Canadian Company Buys 10,000 HYPE as Hyperliquid Aims For New Highs
According to a press release, Tony G Holdings, a company trading under the TONY ticker on the CSE, joined the DeFi space with a massive acquisition. Per the document, the publicly traded company purchased 10,000 HYPE the native token of the decentralized exchange Hyperliquid.
At press time, the 10,000 HYPE are worth over $420,000 and represent the biggest stake by a publicly traded company in this DeFi platform. Launched in late 2024, Hyperliquid has gained a lot of attention within the crypto space due to its bullish price action; HYPE rose from $1 to around $42 in less than a year.
Why The Massive Bet in HYPE? Tony G CEO Answers
As per the press release, Tony G Holdings operates as an investment company. Thus, they specialize in looking for opportunities to generate profits by investing in securities and different sectors with a special focus in cryptocurrency, payment processing businesses, and blockchain.
The acquisition of 10,000 HYPE follows a “long term digital asset strategy” which marks a “significant milestone” for the company. Furthermore, it was revealed that the Canadian company used WonderFi as the trading venue that facilitated the transaction.
Matt Zahab, CEO at Tony G, stated the following regarding their massive HYPE acquisition:
This acquisition reflects our strategic commitment to supporting digital infrastructure that is driving the next wave of innovation. HyperLiquid represents one of the most exciting developments in decentralized trading infrastructure, and we are proud to be one of the first public companies to invest in the HyperLiquid ecosystem.
HYPE trades to the upside on the daily chart hinting at further gains. Source: HYPEUSDT on Tradingview
This is far from the first time that Tony G has made headlines in the crypto space. The company attracted media attention in 2022 when it sold 51% of its stake in News 3.0 the entity operating as cryptonews.com.
The Canadian investment company netted $2 million from this transaction. The totality of the money was to be paid monthly for $166,666. Tony G accepted cryptocurrencies as part this deal at a time when the DeFi sector saw severe losses due to the collapse of the FTX exchange.
Hyperliquid Community Speculates: HYPE ETF On The Horizon?
Since its inception, the Hyperliquid DEX has been heavily focused on favoring its users over institutions and Venture Capitalist firms. Thus, the DeFi platform has gained adoption, not without its critics, in this sector.
Following the Tony G 10,000 HYPE acquisition, and due to the recent developments around the potential launch of a Solana Exchange Traded Fund (ETF), many in this community has begun circulating rumors about the potential launch of a HYPE ETF.
Related Reading: Dogecoin Volume Remains Low Despite Price Rebound, What’s Going On?
On the recent announcement, a popular community member stated the following:
Public companies are now adding HYPE to their balance sheets. A company with the ticker TONY is up 63% after buying 10,387.685 HYPE for $438,828.46 (cost basis of $42.24).
It feels inevitable that a Microstrategy for HYPE will show up at some point (…).
Cover image by ChaGPT, HYPE/USDT chart from Tradingview
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