Nasdaq-listed Hyperliquid Strategies (Nasdaq: PURR) has expanded its Chardan equity facility from $1.0 billion to $2.5 billion, according to a Form 8-K filing with the SEC on September 1, 2026. The expansion provides the company with an additional $1.5 billion in discretionary fundraising capacity.
The company signed Amendment No. 1 to its Committed Equity Facility (ChEF) Purchase Agreement with Chardan Capital Markets LLC, dated October 22, 2025. The facility operates as a discretionary equity line rather than guaranteed funding—Hyperliquid Strategies sells shares to Chardan, which then resells them on the open market.
Current Usage and Treasury Position
Through June 30, 2026, the company had issued approximately 76.06 million PURR shares under the original facility, generating $646.6 million in gross proceeds at an average issue price of $8.70 per share. Those proceeds were largely deployed into HYPE purchases and share buybacks, with approximately $773.4 million deployed combined.
Hyperliquid Strategies purchased approximately 16.5 million HYPE tokens at an average price of $46.77. The company's HYPE treasury grew to about 29.3 million tokens by late August, up from approximately 12.5 million at the time of the Sonnet merger.
Investor Protection Mechanism
The amendment includes a dilution protection clause that activates after $1.0 billion in total facility sales. Once this threshold is reached, any shares issued below $12.02 per share cannot exceed 42,641,847 shares, representing 19.99% of shares outstanding before the amendment. Exceeding this threshold requires either a Nasdaq shareholder vote or a qualifying exemption.
PURR closed on September 1 at $11.36, below the $12.02 reference price. The $12.02 figure functions as a dilution governor on discounted stock rather than a price floor.
Related Developments
Hashdex added HYPE to the Nasdaq CME Crypto Index ETF effective September 1. Hyperliquid also activated its AQAv2 engine, which routes USDC reserve yield into programmatic HYPE buybacks alongside the approximately 99% of protocol trading fees already flowing into HYPE buybacks.
Grayscale filed an updated S-1 registration statement for a HYPE ETF with staking capabilities, while Hyperliquid and Kraken's Payward are in advanced discussions to bring crypto perpetuals to U.S. markets via Bitnomial.
