Hyperliquid’s native token experienced a significant price surge of more than 20% over a 24-hour period following remarks by United States President Donald Trump regarding a potential compliant pathway for the decentralized trading platform to serve American users.
Prior to Trump's comments, HYPE was trading at approximately $62. The token subsequently rose by as much as 16% to reach a 24-hour high of $72.28, according to CoinGecko data. It later settled near $70, representing a 20% increase over the preceding day alongside $1.4 billion in 24-hour trading volume.
During a Wednesday White House event, Trump stated that Commodity Futures Trading Commission (CFTC) Chair Michael Selig is working on bringing the platform to the US. “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said. “Working very hard on that.”
Despite the market reaction, neither the CFTC nor Hyperliquid has published a formal proposal detailing how US access would operate, whether a formal application has been filed, or when a compliant service might launch.
Market Impacts and Treasury Company Activity
Shares of Hyperliquid Strategies, a Nasdaq-listed HYPE treasury company trading under the ticker PURR, closed Wednesday up 30.4% at $9.39 according to Yahoo Finance. The company has clarified that it is independent and not affiliated with the Hyperliquid protocol despite sharing its name.
Trading activity surrounding the treasury company also drew attention when approximately $65,000 was reportedly paid for 719 PURR call options with an $8 strike price expiring in mid-October, roughly four hours before Trump's speech. Purchased for about $0.90 each, the contracts were quoted at $2.45 at the market close, bringing the position's value to roughly $176,000 and generating an unrealized gain of approximately $111,000.
Delayed market data from the Options Price Reporting Authority and OptiView confirmed unusually heavy activity, showing 2,575 of the October $8 calls traded during the session compared to an open interest of just 67 contracts beforehand. Trading volume exceeded the 30-day average by more than 140 times.
While the data confirms elevated trading volume, publicly available records do not independently identify the buyer or prove that the order relied on nonpublic information. There is no clear evidence of insider trading, and the CFTC previously disclosed a July 15 meeting with both Hyperliquid Labs and Hyperliquid Strategies.
