Hyperliquid Strategies lifts Chardan share sale to $2.5 billion

Hyperliquid Strategies told the US Securities and Exchange Commission on Tuesday that it had lifted the ceiling of its equity purchase agreement with Chardan Capital Markets to $2.5 billion. The prior figure was $1 billion. By 30 June the company had drawn about $647 million against that original limit. Its Nasdaq-listed stock closed the day of the filing at $11.36, below the $12.02 reference price that gates dilution once the first billion is spent.

What the amended agreement does

The 8-K amends a purchase agreement first signed on 22 October 2025. Under those terms the company had already issued roughly 76 million shares at an average issue price near $8.70, on CoinGape's arithmetic. Remaining capacity moves from about $353 million to just over $1.85 billion. The filing offered no reason for the enlargement. That is the wording The Block used and The Crypto Basic repeated. Companies routinely widen a shelf ahead of use, and the wider ceiling does not by itself signal a plan to draw the full amount.

The $12.02 line the price sits under

Once cumulative facility sales pass $1 billion, Nasdaq rules cap the number of new shares Chardan can buy below a reference price of $12.02 at 42,641,847, or 19.99% of shares outstanding, without a shareholder vote or a qualifying exemption. PURR closed on Tuesday at $11.36, down 7.3% on the session, on volume of 24.3 million shares. The day's range was $11.03 to $12.31. The top of that range sat above the threshold and the close beneath it. Blockonomi puts the potential proceeds at that cap at about $512.5 million; the figure does not appear in the other five accounts reviewed for this piece. Treat it as one estimate, not a company disclosure.

The token stack behind the equity raise

PURR is the ticker Hyperliquid Strategies inherited from a December 2025 business combination with Sonnet BioTherapeutics. What sits on the balance sheet since is HYPE. The company has bought about 16.5 million HYPE at an average price of $46.77 since the combination, and the stack now stands at roughly 29.4 million tokens. On the date of that 29.4 million snapshot the accounts do not reconcile. The Block dates it 23 August. The Crypto Basic and Blockonomi date it 19 August. Nothing located settles which is more current. Blockonomi is alone in giving cash on hand of $149.9 million at the end of June; hedge that number. The average cost sits well below where HYPE trades now, which puts the stack in nominal profit before the equity raises are counted.

A pattern the market has seen elsewhere

Treasury companies raising equity to accumulate a single token have been the year's shape on Nasdaq. Not every version has held together. This desk followed the BONKDAO treasury dispute earlier in the summer, where the vehicle became the story before the token did. Hyperliquid's stack is bigger. It leans on a single counterparty. Chardan is that counterparty on both ends of the amended line. A purchase agreement of this kind lets the issuer time draws around price, and the $12.02 line is where that timing turns. The price traded on both sides of it on 1 September. What the company has not said is how much of the enlarged capacity it will draw, over what period, or whether proceeds are earmarked for further HYPE purchases at the same ratio the first $647 million paid for. Trading on the underlying exchange has its own quirks under stress; an SK Hynix perp flash crash on Hyperliquid earlier in the summer showed one of them. The demand for HYPE that the treasury is built on is the same demand either way. We could not establish, from what is on file, how the new capacity will be paced.