Hyperliquid Strategies Inc., a Nasdaq-listed HYPE treasury firm, said it has expanded a committed equity purchase facility with Chardan Capital Markets LLC from $1.0 billion to $2.5 billion, according to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on September 1, 2026.
Trading under the ticker PURR, Hyperliquid Strategies is a Delaware corporation whose stated business is accumulating HYPE, the native token of the Hyperliquid, on behalf of stockholders.
The filing reports that the company and Chardan entered into Amendment No. 1 to their ChEF Purchase Agreement on September 1. The original agreement is dated October 22, 2025.
The amendment increases the “Total Commitment” to $2.5 billion in aggregate gross purchase price of newly issued common stock, subject to the terms, conditions, and limitations of the purchase agreement.
Filing states that the company may sell shares to Chardan from time to time at its option. The arrangement does not require Hyperliquid Strategies to issue a fixed amount of stock, and it does not guarantee that $2.5 billion will be raised.
Terms of the amended purchase agreement
The amendment filed as Exhibit 10.1 restates the total commitment as the lesser of $2.5 billion and an exchange cap, to the extent that cap applies. After $1.0 billion of shares have been sold under the facility, additional issuances priced below $12.02 per share generally may not exceed 42,641,847 shares. That figure represents 19.99% of the common shares outstanding immediately before the amendment, according to the 8-K.
The cap can be exceeded if stockholders approve the issuance under Nasdaq rules, or if such approval is not required under those rules. The $12.02 threshold is therefore a condition that limits certain lower-priced sales after the first $1.0 billion, not a requirement that all future sales occur at or above that price.
The original ChEF Purchase Agreement gave the company the right, but not the obligation, to sell up to $1.0 billion of common stock to Chardan during an investment period by delivering purchase notices.
A December 3, 2025 Form 8-K said sales timing would depend on market conditions and the trading price of the common stock, and that proceeds were expected to be used for general corporate purposes, including potential purchases of HYPE tokens.
That use-of-proceeds language remains the company’s previously disclosed plan. The September 1 filing does not state how much of the expanded capacity will be drawn, when draws will occur, or how much of any future proceeds will be allocated to HYPE purchases versus cash, working capital, or other corporate purposes.
Prior capital raises and HYPE holdings
Company materials filed with the SEC earlier in 2026 provide context for why the facility was enlarged. In an August 19, 2026 exhibit to an earnings-related filing, Hyperliquid Strategies said it had increased its treasury from an initial 12.5 million HYPE tokens to 29.3 million tokens.
As of June 30, 2026, it reported total assets of $2.06 billion, including $149.9 million in cash and cash-like instruments and $1.9 billion in HYPE tokens, marked at $65.04 per token and representing about 29.28 million tokens. As of 6:20 AM UTC, September 2, HYPE trades at $83.30, as per aggregated market data from CoinGecko, putting the company’s HYPE stake priced significantly higher at approximately $2.44 billion.
The same exhibit said the company had deployed $773.4 million to accumulate about 16.5 million HYPE tokens at an average cost of $46.77. A related investor presentation exhibit said that during the fiscal year ended June 30, 2026, the company raised $647 million through PURR share issuance and issued 76.1 million PURR shares at an average net issue price of $8.50.
Those figures indicate that a substantial portion of the original $1.0 billion commitment had already been used by mid-2026. The September amendment therefore expands remaining capacity rather than creating an unused $2.5 billion cash balance.
Hyperliquid Strategies and its stock program
Hyperliquid Strategies describes itself on its corporate website as a digital asset treasury company seeking capital-efficient exposure to HYPE through accumulation, staking, and ecosystem participation. SEC filings also note that results remain highly sensitive to HYPE price volatility, regulation of digital assets, custody and staking risks, and the possibility that HYPE could be treated as a security.
Yahoo Finance data shows that PURR last closed at $11.36 on September 1, 2026, down about 7.3% on the day after finishing August 31 at $12.25, and it remains below the $12.02 level that limits certain additional facility sales after the first $1 billion.
In December 2025, the board authorized a repurchase program of up to $30 million of common stock over 12 months. Company materials later said the firm had deployed about $28 million to buy back PURR shares, including roughly $10 million for about 3 million shares at an average $3.42 by June 30, 2026, with cumulative repurchases of about 5.8 million shares for $27.8 million through mid-August, leaving most of the authorized program used but not fully exhausted.
For now, the expanded facility increases the company’s potential access to equity capital. Whether that capacity is used, and whether any proceeds are used to buy additional HYPE, will depend on later purchase notices, market prices, the $12.02 exchange-cap condition after the first $1.0 billion, and any stockholder approvals required under Nasdaq rules.
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