“I’ve never seen anything like this volume spike in such a short time,” said a former Bitcoin whale who recently shifted focus to CXMT, building one of the largest short positions on the stock. ChangXin Memory Technologies (CXMT) made a thunderous market debut on July 27, triggering a surge in trading activity on Hyperliquid that quickly pushed volumes to unprecedented levels.
The Shanghai-based chipmaker’s IPO turned into the largest listing on the Shanghai stock exchange since 2011, attracting waves of crypto traders and institutional whales alike. In the first trading day, CXMT’s stock price exploded, climbing between 470% and 530%, propelling the company’s valuation north of $483 billion and positioning it as China’s most valuable AI infrastructure firm. This frenzy reflected not only optimism about CXMT’s role as a major DRAM producer vital to electronics and data centers but also a broader enthusiasm for AI-related stocks in the region.
Meanwhile, Hyperliquid’s HIP-3 platform saw its CXMT market volumes hit a fresh daily high above $9 million, representing over 1% of the Shanghai exchange’s total volume that day. Open interest reached $45 million as traders scrambled to navigate the highly volatile price discovery phase for both the stock and its perpetual futures contracts. TradeXYZ acquired the rights to list CXMT on Hyperliquid, enabling this new channel for speculation and giving crypto traders a direct way to engage with the IPO beyond traditional stock markets.
The IPO proceeds aim to fund expanded production capacity and boost research and development efforts, but the immediate price surge was driven largely by demand far exceeding available shares. The scale of trading activity on Hyperliquid reflects an evolving trend where crypto-native investors are increasingly drawn to tokenized representations of traditional assets. This crossover between crypto markets and stock IPOs is intensifying, as demonstrated by CXMT’s breathtaking debut.
