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Hyperliquid begins $330 million HYPE distribution to institutional investors
Hyperliquid Labs has completed the unstaking of 3.75 million HYPE tokens worth approximately $330 million for an over-the-counter transaction with an institutional investor. Half of the tokens have already been transferred to five buyer wallets, according to data from analytics platform Onchain Lens.
The unstaking process began on September 30 and ended on October 7, 2026, following a mandatory seven-day waiting period. According to analysts, the transaction marks the largest HYPE distribution by the team in the project's history.
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Hyperliquid co-founder iliensinc confirmed that the transfer was linked to an over-the-counter (OTC) agreement with an unnamed institutional counterparty. According to the co-founder, the assets are intended for a negotiated transaction rather than a sale on the open market.
Half of unstaked tokens transferred to buyers
After completing the unstaking process, Hyperliquid Labs transferred 1.875 million HYPE to five addresses. Each received 375,000 tokens, while the remaining half of the allocation has yet to reach buyers.
The entire amount is part of the team's October token distribution. However, previous unlock schedules had indicated that 9.9 million HYPE would be released this month, significantly more than the actual amount unstaked.
For comparison, previous monthly distributions ranged from 140,000 to 534,000 HYPE. The latest transaction substantially exceeds those figures and represents approximately 1.5% of the token's circulating supply.
Following the initial transfers, analysts identified additional transactions involving the restaking of some assets and their consolidation at specific addresses.
The terms of the OTC agreement remain undisclosed. The parties have not revealed the sale price, potential restrictions on subsequent token sales, or the timeline for transferring the remaining allocation.
Hyperliquid advocates broader access to financial markets
OTC transactions allow large trades to be executed without placing the entire token volume directly into exchange order books. However, the lack of information about resale restrictions makes it difficult to assess when the HYPE received by buyers could enter the open market.
The distribution comes as Hyperliquid's leadership calls for changes to the traditional financial market model. Project founder Jeff Yan believes retail investors often gain access to fast-growing assets only after participants in private funding rounds have captured most of the profits.
Yan argues that blockchain-based perpetual futures markets can expand opportunities for retail investors and reduce reliance on traditional financial intermediaries. He views the development of on-chain infrastructure as a way to make these instruments more accessible to a broader audience.
Earlier, we reported that the Hyperliquid Policy Center urged exchanges to adopt public blockchain infrastructure to remain competitive. The organization believes open networks could transform how trading is organized and how financial market participants interact.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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