Hyperliquid Strategies, the publicly traded HYPE Token treasury company, is making waves with a bold move. Just days after officially launching, the company approved a $30 million share repurchase program, signaling an aggressive approach to shareholder value and treasury management.
CEO David Schamis described the decision as a commitment to boosting investor exposure per share, emphasizing capital efficiency and strategic deployment of cash. The program will run over 12 months, joining a growing list of digital asset treasury firms using stock support measures to strengthen investor confidence.
The timing is unusual. Most crypto treasury firms wait months or years before implementing buybacks, but Hyperliquid moved within days of going public, showcasing confidence in both its business model and token ecosystem.
Hyperliquid emerged from the merger of Sonnet BioTherapeutics, a healthcare tech company, and Rorschach, a special-purpose acquisition vehicle tied to crypto investor Paradigm. Originally set for November, the deal closed on December 2 after an initial shareholder vote failed to meet approval thresholds.
Trading under the ticker PURR began December 3, with shares priced at $3.64, slightly below the listing price.
The company previously filed for authority to raise up to $1 billion through equity sales, creating room for substantial HYPE acquisitions and growth. Hyperliquid plans to stake the majority of its token holdings and deploy capital into DeFi yield strategies, following the playbook of other publicly traded cryptocurrency treasury firms that blend passive staking with active yield farming.
Backing the venture are heavy hitters including D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital, and 683 Capital. Former Barclays CEO Bob Diamond joined as chairman, adding traditional finance expertise to the management team.
Hyperliquid took an unconventional route to market. Around one-third of the total token supply was distributed via airdrops to early users when launching in late 2023, valuing the distribution at $1.2 billion. Remaining allocations funded team compensation and foundation operations.
The exchange has become a leader in perpetual contracts trading by volume, though competition has emerged from Aster on BNB Chain and Liquid on Ethereum Layer 2, with Hyperliquid maintaining its dominant position.
The broader market context shows that Hong Kong brokerage Lion Group Holding raised $600 million for its own HYPE treasury vehicle, creating another public market option. HYPE’s native asset traded near $29 on Monday, well below its $59.30 peak in September, highlighting volatility but also the potential for strategic treasury initiatives like Hyperliquid’s buyback program to stabilize the market.
