The GAAP headline is mark-to-market theater. What matters is the operating business doubled and shifted from passive treasury holding to active DeFi deployment.
Jeff tried to build a prediction market seven years ago when crypto lacked the infrastructure, had a few million users, and no one could tell him if it was legal. Now he's coming back with the largest perps DEX in crypto, a custom L1, a top-10 token at $10B market cap, and the composability to compete.
On-chain analyst mlmtracked HSI’s (formerly Sonnet BioTherapeutics) wallet activity and published findings on their recent HYPE accumulation:
Ventuals’ vHYPE staking campaign launched on Oct 16 at 15:00 UTC, marking one of the fastest HIP-3 bootstraps to date.
Hyperliquid
Ventuals