The Nasdaq-listed HYPE treasury company has already raised nearly $647 million through the arrangement and accumulated approximately 29.3 million HYPE tokens.
Hyperliquid Strategies has increased the size of its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, expanding its capacity to raise money through future sales of newly issued shares.
The Nasdaq-listed company disclosed the amendment in a Form 8-K filed with the US Securities and Exchange Commission on September 1. Hyperliquid Strategies trades under the ticker PURR.
Under the amended agreement, the maximum aggregate gross purchase price of common shares available through the facility rises by $1.5 billion. The original purchase agreement between Hyperliquid Strategies and Chardan was signed on October 22, 2025. SEC filing
How the equity facility works
The agreement gives Hyperliquid Strategies the option to direct Chardan to purchase newly issued shares periodically, subject to the facility’s terms and limitations. The timing and size of individual sales are determined by the company and may depend on factors including market conditions and the trading price of PURR shares.
Chardan, a New York-based investment bank and broker-dealer, can subsequently resell the shares in the public market.
The expanded $2.5 billion commitment represents the facility’s maximum capacity, not capital that Hyperliquid Strategies has already received. The company would need to issue and sell additional shares to access the funds, potentially diluting the ownership stakes of existing shareholders.
The amendment also introduces restrictions after the company has sold an aggregate of $1 billion in shares through the facility. Without shareholder approval, shares sold below $12.02 cannot cause issuance above an exchange cap of 42,641,847 shares. That figure represents 19.99% of the company’s outstanding common stock immediately before the amendment was signed.
Previous regulatory filings said proceeds from the facility could be used for general corporate purposes, including potential purchases of HYPE tokens.
HYPE treasury reaches 29.3 million tokens
Hyperliquid Strategies reported on August 27 that it had raised approximately $647 million in equity capital through the facility. More specifically, the company said it had generated $646.6 million at an average issuance price of $8.70 per PURR share as of August 19.
The company also reported deploying $773.4 million to acquire approximately 16.5 million HYPE at an average price of $46.77 per token. Those purchases increased its total holdings from an initial 12.5 million HYPE to approximately 29.3 million tokens. Hyperliquid Strategies financial results
As of June 30, the company held approximately 29.28 million HYPE valued at $1.904 billion, based on a token price of $65.04. It also reported $149.9 million in cash and cash-like instruments and no debt at the end of its fiscal year.
Market interest follows Trump comments
The facility’s expansion follows renewed investor interest in the broader Hyperliquid ecosystem.
HYPE gained approximately 20% over 24 hours in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to establish a compliant route for the decentralized trading platform in the United States.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said during an August 19 White House event. “Working very hard on that.”
HYPE climbed from about $62 before the remarks to a high of $72.28. Hyperliquid Strategies shares separately closed at $9.39 on August 19, representing a 30.4% daily gain. Market report
No formal US regulatory pathway for Hyperliquid had been announced at the time. Hyperliquid Strategies has also stated that, despite sharing the protocol’s name and holding its native token, it operates independently and is not affiliated with Hyperliquid.