Hyperliquid Strategies has expanded its equity financing facility with Chardan Capital Markets from $1 billion to $2.5 billion, increasing the amount of capital it could raise through future share sales if it chooses to do so. The Nasdaq-listed company signed the amendment on September 1, allowing it to sell newly issued common shares to Chardan when needed. The proceeds may be used for corporate purposes, including potential purchases of HYPE, Hyperliquid’s native token.

Earlier filings show that Hyperliquid Strategies already raised substantial capital through share issuance. For the fiscal year ended June 30, 2026, the company raised $647 million through PURR share sales. It issued 76.1 million PURR shares at an average net price of $8.50.

The company also increased its HYPE treasury from 12.5 million tokens to 29.3 million. As of June 30, its assets totaled $2.06 billion. HYPE accounted for about $1.9 billion of that total, based on a token valuation of $65.04. Hyperliquid Strategies also reported deploying $773.4 million to acquire about 16.5 million HYPE, at an average cost of $46.77 per token.

The amended ChEF Purchase Agreement raises the total purchase commitment to $2.5 billion. However, the facility does not require Hyperliquid Strategies to sell shares or guarantee that amount. The company may issue shares at its discretion under the agreement, which gives it flexibility to manage financing as market conditions and corporate needs change.

The arrangement remains available at will, with additional limits tied to Nasdaq rules after the first $1 billion in share sales. Shares priced below $12.02 are subject to a separate Nasdaq-related cap after that point. Those issuances generally cannot exceed 42,641,847 shares.

That number equals 19.99% of the company’s shares outstanding immediately before the amendment. The company can exceed the limit with shareholder approval, where Nasdaq rules require it.

PURR closed at $11.36 on September 1, according to Yahoo Finance data. The stock fell about 7.3% that day after closing at $12.25 on August 31. The $11.36 closing price was below the facility’s $12.02 threshold.

That threshold limits certain lower-priced share sales after the first $1 billion. Hyperliquid Strategies also had a $30 million stock repurchase authorization. By mid-August, the company had spent about $27.8 million on roughly 5.8 million shares.