Hyperliquid Strategies Expands HYPE Funding Facility to $2.5B 

Hyperliquid Strategies has expanded its equity purchase facility with Chardan Capital Markets from $1 billion to $2.5 billion, increasing the Nasdaq-listed company’s capacity to raise capital through new share sales.

The September 1 amendment does not mean Hyperliquid Strategies has raised $2.5 billion. The company can draw on the facility over time subject to market conditions, pricing limits and other terms, with proceeds available for corporate purposes including additional HYPE purchases.

Chardan Facility Increases by Another $1.5B 

Hyperliquid Strategies entered the original agreement with Chardan in October 2025. The structure allows the company to direct Chardan to purchase newly issued PURR shares periodically, which the investment bank can then resell into the public market.

By July 15, Hyperliquid Strategies had issued about 76.1 million shares through the facility and generated approximately $647 million in net proceeds. The company said those funds were used primarily to buy HYPE, the native token of Hyperliquid.

Share Sales Below $12.02 Face 42.6M-Share Limit 

The amended agreement adds an issuance restriction once Hyperliquid Strategies has sold an aggregate $1 billion of stock through the facility.

After that threshold is reached, the company cannot issue more than 42,641,847 shares at prices below $12.02 without shareholder approval unless Nasdaq rules permit the issuance without a vote.

The cap represents 19.99% of the shares outstanding immediately before the amendment and limits the number of shares that can be issued below $12.02 without shareholder approval.

Hyperliquid Strategies Holds 29.3M HYPE and $133M Cash 

Hyperliquid Strategies held about 29.3 million HYPE and $133 million in cash as of August 25, with no debt. The company stakes substantially all of its HYPE holdings and has made accumulating the token a central part of its treasury strategy.

Future draws under the enlarged facility remain discretionary, with the timing and size of additional share sales subject to PURR’s trading price, market conditions and other agreement terms.