Hyperliquid Strategies Expands Chardan Equity Facility to $2.5 Billion

TLDR

• Hyperliquid Strategies expanded its Chardan equity facility from $1 billion to $2.5 billion on Sept. 1.
• The facility lets the company sell newly issued shares over time, but proceeds are not guaranteed.
• The company holds about 29.3 million HYPE tokens as of Aug. 19, worth over $773 million in total purchases.
• A new exchange cap limits share sales below $12.02 once $1 billion has been raised through the facility.
• The stock closed at $11.36 on Sept. 1, down about 7.3% for the day.

Hyperliquid Strategies has expanded its equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion. The company disclosed the change in a filing with the U.S. Securities and Exchange Commission on Sept. 1.

The Nasdaq-listed firm can now raise more money by selling new shares to Chardan over time. This gives the company added room to fund its treasury strategy, which centers on buying HYPE, the token tied to the Hyperliquid network.

The $2.5 billion figure represents the maximum size of the facility. It does not mean the company has raised that amount or plans to spend it all on HYPE.

How the Equity Facility Works

Under the agreement, Hyperliquid Strategies can direct Chardan to purchase newly issued shares at different points in time. Chardan then resells those shares on the open market.

The company controls when and how much it sells. Decisions depend on market conditions, the stock price and how management wants to use the funds.

Proceeds are meant for general corporate purposes, which may include buying more HYPE. The language gives leadership flexibility rather than setting a fixed token target or deadline.

Selling shares also increases the total share count. This can reduce the ownership stake held by existing investors.

The company had previously raised $647 million through the same facility before this expansion. That earlier funding helped grow its HYPE holdings to their current size.

HYPE Holdings and Recent Stock Moves

Since completing its business combination in December 2025, Hyperliquid Strategies has spent $773.4 million buying about 16.5 million HYPE tokens. The average purchase price was $46.77 per token.

As of Aug. 19, the company held roughly 29.3 million HYPE. It reported $149.9 million in cash at the end of June and said it carries no debt.

The new agreement includes a cap tied to Nasdaq rules. Once total sales through the facility reach $1 billion, the company generally cannot sell more than 42,641,847 shares below $12.02 each without shareholder approval.

That share count equals about 19.99% of shares outstanding before the amendment. At $12.02 per share, it would represent roughly $512.5 million in proceeds before fees.

Shares of Hyperliquid Strategies closed at $11.36 on Sept. 1, down about 7.3% for the session. The stock traded between $11.03 and $12.31, with volume near 24.3 million shares.

That closing price sits below the $12.02 threshold tied to the new share cap. The cap itself only applies once cumulative sales under the facility pass $1 billion.

The filing does not disclose whether the company has already used any of the newly added capacity. It also does not report a new HYPE purchase tied to this amendment.

The broader interest in Hyperliquid grew last month after President Donald Trump said the Commodity Futures Trading Commission was working to bring the platform into the U.S. under regulatory oversight. HYPE rose more than 20% following the comments, and Hyperliquid Strategies shares gained 30.4% in the same period.

The company has said it operates independently and is not affiliated with the Hyperliquid protocol, despite sharing its name and holding its token.

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