HYPE notches all-time high, and its treasury companies are the only profitable ones
Hyperliquid Strategies and Hyperion DeFi, two firms focused on accumulating HYPE, are currently the only digital asset treasury companies with gains.
The native token for Hyperliquid, the perpetual futures exchange built on its own blockchain, climbed to a new all-time high at $74.18 on Monday, though it later fell alongside the broader crypto market.
The price action makes Hyperliquid Strategies and Hyperion DeFi the only profitable digital asset treasury companies, with a combined unrealized gain of more than $1.4 billion, data from blockchain analytics firm Artemis shows.
Hyperliquid's HYPE jumped more than 71% in the past month, while ethereum, solana, XRP, and dogecoin all ended May in the red.
HYPE ETFs are contributing to token's ongoing rally. The funds launched last month and have yet to see any daily outflows. Cumulative inflows stand at $132.1 million, while bitcoin and ethereum have seen nearly $3 billion in outflows in May, per SoSoValue.
Interestingly, despite the token reaching a new high, the market capitalization of HYPE is not at its all-time high, due to its tokenomics design. 99% of the Hyperliquid's fees are dedicated to token buybacks and burns. So far, cumulative buybacks stand at stand at $920 million or around 4.5% of the total supply, according to data sourced from boutique digital asset researcher ASXN.
Meanwhile, Intercontinental Exchange CEO Jeffrey Sprecher said at a Bernstein conference Hyperliquid is “bigger than Nasdaq” in trading activity, according to a CoinDesk report.
