Hyperliquid Strategies didn’t wait long to send a signal to the market. Less than a week after landing on Nasdaq, the company behind exposure to the HYPE token announced it would plow up to $30 million into repurchasing its own shares — a maneuver that most firms reserve for later stages of maturity.
For Hyperliquid Strategies, the purpose isn’t cosmetic. The repurchase aligns with a pitch the company has been making since before going public: it wants shareholders’ exposure to HYPE to expand over time, using treasury capital rather than dilution or passive holding.
Key Takeaways
Hyperliquid Strategies announced a $30M buyback within days of listing on Nasdaq.
The firm was created through a biotech–SPAC merger rather than traditional VC funding.
Its treasury model is built around deepening investor exposure to the HYPE token.
Chief executive David Schamis framed the move as an efficiency play, positioning the buybacks as a way to increase per-share ownership of the token ecosystem the company represents.
A Company Built Backwards by Traditional Standards
The way Hyperliquid Strategies came to market looks nothing like standard venture-backed crypto treasuries. Instead of raising funding across multiple private rounds, the company materialized through a merger between a struggling biotech firm and a blank-check SPAC tied to Paradigm — one of Hyperliquid’s earliest ecosystem backers.
The deal faced turbulence when shareholders initially hesitated to approve it, pushing the closing date back by weeks. When it finally cleared on December 2, the reborn entity started trading under the ticker PURR — and watched its price slide slightly in early sessions.
Yet It Shares One Trait With the Biggest Players: Buybacks as a Narrative Tool
Despite its unconventional journey, Hyperliquid Strategies is now behaving like other major digital-asset treasuries.
BitMine has its buyback model, and even Strategy — guided by the closely watched playbook of Michael Saylor — is stockpiling cash buffers to carry it through market cycles. The idea is simple: in an emerging sector, where price volatility eats investor confidence, treasury actions themselves become part of the value story.
What stands out is timing. Hyperliquid disclosed the plan only days after its launch — a move that gives it something meaningful to point to as it begins trading.
The Token That Built the Treasury, Not the Other Way Around
Hyperliquid is also an anomaly in how its capital base formed. Instead of courting VCs, the project had already distributed a large chunk of its token supply long before its treasury arm existed. Roughly one-third of HYPE — worth well over a billion dollars at issuance — was gifted to early users in an airdrop, while the founding team and Hyper Foundation took their portions.
Only after the token ecosystem exploded in usage did a public-market treasury emerge to package access for institutional investors.
And Those Institutions Have Already Arrived
Now, Hyperliquid Strategies is positioning itself as the regulated gateway into that ecosystem. Its strategic supporters include big names ranging from Galaxy Digital and Pantera Capital to D1 Capital. Former Barclays chief Bob Diamond serves as chairman — a sign that the firm wants credibility in traditional financial circles, not just crypto press releases.
It also isn’t the only entity pursuing this model: Hong Kong’s Lion Group has raised hundreds of millions for a parallel treasury dedicated to the same token economy, turning HYPE into one of the few ecosystems where multiple institutional vehicles are competing to accumulate exposure.
What Happens Next
Hyperliquid Strategies has filed paperwork to raise up to $1 billion for future treasury actions, and says it may stake most of its token haul or deploy it into DeFi strategies rather than sitting idle. Whether its aggressive stock-buyback stance boosts market confidence remains to be seen — but in a sector built on narratives, it has already ensured one thing:
For a company only days old on the exchange, it has managed to make itself impossible to ignore.
