Hyperliquid Strategies just more than doubled its HYPE token treasury, ending its fiscal year with 29.3 million HYPE on the balance sheet. That holding is now valued at roughly $1.9 billion.
The move was powered by a $647 million equity raise, with that capital used to expand HYPE accumulation rather than add debt. Over the period, the company deployed more than $773 million since December, buying about 16.5 million tokens at an average price of $46.77 each.
As of the June close, it also held just under $150 million in cash, and reported no debt at all, meaning there were no refinancing or forced-sale pressures that often complicate token-based balance sheets. Net income landed at $305.5 million.
This model matters for investors who want crypto exposure without directly holding tokens. Instead, they are buying into a listed corporate vehicle built around its token treasury.
Hyperliquid Strategies stands as an example of a new class of companies turning token accumulation into a public-market equity structure. As this approach spreads, the watchpoint becomes whether investors will continue to back no-debt, equity-funded treasuries like Hyperliquid’s, or prefer to hold the underlying token themselves.