Hyperliquid’s native token HYPE surged more than 20% in 24 hours after U.S. President Donald Trump indicated regulators were developing a compliant pathway to allow American users on the decentralized trading platform.
HYPE traded near $62 just before Trump’s comments and jumped as much as 16% to a 24-hour high of $72.28, according to CoinGecko. The token later stabilized around $70, with 24-hour volume reaching $1.4 billion.
During a Wednesday event at the White House, Trump said he understood CFTC Chair Michael Selig was working to bring Hyperliquid into the U.S. in a fully compliant manner. "Working very hard on that," he added. Neither the CFTC nor Hyperliquid has released a formal proposal detailing how U.S. access would be structured, whether an application has been filed, or a timeline for a compliant launch.
The market reaction underscores how the prospect of U.S. access could reprice HYPE and companies holding the token. Hyperliquid Strategies, a Nasdaq-listed entity trading under the ticker PURR that describes itself as independent from the protocol, closed Wednesday at $9.39, up 30.4%.
Options activity on PURR surged hours before Trump’s remarks. A $65,000 purchase of 719 October $8 strike call options was reported, with contracts quoted at $2.45 by the close, yielding an unrealized gain of about $111,000. Volume reached 2,575 contracts, over 140 times the 30-day average, according to OptiView data. The buyer remains unidentified, and no evidence of insider trading has been established. The CFTC had previously disclosed a July 15 meeting with Hyperliquid Labs and Hyperliquid Strategies.
