News linked to both this project and an event.
trade.xyz posted on X that it has launched Events, aiming to develop Hyperliquid into a unified trading system for trading financial assets and real-world outcomes. Users can deposit spot BTC into their unified trade.xyz account, borrow USDC through portfolio margin, open pre-IPO perpetual contract positions on SpaceX, use event markets to hedge against the upcoming SK Hynix earnings event, and pick the US Open champion. Events will cover sports, politics, economics, and financial markets; the initial Up/Down markets cover stocks, commodities, and pre-IPO assets, with liquidity provided by trade.xyz perpetual contracts on HIP-3, whose continuous price discovery mechanism serves as the source for contract settlement.
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)
Odaily News: Digital asset investment platform Rockawayx has acquired digital asset hedge fund Relayer Capital, incorporating its directional long/short strategy into its approximately $2 billion investment platform. Relayer Capital founder Austin Barack will continue to oversee the strategy and assume the role of Chief Investment Officer of the newly renamed Rockawayx Liquid Opportunities Fund.Rockawayx CEO Viktor Fischer stated that the fund will invest in highly liquid crypto tokens and digital asset-related equities, with a focus on identifying assets that are mispriced relative to their business fundamentals, market position, or growth prospects. The fund is currently open to new external investors.Rockawayx disclosed that the strategy's estimated net return from the start of 2026 through August 21 stands at approximately 70%, outperforming a weighted portfolio of Bitcoin, Ethereum, and Solana by 86 percentage points. Major contributing positions include Venice AI, Hyperliquid, Grass Network, Pump.fun, and Zcash, with investment themes centered on AI and tokenized real-world asset markets.The acquisition adds a directional liquid strategy to Rockawayx's venture capital and market-neutral businesses. Rockawayx also operates infrastructure and onchain liquidity divisions, noting that these capabilities support its team in identifying blockchain market opportunities across stages—from early-stage funding and token issuance to public market trading. (Bitcoin.com News)
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.
中国机器人制造商 Unitree 即将科创板上市，Hyperliquid 预 IPO 永续合约隐含估值达 380 亿美元，较 9 亿美元 IPO 估值高出逾 4 倍，杠杆头寸面临清算风险。
Unitree Technology will launch IPO subscription on Monday. According to public information, its offering price is 150.8 yuan, corresponding to an offering market cap of approximately 61 billion yuan. According to monitoring by on-chain analyst Yu Jin (@EmberCN), currently, the pre-market contract price on the Hyperliquid platform is approximately 88 USD (about 587 yuan), corresponding to a market cap of approximately 237.4 billion yuan, which is about 3.9 times higher than the valuation corresponding to the offering price. Calculated based on the pre-market price, if winning one lot of 500 shares, the potential profit is approximately 220,000 yuan. In addition, calculated based on a maximum subscription of 12 lots, the probability of winning one lot is approximately 0.3%.
Odaily News: Recent market speculation suggests that TradeXYZ is conducting an equity funding round, aiming to raise $200 million at a valuation of $1.5 billion. Cobie has stated that the probability of TradeXYZ securing funding is zero; additionally, some community members have questioned why TradeXYZ would need external funding instead of raising from Jeff's Hyperliquid team if capital were truly required.
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.
Dragonfly managing partner Haseeb Qureshi said that as mature networks become harder for startups to challenge, crypto venture capital may eventually enter a "last funds" phase. He noted this does not mean the crypto industry is disappearing, but rather that scale, liquidity, and network effects are increasingly concentrated among a few mature platforms. Qureshi stated that by 2030, most important companies in the crypto space may already be established. While large platforms will continue to grow, the room for new entrants to disrupt the market will be limited. He believes investors may underestimate the possibility that continued growth in the crypto market will not necessarily translate into investable startups. Cryptorank data shows that as of July 28, only 150 independent venture capital firms participated in crypto funding rounds in July, the lowest level since November 2020 and down from a peak of 1,177 active investment firms in May 2022. Qureshi is cautious about startups built around single financial products on platforms like Hyperliquid. He stated that if Hyperliquid controls the distribution channels, such companies are essentially closer to dealers than to businesses with lasting durability.
Trasia Labs has announced the completion of a $1.75 million seed funding round, with Multicoin Capital as the sole institutional investor. The project is a perpetual contract trading platform natively built on Hyperliquid, primarily targeting the Asian market. It is currently connected to the native perpetual market on Hyperliquid in a non-custodial manner, with plans to later launch its own perpetual contracts based on the HIP-3 protocol.
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.
On-chain analyst Ai Yi posted on platform X, stating that on the Hyperliquid order book, someone has placed a buy order for 6.824 million US dollars worth of ChangXin Memory Technologies (CXMT) at a price of 6 US dollars; if calculated at the current price of 6 US dollars, the market value of ChangXin Memory Technologies would be approximately 2.72 trillion yuan, with a total of 66.88 billion shares, surpassing the current market value leader Industrial and Commercial Bank of China (ICBC), which stands at 2.66 trillion yuan.
According to Hyperinsight monitoring, Zhipu AI (ZHIPU), after cumulatively declining over 15% from recent highs due to expectations of share unlockings and placement financing, rose 8.3% in the past 24 hours today alongside the overall recovery of HK tech stocks and AI concepts and a rebound in market Risk-on sentiment, currently quoted at $269.04 on Hyperliquid.
According to Hyperinsight monitoring, Zhipu AI (ZHIPU) has been declining continuously since hitting a peak of approximately 17x its IPO price on May 29; it fell another 15.22% over the past 24 hours to $256.81, leading declines in the Hyperliquid HIP-3 market.