HYPE continues its rally, breaking through $94, and is just 4.3% away from hitting a new all-time high.

Axis Robotics has issued a statement addressing the massive on-chain sell-off of AXIS tokens that took place between October 28 and 29. The project clarified that a total of 835 million AXIS tokens—accounting for 83.5% of the total supply, held by its core team, investors, and other locked allocations—remain stored in a vesting contract co-managed with Binance, which is verifiable on-chain. No tokens from these locked pools will be unlocked before the 12-month cliff period, and the recent sell-off was not driven by the team or investors exiting positions. The project added that the sold tokens originated from the initial circulating supply outlined in its publicly released token economics, part of the ecosystem allocation. Given that some ecosystem recipients are not crypto-native users, the allocation was delivered via a single over-the-counter (OTC) counterparty under a written agreement with lock-up clauses. The sales were processed through exchange deposit routes and executed across hundreds of new addresses within hours of delivery. The project suspects the counterparty likely offloaded the tokens on the open market. Earlier, on-chain detective ZachXBT disclosed that insider addresses linked to Axis Robotics (AXIS) dumped tokens, triggering a roughly 40% plunge in the token’s price.

Canadian AI model startup Cohere is undertaking a large-scale financing round, with a valuation of $20.5 billion — roughly triple its value a year ago. Cohere announced Thursday that it has completed the first tranche of this financing round, with a total expected size of up to $50 billion. It has secured investment commitments from backers including the Canadian government and NVIDIA, and the $6 billion investment from European retail giant Schwarz Group, previously disclosed, is also included. The Canadian government has agreed to invest up to $1.14 billion in Cohere. Canadian Prime Minister Mark Carney stated that Cohere plans to retain its headquarters in Canada and expects to build new computing infrastructure in the country by 2030, with an investment of around $1.2 billion. If the financing round is successfully completed, it will become the largest private financing in Canadian history, far exceeding previous records.

According to Bloomberg, Google parent company Alphabet's quarterly filing submitted on Thursday revealed artificial intelligence-related risk exposures not covered in the prior day's earnings call, and showed its AI risk exposure surpassed $1 trillion. Alphabet cited rapid growth in cloud service demand, with the expansion of its unfulfilled cloud contracts as evidence. Bloomberg noted that over a third of the growth in the quarter's unfulfilled cloud contracts came from a joint venture in which Alphabet holds a partial stake.

According to HTX market data, alongside HYPE’s rally, Kinetiq, a liquid staking protocol in the Hyperliquid ecosystem, its token KNTQ has broken above $0.5, rising over 15% in the past six hours, with its market cap hitting a new high of over $156 million.

As HYPE’s rally continues to push it above $94, the market net asset value multiple (mNAV) of Hyperliquid Strategies (PURR), the HYPE treasury firm, has returned to above 1. Data from the BIT stock platform shows its current mNAV is approximately 1.078, a 7.8% premium over net asset value. PURR is now trading at around $11.66, with an intraday gain of over 17%. Its net asset value per share is roughly $10.81, corresponding to a HYPE price of about $85.96. Today, Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, plans to partner with Trade.xyz to introduce perpetual contract products into regulated U.S. markets.

Elon Musk retweeted a post about legendary investor Stan Druckenmiller’s investment in Trade.xyz, commenting “Interesting.” Druckenmiller — a former chief trader at Soros Fund Management, legendary macro hedge fund manager who led the iconic 1992 bet against the British pound, and founder of Duquesne Capital — announced today he has joined Trade.xyz as an investor. He expressed excitement over the firm’s collaboration with Intercontinental Exchange (ICE) to bring Hyperliquid-based 24/7 perpetual contracts to the U.S. regulated market, adding that as a market participant, he looks forward to leveraging Trade.xyz’s innovative products to enhance his investment process. The news comes as ICE, parent company of the New York Stock Exchange, partners with Trade.xyz to launch perpetual contract products in the U.S. regulated space.