By cryptoadmin Hyperliquid Labs has begun distributing 3.75 million $HYPE tokens, worth approximately $330 million, as part of its over-the-counter (OTC) sale.
According to shared data, the seven-day staking process for the 3.75 million $HYPE tokens released by Hyperliquid Labs has been completed, and the tokens have been transferred to the team’s spot balance. It was stated that these tokens will not be sold on the open market but will instead be transferred under an OTC agreement with an unnamed institutional investor.
In the first phase, a total of 1.87 million $HYPE was sent to five different OTC recipient wallets. Each wallet received 375,000 $HYPE, thus completing the distribution of 50% of the total 3.75 million $HYPE OTC allocation. Based on current prices, the total value of the distributed tokens is approximately $165 million.
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Observers tracking on-chain transactions have identified that one of the addresses to which funds were sent staked the tokens on the Unit x Hyperliquid Strategies Validator. While this transaction is considered a potential clue to the identity of the OTC recipient, the identities of the parties have not yet been officially revealed.
Hyperliquid Labs is expected to distribute the remaining 1.87 million $HYPE under the same OTC deal.
*This is not investment advice.