Tony G Buys $438K in Hyperliquid Tokens—Is $HYPE the Next Sol Strategies Play?

Tony G Co-Investment Holdings confirmed that it purchased 10,387 $HYPE tokens, the native asset of the Hyperliquid ecosystem, for just over $438,000. This is the company’s largest investment in decentralized finance so far.

The tokens were acquired at an average price of $42.24 each. This marked the first time a publicly listed company had taken a position in the Hyperliquid protocol.

Hyperliquid Gets Institutional Nod as Tony G Co-Investment Buys In

According to the press release, the acquisition was executed through WonderFi Technologies, a Canadian digital asset platform. It comes amid Hyperliquid’s rise in market share and token value.

From a price of $1 at launch in late 2024, $HYPE has surged to over $42 within a year. With this purchase, Tony G Co-Investment becomes the largest known $HYPE holder among publicly listed firms.

“This acquisition reflects our strategic commitment to supporting digital infrastructure that is driving the next wave of innovation,” said Matt Zahab, CEO of Tony G Co-Investment Holdings. “Hyperliquid represents one of the most exciting developments in decentralized trading infrastructure.” he added.

Zahab, who took over as CEO on June 8, brings marketing and media experience, including his role as host of the Cryptonews Podcast.

He replaces Ron Akram, who stepped down as director earlier this month. Gediminas Klepackas, formerly interim CEO, has been named Chief Operating Officer.

The firm made headlines in 2022 when it sold its stake in News 3.0, the parent company of Cryptonews.com, netting $2 million in crypto payments during a period when DeFi markets were reeling from the FTX collapse.

The $HYPE acquisition draws parallels to another Tony G-backed venture, Sol Strategies. The publicly traded company began accumulating a large position in SOL in 2019 and has since become heavily invested in the Solana ecosystem.

Tony G now serves as chairman and holds 36.8 percent of the company’s shares. In 2024, he helped secure a CA$10 million revolving credit facility, which contributed to a 12 percent surge in the company’s stock price on the announcement day.

Under his leadership, Sol Strategies used the credit facility to expand its Solana holdings. Currently, the firm holds more than CA$48 million in crypto assets, primarily in SOL and SUI.

Despite reporting a net loss of CA$4.8 million in the second quarter of 2025, the company saw its staking and validation revenue increases year over year, rising from just CA$67,000 to CA$2.54 million.

While Hyperliquid does not belong to the Solana ecosystem, observers have begun to ask whether Tony G is applying the same strategy. With Sol Strategies focused on consolidating SOL, this latest move into $HYPE suggests a similar long-term vision, albeit on a different blockchain.

$HYPE Rallies Toward $50 as Influencer Buzz and Listing Rumors Push Token Higher

Hyperliquid’s trading volume reached $248 billion in May, an 843 percent increase compared to the same period last year.

The platform offers centralized exchange performance combined with decentralized custody. Its Season 2 points campaign has also attracted thousands of new traders.

$HYPE’s recent surge has been fueled by both influencers and large-scale traders. Andrew Tate drew attention after publicly revealing a 25-times leveraged ETH long position on the blockchain, which gained 138%.

Whale activity has also picked up. One wallet acquired over 259,000 $HYPE tokens for nearly $10 million and reportedly earned over $10 million in cumulative profits from trading $HYPE alone.

Analysts believe the token is approaching the $50 psychological level. Some Fibonacci-based models suggest future price targets of $77 and $103.

With a market capitalization of $13.39 billion, Hyperliquid has already surpassed SUI and is approaching Cardano’s $25 billion valuation.

There is also speculation about a potential listing on Binance.US. The exchange posted a teaser covering Hyperliquid last week, which coincided with the emergence of listing rumors.

For Tony G, this may signal another early bet built on conviction, large-scale entry, and a long-term plan. “We are proud to be one of the first public companies to invest in the Hyperliquid ecosystem. This is just the beginning,” Zahab said.

Given Tony G’s history in DeFi, some see $HYPE as his next high-conviction move.

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