The Better Hyperliquid Trade Wednesday Was on the Nasdaq, Not Onchain

Hyperliquid Strategies (PURR) closed 30.4% higher on Wednesday, outpacing the gain in Hyperliquid (HYPE) token’s price after President Donald Trump said regulators are working to bring the exchange onshore.

The Nasdaq-listed company holds HYPE as a digital asset treasury. Its shares moved further on the news than the token sitting on its balance sheet.

Hyperliquid Treasury Stock Rose 30%, the Token It Holds 18%

Trump spoke at a White House meeting with crypto and financial executives on Wednesday. He credited Commodity Futures Trading Commission (CFTC) Chair Mike Selig with the effort.

“I understand that Mike (Selig) is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said.

Hyperliquid currently operates outside the US and does not officially serve American traders. A regulated US presence would open it to a far larger pool of customers and capital.

Meanwhile, Trump’s remarks lifted HYPE 18.6% to around $69.22. The HYPE treasury stock did better. 

Hyperliquid Strategies shares closed up 30.42% at $9.39. The stock continued to climb in after-hours trading, gaining another 4.9% to reach $9.85.

Incumbent venues moved the other way. Cboe Global Markets fell 3.5% and CME Group 1.7%. Each runs a regulated derivatives market, a licensed Hyperliquid would contest.

Follow us on X to get the latest news as it happens

HYPE Treasuries Are the Exception in a Broken DAT Trade

The digital asset treasury model has had a punishing 2026, with most vehicles now seeing sharp unrealized losses. Companies built around HYPE are the exception.

Artemis data shows just two treasury firms still sitting on unrealized gains: Hyperliquid Strategies and Hyperion DeFi (HYPD), and the asset on both balance sheets is the same.

The share prices tell the same story. PURR has gained more than 163% this year, while Strategy (MSTR) has fallen 33.6% and Bitmine Immersion (BMNR) has dropped 35.11%.

That gap explains why so many crypto-exposed companies went looking for a different narrative. For instance, Bitcoin (BTC) miners have been repricing on artificial intelligence. 

TeraWulf, IREN, and Hut 8 have rallied this year on their pivot even as mining economics deteriorated. Wednesday reversed that. No AI pivot, no hyperscaler lease, just a crypto headline moving a Nasdaq stock 30%.

Subscribe to our YouTube channel to watch leaders and journalists provide expert insights