Paradigm, a major crypto investment firm, has been revealed as the top holder of HYPE, the native token of the Hyperliquid decentralized exchange (DEX), with over 19.14 million tokens worth approximately $763 million at current prices. This position represents 1.91% of HYPE's total supply and 5.73% of its circulating supply, according to on-chain analytics provider MLM.
The firm consolidated its holdings into 19 new wallets on November 7, 2025, a move analysts link to the upcoming SONN event, which closes in 11 days. This confirmation ends months of speculation that began in August 2024, shortly after HYPE's token generation event (TGE), with acquisitions traced through Wintermute and FalconXGlobal on Gate.io.
Paradigm's cost basis is estimated at $16.46 per HYPE, indicating an initial investment near $315 million. At the current price of $39.32, this translates to unrealized gains exceeding $440 million, a near 2.5x paper profit, though the firm has not publicly confirmed these holdings.
HYPE has declined 15% over the past month and is 33% below its all-time high of $59.39, yet it remains the 11th-largest cryptocurrency with a $13.24 billion market cap. Technical analysis shows the token moving within a rising parallel channel, with RSI at 49.78 and MACD flattening, signaling consolidation. A breakout could retest resistance near $53, while a breakdown might push it to support around $35.89.
Market reactions are divided, with some viewing Paradigm's bet as a bullish signal for institutional confidence and liquidity, while others question its impact on decentralization.
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