Hyperliquid Strategies raises $647M

• Hyperliquid Strategies raised $646.6 million and more than doubled its HYPE treasury.
• The company held 29.3 million HYPE tokens worth about $1.9 billion on June 30.
• It has since spent $773.4 million buying another 16.5 million HYPE tokens.

Hyperliquid Strategies raised $646.6 million and increased its Hyperliquid (CRYPTO:HYPE) holdings to 29.3 million tokens.

The company held the tokens on June 30, when they were worth about $1.9 billion at $65.04 each.

“This was the year we built the platform,” said Hyperliquid Strategies CEO David Schamis.

The company said it used equity funding to support its HYPE treasury strategy, while holding $149.9 million in cash and no debt.

Since June 30, Hyperliquid Strategies has spent $773.4 million to buy about 16.5 million HYPE at $46.77 each.

The company reported $305.5 million in net income for the year, with much of the result linked to gains on its HYPE holdings.

Hyperliquid Strategies also launched a validator with Unit and said it had completed its exit from its legacy biotech operations.

At the time of reporting, Hyperliquid price was $85.11.