Hyperliquid Strategies Expands Equity Facility From $1B to $2.5B

Hyperliquid Strategies has expanded its committed equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, giving the company substantially more capacity to issue shares as it builds its HYPE treasury.

Under a September 1 amendment to the purchase agreement, Chardan’s total commitment increased by $1.5 billion. The $2.5 billion figure represents the maximum aggregate gross purchase price available under the facility, rather than capital already raised.

Hyperliquid Strategies Has Already Raised Nearly $647M

The expansion follows heavy use of the original facility. Hyperliquid Strategies said in its August 27 financial results that it had raised $646.6 million at an average issue price of $8.70 per PURR share.

The company deployed $773.4 million to acquire roughly 16.5 million HYPE at an average price of $46.77, taking its total holdings to about 29.3 million tokens. It also reported $132.6 million of remaining cash as of August 19, including $12 million in USDC.

The additional financing capacity could allow Hyperliquid Strategies to continue accumulating HYPE, but doing so through new equity issuance can dilute existing PURR shareholders.

Lower-Priced Issuance Faces a Nasdaq Cap

The enlarged facility comes with an additional restriction once aggregate sales reach $1 billion.

After that threshold, Hyperliquid Strategies cannot issue more than 42,641,847 shares through the agreement at prices below $12.02 per share. That represents 19.99% of the shares outstanding immediately before the amendment. Issuance beyond the cap would require shareholder approval unless Nasdaq rules provide an exemption.

The company’s expansion also follows renewed attention around the underlying network. HYPE surged more than 20% in August after President Donald Trump said the CFTC was working on a route for Hyperliquid to operate legally in the United States.

Hyperliquid Strategies stakes substantially all of its HYPE holdings, according to its latest annual filing, making the size of its token treasury and the cost of financing further accumulation central to its balance-sheet strategy.