile, layoffs hit their lowest level since January this year, while the quits rate — a measure of the share of workers who voluntarily leave their jobs each month — edged down to 1.9%. Source: Jinshi
Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ) has expanded its portfolio to nine assets with the addition of Hyperliquid’s HYPE token, according to a Tuesday press release. The move brings one of the largest decentralized trading platforms into a diversified crypto investment product.
HYPE was added to the NCIQ effective Tuesday after qualifying for inclusion in the Nasdaq CME Crypto Index. The index requires constituent assets to meet criteria covering market capitalization, liquidity, custody availability and regulatory standards for crypto exchange-traded products.
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With HYPE now included, the Nasdaq CME Crypto Index comprises Bitcoin, Ethereum, Solana, XRP, Hyperliquid, Stellar, Cardano, Chainlink and Bitcoin Cash. The composition gives NCIQ exposure to a wide range of crypto networks and use cases.
NCIQ began trading in February 2025 with only Bitcoin and Ether. Hashdex has since expanded the portfolio through successive index reconstitutions, adding assets as they meet the index’s rules.
Commenting on the addition of HYPE, Hashdex CIO Samir Kerbage said NCIQ’s decision shows how the fund can adapt as the crypto market develops, giving investors systematic exposure to emerging ecosystems rather than requiring them to chase individual narratives.
“When we launched NCIQ in February 2025 with two assets, the whole point was that the portfolio would expand as the market matured. And that’s exactly what’s happening,” Kerbage stated. “Hyperliquid’s innovative approach to decentralized trading, combined with recent regulatory advances, has made its ecosystem an increasingly important part of crypto and financial markets — and HYPE’s inclusion in NCIQ reflects that maturity.”
HYPE has surged nearly 230% this year to around $83, outperforming many major crypto assets. Hyperliquid is meanwhile in talks with Kraken parent Payward over a potential US offering of selected perpetual futures through CFTC-regulated Bitnomial.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Through Silhouette’s RFQ, every supported xStock gets an execution venue from day one, even those without their own order books.
Silhouette, the universal block trading layer for Hyperliquid, today announced that its RFQ system is live on mainnet, launching with tokenized equities from xStocks – Payward’s tokenized equity framework – opening new opportunities for the asset class through its demand layer.
Now, traders request a quote on any supported xStock, receive competing quotes from onboarded market makers, and settle the winning trade onchain, at any hour and at size.
“Tokenized stocks keep arriving onchain, and most of them have nowhere to trade. Silhouette’s RFQ is the demand layer: market makers compete for every trade, settlement is onchain, and the assets that prove real flow graduate to their own HyperCore markets. Launching with xStocks means starting with the issuer that brought this asset class to Hyperliquid,” said Chandler De Kock, Founder of Silhouette.
An order book is how an asset with proven demand trades. When launched before that proof exists, books sit thin and risk becoming dead markets, and the promised growth of the asset class stalls with them.
Demand for a traditional asset at a broker does not automatically carry over to its tokenized version onchain; converting it takes tooling and a cost structure trading firms recognise. Silhouette’s RFQ does that conversion cheaply, asset by asset.
The launch comes as tokenized equities accelerate across the industry, with issuers converging on the most active onchain markets. On Hyperliquid, the two layers now work as one pipeline: Silhouette discovers demand, and HyperCore’s order books host the assets that prove it.
“Access to real markets shouldn’t stop when a broker’s desk closes for the night. Every tokenized equity we’ve brought onchain has been waiting for a venue that treats it like a real asset, not an experiment. Silhouette’s RFQ is that venue, and it’s the clearest signal yet that this asset class is ready to trade the way the rest of finance already does.” said Val Gui, General Manager at xStocks.
About Silhouette
Silhouette is the universal block trading layer for Hyperliquid. It separates trader identity, size and direction from execution to ensure traders can avoid the common problems of front-running, fading or copying public transactions. By adding this layer, Silhouette enables institutions to trade without moving the book. The result is better pricing and cleaner execution for the users and teams that move markets. Backed by Polychain Capital and RockawayX. silhouette.exchange
About xStocks
xStocks is the industry benchmark for tokenized real world assets, bringing publicly listed equities and other assets onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional assets on blockchain rails, expanding access to global capital markets with extended availability, global reach, and digital-native settlement. Starting with tokenized US equities, xStocks now spans markets across the US, Europe and Asia.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks has grown to power billions of dollars in transaction volume across multiple blockchain ecosystems, anchoring a rapidly expanding global network shaping the future of tokenized markets.
Serenity: GoPro's stock surges over 80%, its foray into optical communications surprises the market.
Serenity published a post stating that action camera maker GoPro ($GPRO) plans to merge with photonics firm Starman Optical to enter the AI data center 800G/1.6T optical module market. Following the announcement, GoPro’s share price surged over 80%. Serenity commented, “GoPro competing against AAOI is absolutely outside my expectations.” It noted that GoPro’s shift from action cameras to the AI data center optical communications sector is quite unexpected, and the market has reacted strongly to this transformation plan.
1 minutes ago
US stocks open September with a dismal start: Oil prices and US Treasury yields rise in tandem, weighing on high-risk assets.
On the first trading day of September, the three major U.S. stock indexes opened lower across the board: the Dow Jones Industrial Average fell 0.64%, the S&P 500 dropped 0.71%, the Nasdaq slid 1.31%, and the Philadelphia Semiconductor Index once plunged more than 3%. Intel and Qualcomm declined nearly 3%, AMD and Meta fell over 2%, while Tesla, Alibaba, and Nvidia dropped nearly 2%. The core factor pressuring the market is the simultaneous rise in oil prices and global bond yields. Brent crude oil broke above $92 per barrel during the session; market concerns over Middle East tensions and shipping disruptions in the Strait of Hormuz are expected to push up energy prices and inflation, further strengthening expectations of a Federal Reserve interest rate hike. Currently, CME’s FedWatch Tool shows the probability of a 25-basis-point Fed rate hike in September to a range of 3.75%-4.00% has risen to 66%. Paul Ciana, technical strategist at Bank of America, stated the S&P 500’s upward breakout starting in August remains intact, provided it holds above 7,500 points. Meanwhile, neither the RSI nor MACD has confirmed the recent price highs, indicating upward momentum is weakening. Ciana noted seasonal headwinds, election uncertainty, and rising front-end U.S. Treasury yields are posing greater challenges to the market, with higher yields increasing the risk that stocks will enter a consolidation phase rather than rallying at an accelerated pace. Matt Maley, strategist at Miller Tabak, also warned the stock market has so far been able to ignore rising yields, but this does not mean the pressure from high yields will not eventually surface. JPMorgan Chase, meanwhile, argues rising yields may not be an insurmountable obstacle for the bull market, as they could reflect stronger economic activity momentum.
1 minutes ago
Firelight Protocol completes $8 million funding round, led by Gumi Cryptos Capital.
DeFi protocol Firelight Protocol has secured an $8 million funding round led by Gumi Cryptos Capital, with participation from Maven 11, Metalayer, Joint Effects, Tribe Capital, and other investors. The project aims to build an on-chain risk protection layer for DeFi, planning to launch its protocol and first set of coverage products in September, while expanding its insured asset base from XRP to include Bitcoin (BTC) and Stellar (XLM). Incubated by DeFi infrastructure provider Sentora, Firelight targets the smart contract vulnerability risks that fintech companies face when entering the on-chain yield market. It has developed an on-chain protection mechanism where users’ insured positions are represented as NFTs. In the event of a vulnerability exploit, an alliance of independent risk firms—GFX Labs, Hypernative, Credora, Native, and Cyfrin—will evaluate claim eligibility, with a goal of completing reviews in 3–4 days and payouts within 10 days. Firelight CEO Anthony DeMartino stated that the product is not geared toward crypto-native speculators, but rather intends to act as a "protective layer" to drive the next wave of capital into on-chain spaces. Currently, roughly $80 billion is locked in DeFi, yet less than 1% of that total has on-chain risk coverage. Firelight identifies fintech firms, digital banks, and payment platforms as its core potential clients.
1 minutes ago
Injective: No Attack Occurred, Partial Validators Temporarily Jailed Due to Accelerated Upgrade
Injective officials announced that community contributors coordinated an accelerated network upgrade yesterday. As the time required for all validators and ecosystem infrastructure to complete the upgrade exceeded expectations, some validators were temporarily jailed, leading to a temporary dip in the network’s staked amount. Several exchanges also temporarily suspended INJ deposits and withdrawals. Injective stressed that its blockchain network and INJ token remained fully secure throughout the process: the underlying protocol and consensus mechanism were not compromised, user and staked funds suffered no losses or risks, and the network continued processing transactions without any downtime. The official noted that the accelerated upgrade was triggered by attacks on a small number of binary options market applications within the Injective ecosystem. The incident only impacted those applications, and did not exploit the Injective blockchain, protocol, native assets, or consensus mechanism. The attack vector has since been contained and repaired. Injective added that its team is deploying enhanced security mechanisms, real-time monitoring systems, and additional protective measures to identify abnormal activities earlier and reduce the risk of similar incidents recurring.
1 minutes ago
US job openings saw a slight uptick in July, with overall labor demand remaining stable.
U.S. job openings rose slightly in July, signaling that overall labor demand has remained stable in recent months. Data released by the U.S. Bureau of Labor Statistics on Tuesday showed that July job openings climbed from June’s downwardly revised 7.18 million to 7.27 million, versus economists’ median estimate of 7.31 million. The report notes the U.S. labor market is still in the "low hiring, low layoffs" pattern that has prevailed for most of the past few years. Amid geopolitical uncertainty and persistent inflation, employers are cautious about expanding their headcount but reluctant to cut staff easily. The increase in job openings was driven mainly by manufacturing, state and local governments (excluding education), healthcare and social assistance sectors. Meanwhile, layoffs hit their lowest level since January this year, while the quits rate — a measure of the share of workers who voluntarily leave their jobs each month — edged down to 1.9%. Source: Jinshi
1 minutes ago
Bessent: The Strait of Hormuz will achieve "alternative shipping routes" within two years, and the US will continue to step up sanctions on Iran.
U.S. Treasury Secretary Scott Bessent noted during a fireside chat at the G20 summit that the U.S. energy sector’s “3-3-3” plan targets crude oil equivalent. Since Trump took office, U.S. daily oil production has risen by 1.6 million to 2.2 million barrels, he added, emphasizing that risks must be mitigated. Bessent also said bypassing the Strait of Hormuz will be achievable within two years, at which point the strait will become “worthless waters” as oil will be transported via onshore pipelines instead of through the strait. When discussing the Iran issue, he pointed out that 85% to 90% of Iranian factories have reconstruction capacity, and Iran may hold the world’s third-largest energy resources. Additionally, the U.S. may announce bank sanctions this week and next, having secured strong support from the European Union, European Central Bank, the U.K., the U.A.E., and Bahrain. The U.S. has adopted a zero-tolerance stance toward Iran, aiming to strangle its economic development, and will also focus on Iran-related aircraft leasing firms. Bessent stated: “We are aware of Iran-related accounts in the British Virgin Islands. Funds stolen from the Iranian people can be returned to them, or Iranian funds can be used to assist terrorism victims.” (Jinshi)
