Hyperliquid Strategies has acquired 494,200 HYPE tokens worth $45.8 million, continuing to build its assets amid concerns about sell-offs from large holders. Over the past month, the company's purchases have totaled $476 million. Five major addresses have begun unlocking nearly $90.4 million in HYPE, while Multicoin Capital transferred an additional $12.15 million to Coinbase Prime. Since reaching an all-time high of $97.99, HYPE has lost approximately 6.6%, drawing attention to the token movements of large holders. According to Lookonchain on September 25, the address 0x6436, associated with Hyperliquid Strategies, made the latest purchases within 16 hours. This address accumulated 5.51 million HYPE worth approximately $476 million over the past month, with an average purchase of 183,574 HYPE, or $15.86 million per day. Currently, Hyperliquid Strategies holds about 35.1 million HYPE, valued at approximately $3.2 billion.
The latest purchases occurred less than a month after Nasdaq significantly valued its assets lower. As of June 30, Hyperliquid Strategies held approximately 29.3 million HYPE worth $1.9 billion, after raising $647 million in capital. At that time, the company spent $773.4 million to purchase 16.5 million HYPE since December. Analyst EmberCN reported that for the week ending September 24, Hyperliquid Strategies acquired 1.444 million HYPE worth $135 million at an average price of approximately $93.70. HYPE reached a record of $97.99 on September 23, but by September 25, the price had fallen to about $91.50, leaving the token 6.6% below its all-time high. Trading volume for HYPE remained high during the price decline: according to CoinGecko, on September 25, the trading volume was about $1.24 billion, with a market capitalization near $20.5 billion.
The rise in HYPE prices was driven by several new platform features, including the ability to manually borrow USDC and USDT against HYPE and Bitcoin. Purchases by Hyperliquid Strategies occur amid significant token movements by other large holders, creating potential reserves. Multicoin Capital transferred 130,331 HYPE worth $12.15 million to Coinbase Prime on September 24, bringing its platform transfers since July 28 to 4.23 million HYPE, totaling $285 million. Since Hyperliquid requires users to wait seven days after initiating the unlocking process, tokens involved in the latest transactions cannot be sold, transferred, or re-staked until October 1. Similar movements by corporate holders have occurred before.
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