Hyperliquid Strategies Adds $785 Million in HYPE, Reaches 38.5M

Hyperliquid Strategies raised its Hyperliquid (HYPE) holdings to 38.5 million tokens after a $785 million purchase last quarter, giving the Nasdaq-listed treasury company about 16% of circulating supply.

The company financed the acquisition through a $911 million equity issuance. It reported $803 million in unrealized gains tied to HYPE, held $254.6 million in cash and cash-like assets, and carried no debt.

The $803 million is an unrealized gain, meaning a paper increase in the value of HYPE held but not sold. It is separate from the $785 million purchase amount and from the company's cash balance.

The holding equals roughly one of every six HYPE tokens in circulation, based on the company's 16% share of circulating supply. Hyperliquid Strategies is a Nasdaq-listed digital-asset treasury company focused on HYPE, the native token of the Hyperliquid blockchain. The company's holdings, purchase and unrealized gain all refer to its position in that native token.