Core Insights - CoinShares has launched the CoinShares Physical Hyperliquid Staking ETP, providing institutional-grade exposure to Hyperliquid's HYPE token with a 0% management fee and a 0.5% annual yield [1][2] Group 1: Product Details - The CoinShares Hype ETP is listed on Xetra with the ticker LIQD and is 100% physically backed [7] - The product features a management fee of 0% and a staking yield of 0.5% per annum [7] Group 2: Market Position and Performance - Hyperliquid has processed over $3 trillion in trading volume, capturing approximately 70% of the on-chain perpetual futures market share [4] - During a market correction, HYPE has been characterized as a "defensive play," showing resilience with trading fee revenues [5] - Hyperliquid achieved a 41% price appreciation over seven days while Bitcoin declined by 38% from its peak in October 2025 [8] Group 3: Strategic Vision - CoinShares emphasizes the importance of building products around protocols with strong fundamentals, highlighting Hyperliquid as a key example of hybrid finance [2][6] - The firm believes in the convergence of decentralized systems with institutional-grade infrastructure, positioning Hyperliquid as a leader in this space [6]

Core Insights - Hyperliquid Strategies Inc reported its financial and operational results for the quarter and six months ended December 31, 2025, highlighting its position as a leading digital asset treasury platform focused on the Hyperliquid ecosystem [1] - The company expressed optimism about its future growth, driven by innovations and the expansion of the Hyperliquid ecosystem, despite facing unrealized losses due to market volatility [1] Financial Highlights - The company reported a net loss of $317.9 million for the six months ended December 31, 2025, primarily due to $262.4 million in unrealized losses on HYPE tokens and a one-time $35.6 million IPR&D write-off [1] - Revenue for the period included $0.9 million in interest income and $0.5 million in staking revenue from HYPE holdings [1] - As of December 31, 2025, the company had total assets of $616.7 million, including $281.9 million in cash and $327.6 million in HYPE tokens [1] Treasury Strategy Progress - The company has $125 million in remaining deployable capital, supported by a $1 billion Equity Line of Credit (ELOC) facility [1] - It has deployed $129.5 million to acquire approximately 5.0 million additional HYPE tokens, increasing total holdings to 17.6 million [1] - The company repurchased approximately 3.0 million PURR shares for $10.5 million, reducing the fully diluted share count to 150.6 million [1] Hyperliquid Ecosystem Momentum - Hyperliquid's decentralized exchange generated over $800 million in annual fees and processed billions in daily trading volumes [1] - Key growth drivers include upcoming innovations like portfolio margin and prediction markets, as well as the rapid adoption of builder codes by major platforms [1] - The company has launched over 100 real-world asset (RWA) perps, enhancing its market offerings [1]

Core Insights - Hyperliquid Strategies Inc reported financial results for the quarter and six months ended December 31, 2025, highlighting its position as a leading digital asset treasury platform focused on the Hyperliquid ecosystem [1] Financial Performance - The company experienced a net loss of $317.9 million for the six months ended December 31, 2025, primarily due to $262.4 million in unrealized losses on HYPE tokens, a one-time $35.6 million IPR&D write-off, and a $17.8 million increase in deferred tax expense [1] - Revenue generated included $0.9 million in interest income and $0.5 million in staking revenue from HYPE holdings [1] - The company reported a strong balance sheet with $589.8 million in stockholders' equity and no debt, and total assets of $616.7 million as of December 31, 2025 [1] Treasury Strategy - Hyperliquid Strategies Inc established a strong initial treasury with 12.5 million HYPE tokens and $300 million in cash contributed by investors [1] - As of February 3, 2026, the company had $125 million in remaining deployable capital and a $1 billion Equity Line of Credit (ELOC) facility [1] - The company deployed $129.5 million to acquire approximately 5.0 million additional HYPE tokens, increasing total HYPE holdings to 17.6 million [1] Ecosystem Growth - Hyperliquid's decentralized exchange generated over $800 million in annual fees and processed billions in daily trading volumes [1] - Key drivers of ecosystem growth include upcoming innovations such as portfolio margin and prediction markets, as well as explosive growth in real-world asset (RWA) perps with over 100 perps launched [1] - Rapid adoption of builder codes by major platforms is enabling permissionless front-end integrations and generating tens of millions in fees [1] Company Updates - The company plans to relaunch its website on February 11, 2026, which will include a section tracking the "Adjusted Net Asset Value" for enhanced transparency [1] - An audio webcast with Q&A is scheduled for February 11, 2026, featuring CEO David Schamis and CFO Brett Beldner [1]

Kyle Samani, the recently departed co-founder of Multicoin Capital, has launched a blistering attack on the high-flying Hyperliquid decentralized exchange (DEX), labeling it a systemic risk despite his former firm’s reported aggressive accumulation of its underlying HYPE token. Key Takeaways: Kyle Samani publicly slammed Hyperliquid’s closed-source model days after leaving Multicoin Capital. On-chain analysts report Multicoin-linked wallets holding over $40 million in HYPE tokens. Hyperliquid recentl ...

Core Insights - Hyperliquid is emerging as a significant competitor to centralized platforms like Coinbase, focusing on perpetual futures trading on its own layer-1 blockchain [1] - Recent data indicates Hyperliquid is outperforming Coinbase in key metrics relevant to derivatives traders, such as trading volume, market share, and revenue efficiency [1] Trading Volume Highlights - Hyperliquid processed approximately $2.6 trillion in notional trading volume during 2025, nearly doubling Coinbase's $1.4 trillion [3][5] - The growing gap in trading volume highlights the increasing demand for decentralized, high-leverage perpetual products, especially during market volatility [3] Market Position and Performance - Hyperliquid holds over 70% of the open interest in decentralized perpetuals, which stood at approximately $4.1 billion [5][9] - The platform's daily trading activity remains elevated, with a recent 24-hour perpetual volume near $3.9 billion [10] Competitive Advantages - Hyperliquid's decentralized framework allows for greater flexibility in product design and leverage offerings, attracting substantial trading activity compared to Coinbase's limited exposure to high-leverage derivatives due to compliance requirements [2][4] - Despite Coinbase's expansion in derivatives offerings, its trading volumes remain constrained relative to Hyperliquid's decentralized model [4] Token Performance - Hyperliquid's native HYPE token has shown stronger year-to-date performance compared to Coinbase's stock, which has faced pressure in recent months [6]

While major cryptocurrencies have declined over the past two weeks, Hyperliquid's price has posted a defiant double-digit rally over the same period, a divergence analysts attribute to its fundamental utility and reduced token supply pressure rather than speculative hype. HYPE’s performance follows two key developments for Hyperliquid: a major institutional partnership and a drastic reduction in its monthly token supply unlock. Hyperliquid’s HYPE token is up 41.5% over the past two weeks. It surged over ...

Core Viewpoint - Kyle Samani's departure from Multicoin Capital raises questions about internal conflicts regarding investment strategies, particularly in relation to Hyperliquid (HYPE) tokens, which Multicoin had invested over $40 million in [1][2][3]. Group 1: Departure and Criticism - Samani announced his departure on February 5, 2026, marking a significant shift for Multicoin Capital, a key player in institutional crypto investment [2]. - Despite leaving, Samani intends to remain active in the cryptocurrency space, especially within the Solana ecosystem [2]. - Just three days post-departure, Samani publicly criticized Hyperliquid on social media, indicating a clear divergence from Multicoin's investment stance [3][4]. Group 2: Investment and Strategy - Multicoin Capital has been a prominent supporter of Solana, having led a $1.65 billion private investment into Forward Industries in September 2025, aiming to establish a leading Solana treasury company [5]. - The timing of Samani's criticism of Hyperliquid contrasts sharply with Multicoin's significant investment in HYPE tokens, suggesting potential strategic disagreements within the firm [4].

Core Insights - Ripple has launched Ripple Prime, an institutional prime brokerage platform that now supports Hyperliquid, enhancing its ecosystem but with limited impact on XRP [1][2] Group 1: Ripple Prime Overview - Ripple Prime is a prime brokerage service, providing a single access point for large trading firms and institutions to various markets without needing multiple accounts [2] - The platform connects clients to crypto, FX, fixed income, and derivatives markets, with Hyperliquid being added as an execution venue [2] Group 2: Hyperliquid Integration - Hyperliquid is recognized as the leading on-chain derivatives exchange, specializing in perpetual futures, with trades settled on-chain via smart contracts [3] - The integration with Ripple Prime allows institutions to trade on Hyperliquid without directly managing wallets or smart contracts, as Ripple Prime manages collateral, margin, settlement, and risk [4] Group 3: Benefits for Institutions - Institutions can now trade multiple asset classes through a single account, post one pool of collateral, and centralize risk management and reporting [5]

Core Insights - Ripple has integrated its institutional prime brokerage platform, Ripple Prime, with the decentralized derivatives trading protocol Hyperliquid, allowing clients to access onchain perpetuals liquidity while managing margin and risk within Ripple Prime [1] - The integration enhances Ripple Prime's offerings, which already include support for traditional assets like FX, fixed income, and over-the-counter swaps, providing centralized risk management and capital efficiency for multi-asset portfolios [2] - Hyperliquid has rapidly grown to become the largest decentralized exchange for perpetual contracts, with over $5 billion in open interest and $200 billion in monthly trading volume as of mid-January, indicating strong market interest and performance [4] Industry Context - The integration reflects a trend towards increased interoperability in the blockchain space, as seen with Flare's launch of the first XRP spot market on Hyperliquid earlier this year [3] - Hyperliquid's recent focus on tokenized commodity trades, including silver futures, has contributed to its growth and the performance of its HYPE token during market fluctuations [4] - Ripple launched its Prime platform in late 2025 following a significant acquisition of prime brokerage firm Hidden Road for $1.25 billion, indicating a strategic move to enhance its service offerings in the institutional space [5]

Hyperliquid's HYPE token soared over 20% to lead cryptocurrency gainers, as the HyperCore team announced support for HIP-4, a proposal to introduce “outcome” trading. This development marks a strategic move for the decentralized perpetual futures platform, aiming to capture a share in one of the fastest-growing sectors. Hyperliquid’s HIP-4 Proposal Sends HYPE to 2-Month High Market data showed that HYPE surged 22.39% over the past day, outperforming the broader market’s 3.6% gain over the same period. T ...