Hyperliquid Strategies Raises $647M, Boosts HYPE Treasury to $1.9B

Hyperliquid Strategies has turned itself into a giant HYPE bet, ending its latest financial year with 29.3 million tokens worth about US$1.9 billion (AU$2.6 billion).

The Nasdaq-listed company, which trades as PURR, more than doubled its HYPE holdings from 12.5 million tokens after raising roughly US$647 million (AU$898 million) through an equity facility. It also ended the year with US$149.9 million (AU$208.2 million) in cash and no debt. Not exactly a complicated balance sheet.

The company said it generated US$305.5 million (AU$424.3 million) in net income for the year ended June 30, although that figure owes plenty to the crypto market. Unrealised gains on HYPE accounted for US$709.9 million (AU$986.1 million) of the result, while the company also booked US$183.5 million (AU$254.9 million) in deferred tax expense.

The HYPE Accumulation Continues

Hyperliquid Strategies didn’t stop buying when the financial year ended.

By August 19, it had spent another US$773.4 million (AU$1.07 billion) acquiring around 16.5 million HYPE tokens at an average price of US$46.77 (AU$64.97). That brought its total holdings to roughly 29.3 million HYPE, alongside US$132.6 million (AU$184.2 million) in remaining cash.

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The company also spent US$27.8 million (AU$38.6 million) buying back its own PURR shares, picking up around 5.8 million shares at an average US$4.80 (AU$6.66).

Its HYPE holdings aren’t simply sitting in a wallet, either. The company said substantially all of its tokens are staked, while its validator operation with Unit has become the third-largest validator on Hyperliquid.

That strategy is increasingly tied to the network’s growth.

Hyperliquid generated around US$945 million (AU$1.3 billion) in ecosystem fees during the 12 months through June, according to the company. Its share of global perpetual futures volume reached about 9.4% by the end of June, while it represented roughly 63% of decentralised perpetuals open interest in August.

Betting On the Protocol

Hyperliquid’s expansion beyond perpetuals is also becoming part of the investment case. Real-world asset markets made up over 50% of the platform’s weekly trading volume during two separate weeks in July, and by August, open interest in HIP-3 had surpassed US$4 billion (AU$5.5 billion).

Prediction markets are another recent addition, with portfolio margin also entering beta.

CEO David Schamis described the past year as the period in which the company “built the platform”, pointing to its larger HYPE treasury, validator business and exit from its former biotech operations.

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This comes as US President Donald Trump said last week that the Commodity Futures Trading Commission Chairman Michael Selig was “working to bring Hyperliquid into the United States in a fully compliant and legal fashion”.