Nasdaq-listed Hyperliquid Strategies (Nasdaq: PURR) has expanded its Chardan equity facility from $1.0 billion to $2.5 billion. The move hands the HYPE treasury firm $1.5 billion in additional fundraising capacity, without a single dollar yet guaranteed.
$647M Already Drawn, and 29.3M HYPE Bought The company filed a Form 8-K with the SEC on September 1, 2026. It confirmed the signing of Amendment No. 1 to its Committed Equity Facility (ChEF) Purchase Agreement with Chardan Capital Markets LLC, dated October 22, 2025.
CoinGape earlier reported on the $1 billion Chardan equity facility when Hyperliquid Strategies first announced the capital raise and its plan to accumulate HYPE.
The facility is not new money on arrival. It is a discretionary equity line. Hyperliquid Strategies sells shares to Chardan, and Chardan resells them in the open market.
Nothing in the amendment forces the company to draw the extra $1.5 billion.
Through June 30, 2026, the company had already issued roughly 76.06 million PURR shares under the original facility.
That generated $646.6 million in gross proceeds at an average issue price of about $8.70 per share.
As CoinGape reported, the 29.3 million HYPE treasury update showed those proceeds were largely deployed, roughly $773.4 million went into HYPE purchases and PURR buybacks combined.
About 16.5 million HYPE tokens were bought at an average price of $46.77.
The treasury grew from approximately 12.5 million HYPE at the time of the Sonnet merger, covered by CoinGape when the Sonnet merger secured approval, to about 29.3 million tokens by late August.
That leaves roughly $353 million of unused capacity under the old $1 billion ceiling before the new $1.5 billion of headroom even kicks in.
The $12.02 Cap: What It Means for Investors The amendment contains an investor protection clause that kicks in after $1.0 billion of total facility sales are complete.
At that point, any shares issued below $12.02 per share cannot exceed 42,641,847 shares, equal to 19.99% of shares outstanding just before the amendment.
Going beyond that threshold requires a Nasdaq shareholder vote, or a qualifying exemption.
PURR closed September 1 at $11.36, down 7.3%, on heavy volume of around 24 million shares.
That close sits below the $12.02 reference price. For investors, $12.02 is not a price floor. It is a dilution governor on discounted stock once the first $1 billion is fully used.
Hashdex added HYPE to the Nasdaq CME Crypto Index ETF, effective September 1, the same day as the 8-K filing.
Separately, Hyperliquid activated its AQAv2 engine, which routes most USDC reserve yield into programmatic HYPE buybacks.
CoinGape reported that AQAv2 buy-back and burn mechanism now operates alongside roughly 99% of protocol trading fees already flowing into HYPE buybacks.
On the regulatory front, Hyperliquid and Kraken’s Payward are in advanced talks to bring crypto perpetuals to U.S. markets via Bitnomial.
President Trump has publicly noted that CFTC Chair Michael Selig is working to bring Hyperliquid onshore in a fully compliant manner, based on remarks made at a White House event on August 19.
Additionally, Grayscale filed an updated S-1 for a HYPE ETF with staking, adding another listed-product demand vector for the token.
The bull case is straightforward. Unused capacity plus a larger ceiling lets Hyperliquid Strategies keep buying HYPE if PURR trades at a premium to its modified net asset value.
The bear case is equally clear. A $2.5 billion equity line is an overhang. Drawing it below $12.02 after the first $1 billion hits the Exchange Cap still dilutes existing holders.
Investors should watch three things: the remaining draw to $1 billion, PURR price relative to $12.02, and weekly HYPE treasury updates on hypestrat.xyz.
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Trade[XYZ] generated $202.36 billion in trading volume during the second quarter of 2026, up 79.2% from the previous quarter, according to a report released September 1 by the Hyperliquid Research Collective. The Q2 review says the HIP-3 deployer also lifted revenue 32.9% to $7.59 million and ended the period with $2.96 billion in open interest. The figures are attributed to the research group and have not been independently audited.
The report estimates Trade[XYZ] handled 95.1% of HIP-3 volume during the quarter, compared with 84.5% previously. It puts the platform’s trailing 30-day share at about 99.5%. The concentration increased as three competing deployers—Felix, Ventuals and Dreamcash—ceased operations between June 19 and July 2, according to the researchers. HIP-3 lets independent teams deploy perpetual markets on Hyperliquid, extending the network beyond markets listed directly by the core exchange. Wallet integrations have already brought HIP-3 macro markets to a broader set of users.
Equity Perpetual Volume Climbs 377% Equity perpetuals were the fastest-growing part of Trade[XYZ]’s book. The report says quarterly volume in the segment rose 377% to $58.9 billion across 55 names. Trade[XYZ] also introduced pre-IPO perpetuals on May 1, beginning with Cerebras and later adding SpaceX and Quantinuum. The researchers say all three markets remained live through their respective public listings and converted into standard equity perpetual contracts. That progression gives traders continuous exposure around listing events, while newer execution services are also building tokenized-equity trading on Hyperliquid.
Growth Comes With Concentration and Regulatory Caveats The quarterly numbers show rapid expansion, but they also underline dependence on one deployer within the HIP-3 ecosystem. A dominant venue can concentrate liquidity and improve execution, yet the shutdown of rival platforms leaves fewer operational alternatives. The report additionally cites approval of a first U.S.-regulated perpetual futures contract as a regulatory milestone for the broader market, while noting that litigation and further steps toward full onshore access remain unresolved. Trade[XYZ]’s Q2 results are therefore a data point on product demand, not evidence that permissionless perpetual markets have secured broad U.S. authorization. Because the report comes from an independent research group, its methodology and classifications also matter when comparing the figures with exchange-reported statistics. Future quarters will show whether equity contracts can retain their new share after high-profile listing events fade.
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Hyperliquid price traded near $81 on Sept. 2 after retreating from its $86.71 all-time high, with technical indicators showing that HYPE’s wider uptrend remains intact despite fading short-term momentum.
Summary
Hyperliquid price has pulled back about 6.4% from its Aug. 27 record high of $86.71. The 4-hour Supertrend remains bullish, with dynamic support near $78.98. Daily Bollinger Bands place immediate support at $74.36 and resistance near $94.80. Liquidation clusters around $80 and $85 could shape HYPE’s next move. Hyperliquid price consolidates below record high According to data from crypto.news, Hyperliquid (HYPE) price was trading around $81.14 at the time of writing, down 2% on the daily candle. The token has fallen roughly 6.4% from the record high of $86.71 reached on Aug. 27 but remains well above its mid-August breakout area.
The daily chart shows HYPE consolidating between approximately $80 and $85 after a steep rally from the $55–$60 region. Buyers have repeatedly defended the lower end of that range, while attempts to hold above $84 have met fresh selling.
HYPE has outperformed several large-cap crypto assets during the wider market pullback. Its relative strength follows a rally that accelerated after the token cleared its June and July resistance zones around $75.
The latest retreat has not yet broken the wider bullish market structure. HYPE continues to form higher highs and higher lows on the daily chart, although the narrow trading range near its peak points to hesitation among buyers.
Treasury expansion supports the HYPE narrative The consolidation follows Hyperliquid Strategies’ decision to increase the limit of its equity purchase facility with Chardan Capital Markets from $1 billion to $2.5 billion.
According to the company’s financing terms, proceeds may be used for general corporate purposes and additional HYPE purchases. The larger facility gives the Nasdaq-listed company more capacity to expand its token treasury, but it does not mean the entire $2.5 billion will immediately enter the HYPE spot market.
Hyperliquid Strategies previously reported holding 29.3 million HYPE at the end of its 2026 fiscal year, up from an initial treasury position of 12.5 million tokens. Its balance sheet contained about $1.9 billion in HYPE holdings as of June 30.
Supply remains the main counterweight to the treasury demand narrative. A scheduled Aug. 29 release involved approximately 14.18 million HYPE, or 1.4% of maximum supply, according to token-unlock data. The batch was valued near $1.2 billion when HYPE traded close to its record high.
HYPE remained above $80 after the release, suggesting that the added supply did not produce an immediate breakdown. Unlocks do not necessarily translate into direct selling, however, and future distributions could continue to create volatility around vesting dates.
HYPE technical setup remains bullish above $79 On the 4-hour chart, HYPE remains above the Supertrend indicator at $78.98. Holding that level would preserve the short-term bullish signal and keep the $84–$86.71 resistance region within reach.
Hyperliquid price 4-hour chart — Sep. 2 | Source: crypto.news Chaikin Money Flow stands at 0.06, placing it slightly above zero. The reading indicates that buying pressure still exceeds selling pressure, but the modest value does not point to strong capital inflows. A move below zero would add evidence that distribution is increasing during the consolidation.
The daily chart provides a wider support range. HYPE trades above the Bollinger Band midpoint at $74.36, while the lower band sits near $53.91. The sharp expansion in the bands reflects the volatility that accompanied the August breakout.
Hyperliquid price daily chart — Sep. 2 | Source: crypto.news Daily relative strength has cooled to 62.80 after moving into overbought territory during the rally. The RSI now sits below its moving average of 72.92, showing that momentum has weakened as HYPE pulled back from its high.
A lower RSI alongside a price still above the Bollinger midpoint is consistent with consolidation rather than a confirmed trend reversal. Buyers would need to reclaim $84.50 and then break $86.71 to restart price discovery.
A daily close above the record high could expose the psychological $90 level, followed by the upper Bollinger Band near $94.80. The latter is dynamic and will change as volatility develops.
Liquidation heatmap places HYPE between $80 and $85 CoinGlass’ 24-hour liquidation heatmap shows dense leverage concentrations on both sides of the current price.
Hyperliquid liquidation heatmap | Source: CoinGlass The strongest nearby downside cluster is concentrated around $79.70–$80. That area sits just below the 4-hour Supertrend and could attract price if the $81 support fails. A decisive break below it may increase the risk of long liquidations and open a move toward $78.
Additional downside liquidity appears near $79.30 and $78.20, making the broader $78–$80 region the most important short-term support zone.
On the upside, the largest nearby liquidity concentration appears around $84.70–$85. Smaller clusters are visible from $83.80 to $84.30 and above $85.50.
Price often gravitates toward areas containing concentrated leveraged positions, but a heatmap does not establish direction by itself. HYPE currently sits between the two strongest pools, leaving either a sweep below $80 or a rebound toward $85 possible.
US policy efforts add a longer-term catalyst Hyperliquid Policy Center and tradeXYZ have asked US regulators to establish a route for perpetual contracts tied to pre-IPO companies. Their Aug. 18 submission to the Securities and Exchange Commission presented data from five completed pre-IPO markets and identified regulatory questions that would need to be addressed before comparable products could serve US users.
The proposal does not represent SEC approval, and the agency has no stated deadline to respond. Hyperliquid’s platform also does not currently permit US users, limiting the immediate effect of its expanding product range on American traders.
For the price setup, $78–$80 remains the main line separating high-level consolidation from a deeper correction. A recovery above $85 would shift attention back to $86.71 and potential price discovery, while a daily close below $74.36 would weaken the wider bullish structure and expose lower support.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
EntropyIO, a new perpetual futures deployer built on Hyperliquid’s HIP-3 infrastructure, launched with ambitions to let traders speculate on private companies before they go public. The platform registered a contract for OpenAI under the ticker io:OAI, but the market was delisted without recording a single trade.
The actual story is both more interesting and more complicated than a simple OpenAI listing. EntropyIO’s real flagship products are an Anthropic pre-IPO perpetual contract (io:ANTH) at 3x max leverage and a SanDisk equity perp (io:SNDK) at 10x leverage, both of which went live when the platform launched on August 24, 2026.
What EntropyIO actually built The platform operates as a HIP-3 market deployer on Hyperliquid, a designation that lets it create and manage perpetual futures markets on the decentralized exchange.
EntropyIO raised $14 million in a funding round led by Ribbit Capital. On top of that, roughly $40 million in HYPE tokens were reserved for staking to support the deployer’s operations.
The team draws from traditional finance heavyweights like Citadel Securities, Optiver, and Millennium.
Pre-IPO perps work differently from typical crypto perpetuals. The pricing model tracks implied company valuations rather than a spot price, since these companies don’t have publicly traded shares. A $1 price unit on the Anthropic contract translates to a $1 billion implied valuation. After launch, Anthropic’s implied market cap briefly touched around $2 trillion.
The OpenAI contract that wasn’t EntropyIO did register an OpenAI perpetual contract under the io:OAI ticker. But the contract was subsequently delisted due to inactivity, meaning no one actually traded it before it was removed.
A prior HIP-3 operator called Ventuals had previously run markets for both OpenAI and Anthropic pre-IPO perps on Hyperliquid. Ventuals shut down and delisted those offerings in June 2026, roughly two months before EntropyIO’s launch.
How the pricing and risk systems work EntropyIO uses custom oracles combined with liquidity-weighted designs to generate price feeds. Settlement mechanics rely on either on-chain consensus or Time-Weighted Average Price calculations, which help smooth out price swings that thin order books tend to produce.
These bespoke oracle systems exist to prevent transactional manipulation that naturally follows when trading volumes are low.
It’s worth noting what these contracts don’t provide: any form of equity ownership, voting rights, or dividends. Traders are purely speculating on implied valuations. The contracts are synthetic instruments with no claim on the underlying company whatsoever.
What this means for on-chain derivatives The HIP-3 framework allows third-party deployers to create markets on Hyperliquid’s infrastructure, effectively turning the exchange into a platform rather than just a trading venue.
The OpenAI delisting serves as a useful reality check. Just because you can create a perpetual market for something doesn’t mean anyone will show up to trade it. Anthropic, by contrast, appears to have attracted enough trading interest to justify its continued listing.
The $2 trillion implied valuation for Anthropic that appeared shortly after launch suggests that early price action in these markets may reflect speculative froth rather than genuine price discovery. Anthropic’s last private funding rounds valued the company at a fraction of that figure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperliquid Strategies Inc (NASDAQ:PURR) on Tuesday expanded its equity facility to $2.5 billion as Kraken deal talks advance toward a U.S. market entry for Hyperliquid.
Expanded Equity Facility Targets HYPE Treasury GrowthAccording to an 8-K filing cited by The Block, Hyperliquid Strategies amended its committed equity facility with Chardan Capital Markets, raising the ceiling from $1 billion to $2.5 billion.
Under the expanded agreement, the company can sell newly issued common stock to Chardan to raise funds for growing its HYPE treasury.
Once the first $1 billion in stock is sold, Nasdaq rules cap any further sales priced below $12.02 per share at 42.6 million shares, roughly 19.99% of shares outstanding, unless shareholders vote to approve more.
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The company has already sold roughly $647 million worth of shares under the original facility as of June 30, leaving meaningful room before hitting that threshold.
Kraken Partnership Opens Path to US MarketAs Benzinga reported Monday, Hyperliquid Labs is in advanced talks with Kraken’s parent company Payward to bring its perpetual futures to US traders through Payward’s subsidiary Bitnomial, a US-regulated digital asset exchange.
Payward has already submitted a proposal to the CFTC outlining the basic structure, according to people familiar with the matter.
The deal would mark Hyperliquid’s first entry into the US market, where it currently has no access despite handling more than $4 billion in daily trading volume globally.
A successful arrangement could also serve as a blueprint for other offshore crypto platforms seeking a compliant US entry.
Hyperliquid’s On-Chain Activity Keeps GrowingHyperliquid News posted on X that HIP-4 outcome markets generated $3.26 million in 24-hour trading volume, with Outcomexyz driving 82.5% of that total.
The numbers show Hyperliquid’s newer product categories gaining real traction alongside its dominant perpetuals business.
PURR Technical Levels to WatchPURR holds around $11.50 Tuesday, pulling back from last week’s spike high of $14.14 while holding above the $11.30 to $11.50 breakout retest zone that now acts as support.
RSI at 64.85 has cooled from a peak above 78 but remains in constructive territory, with the 20-day EMA at $9.91 as the next real support below.
Key levels for PURR: $14.14 — spike high, resistance above $11.30 to $11.50 — breakout retest zone, must hold $9.91 — 20-day EMA, deeper support Image: Shutterstock
It appears that the rally of August has given digital asset treasuries (DATs) a new boost.
As previously reported by AMBCrypto, DeFi Development Corporation (NASDAQ: DFDV) used CHAD stock to raise funds, which allowed it to have more dry powder to buy Solana.
Hyperliquid Strategies, in its turn, seems to be doing the same. The company has increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, allowing it significantly more room to raise funds by selling shares and accumulating HYPE.
Source: X Of course, whether the DAT will actually use the fresh capital to buy more HYPE is to be seen.
Still, the technical setup makes it difficult to ignore the possibility. Hyperliquid Strategies (NASDAQ: PURR) has already climbed more than 44% in Q3, adding to its gains from Q1 and Q2, in which the stock jumped 42% and 52%, respectively.
At this rate, PURR could be set to post its best quarter ever. The stock has already surged past $15 and set a new all-time high this quarter.
According to AMBCrypto, this breakout is significant because if PURR can hold above 15 and continue the bullish impulse, it could give the company more room to get more funds into Hyperliquid [HYPE].
This makes its recent increase of its equity facility to $2.5 billion even more intriguing, as PURR’s strong price action could provide Hyperliquid Strategies with greater flexibility in raising and deploying capital.
Notably, it makes the timing of HYPE’s Q2 report anything but coincidental.
HYPE’s breakout strengthens the Q4 accumulation case A recent Q2 report demonstrates the rapid growth of the Hyperliquid ecosystem.
Trade[XYZ], the trading platform built on Hyperliquid, recorded a 79.2% increase in quarterly trading volume to $202.36 billion, while its share of HIP-3 volume climbed from 84.5% to 95.1%.
The bigger story, however, is the growth in equity trading. Volume in the segment surged 377% to $58.9 billion, with markets for private companies such as SpaceX, Cerebras, and Quantinuum.
Why does this matter? According to AMBCrypto, the significance of this development is that it suggests that Hyperliquid is gradually moving beyond crypto-native assets, with increased activity around equity and other traditional-market products.
In this context, the latest capital raise by Hyperliquid Strategies better positions the firm to benefit from its expanded market presence.
Source: X In short, the technical setup as well as the on-chain activity suggests that the chances for Hyperliquid Strategies to increase its HYPE exposure are growing.
Notably, the technical setup of HYPE itself added weight to this view. HYPE closed up over 60% in August to reach a new all-time high of $86 and its highest monthly gain since May.
For reference, that was 2x Ethereum’s 32% rally over the same period, underscoring the strength of the capital rotation into HYPE.
From this perspective too, the prospect of Hyperliquid Strategies raising further capital to onboard hype cannot be overlooked, with the token potentially seeing a further accumulation heading into Q4 if the bullish trend persists.
Final Summary PURR’s strong rally and the $2.5 billion equity facility could give Hyperliquid Strategies more room to buy HYPE. With Hyperliquid growing and HYPE gaining over 60% in August, more HYPE accumulation could be on the cards in Q4.
TLDR Crypto funds pulled in $3.2 billion last week, the largest weekly inflow since October 2025. BlackRock’s IBIT led the pack with $928 million, adding to $1.3 billion the week before. Ethereum, Solana, XRP, Hyperliquid, and Dogecoin funds all kept their inflow streaks alive. Crypto funds have averaged $1.3 billion in weekly inflows for four straight weeks. Bitcoin funds saw a brief outflow, pointing to a possible shift toward altcoins. Crypto funds took in $3.2 billion last week. This is the biggest weekly inflow the sector has seen since October 2025.
The data comes from The Kobeissi Letter, which tracks fund flows across the crypto market. It shows investors are putting money into both crypto and gold funds at the same time.
BlackRock’s IBIT fund led the way. It brought in $928 million last week alone.
That follows $1.3 billion the week before. Together, IBIT pulled in more than $2.2 billion over two weeks.
Bitcoin was not the only asset getting attention. Ethereum, Solana, XRP, Hyperliquid, and Dogecoin funds also kept their inflow streaks going.
Four Weeks of Steady Inflows Crypto funds have now averaged $1.3 billion in weekly inflows for four straight weeks. That is the strongest four-week pace the market has seen in about ten months.
The steady pace suggests demand has held up over time. It has not been a single spike.
But there is a twist in the data. Money appears to be moving from Bitcoin toward other coins.
A Shift From Bitcoin to Altcoins U.S. Bitcoin funds saw a nine-day inflow streak come to an end. That week, they recorded $202 million in outflows.
Even so, Bitcoin funds still pulled in $925 million for the week overall. IBIT alone brought in $938 million during that stretch.
Ethereum funds told a different story. They saw $824 million in weekly inflows.
An extra $102 million came in on August 28. That extended Ethereum’s inflow streak to 10 sessions in a row.
Solana and XRP funds also picked up fresh money during the same period.
This pattern has led some analysts to suggest investors are shifting toward altcoins. The move appears to be happening ahead of what traders call the “September effect.”
Scott Melker, known online as “The Wolf of All Streets,” commented on the trend. He said, “The bid rotated. It did not reverse.”
US Bitcoin ETFs just snapped a 9-day inflow streak.
Here's what you need to know:
1) US spot Bitcoin ETFs saw $202 million in net outflows on Friday, the first red day in 9 sessions
2) The same week, those funds still took in $925 million
3) BlackRock's IBIT alone took in… pic.twitter.com/kzhxjv4zZx
— The Wolf Of All Streets (@scottmelker) August 31, 2026
His comment points to a change in where money is going, rather than a drop in overall demand.
The latest weekly numbers show crypto funds are still pulling in cash across the board. Bitcoin, Ethereum, Solana, XRP, Hyperliquid, and Dogecoin funds have all posted inflows in recent weeks.
The four-week streak of $1.3 billion in average weekly inflows remains intact as of the most recent data. Whether the rotation from Bitcoin to altcoins continues will depend on flows in the coming weeks.
Robinhood built a chain for tokenized stocks. Meme coin traders took it over, and a launchpad called Pons says it has cleared $4.54 billion in volume in under 2 months.
Pons now runs most token launches on the network. Its own token reached a record high on September 1 and leads the chain by market value.
How Pons Took Over Robinhood Chain LaunchesThe $4.54 billion figure came from Pons’ post on X. The launchpad handled $370.2 million in volume on September 1, according to a Dune dashboard. Launchpads on the network processed $623.1 million combined that day.
That gave Pons 59% of all launch activity on the chain. Rival platform long.xyz placed second with $151.4 million. The lead is not new.
Pons overtook Noxa in mid-July and has held the largest share of daily launchpad volume nearly every day since. Only pools. trade has briefly passed it, in early August.
Launchpad Token Volume Market Share on Robinhood Chain. Source: DuneToken creation is more concentrated still. Launchpads minted 27,802 tokens on August 31, and Pons produced 17,909 of them. The platform counted 106,488 active wallets on September 1.
Fee generation has followed. Bubblemaps put Pons at $4.73 million in fees over 24 hours, citing DefiLlama. That total beat Hyperliquid, Polymarket, and Fomo combined, which reached $4.65 million.
It also topped the combined network fees of Robinhood Chain, BNB Smart Chain, and Solana at $3.46 million. Bubblemaps counted only base network fees for the chains.
Follow us on X to get the latest news as it happens
PONS Token Sets Record HighThe volume story has a price story attached. PONS traded at $0.42436 early Wednesday, down 9.82% on the day. Its market capitalization stands at $301.9 million, ranking it 134th.
The token reached a record $0.49328 on September 1. It has gained 1,297.8% over the past month.
PONS Price Performance Over the Past Month. Source: BeInCrypto MarketsDune data ranks PONS above AI and Cash Cat (CASHCAT) by market value. The token’s lead extends beyond that. PONS was also the most traded asset on the chain over the past 24 hours.
PONS drew $62.46 million in volume over 24 hours across 110,827 trades and 9,063 unique wallets.
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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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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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.
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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.
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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.
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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.
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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.
