Hyperliquid Strategies expands equity facility to $2.5 billion

Hyperliquid Strategies Inc. (NASDAQ: PURR) has filed a prospectus registering up to 160,000,000 shares of common stock for potential resale by Chardan Capital Markets LLC under an amended committed equity facility.

The facility was originally established through a ChEF Purchase Agreement dated October 22, 2025, with a total commitment of $1.0 billion. Following three amendments to the agreement, the total commitment increased to $2.5 billion in aggregate gross purchase price of newly issued common stock. As of the prospectus date, the company has received approximately $1.1 billion in aggregate gross proceeds under the arrangement.

The company paid Chardan a commitment fee of $1.0 million and a documentation fee of $25,000 in connection with the purchase agreement. Hyperliquid Strategies stated it will not receive proceeds from Chardan's resale of shares, though it may receive up to $2.5 billion from its own sales of shares to Chardan under the facility. The company said it intends to use net proceeds for general corporate purposes, including potential purchases of HYPE Tokens.

Chardan is identified as an underwriter under the Securities Act of 1933. The timing and amount of any share sales by Chardan are at Chardan's sole discretion. The company's common stock was priced at $11.93 per share on September 8, 2026, on the Nasdaq Stock Market.

Hyperliquid Strategies classifies itself as an emerging growth company under the Jumpstart Our Business Startups Act of 2012 and as a smaller reporting company under federal securities laws. The prospectus is dated September 23, 2026.

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