Public Company Spends $773 Million on HYPE: Shares Surge 18%

The HYPE treasury of Hyperliquid Strategies, trading under the ticker PURR on Nasdaq, reached 29.3 million tokens valued at approximately $1.9 billion as of June 30; the company subsequently announced an additional purchase of $773.4 million, and its shares rose approximately 18% on the same day.

Hyperliquid Strategies, trading under the ticker PURR on Nasdaq, is a public company expanding its HYPE holdings. The disclosed data indicates that the company is further tying its balance sheet to the price movements of this token.

According to company data cited by The Block, Hyperliquid Strategies raised $647 million in equity during the first half of the fiscal year. As of June 30, its HYPE holdings reached 29.3 million tokens. The value of these assets was calculated at approximately $1.9 billion at the end of the period.

Hyperliquid Strategies Acquires 16.5 Million More HYPE

The company continued its HYPE purchases following the end of the fiscal year. According to the announcement, approximately 16.5 million HYPE were purchased for $773.4 million. The average cost for these transactions was $46.77 per token.

The company also reported $149.9 million in cash and zero debt. Having spent $27.8 million to repurchase PURR shares, the company’s cash stood at $132.6 million as of August 19.

CEO David Schamis stated that the company has built a “fortress balance sheet.” While $709.9 million in unrealized gains on HYPE assets were reported, a $169.2 million one-time loss was recorded due to tokens transferred following a business combination. These gains do not constitute realized profit as the tokens have not been sold.

PURR shares rose approximately 18% to $13.59 during the day. While the company’s market capitalization reached approximately $1.8 billion, its mNAV—the ratio of market cap to HYPE assets—rose to 1.35x. Meanwhile, HYPE surged 77% in the quarter ending June 30 and more than 50% over the last month.