Hyperliquid Strategies Expands Equity Facility With Chardan to $2.5 Billion
Key Takeaways
- •Hyperliquid Strategies raised its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion through an SEC-disclosed amendment to its October 2025 agreement.
- •The facility operates as an at-the-market-style equity line, letting the company sell shares to Chardan incrementally, with Chardan reselling them in the public market.
- •The company has previously raised $647 million through the facility and holds approximately 29.3 million HYPE tokens in its treasury.
- •Drawing on the expanded facility would issue additional shares and could dilute existing shareholders, and the $2.5 billion represents maximum capacity rather than funds already raised.
- •The expansion follows a more than 20% rise in HYPE and a 30.4% gain in the company's shares after President Trump said CFTC Chair Michael Selig was working to bring Hyperliquid into the US in a compliant and legal manner.
Hyperliquid Strategies, a HYPE treasury company, has increased its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, giving the company additional capacity to raise capital through share sales.
In a Tuesday filing with the US Securities and Exchange Commission, Hyperliquid Strategies said it amended its October 2025 Chardan Equity Facility purchase agreement to increase the aggregate gross purchase price of newly issued common shares. The filing is available on the SEC's EDGAR system at
Under the agreement, Hyperliquid Strategies can periodically direct Chardan, a New York-based investment bank and broker-dealer, to purchase shares subject to pricing, trading volume, and other conditions. Chardan may subsequently resell those shares in the public market. This type of structure, commonly known as an at-the-market-style equity line, lets a company raise capital incrementally over time rather than in a single upfront offering.
The expanded facility provides the company with more potential funding for its HYPE-focused treasury strategy, although drawing on it would issue additional shares and could dilute existing shareholders. The $2.5 billion figure represents maximum capacity rather than funds already raised.
Hyperliquid Strategies previously reported raising $647 million through the facility and expanding its treasury to approximately 29.3 million HYPE tokens.
The company is part of a broader wave of publicly traded "treasury companies" that hold a single crypto asset on their balance sheets as their core strategy, a model popularized in recent years by firms accumulating tokens such as Bitcoin and Solana's SOL.
The expansion comes amid renewed market interest in Hyperliquid. HYPE rose more than 20% in August after US President Donald Trump said Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the US "in a fully compliant and legal fashion." Shares of Hyperliquid Strategies climbed 30.4% following Trump's remarks.
Despite sharing the protocol's name and holding its native token, Hyperliquid Strategies states that it is independent and not affiliated with Hyperliquid.
Related: Lazarus Group-linked addresses move $30M through Hyperliquid
