HYPE token treasury Hyperliquid Strategies rolls out $30 million stock repurchase program

Major publicly traded HYPE token holder Hyperliquid Strategies (ticker PURR) is the latest digital asset treasury (DAT) to roll out a stock repurchase program. 

Hyperliquid Strategies’ board has authorized a program to repurchase up to $30 million worth of the company’s outstanding stock over the next 12 months, according to an announcement on Monday. The firm is far from the first to announce a willingness to support its stock price, with everyone from the largest ETH DAT BitMine supporting buybacks to Michael Saylor’s Strategy launching a cash reserve to act as a liquidity buffer amid a market pullback. 

“We are fully committed to maximizing shareholder value through disciplined execution of our treasury strategy,” Hyperliquid Strategies CEO David Schamis said. “Our primary objective is providing investors with efficient access to HYPE, the native token of the dominant Hyperliquid ecosystem. We will use our cash to increase our shareholders’ per-share exposure to HYPE in the most efficient way possible.”

Though what is perhaps unique is that the repurchase program was disclosed just days after the digital asset treasury officially launched.

Hyperliquid Strategies Inc. was formed through a merger of the publicly-traded healthtech firm Sonnet BioTherapeutics and Rorschach, a special purpose acquisition company incorporated this year with a connection to Hyperliquid-supporter and prominent crypto VC Paradigm. The merger, announced in July and expected to close in November, was delayed by two weeks after not crossing a key level of support from shareholders and was ultimately completed on Dec. 2.

The Nasdaq-listed stock, which began trading under the ticker symbol PURR on Dec. 3, is down about 1.1% at the time of press to $3.64. The Block has reached out to Schamis for comment.

Venture forward?

In October, Hyperliquid Strategies filed an S-1 statement with the U.S. Securities and Exchange Commission to raise up to $1 billion to fund its treasury activities. The firm previously said it would stake “substantially all of its HYPE holdings” or deploy funds in non-staking DeFi-related activities.

Somewhat unusually, Hyperliquid did not raise venture capital funding. Instead, about a third of the HYPE token supply, valued at $1.2 billion, was airdropped to early users when it debuted in late 2023. Additional tokens went to the founding team and to set up the Hyper Foundation, with none explicitly earmarked for VCs or investors.

The protocol has since grown to become the largest decentralized perps DEX by accumulated volume, according to The Block’s data, and has only seen meaningful competition in recent months via the rise of BNB Chain-based Aster and Ethereum Layer 2 Liquid. 

Hyperliquid Strategies, which aims to “provide capital-efficient and productive access to the HYPE token for U.S. and institutional investors,” counts D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital, and 683 Capital as strategic backers. It has also named former Barclays CEO Bob Diamond as chairman.

The firm is not the only HYPE treasury play. In June, Hong Kong-based brokerage and trading firm Lion Group Holding Ltd. raised $600 million to fund its own HYPE DAT. 

HYPE is relatively flat on the past day at $29. The token hit an all-time high of $59.30 in September, according to The Block’s price page.

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