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Hyperliquid Labs unstakes over $320 million in HYPE for institutional OTC sale

Hyperliquid Labs has initiated the unstaking of 3.75 million HYPE tokens valued at more than $320 million for its monthly team unlock, with the entire allocation earmarked for an over-the-counter sale to an institutional buyer.

Screenshot of a Discord announcement by iliensinc stating that 3.75 million tokens from Hyperliquid Labs will be unstaked for an OTC transaction with an institution.
Image: @Crypto_Briefing

Hyperliquid Labs has begun unstaking $320 million worth of HYPE tokens as part of a scheduled monthly core team token release, according to reports from Solid Intel and BSCN. BSCN reported that internal Discord communication indicates the entire tranche is designated for an over-the-counter purchase by an institutional player rather than being sold on the open market.[1][2]

Crypto Briefing reported that the transaction involves 3.75 million HYPE tokens valued at roughly $323.3 million, calculated at a price of $86.21 per token. The unstaking comes ahead of a scheduled distribution to team members on Oct. 7, in what market commentator HYPEconomist described as the team's largest token unlock to date.[3][4]

Key facts

  • Hyperliquid Labs initiated the unstaking of $320 million in HYPE tokens under its monthly core team token unlock.
  • The unstaked allocation consists of 3.75 million HYPE tokens, valued at approximately $323.3 million at an $86.21 market price.
  • Internal Discord communications indicate the entire tranche is designated for an OTC buy by an institutional player.
  • The unstaked tokens are scheduled for distribution to Hyperliquid Labs team members on Oct. 7.
  • Market commentator HYPEconomist characterized the unlock as the project's largest team unlock so far.

Sources 路 4 sources

  1. BS

    BSCN@BSCNewsPost on X 路

    Hyperliquid is unstaking Large amount of $HYPE tokens... Hyperliquid Labs has initiated the unstaking of $320M in $HYPE tokens through its planned monthly core team token release. According to the internal communication on Discord, the entire tranche is meant to be used for an OTC buy from an institutional player.

    Open source
  2. SI

    Solid Intel 馃摗@solidintel_xPost on X 路

    INTEL: Hyperliquid Labs will unstake $320M in hyperliquid:native today for its monthly team unlock, with the tokens to be sold OTC to an institution

    Open source
  3. CB

    Crypto Briefing@Crypto_BriefingPost on X 路

    馃搱NEW: Hyperliquid Labs will unstake 3.75M hyperliquid:native today ahead of distribution to team members on Oct. 7, with the tokens tied to an OTC transaction with an institution. The 3.75M HYPE tokens are currently valued at roughly $323.3M, based on HYPE trading at $86.21. https://t.co/hNT6LZm3ON

    Open source
  4. HY

    HYPEconomist@HYPEconomistPost on X 路

    biggest team unlock so far not hitting the open market going OTC to an institution hyperliquid team is unmatched https://t.co/2nL6kiKxiT

    Open source