Shares of Hyperliquid Strategies Inc. (PURR) fell 7.91% on Thursday. Reports of a regulatory probe triggered the selling pressure.
The decline follows a significant rally where the stock climbed from approximately $7.00 in mid-May to over $11.00 by early June.
Hyperliquid Strategies provides investor exposure to the Hyperliquid blockchain's native HYPE token. The company now faces headwinds from broader regulatory scrutiny within the decentralized finance sector.
CME Group and ICE raised concerns regarding potential market manipulation on the Hyperliquid platform. These warnings increased pressure on U.S. regulators to expand oversight.