The company plans to deploy cash in ways that boost investor exposure to HYPE on a per-share basis, prioritizing capital efficiency in its approach.
Hyperliquid Token News
The publicly traded HYPE Token treasury company has approved a $30 million share repurchase program just days after officially launching operations. Hyperliquid Strategies announced the 12-month buyback authorization on Monday, joining other digital asset treasury firms implementing stock support measures.
CEO David Schamis said the board's decision reflects a commitment to shareholder value through strategic treasury management. The company plans to deploy cash in ways that boost investor exposure to HYPE on a per-share basis, prioritizing capital efficiency in its approach.
The announcement comes unusually early in the company's lifecycle. Most digital asset treasury firms establish buyback programs after operating for extended periods, but Hyperliquid Strategies implemented its plan within days of launching as a public entity.
The firm resulted from a merger between Sonnet BioTherapeutics, a healthcare technology company, and Rorschach, a special-purpose acquisition vehicle connected to prominent crypto investor Paradigm. Originally scheduled for November completion, the deal closed Dec. 2 after shareholders initially failed to provide sufficient approval.
Trading began Dec. 3 under the ticker PURR on Nasdaq. Shares changed hands at $3.64 on Monday, representing a slight decline from the listing price. The company filed for authority to raise up to $1 billion through equity sales in October, establishing capacity for substantial HYPE acquisitions.
Hyperliquid Strategies stated it would stake most token holdings or deploy capital in decentralized finance activities that generate yields. The approach mirrors strategies used by other publicly traded cryptocurrency treasury operations that combine passive staking with active yield farming.
Strategic investors backing the venture include D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital and 683 Capital. Former Barclays CEO Bob Diamond joined as chairman, bringing traditional banking experience to the management structure.
The underlying protocol took an unconventional path to market. Rather than raising venture capital, Hyperliquid distributed roughly one-third of total token supply through airdrops to early users when launching in late 2023. The distribution valued at $1.2 billion went directly to community participants, with remaining allocations funding team compensation and foundation operations.
The exchange has grown into the leading decentralized platform for perpetual contracts by total trading volume. Competition emerged recently from Aster operating on BNB Chain and Liquid built on an Ethereum layer-2 network, though Hyperliquid maintains its dominant position.
Hong Kong brokerage Lion Group Holding raised $600 million in June for its own HYPE treasury vehicle, creating a second public market option for gaining token exposure. The native asset traded near $29 on Monday, substantially below its $59.30 peak reached in September.
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