Hyperliquid Strategies expands equity facility to $2.5 billion from $1 billion

Hyperliquid Strategies Inc. expanded its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion on September 1, 2026, to fund its HYPE token treasury. The firm has already deployed $773.4 million to acquire 16.5 million HYPE tokens, bringing its treasury to over 29 million tokens. To prevent excessive dilution, Nasdaq-compliant caps restrict share sales below $12.02. Following the news, the company's shares fell 7.31% to $11.36, while HYPE traded near record highs of $82 to $84.

Equity facility expansion

• ▪Hyperliquid Strategies Inc. CEO David Schamis stated on September 1, 2026, that the company expanded the facility because it was close to hitting the original $1 billion limit
• ▪Hyperliquid Strategies Inc. increased its committed equity facility with Chardan Capital Markets from $1 billion to $2.5 billion
• ▪The expansion was executed via Amendment No. 1 to the ChEF Purchase Agreement, which Hyperliquid Strategies Inc. originally signed with Chardan Capital Markets in October 2025

HYPE token accumulation strategy

• ▪Despite sharing the protocol's name and holding its native token, Hyperliquid Strategies Inc. states that it is independent and not affiliated with Hyperliquid
• ▪Hyperliquid Strategies Inc. deployed $773.4 million to accumulate approximately 16.5 million HYPE tokens at an average cost of $46.77 per token
• ▪Hyperliquid Strategies Inc. uses the proceeds from selling newly issued shares through the Chardan Capital Markets facility to fund its strategy of accumulating HYPE tokens

Nasdaq shareholder dilution protections

• ▪To protect against excessive share dilution, once Hyperliquid Strategies Inc. sells $1 billion of stock, share sales below $12.02 cannot exceed 42,641,847 shares without shareholder approval
• ▪The 42,641,847 share limit represents 19.99% of Hyperliquid Strategies Inc.'s outstanding shares immediately prior to the amendment, satisfying Nasdaq's shareholder-approval regulations under Rule 5635

Treasury performance metrics

• ▪As of August 2026, Hyperliquid Strategies Inc. held approximately 29.3 million to 29.4 million HYPE tokens in its treasury
• ▪Hyperliquid Strategies Inc. reported a net income of $305.5 million, which was primarily driven by $709.9 million in unrealized HYPE token gains
• ▪Hyperliquid Strategies Inc. reported total assets of approximately $2.06 billion as of June 30, 2026, which included roughly $1.904 billion in HYPE tokens
• ▪In 2026, Hyperliquid Strategies Inc. generated $9.5 million from staking and validator commissions, alongside $2.7 million in interest income

Market response to expansion

• ▪Prediction markets on September 2, 2026, indicated a 65% probability that the HYPE token would reach $100 by December 31, 2026
• ▪Following the announcement on September 1, 2026, Hyperliquid Strategies Inc.'s Nasdaq-listed shares fell 7.31% to close at $11.36
• ▪The HYPE token traded near its all-time highs of $82 to $84 around the time of the equity facility expansion announcement on September 1, 2026

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