Hyperliquid's HYPE Prints ATH While SpaceX Pretends Nasdaq Is Open

Hyperliquid's HYPE token reached a new all-time high of $76.50 overnight, climbing 12% on the day as trading activity poured into the platform's 24/7 SPCX perpetual contract. The tokenized SpaceX contract did about $1.1 billion in volume and rose roughly 23% to around $209, touching as high as $230 overnight, according to Decrypt's Morning Minute. With Nasdaq closed, the after-hours price discovery for SpaceX, the year's biggest IPO, has been running on Hyperliquid, and the contract became the third-largest market on the platform, behind only Bitcoin and Ether, and ahead of Solana and HYPE's own book.

Demand for HYPE extended beyond onchain markets. HYPE ETFs traded roughly $17 million on Monday, their second-biggest day on record. Pre-IPO and real-world-asset perpetuals continue to pull activity onchain, with Hyperliquid capturing that flow and HYPE positioned as the most direct way to gain exposure to it.

Strategy bought another 1,587 BTC for about $100 million last week at an average price of $63,024, while also growing its USD Reserve by $100 million to $1.1 billion, the second straight week the firm has rebuilt that cash cushion. Both moves were funded by selling roughly $209 million of MSTR stock through its at-the-market program. The reserve is intended to cover dividends on Strategy's preferred shares and interest on its debt, with about $1.7 billion coming due over the next 12 months, and is being rebuilt after the company used $900 million last month to pay off a portion of its 2029 convertible debt. JPMorgan previously noted that the reserve covered only about six months of dividends and said Strategy needed to restore it to reassure investors. MSTR shares were up 6% on Monday, a sign that shareholders have not pushed back against the dual track of acquiring Bitcoin and building a cash buffer at the same time.