Hyperliquid Strategies accumulated 365,000 HYPE tokens worth approximately $29.65 million over a 24-hour period, adding to a broader buying campaign that has characterized the firm's treasury operations in recent weeks.
Over the past 14 days, the company has purchased and staked 3.029 million HYPE tokens for approximately $252 million at an average price near $83.40 per token. With HYPE trading near $79.99 at the time of reporting, down 5.78% on the day, the recent purchases show an unrealized loss of roughly $12 million on that tranche alone.
Hyperliquid Strategies' total disclosed holdings stand at 31.8 million HYPE tokens. The firm's aggressive accumulation strategy reflects a deliberate treasury approach, though it has created the common challenge faced by digital asset treasuries: purchases made during price increases raise the average cost basis above current market levels.
Funding and Capital
The company's buying capacity is supported by an expanded committed equity purchase facility. Earlier this month, Hyperliquid Strategies filed a Form 8-K with the SEC showing an increase in its equity facility with Chardan Capital Markets LLC from $1.0 billion to $2.5 billion. As of June 30, the company reported more than $2.0 billion in assets, no debt, and approximately $150 million in cash and cash-like instruments.
Beyond treasury purchases, the firm operates a validator alongside Unit Labs, established in May, with initial stakes delegated from treasury HYPE held at Anchorage Digital Bank. Institutional investors have also moved into the space, with Stanley Druckenmiller accumulating 2.9 million shares valued around $23.1 million as part of an $88 million position across Bitdeer and Hyperliquid Strategies.
Structural Support and Market Factors
The HYPE token benefits from a structural buyback mechanism independent of treasury actions. Hyperliquid routes approximately 99% of fees generated by its perpetual futures and spot markets into an Assistance Fund that purchases HYPE on the open market. This fund absorbed $1.16 billion in buybacks during 2026.
The recent price decline occurred alongside broader market movements, with crypto markets experiencing $562 million in liquidations on September 10 following a stronger-than-expected U.S. producer price index reading. HYPE's daily decline appears part of this wider risk-off environment rather than company-specific developments.
