Hyperliquid Strategies expands equity facility to $2.5 billion

Hyperliquid Strategies increased its committed equity facility with Chardan Capital Markets to $2.5 billion from $1 billion. The company amended the ChEF Purchase Agreement in an 8-K filing. The agreement was first signed on Oct. 22, 2025. Hyperliquid Strategies can sell newly issued common stock to Chardan under the expanded facility. A Nasdaq-related issuance limit applies after the first $1 billion of stock sales. Sales priced below $12.02 per share cannot exceed 42,641,847 shares after that point. The limit equals 19.99% of the shares outstanding immediately before the amendment. Shareholder approval can allow sales above the limit. Hyperliquid Strategies did not provide a reason for expanding the facility. The company had sold around $647 million of shares under the agreement by June 30. Additional share sales could help the company raise funds to grow its HYPE treasury. The company's latest 10-K said it held approximately 29.4 million HYPE tokens as of Aug. 23. HYPE was down 1% over the past 24 hours at $83.03. Hyperliquid Strategies' Nasdaq-listed shares fell 7.31% to close at $11.36 on Tuesday. The shares rose 73% over the past month. The shares rose 230% since the beginning of the year.