Hyperliquid Strategies, a major holder of the HYPE token and a newly formed digital asset treasury, has approved a plan to repurchase up to $30 million of its own stock over the next year. The company, which trades on Nasdaq under the ticker PURR, announced the move on Monday.
Stock buybacks have become more common across digital asset treasuries. Firms ranging from BitMine, the largest ETH-focused DAT, to Michael Saylor’s Strategy have taken similar steps to steady share prices and reinforce liquidity during market pullbacks.
CEO David Schamis said the goal is to strengthen value for shareholders while improving access to HYPE, the token at the center of the Hyperliquid ecosystem.
“We will use our cash to increase our shareholders’ per-share exposure to HYPE in the most efficient way possible,” he said.
What stands out is the timing. The buyback program was unveiled only days after Hyperliquid Strategies officially went live.
The company was created through a merger between Sonnet BioTherapeutics, a public healthtech firm, and Rorschach, a newly formed SPAC linked to crypto-focused venture fund Paradigm. The merger, originally scheduled to close in November, slipped by two weeks after missing a key support threshold from shareholders. It was finalized on Dec. 2, and trading under the PURR symbol began the following day. Shares were down about 1.1% at $3.64 at the time of reporting.
A treasury-first business model
In October, Hyperliquid Strategies filed to raise up to $1 billion through an S-1 registration. The funds would support treasury operations, including staking most of its HYPE holdings or deploying assets into non-staking DeFi strategies.
The broader Hyperliquid ecosystem took an unconventional path to growth. Instead of raising traditional venture capital, the project distributed roughly one-third of its token supply—worth about $1.2 billion at the time—to early users in a late-2023 airdrop. Additional allocations went to the founding team and the Hyper Foundation, with none specifically set aside for investors.
Since then, Hyperliquid has developed into the largest decentralized perpetuals exchange by accumulated volume, based on data. New competition has emerged in recent months from platforms such as Aster on BNB Chain and Liquid on Ethereum Layer 2.
Hyperliquid Strategies aims to offer “capital-efficient and productive access” to HYPE for U.S. and institutional investors. The firm counts D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital, and 683 Capital among its strategic partners, and has appointed former Barclays CEO Bob Diamond as chairman.
The sector continues to widen. In June, Hong Kong–based Lion Group Holding raised $600 million to build its own HYPE-focused digital asset treasury.
HYPE itself has held steady near $29 over the past day. The token reached a record high of $59.30 in September.
