Citrini believes this future is approaching, and the banks are going to hate it. They will no longer have customers depositing their money with them, because machines would be programmed to seek out greater returns. “Our financial system was not designed for this future. It’s slow, fragmented and gate-kept by layers of intermediaries, legal authorities and KYC processes. It was built by humans, for humans,” the company said. In its concern, Citrini noted that financial institutions could struggle when millions of automated assistants start moving customer money continuously, potentially draining deposits from banks offering uncompetitive rates.

Citrini highlighted reasons why it left out BTC

According to Citrini, two things may happen in this situation. One is that the current banks will innovate to allow for more fluid movement of software money. Or, there will emerge new finance networks for this task. Blockchain technology has had around 15 years of being able to make payments without having a closing time. The issue was making sure there were enough good reasons for people to use them. “Both of those things are now changing. Financial assets are being tokenized and brought onchain.”

The company also noted that the worlds of traditional finance and crypto are merging. The arrival of AI agents adds another dimension because machines can operate financial applications without struggling through the confusing interfaces that frustrate human customers. Now, consider the internet when it was first developed. One did not need to know how to operate TCP, IP, or HTTPS when viewing web pages; the browsers dealt with all that on their own.

This is what Citrini hopes future blockchain technology will be like, but according to it: “We felt the urge that strikes any thematic investor on the cusp of a big idea: to investigate. So I downloaded Coinbase Wallet, loaded up $1,000 and went where very few investors return from with a positive ROI: the onchain trenches. Expecting to get rug-pulled, we were surprised by my findings.”

A likely turning point?

According to Citrini, it realized that while investors (and Citrini Research itself) were engaged in an ongoing debate about GPUs and memory constraints, a system of financial applications was quietly emerging, which is, in many aspects, comparable to TradFi. A completely different world, one that goes way beyond standard get-rich-quick scams, ranging from tokenized treasuries, equities, and options to programmable loans, payments, yield farms, and even entire applications that simply did not exist a few years back.

The turning point referred to by Citrini came in March during the Iran crisis, when the traders required somewhere to respond to the developments on the oil market during the weekend. In addition, Hyperliquid offered the ability to trade futures contracts based on oil when the regular exchanges were not operating. On the other hand, Robinhood (HOOD) launched its Stock Tokens product, contributing to the maturation of tokenized stocks away from stand-alone trading platforms. What makes this interesting is that these assets can now be transferred between applications.

Citrini said: “To grasp the scale… In September, Solana temporarily processed more trades than the NYSE…and while most of this activity is surely bots, meme pairs and other nonsense, that still says quite a lot about the traction this is getting.” While the number of transactions in itself does not determine economic value, it does show the extent of busyness of decentralized networks. Also, Washington cannot be ignored anymore. Following the failure of the CLARITY Act in the Senate, the SEC introduced a five-year exemption from regulation of some stock-token trading operations.

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A survey of 26 licensed virtual asset service providers run by the Korean Financial Intelligence Unit and the Financial Supervisory Service, covering January through June, has revealed that the combined market capitalization of Korea’s exchanges fell by 33%, a drop of 28.3 trillion won, while won-denominated deposits sank by 35%, or 2.9 trillion won. Average daily trading volume was also down 44%. The market value had fallen to about 58.9 trillion won (roughly $42 billion) by the end of June, compared to its value of 87.2 trillion won six months earlier.

Daily turnover fell to 3.1 trillion won from 5.4 trillion, and customer deposits in won dropped to 5.2 trillion from 8.1 trillion. Exchange operating income collapsed by 78% to 81.6 billion won compared to 374.8 billion a year earlier. Regulators tied much of the loss to Bitcoin, which the FSS noted fell 33% to $58,559 by the end of June. The survey also found that 93 of the 234 tokens listed on just one exchange were valued at 100 million won or less by appraisal. The regulator said this figure should make users think twice.

Korean won deposits drop by 35%

The decline in deposits is due to overseas platforms baiting Korean traders with products the country’s market does not allow. For example, there is a perpetual futures contract built on KORU, a U.S.-listed exchange-traded fund that returns three times the daily move of Korea’s Kospi index. Binance launched a KORU product with 20x leverage on June 22, then raised the limit to 50x four days later. Because the fund itself already tracks three times the index’s daily price swings, traders could end up exposed to as much as 150 times that loss or gain.

Earlier in June, Binance had also offered 20x products on Samsung Electronics, SK hynix and Hyundai Motor, and Bybit, OKX and KuCoin launched their own KORU contracts. On June 23, the Kospi fell 9.99%, and KORU fell by 35.7% in one session to $700.01. These platforms operate outside the reach of South Korea’s investor protections. Traders get to them by purchasing Tether with won on a licensed local exchange and then transferring the stablecoin overseas.

Tiger Research, working with blockchain analytics firm Chainalysis, tracked roughly 120,000 Korea-linked wallets and estimated that about 700 trillion won, or $530 billion, left domestic exchanges between 2021 and 2026. Outflows reached around $120 billion in 2025 and were projected near $52 billion this year, the firm said. Wallets owned by South Koreans put roughly $1.64 billion into three decentralized derivatives platforms: Hyperliquid, Lighter and Variational, between January 2024 and July 2026.

In July alone, about 1,200 of those wallets traded $4.97 billion in notional volume on Hyperliquid. Their most-traded instruments included contracts linked to SK Hynix, Samsung Electronics and crude oil, which can be traded with leverage and around the clock, even when regular markets are closed. Shinhan Securities analyst Park Sung-jae said in July, when domestic trading had fallen to about 1.6% of Kospi turnover, that investors are leaving due to the diverse investment methods foreign crypto exchanges offer.

He mentioned that those exchanges offer futures and leverage, while spot trading is “the only de facto trading option” in South Korea. Meanwhile, Cryptopolitan previously reported that South Korea plans to apply a 22% levy on annual crypto gains above a 2.5 million won deduction starting January 1, 2027, with the first returns due in May 2028. Petitioners warned that the rule would push even more traders offshore and gathered the 50,000 signatures needed to force a National Assembly review. Lawmakers from both ruling and opposition parties have floated delays as far out as 2030.

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The token gained momentum after regulatory, lending, and distribution updates arrived within a short period. Market attention has shifted toward Hyperliquid’s growing role in decentralized derivatives infrastructure. 

The recent moves highlight expanding use cases beyond traditional decentralized exchange activity.

HYPE surpassed its previous all-time high recorded on September 6, rising more than 15% over two days. 

The token has gained over 250% year to date, making it one of the strongest performers among the top ten cryptocurrencies by market capitalization.

Three major developments contributed to the latest momentum around HYPE. The U.S. Securities and Exchange Commission issued a tokenized securities exemption, Hyperliquid launched manual borrowing features, and NEAR connected its perpetual futures platform to Hyperliquid’s order book.

SEC exemption opens new path for tokenized stock trading

The SEC announced an Innovation Exemption on September 17, creating a temporary five-year conditional exemption for tokenized securities venues. The order allows eligible platforms to trade tokenized National Market System stocks through permissioned automated market makers and liquidity pools.

The exemption applies to tokenized stocks where holders maintain traditional shareholder rights. These rights include voting privileges and dividend payments. However, synthetic products such as tokenized security swaps remain outside the exemption’s scope.

Hyperliquid has positioned its HIP-3 framework around new perpetual markets built by external developers. The framework allows builders to stake HYPE and create markets on Hyperliquid’s order book.

Trade.xyz has already used HIP-3 to list tokenized equity perpetual contracts. Hyperliquid data showed that real-world asset markets have expanded rapidly. RWA markets accounted for about 2% of platform volume in January. That share has now grown to around half of overall volume.

The SEC decision does not directly approve equity perpetual products. However, it provides a regulatory signal around blockchain-based stock trading. Hyperliquid has already developed infrastructure supporting similar market activity.

Borrowing launch and new distribution deals boost HYPE demand

Hyperliquid introduced manual borrowing on HyperCore, allowing users to supply HYPE or Bitcoin as collateral. Users can borrow USDC or USDT against their assets through the new feature.

The platform set HYPE collateral at a 65% loan-to-value ratio and Bitcoin collateral at 50%. Hyperliquid reported that users borrowed about $269 million on the first day.

The borrowing system could affect large HYPE holders by offering liquidity without requiring asset sales. Users can keep their HYPE positions while accessing stablecoins through collateralized loans.

Meanwhile, NEAR integrated its perpetual futures platform with Hyperliquid’s infrastructure. The partnership uses Hyperliquid’s order book, matching system, and more than 50 markets.

NEAR provides the user interface while allowing traders to access markets across more than 30 chains. The integration directs trading activity into Hyperliquid’s liquidity system.

Payward, Kraken’s parent company, also announced plans to bring onchain perpetual futures to U.S. clients. The company identified Hyperliquid and HIP-3 markets as part of its planned route, pending regulatory approval.

The latest developments have strengthened Hyperliquid’s position as a derivatives infrastructure provider. The combination of lending features, external integrations, and regulatory developments has increased attention around HYPE’s expanding ecosystem.

The post HYPE price hits fresh record high above $90 with Hyperliquid adoption rising first appeared on Coinfea.

The metric crossed $14 billion on September 4 after bottoming near $4.76 billion in February. That represents roughly 210% growth over seven months. 

The rise has developed gradually since March, unlike the rapid leverage buildup seen last October.

Coinbase Routing and HYPE Unlock Arrive During Expansion

Coinbase said on August 19 that its Base app would use Hyperliquid-powered perpetual futures. The integration gives users access to more than 290 perpetual markets covering crypto, commodities, and equities. It also created a distribution channel for Hyperliquid.

A day later, President Donald Trump said the CFTC was actively working on bringing Hyperliquid onshore. 

Another test followed on September 6, when 9.92 million HYPE tokens were unlocked, worth about $820 million. Open interest remained steady through the event and recorded a local high the next day.

Core Perps Replace HIP-3 as Main Growth Driver

The composition of Hyperliquid Open Interest has shifted during the past month. Earlier this year, builder-deployed HIP-3 markets powered much of the increase. 

Their share rose from 18% of platform open interest to above 34% in August, while their total exceeded $4 billion.

The pattern has now reversed. Total open interest increased by $3.80 billion over the latest month, while Hyperscreener data shows HIP-3 open interest declined by about $200 million. Core perpetual markets therefore supplied the expansion.

Core markets direct about 99% of fees toward HYPE buybacks. Builder markets allow deployers to retain up to half of generated fees. Recent growth has shifted toward markets that feed fees more directly into token buybacks.

Hyperliquid Controls About 76% of Perp DEX Open Interest

Artemis data from September 8 placed total open interest across tracked perpetual DEXs at $19.2 billion. Hyperliquid accounted for about $14.6 billion, or 76%. 

Aster held $2.5 billion, Lighter recorded $1.1 billion, and edgeX had $598.6 million. Every other platform remained below $210 million.

The distribution differs from late 2025, when challengers held meaningful shares during the October peak. 

The market has since consolidated, with Hyperliquid holding roughly three-quarters of tracked perpetual DEX open interest. 

The current size also includes exposure that previously sat on centralized venues.

Open interest measures the notional value of outstanding positions, not capital entering a platform. It does not show market direction because positions can be long, short, or balanced. 

Higher open interest means more positions may face liquidation during sharp price moves, as October 2025 demonstrated. The figure instead shows where traders are willing to keep exposure open.

The post Hyperliquid Open Interest Tops $14.7 Billion as Core Perps Drive Growth first appeared on Coinfea.

The Nasdaq-listed company disclosed the change in a Form 8-K filed with the SEC on September 1.

The amendment raises the ceiling on Hyperliquid Strategies’ committed equity facility with Chardan Capital Markets. The arrangement allows the company to issue shares over time and direct proceeds toward its HYPE-focused treasury strategy.

“The Amendment increases the Total Commitment … from $1.0 billion to $2.5 billion.”

Expanded equity facility supports HYPE accumulation

Hyperliquid Strategies entered the ChEF Purchase Agreement with Chardan in October 2025. The original structure limited gross proceeds to $1 billion before the amendment lifted the maximum to $2.5 billion.

The company had used the facility extensively before the increase. Its August 27 earnings release said it raised $646.6 million at an average issue price of $8.70 per share.

HSI reported deploying $773.4 million to acquire about 16.5 million HYPE tokens at an average cost of $46.77.

“$773.4 million deployed to accumulate ~16.5 million HYPE tokens at an average cost of $46.77.”

The larger facility gives the company additional fundraising capacity that can support further HYPE purchases if shares are issued and proceeds are deployed.

Exchange Cap limits discounted share issuance

The amendment also introduced limits on lower-priced stock sales after the first $1 billion of facility proceeds. Sales below $12.02 cannot push issuance beyond 42,641,847 shares under the Exchange Cap.

That cap equals 19.99% of shares outstanding immediately before the amendment. The restriction is designed to comply with Nasdaq shareholder-approval requirements under Rule 5635.

The $12.02 level is not a fixed share-price floor. HSI may exceed the Exchange Cap for lower-priced sales if shareholders approve additional issuance or an applicable exemption becomes available.

HYPE treasury growth meets protocol buybacks

Hyperliquid Strategies reported about $2.06 billion in total assets as of June 30, including roughly $1.904 billion in HYPE. The company ended fiscal 2026 with no debt and increased holdings from 12.5 million to 29.3 million HYPE.

HSI said HYPE rose about 77% during the June quarter while total digital asset market capitalization fell nearly 13%.

Hyperliquid also supports HYPE through protocol fee-funded buybacks. Bitwise CIO Matt Hougan wrote on August 12 that Hyperliquid generated more than $800 million in revenue last year and uses “~99% of it to buy and burn HYPE.”

A related Cryptopolitan report said Bitwise estimated $1.3 billion of HYPE had been purchased and burned since launch.

DefiLlama data showed annualized fees of $950.63 million, annualized revenue of $713.83 million, open interest of $13.771 billion, and HYPE at $82.21 at the time cited.

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Zhao said the administration’s approach could benefit more than Hyperliquid. He argued that regulatory frameworks created for one company can influence standards across the digital asset industry.

Content creator Jake Gagain highlighted Zhao’s remarks on X. Zhao said, “This is not just about Hyperliquid. There will be so many Perp DEXs and decentralized services available to U.S. users. This is hugely positive for everyone in the industry.”

Trump Highlights Hyperliquid Compliance Effort

Trump discussed Hyperliquid during a White House gathering with crypto leaders on August 19. He said regulators are working on a compliant path for the platform.

Trump credited Commodity Futures Trading Commission Chairman Michael Selig with leading the initiative. He said, “I understand Mike [Selig] is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion.”

The meeting included executives from Ripple, Coinbase, Robinhood, Kraken, and Nasdaq. SEC Chairman Paul Atkins and Selig attended.

Zhao later said industry policies cannot be limited to individual companies. He wrote, “Many people miss the bigger picture. Policy cannot be applied to only one company/project. What’s good for one is good for the rest of the industry.”

Hyperliquid Continues Engagement With US Regulators

Hyperliquid has been working with American regulators as it seeks access to the domestic market. The Hyper Foundation finances the Hyperliquid Policy Center, which conducts policy research in Washington, D.C.

The center aims to support regulated access to on-chain perpetual contracts in the United States. Current restrictions remain the main obstacle to Hyperliquid’s domestic operations.

Perpetual contracts are not technically banned in the country. However, their structure remains incompatible with execution and clearing requirements under the Commodity Exchange Act.

Selig discussed a US pathway on the Bankless podcast in June. He said, “We want to create a path to bring these onchain markets into the United States and make sure they comply with some form of regulation.”

Regulators have explored changes involving perpetual-style products. In May, the CFTC approved a spot Bitcoin perpetual contract and said other assets would be considered individually.

Trump Renews Call for CLARITY Act Passage

Trump urged lawmakers to approve the CLARITY Act at the meeting. The legislation has faced repeated delays and setbacks.

He described the proposal as “very powerful, structured legislation” and said it could help the United States remain ahead of China and other countries.

Trump was asked whether the government plans to purchase Bitcoin soon. He referred the question to the Securities and Exchange Commission for guidance.

The post Hyperliquid US Push Wins CZ Support as Trump Backs Legal Market Entry first appeared on Coinfea.

Hyperliquid is currently not open to US users due to regulatory constraints. Perps are not banned outright in the United States, but they do not fit neatly under the Commodity Exchange Act, which sets the clearing, margin, and execution rules for derivatives traded on registered venues. That gap has fueled enforcement actions against both centralized and DeFi platforms offering off-exchange derivatives. Hyperliquid, while operating offshore, has been funding outreach to effect a regulation change that allows for a clear path to introduce perps in U.S. markets.

Hyperliquid pushes advocacy to launch perpetual futures in the US

According to the report, the Hyperliquid Policy Center, funded by the Hyper Foundation, has been running policy research and advocacy in Washington, D.C., with the aim of a regulated access framework for on-chain perpetual contracts and decentralized market infrastructure inside the United States. Both the CFTC and SEC “will have a big role to play in shaping some of the fastest-growing parts of crypto, such as perpetual futures and vaults, which aren’t covered by the Clarity Act,” according to Yang.

US regulators are already adjusting to accommodate perpetual-style products inside compliant structures. In May, the Commodity Futures Trading Commission (CFTC) approved the listing of a perpetual contract tied to the spot price of bitcoin, with plans to review perpetual contracts tied to other assets on a case-by-case basis. In June, the CFTC opened public comment on two proposed changes on 24/7 energy futures and perp contracts tied to oil, Cryptopolitan reported.

In other news, the crypto market saw a decline in perps volume in July, according to CryptoRank. Total centralized-exchange futures volume slid to $4.0 trillion in July, its lowest since December 2023 and down sharply from peaks above $10 trillion in late 2025. A similar trend was observed across the DEX perp markets. Monthly volume dropped by roughly 21% in July to $531 billion. The decline ended the two-month recovery from April, according to CryptoRank.

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It is also the platform’s strongest reading this year, even as the wider cryptocurrency market continues to recover from the severe deleveraging event.

Bitcoin and the broader market remain under pressure after the crash. Total cryptocurrency market capitalization is still roughly 45% below its previous level. HYPE, meanwhile, has gained about 34% over the same period, showing stronger performance than the wider market.

Bitcoin currently trades near $65,000, compared with approximately $100,000 around the October 10 crash. Coinglass data places total crypto open interest at $116.66 billion, down 47% from that period. 

Source: HyperTracker

Hyperliquid is therefore expanding while the broader derivatives market remains substantially smaller. That divergence highlights the platform’s faster rebound within a market still shaped by reduced leverage and lower trading activity.

RWA Perpetuals Lead Hyperliquid Growth

Real-world asset perpetuals are driving much of Hyperliquid’s open interest recovery. HIP-3 builder markets now hold $3.61 billion in daily open interest, making RWA perpetuals the platform’s largest single segment. They now exceed Bitcoin, HYPE, and other layer-one tokens.

HIP-3 launched on October 13, 2025. The framework allows any builder to stake 500,000 HYPE and deploy a perpetual market without approval from Hyperliquid’s core team.

Source: The Block 

HIP-3 markets now generate half of daily perpetual volume, matching core markets at a 50-50 split. At the start of the year, core perpetuals accounted for 97% of platform volume.

Hyperliquid Reaches Record Exchange Share

Source: Hypeflows

Hyperliquid’s share of perpetual open interest against major centralized exchanges has reached a record 9.5%, according to Hypeflows data. The figure has risen from 6.9% in late May.

That increase requires context. Hyperliquid’s open interest remains about 23% below its October 2025 peak near $15 billion. Binance, Bybit, and Gate.io contracted more sharply during the post-crash deleveraging period.

Consequently, Hyperliquid gained market share mainly by declining less than its competitors. Available figures do not establish that traders moved directly from centralized exchanges to the platform.

TradeXYZ Controls Most HIP-3 Activity

TradeXYZ, built by Hyperliquid’s tokenization arm Hyperunit, holds more than 90% of HIP-3 open interest. One builder therefore supports almost one-third of the platform’s total open interest.

HIP-3 markets operate outside Hyperliquid’s native liquidity pool. Oracle quality, margin settings, and liquidity provision depend entirely on each deployer, placing significant activity under TradeXYZ’s operational framework.

Centralized exchanges are also entering the category. Binance launched pre-IPO perpetuals with a SpaceX contract on May 21. It added seven United States equity and exchange-traded fund perpetuals on July 9, offering leverage of up to 25 times.

Those launches bring centralized exchange liquidity into products previously associated closely with Hyperliquid. They also increase competition across tokenized equity, ETF, and pre-IPO perpetual markets.

The post Hyperliquid Open Interest Hits $11.51 Billion as RWA Perps Expand first appeared on Coinfea.

The upgrade will first appear on testnet before reaching mainnet after further testing. The staged release gives validators and builders time to assess contract deployment, oracle handling, and settlement behavior before permissionless markets become available more broadly across the production exchange.

HIP-4 initially launched on mainnet on May 2 with a limited group of approved markets. Under the new phase, eligible builders can deploy event contracts without direct approval from the Hyperliquid team. Those contracts use the same deployment slot assigned to builder-operated decentralized exchanges.

The required HYPE stake can be slashed and burned when validators identify oracle manipulation or an invalid settlement attempt. Builders can choose the events, operate the oracle process, and retain up to half of the trading fees generated by their markets. Hyperliquid provides the matching engine and access to its existing liquidity.

Permissionless HIP-4 Markets Move Beyond Curated Listings

Before this expansion, Hyperliquid selected each outcome market individually. The first product was a daily Bitcoin price binary market operated by Outcomexyz. The permissionless framework now allows qualified builders to create new event contracts directly.

The structure removes the need for every market to pass through a central listing process. At the same time, the staking requirement creates financial exposure for builders that submit false data or attempt to interfere with settlement.

Onchain Settlement Uses Hyperliquid Validators

HIP-4 settles contracts onchain through Hyperliquid’s validator set and objective reference sources. No token vote determines the final result. Validators publish the outcome, after which each contract settles at either zero or one.

The model differs from Polymarket’s use of UMA’s optimistic oracle for disputed outcomes. The article notes that this approach faced several controversies during the year, including a market worth about $60 million that settled against documented facts.

Kalshi avoids decentralized dispute voting through its centralized, CFTC-regulated structure. However, that system leaves market approval with a central operator. Kalshi’s head of crypto also co-authored the HIP-4 proposal.

Unified Margin Connects Event Contracts and Perpetuals

HIP-4 positions sit inside the same account as a trader’s perpetual and spot holdings. All positions draw from shared collateral and contribute to one margin balance.

This setup allows a trader to hold a long Ether perpetual position while purchasing a downside event contract as a hedge, without transferring funds between platforms.

New HIP-4 markets also open within Hyperliquid’s existing trading environment. The platform serves about 1.4 million users and processes roughly $5 billion to $6 billion in daily perpetual volume. As a result, builders launch markets into an active exchange rather than starting with an empty order book.

The post Hyperliquid Opens HIP-4 Prediction Markets to Builders Staking 500,000 HYPE first appeared on Coinfea.

The CXMT perpetual futures contract launched through TradeXYZ after the issuer secured the ticker during an auction for 500 HYPE. Trading began immediately on HIP-3, where strong demand pushed the contract above prices used in the company’s earlier share distribution.

ChangXin Memory Technologies plans to raise as much as $10 billion through its initial public offering. The deal could become one of Shanghai’s largest public offerings since 2011. The company expects its shares to begin official trading on July 24.

Founded in 2016, CXMT forms part of China’s effort to expand domestic semiconductor production. The company supplies DRAM memory chips, placing it within the broader hardware industry supporting artificial intelligence development and rising computing demand.

TradeXYZ Launches CXMT Perpetual Contract

TradeXYZ announced the CXMT market on Wednesday, extending its range of contracts linked to real-world assets. The platform has previously introduced actively followed pre-IPO markets, including a SpaceX contract listed under the SPCX ticker.

Blockchain data showed TradeXYZ paid 500 HYPE to acquire the CXMT ticker and become the main issuer for the market. The addition arrived as TradeXYZ open interest reached new records, while the platform generated more than $60 million in annualized fees.

The contract joined a smaller group of stock-linked assets on Hyperliquid. Although these markets trail Hyperliquid’s largest crypto contracts, CXMT attracted substantial activity from crypto-native participants and traders in China throughout the contract’s contested opening pre-IPO trading period.

HIP-3 Trading Pushes Valuation Higher

CXMT had previously distributed some shares at $1.48 through a lottery-style process. On HIP-3, the perpetual contract traded above $8 after an early surge in activity, producing a much higher implied company valuation.

By July 15, CXMT recorded more than $23 million in open interest and $32 million in trading volume. The contract gained 33% during its initial pre-IPO trading period.

The largest whale position reached $4.12 million and carried an unrealized loss of $320,000 as prices increased. The short position remained open despite the rapid advance and related market pressure.

CXMT started trading with rapidly growing activity on HIP-3, entering price discovery above the expected valuation of ChangXin memory. | Source: HIP-3

CXMT Valuation Reaches $540 Billion

CXMT has approximately 66.88 billion issued shares. Applying the HIP-3 contract price across that share count placed its implied valuation near $500 billion during early trading.

The valuation peaked at about $540 billion when the contract reached a record $8.64. At that level, CXMT would rank as the world’s thirty-second largest company by market value.

Further subscription rounds are expected before official trading begins. Once the Shanghai listing starts, oracle pricing will determine the CXMT contract using the publicly traded share price and the renminbi to United States dollar exchange rate.

The post Hyperliquid Prices China AI Chip Giant CXMT at $540 Billion Before IPO first appeared on Coinfea.