Hyperliquid Strategies (PURR) closed 30.4% higher on Wednesday after President Trump said regulators are working to bring Hyperliquid onshore, a move that could open the protocol to US traders for the first time. HYPE, the token at the center of the ecosystem, rose 18.6% to around $69.22. Trump credited CFTC Chair Mike Selig with leading the effort.
The onshore push
Hyperliquid currently operates outside the US and doesn't officially serve American traders. That's a big deal because Hyperliquid is one of the largest perpetuals exchanges by volume. If the CFTC brings it onshore, US traders would get direct access, and the protocol's treasury — which holds HYPE as a digital asset — would be sitting on a much bigger market.
Hyperliquid Strategies is effectively a bet on that outcome. The company holds HYPE as its treasury asset, so a regulatory green light would directly boost its balance sheet. Trump's remarks suggest the effort has White House backing, and he specifically named Selig, who has been pushing for a clearer federal framework for digital assets.
Exchange stocks take a hit
Not everyone liked the news. Incumbent exchanges Cboe Global Markets fell 3.5% and CME Group dropped 1.7% on Wednesday. The logic is straightforward: if Hyperliquid — a crypto-native venue with no legacy infrastructure — gets onshore status, it's a direct competitor to the established players.
The reaction tells you how seriously the market takes the possibility. Cboe and CME have been building out their own crypto products, but they're still far behind Hyperliquid in terms of perpetuals volume.
A rare winner in the treasury trade
Hyperliquid Strategies isn't just having a good day — it's having a good year. PURR is up more than 163% in 2026, while other digital asset treasuries have struggled. Strategy (MSTR) is down 33.6% and Bitmine Immersion (BMNR) has fallen 35.11%.
Artemis data shows only two treasury firms still sitting on unrealized gains: Hyperliquid Strategies and Hyperion DeFi (HYPD), both holding HYPE. That's a stark contrast to the broader trend, where companies that loaded up on crypto have watched their holdings lose value.
After-hours momentum
The rally didn't stop at the close. Hyperliquid Strategies shares added another 4.9% in after-hours trading, reaching $9.85. That suggests investors see more upside if the onshore plan moves forward.
There's no timeline yet for when regulators might act. But Trump's public comments put the process in motion, and the market is already pricing in a positive outcome.
