Hyperliquid treasury company Hyperliquid Strategies Inc. has expanded its stock-sale program to $2.5 billion from $1 billion, increasing fundraising capacity by 150%.
The Nasdaq-listed company disclosed the change in a Form 8-K filed with the SEC on September 1.
The amendment raises the ceiling on Hyperliquid Strategies’ committed equity facility with Chardan Capital Markets. The arrangement allows the company to issue shares over time and direct proceeds toward its HYPE-focused treasury strategy.
“The Amendment increases the Total Commitment … from $1.0 billion to $2.5 billion.”
Expanded equity facility supports HYPE accumulation
Hyperliquid Strategies entered the ChEF Purchase Agreement with Chardan in October 2025. The original structure limited gross proceeds to $1 billion before the amendment lifted the maximum to $2.5 billion.
The company had used the facility extensively before the increase. Its August 27 earnings release said it raised $646.6 million at an average issue price of $8.70 per share.
HSI reported deploying $773.4 million to acquire about 16.5 million HYPE tokens at an average cost of $46.77.
“$773.4 million deployed to accumulate ~16.5 million HYPE tokens at an average cost of $46.77.”
The larger facility gives the company additional fundraising capacity that can support further HYPE purchases if shares are issued and proceeds are deployed.
Exchange Cap limits discounted share issuance
The amendment also introduced limits on lower-priced stock sales after the first $1 billion of facility proceeds. Sales below $12.02 cannot push issuance beyond 42,641,847 shares under the Exchange Cap.
That cap equals 19.99% of shares outstanding immediately before the amendment. The restriction is designed to comply with Nasdaq shareholder-approval requirements under Rule 5635.
The $12.02 level is not a fixed share-price floor. HSI may exceed the Exchange Cap for lower-priced sales if shareholders approve additional issuance or an applicable exemption becomes available.
HYPE treasury growth meets protocol buybacks
Hyperliquid Strategies reported about $2.06 billion in total assets as of June 30, including roughly $1.904 billion in HYPE. The company ended fiscal 2026 with no debt and increased holdings from 12.5 million to 29.3 million HYPE.
HSI said HYPE rose about 77% during the June quarter while total digital asset market capitalization fell nearly 13%.
Hyperliquid also supports HYPE through protocol fee-funded buybacks. Bitwise CIO Matt Hougan wrote on August 12 that Hyperliquid generated more than $800 million in revenue last year and uses “~99% of it to buy and burn HYPE.”
A related Cryptopolitan report said Bitwise estimated $1.3 billion of HYPE had been purchased and burned since launch.
DefiLlama data showed annualized fees of $950.63 million, annualized revenue of $713.83 million, open interest of $13.771 billion, and HYPE at $82.21 at the time cited.
