Hyperliquid Labs has completed the unstaking of 3.75 million HYPE tokens, with a total valuation of approximately $330 million. This event marks the largest token distribution in the history of the project to date.
The process began on September 30, 2026, with a mandatory seven-day unbonding period. Following this, 1.875 million tokens were transferred to five institutional OTC buyers, with each wallet receiving 375,000 HYPE.
The remaining 1.875 million tokens from the total unstaked amount have not yet been distributed. Co-founder iliensinc confirmed that the tokens are part of a firm OTC agreement and will not enter public markets.
The 3.75 million HYPE figure is significantly lower than the nominal 9.9 million HYPE previously listed in vesting schedules for October. This distribution represents roughly 1.5% of the total circulating supply.
Previous monthly distributions by the team typically ranged from 140,000 to 534,000 HYPE, making this release approximately 8.65 times larger than historical averages. The identities of the buyers remain undisclosed.
