Hyperliquid Strategies (PURR) expanded its at-the-market equity facility with Chardan Capital Markets from $1 billion to $2.5 billion. The move was disclosed in an SEC 8-K dated Sept. 1 and first reported by The Block.
The amended Chardan Equity Facility purchase agreement, first signed Oct. 22, 2025, lets Hyperliquid Strategies periodically direct Chardan to purchase newly issued common shares. The New York broker-dealer can then resell them into the public market, Cointelegraph reported. The $2.5 billion figure is a maximum capacity, not cash raised. Drawing on it would issue additional shares and could dilute existing holders.
As of June 30, the company had sold roughly $647 million worth of stock through the facility, per SEC filings. Its latest 10-K showed the treasury held about 29.4 million HYPE tokens as of Aug. 23. The Nasdaq-listed firm says it is independent and not affiliated with the Hyperliquid protocol, despite sharing the name and holding its native token.
Hyperliquid Strategies did not give a reason for the expansion, per The Block. A Nasdaq-related issuance limit kicks in after the first $1 billion in sales. Below $12.02 a share, the company cannot issue more than 42,641,847 shares, equal to 19.99% of shares outstanding before the amendment, unless shareholders approve. PURR closed Tuesday at $11.36, down 7.31%. It remains up 73% over the past month and 230% year to date.
The expansion deepens a treasury strategy of accumulating HYPE. The token climbed more than 20% in August after U.S. President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring Hyperliquid into the U.S. “in a fully compliant and legal fashion.” Hyperliquid Strategies shares rose 30.4% on those remarks. At press time HYPE traded at $83.03, down 1% over 24 hours, per The Block.
What the filing does not say is why a company already sitting on $647 million of sold stock needs a further $1.5 billion in headroom. The company did not respond to questions on the expansion, per The Block. Whether shareholders will be asked to approve issuance past the Nasdaq cap is not disclosed.
