- Two Nasdaq-listed companies hold roughly 7% of Hyperliquid’s circulating supply, according to Hyperliquid’s Annual Report.
- The report said that the firms followed a corporate treasury approach mirroring Michael Saylor’s Bitcoin accumulation with Strategy.
- It noted that, unlike Bitcoin, Hyperliquid’s native token can be deployed across on-chain activities such as staking and lending.
Two Nasdaq-listed companies accumulated a significant share of Hyperliquid’s native token (HYPE) using a corporate treasury approach previously seen in the Bitcoin (BTC) markets.
According to the 2025 Hyperliquid Annual Report, Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR) collectively held roughly 7% of HYPE’s circulating supply.
Hyperliquid Strategies, chaired by former Barclays CEO Bob Diamond and with former Boston Federal Reserve President Eric Rosengren on its board, filed an S-1 registration statement with the U.S. Securities and Exchange Commission to raise up to $1 billion to expand its HYPE holdings.
Hyperion DeFi’s stock was trading up by 1.83% during Monday afternoon. On Stocktwits, the retail sentiment around HYPD moved from ‘neutral’ to ‘bearish’ territory, while chatter levels around it went from ‘high’ to ‘normal’ over the past day.
On the other hand, Hyperliquid Strategies’ stock traded down 2.5% on Monday afternoon. On Stocktwits, the retail sentiment around PURR remained in the ‘bullish’ territory, while chatter stayed at ‘high’ levels over the past day.
These companies are structured to hold HYPE as part of their corporate treasury, offering public market investors indirect exposure to the token through listed equity.
HYPE was trading at $37.82, down by 1% over 24 hours. On Stocktwits, the retail sentiment around Hyperliquid’s token remained in the ‘neutral’ territory, as chatter levels around it moved from ‘high’ to ‘extremely high’ over the past day.
Bitcoin Treasury Model Extended to DeFi Tokens
The model was built on a framework previously seen in Bitcoin. “Strategy (MSTR) proved the model with Bitcoin, at its peak commanding a 4x premium to its holdings,” the report noted, adding that such vehicles collectively managed around $105 billion in on-chain assets by 2025.
It said that the application of this structure to HYPE introduced a key difference. The report noted that HYPE was “programmable in ways that BTC is not,” allowing it to be staked, delegated, lent, or deployed into ecosystem agreements. This will allow companies holding HYPE to move beyond passive accumulation.
The report also introduced “HYPE-per-share” as a key metric, describing it as the equivalent of book value per share in traditional finance. It reflected how much underlying HYPE each share represents, offering a way to assess whether companies are increasing exposure per share or diluting it through capital raises.
Trading Activity Rises Amidst Geopolitical Tensions
Trading activity on Hyperliquid accelerated recently amid geopolitical tensions in the Middle East. The platform recorded more than $1.5 billion in trading volume over a single weekend following the escalation of the US-Iran conflict, as traders used it to take positions outside traditional market hours.
“We firmly believe liquidity begets liquidity, and Hyperliquid is currently the most liquid on-chain venue by a wide margin, especially in terms of trading volume and open interest, which are key metrics for any perpetual futures exchange,” Hyunsu Jung, CEO of Hyperion DeFi, told DL News.
Read also: Is Bitcoin Becoming A MAG 7–Style Trade As It Decouples From The S&P 500?
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