Key Takeaways
Hyperliquid-linked treasury companies have accumulated nearly 9 percent of the circulating supply of the HYPE token, tightening the available float as the market watches for a potential spot exchange-traded fund approval.
"DATs now hold close to 9 percent of circulating HYPE, materially above BTC, ETH, SOL, and BNB on a float-adjusted basis," analyst @0xaletheia369 said in a market note posted on May 5. Digital asset treasury companies, or DATs, represent a form of institutional balance sheet demand that adds a structural bid to the market.
The treasury accumulation sets HYPE apart from other large-cap crypto assets. Within the analyst's dataset, HYPE is the only token held by DATs that is currently trading at a positive modified net asset value (mNAV). This status may provide treasury vehicles a clearer path to raise additional capital for further open-market purchases. The platform itself handles over $6 billion in daily futures volume and recently activated prediction markets, according to data from CoinMarketCap and Bitcoin.com.
This institutional buying is creating a distinct market structure for HYPE ahead of a possible ETF launch. Recent amendments to HYPE ETF filings have led observers to believe the approval path is becoming clearer. Should an ETF be approved, passive investment inflows would enter a market where a significant portion of the liquid supply has already been absorbed by these treasury vehicles. This dynamic could amplify the price impact of new demand, as legacy sellers have had a visible window to exit their positions before the arrival of passive products. However, investors note that HYPE’s circulating supply remains a small fraction of its fully diluted valuation, a factor that could introduce new supply in the future.
This article is for informational purposes only and does not constitute investment advice.
