On Wednesday, President Donald Trump announced at a press conference that efforts are underway to bring Hyperliquid, a decentralized exchange owned by Hyperliquid Strategies (PURR), into the United States in a fully compliant and legal manner, with the Commodity Futures Trading Commission (CFTC) Chair Mike Selig involved in the process [1]. This announcement came as bitcoin traded at its highest level since June and coincided with a scheduled meeting between Trump and industry leaders [1].
Following Trump's comments, shares of Hyperliquid surged 30% before the market close, pushing the stock's year-to-date gain to over 163% [1]. The digital token HYPE, which powers the exchange's blockchain-based settlement and operations, jumped 18% to just below record highs [1]. In contrast, shares of incumbent exchanges fell: Cboe Global Markets dropped 3.5%, Miami International Holdings fell 3.1%, and CME Group slid 1.7% [1].
Options trading in Hyperliquid was exceptionally active, with volume nearly eight times the 30-day average. Over 120,000 call options were traded compared to under 8,000 puts, and about $10 million in premium changed hands. The largest single trades occurred shortly after the announcement, including a purchase of 2,000 8-strike calls expiring in November and December for approximately $510,000 [1]. Notably, there was also a surge in call-buying activity before the announcement, with nearly $2 million in calls traded prior to 3 p.m. ET, some of which showed signs of rushed and indiscriminate buying [1].
David Schamis, CEO of Hyperliquid Strategies, stated that the company has been working to enter the U.S. market and that the CFTC has been responsive. Schamis emphasized the importance of working within existing regulations, referencing the difficulty of passing new legislation such as the Clarity Act, which aims to establish a regulatory framework for cryptocurrencies [1].
CONCLUSION
President Trump's public support for bringing Hyperliquid into the U.S. market triggered a sharp rally in the company's shares and its associated token, while incumbent exchanges saw declines. The surge in options activity and positive executive commentary suggest strong market optimism about Hyperliquid's regulatory prospects and U.S. expansion.