Hyperliquid Strategies Raises $647M, Expands HYPE Treasury to 29.3M Tokens

Hyperliquid Strategies Inc. (NASDAQ: PURR) closed out a busy fiscal year ended June 30, 2026, raising about $647 million in new equity and more than doubling its HYPE token holdings. The company said it raised roughly $646.6 million through its committed equity facility, issuing PURR shares at an average price of $8.70. By Aug. 19, 2026, Hyperliquid Strategies had deployed $773.4 million to purchase an additional 16.5 million HYPE tokens at an average price of $46.77 per token. The buying lifted its HYPE treasury to 29.3 million tokens from 12.5 million post-merger, a 134% increase. The company also repurchased about 5.8 million PURR shares for $27.8 million, paying an average of $4.80 per share. As of June 30, Hyperliquid Strategies reported $149.9 million in cash and cash equivalents, no debt, and total assets of $2.06 billion. Hyperliquid Strategies was formed via a December 2025 reverse merger involving Sonnet BioTherapeutics, a former biotech company, and Rorschach I LLC, with backing from Atlas Merchant Capital and affiliates of crypto venture firm Paradigm. Beyond token accumulation, the firm has worked to deepen ties to the Hyperliquid ecosystem. Its Hyperliquid Strategies x Unit validator launch has made it the third-largest validator on the Hyperliquid network. Institutional interest has also increased. Duquesne Family Office, the investment vehicle linked to macro investor Stanley Druckenmiller, disclosed a stake in Hyperliquid Strategies. Separately, PURR's inclusion in major financial benchmarks has begun attracting inflows from index-tracking funds.