Hyperliquid Strategies expands equity facility to $2.5 billion from $1 billion

Hyperliquid Strategies (PURR), the Nasdaq-listed digital asset treasury company focused on Hyperliquid's HYPE token, has widened its committed equity facility with Chardan Capital Markets to $2.5 billion from $1 billion, according to a new SEC filing.

The company disclosed in an 8-K statement that it amended the ChEF Purchase Agreement it originally signed on Oct. 22, 2025. The arrangement permits Hyperliquid Strategies to sell newly issued common stock to Chardan, giving the firm a standing channel to raise capital as it builds its token treasury. The filing did not give a reason for the increase in facility size.

Nasdaq issuance cap

Under the revised terms, a Nasdaq-related limit kicks in once the first $1 billion of stock has been sold. From that point, sales priced below $12.02 per share may not exceed 42,641,847 shares — equivalent to 19.99% of the shares outstanding immediately before the amendment — unless shareholders approve a larger amount.

Earlier disclosures show the company had sold roughly $647 million worth of shares as of June 30. Its latest 10-K reported holdings of approximately 29.4 million HYPE tokens as of Aug. 23, and further issuance would give it additional funds to expand that position.

Market reaction to the expanded facility was negative on the equity side. PURR shares closed Tuesday at $11.36, a decline of 7.31%, though the stock remains up 73% over the past month and 230% since the start of the year. HYPE itself was down about 1% over 24 hours, trading near $83.03.