Hyperliquid Strategies Raises Equity Facility to $2.5B, Holds 29.4M HYPE

Hyperliquid Strategies (PURR) has amended its financing arrangement with Chardan Capital Markets, lifting the maximum commitment for purchases of newly issued common shares to $2.5 billion from $1 billion, according to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC).

The change modifies the ChEF Purchase Agreement that the two companies entered into on Oct. 22, 2025. Hyperliquid Strategies can continue issuing shares to Chardan under the terms, conditions, and limits set by the agreement.

Lower-Priced Share Sales Face 19.99% Issuance Limit

A restriction takes effect once cumulative common-stock sales through the arrangement pass $1 billion. From that stage, transactions below $12.02 a share are generally limited to 42,641,847 shares, equal to 19.99% of the company’s outstanding common stock immediately before the amendment. 

Sales beyond that ceiling may proceed if shareholders authorize the additional issuance under applicable Nasdaq requirements, or when those rules do not require such approval.

Hyperliquid Strategies gave no explanation in the filing for enlarging the commitment. Earlier company disclosures showed that roughly $647 million of stock had been sold by June 30.

The expanded financing capacity comes as Hyperliquid Strategies continues to maintain a sizable HYPE treasury.

HYPE Treasury Stood at 29.4 Million Tokens

The company’s digital-asset treasury is centered on HYPE, the native token associated with Hyperliquid. Its latest Form 10-K reported holdings of about 29.4 million HYPE as of Aug. 23. 

As of this writing, HYPE trades at $82.06, down 1% over 24 hours. Nasdaq-listed PURR finished Tuesday’s session at $11.36 after falling 7.31%, while the shares remained up 73% over the preceding month and 230% year to date.