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At $41 $HYPE, PURR reached $750 million in unrealized profit.
Since surpassing a 1.1x mNAV recently, their $1 billion ELOC facility (S-1) is now in-play. The $137 million in cash left on the balance sheet that most are referencing, is more like $1.14 billion. At $41, that’s 28 million of HYPE in future buying pressure. The Assistance Fund currently sits on 42 million HYPE.
Get ready for far-juicer mNAV premiums and the start to a multibillion-dollar FDV Hyperliquid DAT.
Once market conditions are optimal, mNAV TECHNOLOGY intends to enter the fray and share in the responsibilities to help @HyperliquidX house all of finance.
All news recently related to Hyperliquid is extraordinary. May the momentum only continue 💚
Today, equity perps can begin trading for the first time on @CFTC registered exchanges.
This move reflects my commitment to ensuring that America’s markets remain the most innovative, liquid, and well-regulated in the world. Instead of being forced to turn to offshore, unregulated venues to access equity perpetual futures, Americans may now access equity perps on CFTC-regulated markets subject to robust safeguards.
I appreciate the continued partnership of @SECGov and @SECPaulSAtkins as we work to further harmonize our agencies' regulatory initiatives.
mNAV TECHNOLOGY retweeted
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
mNAV TECHNOLOGY retweeted
I am excited to be an investor in trade(xyz) as they partner with ICE to bring 24/7 perpetual futures on Hyperliquid to the United States. As a market participant, I am looking forward to to using their innovative product to enhance my investment process.
"I think one of the reasons why Hyperliquid's done so well is that the Hyperliquid DAT holds about 14% of the token supply and continues to buy. If its holdings reached 50%, HYPE could rise parabolically."
Tom Lee: Continued DAT Buying Could Push Crypto Prices Higher
On September 30, 2026, BitMine Chairman Tom Lee @fundstrat told CoinDesk @CoinDesk at Korea Blockchain Week that digital asset treasury companies (DATs) trading above their net asset value can raise capital to buy more crypto, reducing available supply and potentially driving prices higher. Citing HYPE as an example, he said a Hyperliquid DAT holds about 14% of the token supply and continues to buy. If its holdings reached 50%, HYPE could rise parabolically.
WuBlockchain notes that Tom Lee's market forecasts tend to be optimistic. His bullish targets may not materialize, and actual market performance may differ significantly from his predictions. Readers are encouraged to focus on his analytical reasoning rather than use specific price targets or timelines as a basis for investment decisions.
2Q26: HIP-3 RWA perps increased their share of trading volume from 1.8% -> 32.2% (reaching $213B in quarterly trading volume) + accounts for a third of overall platform volume 🔥
2026 Hyperliquid Q2 Report
Today, we're excited to release Hyperliquid's 2026 Q2 Report.
While Bitcoin fell 14% over the quarter, Hyperliquid pulled further ahead. HYPE returned +79% to a new all-time high, decoupling from the majors for a second straight quarter as the market began to price the business beneath it.
More importantly, this was the quarter the rest of finance began to catch up to the "House of All Finance." Real-world markets on HIP-3 set records across equities, commodities, and pre-IPO names to reach nearly a third of all volume, the first HYPE ETFs began trading in the US, and a private rocket company was priced onchain on a Saturday with the NYSE closed.
Enjoy the read. Some excerpts below, with the link to the full PDF.
Hyperliquid.
mNAV TECHNOLOGY retweeted
Chris Perkins on why it's too early to count out DATs and what the best ones are actually becoming:
"It's way too early to leave DATs for the dead. A DAT is similar to an ETF, you're wrapping a security, making it accessible through a brokerage account."
"The wrapper has real value. But like an ETF, what matters is underneath: token fundamentals, foundation alignment, a KOL who can explain it."
"And the best DATs aren't just buying the token. They're investing in the ecosystem. They're becoming the labs and BD arms, planting seeds that make that ecosystem grow."
Everyone's a gangster until a real gangster walks into the room.
Timeframe 1: since BTC's $60K bottom (2/6/26)
Timeframe 2: since Iran conflict start (2/27/26)
Source: CoinGecko, Bloomberg, Fundstrat.
Hyperliquid
Why 3 HYPE spot ETPs are already live in Europe (vs the US) comes down to fundamentally different regulatory frameworks:
1/ MiCA & ETP-friendly regulation. Since 2023, Europe has had the benefit of a clear crypto regulatory framework, allowing issuers a legal pathway to launch crypto ETPs.
2/ European crypto products (ETPs) are structured as debt securities backed by crypto, which fits nicely into existing European securities laws. Whereas, US ETFs are equity-like fund structures governed by the 40 Act, a much stricter framework.
3/ No SEC gatekeeper in Europe with veto power over new products. Each country's regulator approves products independently. Switzerland's SIX Exchange in particular has been very crypto-friendly.
Latest on Hyperliquid ETFs:
Grayscale
— Just filed a Form S-1 with the SEC to launch the Grayscale HYPE ETF today
— May incorporate staking rewards
— Intends to list on NASDAQ: GHYP
— S-1 link below
21Shares
— Filed its Form S-1 with the SEC for a HYPE ETF on October 29, 2025
— Custodians: Coinbase, BitGo
Bitwise
— Filed a Form S-1 with the SEC for a HYPE ETF September 25, 2025
— Filed amendment includes: 0.67% management fee, Anchorage as custodian, intends to list on NYSE: BHYP
— Amended filing mentions staking angle: intends to stake portion or all of its held HYPE
ETF vs. DAT. The misconception is that they're comparable products.
They're not.
A spot ETH ETF:
— Holds ETH in cold storage
— Charges ~0.20% annually
— ETH per share is static (decays slightly over time)
— Zero capital markets optionality
A well-run DAT:
— Grows crypto per share via accretive equity/debt issuance
— Stakes or lends holdings for native yield
— Operates validators or DeFi strategies for operational alpha
— Has access to ATM facilities, convertibles, leverage
ETFs track value. DATs build it.
ETF vs. DAT. The misconception is that they're comparable products.
They're not.
A spot ETH ETF:
— Holds ETH in cold storage
— Charges ~0.20% annually
— ETH per share is static (decays slightly over time)
— Zero capital markets optionality
A well-run DAT:
— Grows crypto per share via accretive equity/debt issuance
— Stakes or lends holdings for native yield
— Operates validators or DeFi strategies for operational alpha
— Has access to ATM facilities, convertibles, leverage
ETFs track value. DATs build it.
HIP-4: Hyperliquid prediction markets natively on-chain, with oracle elimination. No external price feeds needed. This is a structural moat that both @Polymarket + @Kalshi can't replicate.
Self-funded Hyperliquid (HIP-4 predictions) compared to typical multibillion-dollar VC plays.
Different profile, different playbook.
Exclusive: Kalshi and Polymarket, the two dominant prediction-market companies, are talking to investors about raising money at around the same eye-popping valuation of $20 billion. on.wsj.com/4lbIIOu
Cantor's Overweight 12-month price target for Hyperliquid Strategies (PURR) was $5. PURR hit that PT within just six weeks, and this was during crypto winter.
18 months ago, similar to how nearly everyone underestimated the potential for $HYPE -- from PTs, volume, fees/revenue, the ability to really house all of finance? -- we are witnessing a similar forecasting model for Hyperliquid DATs, this time from the banks.
With growing adoption/PMF and continued $HYPE performance, interest in HYPE DAT pubcos, amongst institutions globally, will only rise.
Cantor Fitzgerald is the first and only Wall Street bank to-date to issue equity research on Hyperliquid DATs. Not only are they the first, but they've initiated coverage with bullish overweight ratings.
It's rare during crypto winter to showcase relative strength when it comes to $HYPE price performance, DATCO unrealized profits & mNAV multiples, and Wall Street coverage.
Surely, it's a prelude for more good things to come. Feel free to DM if you'd like access to Cantor's primer.
coindesk.com/markets/2025/12…
HIP-3 just launched 5 months ago, yet CL perps (WTI crude oil) represents the 2nd highest daily trading volume (next to BTC) + HIP-3 perps represent 6 of the top 10 highest traded contracts on @HyperliquidX today.
For a platform with real users and real volume, this is both meaningful and convincing product market fit.
HIP-3 on Hyperliquid 🔥
