Hyperliquid’s October 6 Unlock: 9.9M HYPE on Paper, 3.75M…
By Karthik Subramanian
AI summary of the source article
Hyperliquid Labs is releasing 3.75 million HYPE tokens for its October team distribution, significantly below the nominal 9.9 million figure tracked by token-unlock calendars. Valued at approximately $330 million to $340 million, the tokens entered Hyperliquid's mandatory seven-day unstaking queue around September 30. Co-founder iliensinc stated that the entire batch is covered by an over-the-counter agreement with a single institutional buyer, avoiding direct sales on public order books. The buyer's identity, purchase price, and lock-up terms were not disclosed. Core contributors hold 23.8% of HYPE's one-billion-token maximum supply, which vests following the network's November 2024 genesis.
Why it matters
The OTC execution avoids immediate public order book sell pressure of up to $340 million in HYPE tokens, clarifying market misconceptions about a theoretical 9.9-million-token supply dump.
Key facts
- Only 3.75 million HYPE is being unlocked for the team in October, roughly 38% of the theoretical 9.9 million schedule.
- The unstaked tokens, worth roughly $330 million to $340 million, are being transferred to a single institutional buyer via an OTC deal.
- Hyperliquid requires a seven-day unstaking queue, scheduling spot token availability around October 7 rather than October 6.