Key Highlights:
- Hyperliquid’s $HYPE token surged more than 11% today, October 23, 2025.
- Hyperliquid Strategies $1B SEC filing positions it as the largest HYPE holder.
- The platform is showing a strong dominance in DEX perps.
Hyperliquid’s HYPE token has experienced a jump of 11% this week as investors reacted positively to strong corporate and institutional interest, fuelled by high trading volumes in decentralized perpetuals. This surge has come right after Hyperliquid Strategies, formed with the merger of Sonnet BioTherapeutics and SPAC Rorschach | LLC, filing with the U.S. Securities and Exchange Commission (SEC) to raise $1 billion to buy more HYPE tokens.
At press time, the price of the token stands at $39.03 with an increase of 11.76% in the last 24 hours as per CoinMarketCap.
$1B Filing Positions Hyperliquid Strategies as Top Holder
This move is said to be one of the biggest corporate treasury moves in decentralized finance as of now, and hence it makes the merged company the largest HYPE holder and an important source of liquidity for the growth of the platform.
According to the SEC filing, after the merger closes, the combined company will hold somewhere about 12.6 million HYPE tokens which are worth $470 million, plus a $305 million cash reserve through which the company can buy more HYPE tokens. This could add roughly 7.85 million tokens, or 2.3% of this circulating supply, creating a potential supply squeeze.
With this deal, Hyperliquid Strategies will be exposed to $775 million worth of HYPE tokens. This number indicates the company’s strong investment in the protocol. The company is also expected to list on Nasdaq under the ticker “PURR” with final merger approval and listing expected by Q4 2025.
Institutional Demand Sparks Bullish Narrative
Market analysts are looking at this treasury move as a powerful endorsement of Hyperliquid’s fundamentals and growth trajectory in the decentralized derivatives. Large-scale corporate participation in DeFi assets has the ability to create a new layer of validation, which is similar to how the ETF boosted Bitcoin in 2024. Treasury-based accumulation may now drive confidence and adoption for DeFi-native tokens like Hyperliquid.
These developments also highlight that there has been a shift in perception, with Web3 tokens becoming part of structured financial systems through ETFs listed companies or SPACs. For the protocol, the size of the merger itself indicates a strong confidence in the platform’s tokenomics and revenue model.
Decentralized Perpetuals Reinforce Core Strength
To add to the above developments, decentralized derivatives data also shows that Hyperliquid is also leading in trading volumes. Token Terminal reports October’s perpetual future turnover at $317.6 billion, giving the exchange about a 70% share of the DEX perps market.
High trading volumes have also boosted the on-chain revenue. In the month of August 2025, Hyperliquid had managed to earn about $106 million with 97% used for buying HYPE tokens back. This recycling reduces the circulating supply of the tokens and this limits price swings along with increasing holder confidence.
It can be seen that the competition is rising day-by-day, as platforms like Lighter and Aster are gaining significant market share in decentralized perps. It will become of great importance that the protocol now maintains its dominance by adding new features, increasing asset support and more institutional participation.
Meanwhile, the competition has increased as Solana’s co-founder, Anatoly Yakovenko revealed Percolator on October 22, a native perpetual DEX that promises high-speed, low-fee trading without Layer-2s. This launch triggered a sharp 90% drop in Aster’s daily volumes to $78 million, whereas Hyperliquid maintained over $10 billion, indicating its resilience and market dominance even as new rivals emerged within the DeFi perps space.
On social media platform X (formerly known as Twitter), some users have expressed strong optimism for $HYPE.
One of the users even predicted that the price of the token could rise to $100 quietly, before it attracts a broader attention, with a potential to hit $500 within a year if the wider crypto market joins the rally.
Also Read: Hyperliquid CEO Slams Binance, Other CEXs for Misreporting Liquidation
