Hyperliquid raises HYPE holdings to 17.6M amid market volatility

Hyperliquid Strategies (PURR) has purchased an additional 5 million HYPE tokens on Wednesday at an average price of about $25.9. The firm’s purchase was worth $129.5 million.

The digital asset treasury (DAT) revealed that its latest purchase pushed its total holdings to roughly 17.6 million HYPE tokens. Hyperliquid also disclosed that it still retains about $125 million in deployable capital, excluding reserves. 

Hyperliquid purchases HYPE despite continued market volatility

Hyperliquid’s decision to retain $125 million in cash suggests that the company is managing risk and also preserving liquidity. The initiative allows the DAT to operate and pursue opportunities without being overexposed to HYPE. The firm added that the deployable capital is supported by a $1 billion Equity Line of Credit (ELOC) facility.

Hyperliquid’s purchase comes as the HYPE token has been dropping for the past few weeks. At the time of publication, the asset is trading at around $29, down nearly 2.4% in the past 24 hours. HYPE has also plummeted 12% over the past 7 days but gained more than 24.5% over the past 30 days.

“We are encouraged by our early execution since going public. We are establishing HSI as the leading public vehicle for capital-efficient HYPE exposure amid Hyperliquid’s accelerating dominance in on-chain finance.”

–David Schamis, CEO of Hyperliquid Strategies.

As of the end of 2025, Hyperliquid had established a balance sheet of 12.5 million HYPE tokens. The firm’s holdings also had $300 million in cash contributed by investors. 

Schamis also stated that the firm’s robust balance sheet, emerging staking yields, disciplined capital deployment, and capital allocation allow it to deliver long-term shareholder value despite unrealized mark-to-market losses caused by crypto volatility. He acknowledged that the firm remains highly optimistic about its trajectory, including builder codes, RWA tokenization, and sustained growth and fee generation.

Hyperliquid also reported that its perpetual decentralized exchange generated more than $800 million in annual fees last year. The firm also processed billions in daily trading volumes.

The DAT acknowledged that its builder code adoption by major platforms, including MetaMask, Phantom, Rabby, and Rainbow, helped drive its ecosystem growth. The firm noted that the builder code enabled permissionless front-end integrations and generated tens of millions in fees.

Hyperliquid also championed its expansion in RWA perps via HIP-3. The firm launched more than 100 perps for equities, commodities, FX, pre-IPO, and more last year.

Hyperliquid relaunches its website to enhance transparency 

Hyperliquid’s assets at year-end reached $616.7 million, with nearly $290 million in cash. The company also had $327.6 million in HYPE tokens based on the asset’s price of $25.48 per token at the time.

The DAT had roughly $590 million in stockholders’ equity and no debt at the end of 2025. The firm also generated $900,000 in interest income and $500,000 in staking revenue from its HYPE holdings. 

Hyperliquid reported a net loss of $317.9 million for the H2 of 2025, driven by $262.4 million in unrealized losses on HYPE tokens due to market volatility. The firm also had a one-time $35.6 million IPR&D write-off tied to the acquisition of Sonnet BioTerapeutics Holdings. 

Hyperliquid is also relaunching its website today, which will include a dedicated section tracking the firm’s Adjusted Net Asset Value. The firm stated that it will update the new section regularly to enhance transparency for its stockholders. The DAT also plans to use its website to disclose information that may be considered non-public and to comply with obligations under Regulation FD. 

On-chain data revealed that Hyperliquid hit $2.6 trillion in notional trading volume earlier in the month. The firm also surpassed Coinbase, which had $1.4 trillion in assets under management.

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