$14.58M Buyback Fund Arrives as Major Holder Locks in Seven-Figure Profit

The Hyperliquid News platform has announced two significant developments in its buyback fund. First, the protocol received $14.58 million as part of the AQAv2 reserve yield payment from Coinbase's USDC balance. This payment is a result of the Circle and Coinbase deal, which saw USDC deployed on Hyperliquid as a signed quote asset.

The cash will be routed to the Assistance Fund to buy and burn HYPE tokens. However, it's essential to note that this money has not yet been converted into token purchases, so it remains uncertain when the buyback mechanism will kick in.

A separate development saw Andrew Tate's wallet, linked to his account @Cobratate, sell 20,950 HYPE tokens for about $1.87 million on Binance. This move is a significant profit-taking event, as the remaining balance of 63,550 HYPE still held in the wallet carries an unrealized gain of $7.24 million, up 1,317% from the original cost basis.

The price of HYPE has taken a hit, down 3.71% over the past 24 hours to trade at $87.94. The community is watching closely for confirmation that the AQAv2 funds reach the Assistance Fund and are used for token purchases.