Abraxas Buys $32M Ether to Hedge a $353M Short It Won’t Close

Abraxas Capital bought 13,000 ETH worth about $32.39 million in the spot market, offsetting a 141,180 ETH short on Hyperliquid valued near $353.27 million. The implied purchase price was near $2,491 per ETH, as the firm hedges its large short position.