Facility Expansion
Nasdaq-listed Hyperliquid Strategies (Nasdaq: PURR) has expanded its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, according to a filing with the US Securities and Exchange Commission. The company filed a Form 8-K on September 1, 2026, confirming the signing of Amendment No. 1 to its Committed Equity Facility (ChEF) Purchase Agreement with Chardan Capital Markets LLC, dated October 22, 2025.
Chardan, a New York-based investment bank and broker-dealer, can be directed by Hyperliquid Strategies to periodically purchase newly issued common shares, subject to pricing, trading volume, and other conditions, and subsequently resell them in the public market. The increased facility provides the company with more potential funding for its HYPE-focused treasury strategy, though the $2.5 billion represents the maximum capacity rather than funds already raised.
The facility is a discretionary equity line, and nothing in the amendment forces the company to draw the extra $1.5 billion, as reported by CoinGape. However, drawing on the facility would issue additional shares and could dilute existing shareholders.
Prior Usage and Treasury Activity
Through June 30, 2026, Hyperliquid Strategies had issued roughly 76.06 million PURR shares under the original facility, generating $646.6 million in gross proceeds at an average issue price of about $8.70 per share, according to CoinGape. The company previously reported raising $647 million through the facility.
Those proceeds were largely deployed, with roughly $773.4 million going into HYPE purchases and PURR buybacks combined. About 16.5 million HYPE tokens were bought at an average price of $46.77. The treasury grew from approximately 12.5 million HYPE at the time of the Sonnet merger to about 29.3 million tokens by late August.
This leaves roughly $353 million of unused capacity under the old $1 billion ceiling before the new $1.5 billion of headroom even kicks in.
Investor Protection Clause
The amendment contains an investor protection clause that kicks in after $1.0 billion of total facility sales are complete, as detailed by CoinGape. At that point, any shares issued below $12.02 per share cannot exceed 42,641,847 shares, equal to 19.99% of shares outstanding just before the amendment. Going beyond that threshold requires a Nasdaq shareholder vote, or a qualifying exemption.
Market Context
The expansion follows renewed market interest in Hyperliquid. HYPE jumped more than 20% in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the US "in a fully compliant and legal fashion." Hyperliquid Strategies shares rose 30.4% following Trump's remarks.
Despite sharing the protocol's name and holding its native token, the company says it is independent and not affiliated with Hyperliquid.
Additional Developments
In related news, CoinGape reported that Hashdex added HYPE to the Nasdaq CME Crypto Index ETF, effective September 1. Hyperliquid also activated its AQAv2 engine, which routes most USDC reserve yield into programmatic HYPE buybacks, and CoinGape reported that this buy-back and burn mechanism now operates alongside roughly 99% of protocol trading fees already flowing into HYPE buybacks.
Hyperliquid and Kraken's Payward are in advanced talks to bring crypto perpetuals to US markets via Bitnomial, according to CoinGape. Grayscale filed an updated S-1 for a HYPE ETF with staking.
PURR closed September 1 at $11.36, down 7.3%, on heavy volume of around 24 million shares, per CoinGape.