Overview
- Coinbase formally activated the AQAv2 framework and began operating two designated USDC treasury wallets for Hyperliquid, a step the exchange completed on Monday, June 8.
- Under AQAv2 Coinbase will deploy Hyperliquid’s USDC reserves and route yield back to the protocol, a setup the company says could add as much as $200 million a year to Hyperliquid’s revenue.
- Independent research from Citrini quantified the buyback program’s scale, reporting cumulative Assistance Fund purchases of more than $2 billion since January 2025 and estimating Hyperliquid accounted for nearly half of crypto buybacks in 2025.
- Markets reacted quickly: HYPE jumped about 10–12% to trade near $64 after the Coinbase activation and the Citrini report, with ETF flows and on-chain accumulation also tightening available supply.
- Key risks to the revenue‑driven support model include heavy reliance on perpetual futures trading volumes, concentrated token holdings and unlock schedules, and heightened regulatory scrutiny in the U.S. and U.K., any of which could reduce future buyback capacity.