Hyperliquid Strategies increased its equity financing arrangement with Chardan Capital Markets from $1 billion to $2.5 billion on Sept. 1. The company disclosed the amendment in a filing submitted to the SEC, adding more potential financing capacity while leaving actual issuance decisions subject to the company’s own timing.

The agreement raises financing capacity by $1.5 billion from its previous $1 billion limit. It allows the Nasdaq-listed company to issue new PURR shares to Chardan over time. The timing and size of each transaction remain under the company’s control.

The $2.5 billion figure represents the facility’s maximum aggregate commitment. It does not represent cash already received by Hyperliquid Strategies. It also does not confirm a completed offering or guarantee full use of the available capacity.

Proceeds may support general corporate purposes under the company’s earlier prospectus disclosures. Those stated purposes include potential purchases of HYPE, the Hyperliquid network’s native digital token. The Sept. 1 Form 8-K did not report or confirm a new HYPE acquisition, so the filing expands the company’s funding flexibility without changing its disclosed holdings report for that date.

🚨 Hyperliquid Strategies Increases Equity Purchase Agreement from $1B to $2.5B Hyperliquid’s native treasury company, Hyperliquid Strategies, has expanded its equity purchase agreement with Chardan Capital Markets from $1B to $2.5B. That means the company now has access to a… pic.twitter.com/1I1k4IEIZP — Hyperliquid Daily (@HYPERDailyTK) September 2, 2026

🚨 Hyperliquid Strategies Increases Equity Purchase Agreement from $1B to $2.5B Hyperliquid’s native treasury company, Hyperliquid Strategies, has expanded its equity purchase agreement with Chardan Capital Markets from $1B to $2.5B. That means the company now has access to a… pic.twitter.com/1I1k4IEIZP

Hyperliquid Strategies and Chardan signed the amendment on Sept. 1. Their original ChEF purchase agreement dates to Oct. 22, 2025. Chardan may buy newly issued common shares after receiving qualifying purchase notices from the company.

The deal must meet the requirements, conditions, and restrictions of the agreement. Thus, there is no assurance that Chardan will buy all $2.5 billion of the maximum commitment. The ultimate amount raised through the equity facility will be less than this ceiling.

Hyperliquid Strategies said that financing will depend on current market conditions. In addition, management will consider the trading price of PURR as well as corporate funding needs. The filing did not confirm any share sales against the extra $1.5 billion capacity.

The company disclosed the number of 29.3 million HYPE as of Aug. 19. After completing the business combination in December 2025, it had spent $773.4 million for about 16.5 million tokens, with the average purchase price of $46.77.

The amendment also introduces an exchange cap based on cumulative purchases through the facility. The restriction will start working only after reaching $1 billion from such cumulative purchases. This restriction applies to certain sales of shares at a price lower than $12.02.

Hyperliquid Strategies would not sell above 42,641,847 shares below the reference price. This limit is equal to 19.99% of the company’s common stock outstanding prior to the amendment. Such a limitation affects qualifying below-threshold issuances through the facility.

Shareholder approval under Nasdaq rule could facilitate additional issuances beyond the exchange cap. The restriction would also cease upon fulfillment of another Nasdaq provision eliminating the requirement. The filing does not state that either condition has occurred since the amendment.

According to Yahoo Finance, PURR closed at $11.36 on September 1, down $0.90, or 7.31%. The stock opened at $11.76 and ranged during the day between $11.03 and $12.31. The trading volume has reached 24.3 million shares.

The stock closed below the amendment’s $12.02 reference price. Such a price would not trigger an exchange cap by itself. The restriction is applicable only to the below-threshold issuances after cumulative facility purchases reach the $1 billion threshold.