Hyperliquid News Today: Whale's $40M HYPE Bet Fuels Hyperliquid's Nasdaq Push

A major whale has intensified its bullish stance on HYPE, the token underpinning decentralized exchange Hyperliquid, by opening a $40.92 million leveraged long position in the past five hours. The trader, identified by wallet address 0x082e, initiated a 5x leveraged bet at an average price of $38.85, now holding over 1 million HYPE tokens as the price climbed to $40.20. This move has generated an unrealized profit of $1.38 million, with the position at risk of liquidation if the price drops below $22.34, according to a Crypto Basic report. The activity coincides with Hyperliquid Strategies' $1 billion equity offering and its pending merger with Sonnet BioTherapeutics and Rorschach I LLC, which aims to create a Nasdaq-listed entity with a combined holding of 12.6 million HYPE tokens and $305 million in cash, the report adds.

Meanwhile, Solitario Resources Corp. (XPL) has emerged as a key player in the mining sector, with its stock added to the Zacks Rank 1 (Strong Buy) list. The company, which recently secured drilling permits for its Cat Creek critical metals project in Colorado, is preparing for core drilling in mid-2026. The project targets a molybdenum-rhenium porphyry system, with surface samples showing rhenium concentrations 60 times higher than industry averages, according to a StockTitan article. Solitario's recent $4.5 million private placement has bolstered its cash reserves to $9 million, enabling exploration at its Golden Crest gold project in South Dakota, where drilling intersected 1,445 grams per tonne silver over 1.2 meters, per the company's StockTitan XPL page.

The firm's strategic expansion into critical metals aligns with growing U.S. demand for strategic materials, as highlighted by CEO Chris Herald, who emphasized Cat Creek's potential to become a significant molybdenum-rhenium deposit. Molybdenum currently trades at $25 per pound, while rhenium, classified as a critical metal by the U.S. government, commands $4,200 per kilogram, the StockTitan article notes. Solitario's 100% ownership of Cat Creek and its proximity to major molybdenum mines in Colorado position it to capitalize on this demand.

In contrast to the bullish HYPE position, a separate whale on Hyperliquid has opened a $31.84 million short on Bitcoin, entering at $109,560 with a liquidation price of $118,344. Despite Bitcoin's current price of $110,969, the trader maintains an 80% win rate on the platform, reflecting divergent market sentiment, the Crypto Basic piece reports.

Hyperliquid Strategies' merger, set to close later this year, will see former Barclays CEO Bob Diamond serve as chairman and David Schamis as CEO. The combined entity's staking activities and HYPE token holdings aim to generate long-term yield, further solidifying the token's market presence, according to the Crypto Basic report.