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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.

Sage D. Young

6/1/26 1:17PM

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 Hyperliquid’s fees are dedicated to token buybacks and burns. So far, cumulative buybacks 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 that Hyperliquid is “bigger than Nasdaq” in trading activity, CoinDesk reported.

Sage D. Young22m

Solana falls to a more than 3-month low

The price of solana has been struggling, dipping below $76 briefly on Tuesday, a level not seen since February.

Despite the underlying asset suffering, solana ETFs saw $115 million of inflows in May, the highest monthly figure in 2026, data from SoSoValue shows. The investment vehicles have brought in a total of $1.1 billion since their inception last year and have yet to record a monthly outflow.

However, positive ETF flows haven’t swayed traders, who are increasingly negative: prediction market-implied odds of solana dropping under $60 in the year stand at 60%, an increase from 45% three weeks ago.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

"ETF flows for Solana have been positive but relatively small, so they currently only have a marginal effect on the overall price discovery for SOL," according to Carlos Guzman, research analyst at crypto trading firm GSR.

"Solana has been caught up in the broader crypto market weakness, where, outside of a few sectors that have attracted interest of late, including perpetual exchanges, privacy, and AI, most crypto token performance has been sluggish," Guzman told Sherwood News. "The meme coin narrative that drove interest in SOL in late 2024 and early 2025 has largely subsided, so the token has found itself outside of the current zeitgeist."

Meanwhile, former presidential candidate Andrew Yang’s Noble Mobile announced on Tuesday that it acquired Helium Mobile, a wireless carrier that runs on the solana blockchain. The two companies both declined to disclose the deal’s financial details, according to a report from Fortune.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Sage D. Young6/1/26

Ethereum developer unlocks $2 million of trapped tokens from 2016 ICO contract

Initial coin offerings (ICOs) have been a way for people in the crypto space to fundraise capital that involved users sending ethereum to a smart contract with the expectation of receiving a project’s tokens.

Despite the popularity of ICOs, a number of projects failed, were unable to meet fundraising goals, and then, for one reason or another, were unable to return investors’ capital. One such example was HongCoin, which aimed to be a decentralized venture fund across borders.

On Sunday morning, blockchain sleuth 0xFlorent announced unlocking 1,003.62 ethereum tokens, worth $2 million, in HongCoin’s 2016 smart contract, enabling the 48 initial investors to claim funds that have been trapped for nine years. Of the investors, two have so far claimed a combined 96.5 ethereum.

The contract held all of the investors’ ethereum and was meant to auto-refund the cryptocurrencies, but “a bug in the refund function quietly broke that, and the funds got stuck,” 0xFlorent said in an X thread.

The HongCoin recovery was the second one the ethereum developer has disclosed in the past eight days. Last Sunday, 0xFlorent said they unlocked over 19.3 ETH, worth $40,590, that were stuck in two old contracts.

As to whether 0xFlorent will unlock more tokens stuck in ICO contracts, the security researcher doesn’t know. “It’s not my main activity and I did it because I found a way to help people. That’s it," 0xFlorent told Sherwood News.

Yaël Bizouati-Kennedy

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Strategy sinks after revealing it has sold bitcoin

The largest corporate bitcoin holder sold 32 bitcoin for $2.5 million, with an average sale price of $77,135.

HYPE notches all-time high, and its treasury companies are the only profitable ones

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