Hyperliquid Strategies doubles HYPE treasury to 29.3M tokens, stock up 20%

Hyperliquid Strategies Inc more than doubled its HYPE treasury to 29.3 million tokens, ending fiscal 2026 with $2.06 billion in assets and no debt.

"This was the year we built the platform," David Schamis, chief executive officer of Hyperliquid Strategies, said. "We more than doubled our HYPE treasury, jointly launched a validator that has quickly become one of the largest on the network and completed the exit from our legacy biotech operations."

The New York-based company raised $647 million through a committed equity facility, deploying $773.4 million to buy about 16.5 million HYPE tokens at an average price of $46.77. Net income reached $305.5 million, driven by $709.9 million in unrealized gains on HYPE tokens, while staking and validator activity generated $9.5 million in revenue. As of Aug. 18, the company held 29.4 million HYPE tokens and $133 million in cash.

PURR shares rose as much as 20% on Thursday as investors rewarded the debt-free balance sheet and aggressive accumulation. The company repurchased $27.8 million of its own shares and holds $132.6 million in cash, giving it flexibility to buy HYPE at depressed prices. Hyperliquid's share of global perpetual futures volume reached an all-time high of about 9.4%, with roughly 63% of decentralized perps open interest.

The treasury expansion positions PURR as a regulated proxy for institutional exposure to Hyperliquid, the layer-1 blockchain that clears perpetuals, stablecoins, real-world assets and outcome markets through a single order book. Filings show Stanley Druckenmiller's Duquesne Family Office, BlackRock and State Street hold positions in the stock.

Hyperliquid generated about $945 million in value for its ecosystem over the 12 months ended June 30, 2026, with 99 percent of protocol revenue used for daily programmatic HYPE buybacks, Schamis said. Real-world asset perps surpassed 50 percent of weekly platform volume for two consecutive weeks in July, and HIP-3 open interest topped $4 billion in August. The HYPE token rose about 77 percent during the quarter ended June 30, while the broader digital asset market fell roughly 13 percent.

Management is weighing further ecosystem initiatives, including stablecoin-linked products and a potential U.S. entry. On Aug. 19, the U.S. president said the Commodity Futures Trading Commission chairman is working to bring Hyperliquid into the United States in a compliant fashion. Schamis said the company maintains a high bar for investments outside its core treasury strategy, prioritizing opportunities with asymmetric upside.

Investors are watching near-term token releases scheduled for late August and early September, along with the expected permissionless launch of outcome markets on testnet. A protocol income-sharing buyback mechanism could add an estimated $182 million in annual HYPE repurchases.

This article is for informational purposes only and does not constitute investment advice.