News linked to both this project and an event.
research firm Decentralised.co (DCo) has released a report stating that the share of non-crypto asset trading volume on Hyperliquid rose from zero in September 2025 to a peak of 51% in July 2026, and stood at approximately 30% in October 2026; on October 27, such trading accounted for 40% of the platform's $7.2 billion in daily trading volume, with single stocks being the largest trading category that day.The report uses a 2029 global futures and equities market size of $934 trillion as its base, with the base-case scenario assuming crypto trading volume grows to 3 times the current level, a 3% share of the non-crypto market, a blended fee rate of 0.006%, USDC yield falling to 3.6%, and HIP-4 contributing $100 million in revenue; on this basis, it estimates that 2029 revenue will rise from $944 million to $4.91 billion, corresponding to an HYPE price of $128 at a 40x valuation, $98 at a 30x valuation, and $165 under the optimistic scenario, with the current HYPE price at approximately $77. The report states that if the non-crypto fee rate falls to CME's 0.0004%, the base valuation would drop to $66; Binance has already listed 229 TradFi perpetual contracts this year, with average daily trading volume of $13.4 billion, higher than Hyperliquid's $2.3 billion.
Odaily Report: Data shows that Hyperliquid auction cumulative spending has reached 346,005 HYPE, valued at approximately $27 million at current estimates.
According to BeInCrypto, Grayscale released a crypto asset valuation ranking evaluated based on two metrics: "Token Holder Yield" and "Adjusted Earnings Yield". HYPE topped holder yields at 8.0%, with Lighter (LIT) following closely at 7.9%, and PancakeSwap (CAKE) ranking third at 2.6%, followed sequentially by AERO, UNI, RAY, PENDLE, AAVE, JUP, and CRV. In terms of adjusted earnings yield, CAKE led at 14.4%, with LIT at 14.1% and HYPE at 9.8%, followed sequentially by RAY, AAVE, JUP, SKY, UNI, AERO, and PENDLE. The report showed that five assets on the list had negative holder yields, including AAVE, JUP, and CRV, with CRV at -5.5% and JUP at -2.6%. Grayscale calculates holder yield as staking rewards plus buybacks minus new token issuance, so holders face dilution when new issuance exceeds total yields. While JUP's adjusted earnings yield stands at 3.5%, its holder yield remains negative.
Odaily reports: According to Odaily monitoring, an address opened a HYPE short position between 04:18 and 08:17 on October 22, 2026, with a notional opening value of approximately $2.43 million and an average execution price of $81.1299. Its HYPE trading win rate between September 22 and October 22, 2026 was about 86% across 14 rounds; as of 14:29 on October 22, 2026, it held a 30,000 HYPE short position, valued at approximately $2.36 million based on a reference price of $78.711.Address: 0xdafc555a97b358bc09fccf4c0e583c1ec5838b16
Odaily Report: Spencer Applebaum, General Partner and Co-Head of Venture Investments at Multicoin Capital, said that Multicoin Capital manages $2.7 billion in assets, will not follow institutions such as Paradigm in expanding its investment scope into AI and robotics, and will continue to focus on the digital asset sector. Regarding the "crypto + AI" concept, Applebaum said that some investors are looking for problems at the intersection of crypto and AI that do not actually exist. In response to the slowdown in capital deployment, he said that in 2023, most seed-round projects had post-money valuations of about $30 million and raised about $3 million, and that using a $422 million fund to invest in such rounds requires more time. In addition, the largest position of Multicoin Capital's hedge fund is the Hyperliquid-related token HYPE, all of which was purchased through the public market; the firm typically holds publicly traded assets for several years.
Odaily Odaily News: Nasdaq-listed digital asset treasury company Hyperliquid Strategies has increased its equity funding facility with New York investment bank and broker-dealer Chardan Capital Markets from $1 billion to $2.5 billion. The agreement allows Chardan to purchase newly issued common shares of Hyperliquid Strategies in stages, subject to conditions such as pricing and trading volume, and resell them on the public market.Hyperliquid Strategies has previously raised $647 million through this funding mechanism and expanded its treasury holdings to approximately 29.3 million HYPE tokens. The $2.5 billion figure represents the maximum capacity of the facility, not the amount already raised; the company's ability to obtain funds by issuing new shares may dilute existing shareholders' equity.Hyperliquid Strategies stated that although it shares the same name as Hyperliquid and holds its native token, it operates independently and has no affiliation with Hyperliquid. (Cointelegraph)
US-listed Hyperliquid Strategies Inc. (PURR), the HYPE treasury company, has amended its ChEF Purchase Agreement with Chardan Capital Markets, increasing the total committed amount for newly issued common shares from $1 billion to $2.5 billion. The amended agreement introduces a new trading cap mechanism: once cumulative sales exceed $1 billion, if the offering price falls below $12.02 per share, additional issuances will be capped at 42,641,847 shares, representing 19.99% of the outstanding shares prior to the amendment. Any additional issuances exceeding this cap require shareholder approval in accordance with Nasdaq rules, aimed at mitigating the dilutive impact on existing shareholders caused by low-priced offerings.
Odaily News - PURR, a token related to the Hyperliquid ecosystem, rose approximately 15% after Hyperliquid Strategies published its "HYPE Treasury" and balance sheet updates.According to the disclosure, Hyperliquid Strategies has completed a $647 million equity financing round and increased its HYPE token reserve to 29.3 million tokens, valued at approximately $1.9 billion based on fiscal year-end prices—more than doubling from its previous size.The company stated that it subsequently invested an additional $773.4 million to acquire approximately 16.5 million HYPE tokens at an average purchase price of $46.77. The company said the continued expansion of its HYPE holdings is aimed at building a "fortress balance sheet" to strengthen long-term support for the Hyperliquid ecosystem.Market observers believe that sustained institutional allocation to HYPE assets has further reinforced expectations regarding the Hyperliquid ecosystem's value-capture capabilities, driving related ecosystem tokens like PURR higher. (The Block)
According to Bitcoin.com, Bitwise Chief Investment Officer Matt Hougan stated that the bullish thesis for 2026 is more fundamentally grounded than the crypto market cycles of 2014, 2018, and 2022, primarily driven by five structural changes: the advancement of regulatory frameworks, the scaling of stablecoin adoption, the tokenization of real-world assets, protocol tokens generating genuine revenue supported by buyback and burn mechanisms, and the demand for currency debasement triggered by expanding sovereign debt. Hougan noted that the total stablecoin market capitalization surpassed $300 billion by mid-2026, with steady usage across trading, payments, cross-border remittances, and settlements; meanwhile, asset tokenization is progressively transitioning from experimental phases into regulated financial infrastructure. He also highlighted Hyperliquid as a prime example, noting that the protocol generated over $800 million in revenue last year, allocating roughly 99% of it toward buybacks and burns of the HYPE token. On Bitcoin, Hougan suggested that rising government borrowing levels could further cement its role as a hedge against currency debasement, though he emphasized that the associated valuation models represent scenario analyses rather than definitive price forecasts.
EntropyIO announced the completion of a $14 million funding round, led by Ribbit Capital, along with $40 million in HYPE staking support. The first batch of markets has gone live on Hyperliquid.EntropyIO stated that it has launched the first liquid Anthropic trading market and plans to further expand into assets such as Pre-IPO startups, computing resources, public companies, and global indices to enable around-the-clock trading.Team members come from Citadel Securities, Optiver, Polymarket, and Millennium, and have developed a liquidity-weighted oracle that dynamically adjusts external oracle price weights based on executable market depth, aiming to improve price discovery and liquidity for new asset classes.
According to Odaily, Blockworks Research analyst AJC stated that over the past 30 days, PONS ranked 13th in crypto market revenue, yet its FDV/Revenue multiple stands at just 0.7x—the lowest among the top 15 tokens by revenue.For comparison, CARDS, PUMP, CAKE, AAVE, HYPE, and LINK have FDV/Revenue multiples of approximately 2.8x, 7.7x, 9.6x, 45.2x, 168.5x, and 212.2x, respectively. AJC believes that PONS' current valuation relative to its revenue level is significantly lower than that of other high-revenue protocols.
Odaily Planet Daily reported that Lorenzo Valente, Head of Digital Asset Research at investment firm ARK Invest, stated that Hyperliquid is in discussions with the CFTC and SEC to facilitate the offering of perpetual futures on its public chain by U.S.-regulated companies. He suggested that Hyperliquid acquire Gemini to position it as a U.S.-regulated HIP-3/4 deployer. He noted that Gemini's current market value is approximately $450 million, representing a decline of over 85% from its $3.3 billion valuation at the time of its 2025 IPO. Hyperliquid could obtain Gemini's entire U.S. regulatory infrastructure—including the NYDFS Trust Charter, DCM, DCO, FCM, MTLs, and Broker-dealer—for approximately $450 million.He further proposed that Hyperliquid could use approximately 7.9 million HYPE tokens from its community reserve, valued at around $550 million at $70 per token, to complete the acquisition at a premium of roughly 20% over Gemini's current market value. Following the transaction, Gemini would handle KYC, custody, fiat on/off ramps, brokerage, clearing, and compliance for the U.S. market, while Hyperliquid L1 would provide the underlying market infrastructure, liquidity, and on-chain settlement. He cited Polymarket's acquisition of QCEX as a similar precedent for re-entering the U.S. market, and stated that the core of this potential deal is not acquiring an exchange, but rather securing the regulatory bridge for HIP-3/4 to enter the U.S. market.
According to BeInCrypto, Grayscale Head of Research Zach Pandl released a report using the "earnings per token" method to value Hyperliquid (HYPE). The report assumes Hyperliquid's 2027 earnings will be approximately $1 billion (an increase of about 20% compared to 2025), and expects the circulating supply at that time to reach 270 million to 310 million tokens, corresponding to earnings per token of approximately $3.25 to $3.75. Calculated at the current price of approximately $54, the forward P/E ratio is approximately 15 to 18 times, suggesting it still holds a valuation advantage compared to fintech stocks.
Grayscale stated HYPE's forward P/E ratio is approximately 15 to 18 times. Hyperliquid possesses real cash flow and can therefore be valued like a stock, but the valuation is based on earnings per token rather than earnings per share. Based on this, compared with fintech peers such as Coinbase, Robinhood, and Circle, HYPE still appears inexpensive. Market data shows that HYPE is currently trading at $55.32, down 1.5% in the past 24 hours.
Odaily News Renowned trader Ansem posted on X, stating that buybacks (for token prices) actually don’t have much effect.Ansem further noted that Hyperliquid's annualized revenue is $800 million, while Pump.fun's annualized revenue is $440 million; however, HYPE's FDV is as high as $65 billion, whereas PUMP's FDV is only $1.4 billion. Both teams regularly use a portion of their business profits for buybacks, yet their P/S ratios are vastly different.This disparity doesn't stem from how much revenue the businesses actually generate, but rather reflects the market's "trust premium" for the teams — a trust determined by their actions and decisions in the market. Hyperliquid never over-promises, focuses purely on product delivery, and generously rewards core users who contribute the most to the platform based on established metrics. In contrast, Pump.fun generated $1 billion in revenue, raised another $1 billion in an ICO, and promised users an airdrop, but has yet to deliver. Despite being one of the most successful and profitable businesses in the crypto industry, they lack a social consensus bond with their core user base and thus cannot achieve the trust premium that Hyperliquid enjoys.Therefore, what determines a business's valuation includes not only the "tangible value" derived purely from revenue and other metrics but also "intangible value." Trust, memetics, and attention are all crucial in the market, yet they are currently discussed far too little.
Multicoin has published a report stating that the market is severely underestimating the value of Hyperliquid's native token, HYPE, and believes it still has over 400% upside potential in the coming years. The firm estimates that, in a base case scenario, HYPE's price could reach approximately $319 by 2028.Multicoin believes the current market is too narrowly viewing Hyperliquid as a fast-growing decentralized perpetual contract exchange, when in reality it is evolving into an "Everything Exchange" covering multiple assets and trading scenarios.The report states that at the current price of around $63, HYPE is clearly mispriced. Multicoin estimates that by 2028, Hyperliquid's annualized profits could reach approximately $80 billion. Valued at a 20x earnings multiple, this would correspond to a HYPE price of around $319.Multicoin also disclosed that it has been actively buying HYPE since February of this year, and HYPE has become one of the largest holdings in its liquid hedge fund. Recently, HYPE broke through $76 to hit an all-time high, driven by positive catalysts such as ETF inflows, strong protocol revenue, and aggressive buyback plans. It subsequently pulled back with the broader market and was trading around $62.47 as of Thursday afternoon.
Ventuals today announced it will gradually shut down its operations and integrate into the Hyperliquid ecosystem team, marking the official conclusion of its 24/7 private market experiments. The platform, which focuses on trading pre-IPO private tech companies, had raised over 500,000 HYPE tokens and achieved a total trading volume of approximately $650 million.The platform's existing HIP-3 markets are now entering the settlement phase. Pre-IPO markets such as OpenAI and Anthropic are settling based on a 24-hour weighted average price, with corresponding prices of $1,341.80 and $1,618.90 respectively. Commodity and index markets including MAG7, semiconductors, and energy will be suspended in batches starting June 18, with open positions being auto-liquidated.vHYPE holders can redeem their staked assets at a 1:1 ratio and claim corresponding rewards. Withdrawal services will be initiated in batches starting June 19, with processing times ranging from 7 to 72 hours. The project has terminated its points and promotional activities and has clearly stated that no tokens will be issued. Officials require all users to complete fund withdrawals and wallet export operations by September 15.
According to Finance Feeds, Grayscale is in talks with Hyper Holdings Global LP to sell its proposed Hyperliquid ETF shares in exchange for approximately 2 million HYPE tokens—valued at roughly $115 million at current prices—as seed capital ahead of the fund’s listing. Meanwhile, Grayscale has renamed the product the “Grayscale Hyperliquid Staking ETF,” planning to list it on the Nasdaq under the ticker symbol HYPG. The addition of staking functionality distinguishes it from spot ETFs that merely track token price performance.
Hyperliquid has recently significantly outperformed the broader market. Its token, HYPE, hit an all-time high following the launch of two related ETFs in the United States. Meanwhile, European traders are accelerating their migration to the platform due to restricted access to perpetual contracts on regulated exchanges. Market analyst Michael van de Poppe stated that with Hyperliquid's continued rally and renewed interest in AI-related crypto projects, signs of improving risk appetite are emerging in the altcoin market. Hyperliquid’s expansion into tokenized stocks, commodities, and pre-IPO assets is strengthening the on-chain asset tokenization trend. He suggested that if market sentiment continues to improve, HYPE’s price could target $100 or even higher.However, Michael van de Poppe also stressed that while Hyperliquid holds a short-term advantage, Solana offers greater long-term investment certainty, transitioning from a "speculative ecosystem" to institutional-grade infrastructure. In the AI track, he noted that NEAR Protocol and Bittensor remain significantly undervalued, citing a disconnect between their fundamental growth and valuations. He pointed out that NEAR’s revenue growth potential and Bittensor’s subnet expansion could support higher valuation ranges. Additionally, he indicated that the privacy sector retains long-term demand, but fully anonymous systems face regulatory pressure. The future is more likely to be dominated by zero-knowledge proofs and compliant privacy solutions.On the macro level, Michael van de Poppe highlighted that bond yields and central bank policies remain the core drivers of the crypto market, with changes in Japanese government bond yields potentially serving as a key barometer. (CoinDesk)