Hyperliquid Strategies Expands PURR Stock Buyback As HYPE Extends Monthly Losses

• Hyperliquid’s token edged lower on Saturday, a day after Hyperliquid Strategies more than tripled its stock buyback program to $100 million.
• PURR stock closed up over 1% on Friday, while HYPE has fallen over 19% in the past month.
• CME Group CEO Terry Duffy raised concerns about Hyperliquid’s lack of know-your-customer checks and the risks of automatic liquidations.

Hyperliquid (HYPE) edged lower on Saturday, even after its treasury company, Hyperliquid Strategies (PURR), more than tripled its stock buyback program to $100 million.

Hyperliquid Strategies said on Friday that its board approved raising its stock repurchase program from $30 million to up to $100 million. About $72 million remained available under the expanded authorization, which meant that the company had already used roughly $28 million. The program's end date also moved from December 5, 2026, to October 31, 2027.

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The company said the increase reflected the “Board's confidence in the Company's long-term capital strategy." Hyperliquid Strategies is "currently the largest HYPE-focused digital asset treasury vehicle." Among the risks it listed in its announcement, it said its stock price "will be highly correlated to the price of HYPE tokens."

HYPE Slides As PURR Stock Gains

Hyperliquid Strategies held about 38.8 million HYPE tokens, worth roughly $2.9 billion, according to its treasury dashboard.

PURR stock closed up over 1% on Friday. On Stocktwits, retail sentiment around PURR was also in the ‘bearish’ zone, while chatter stayed at ‘low’ levels over the past day.

In contrast, HYPE’s price was down over 2% over the past 24 hours. Over the past month, HYPE has fallen over 19%, posting a stark contrast from last month, when HYPE posted an all-time high of $97.96, over a month ago. On Stocktwits, retail sentiment around HYPE remained in the ‘bearish’ zone, while chatter stayed at ‘low’ levels over the past day.

However, HYPE was up over 197% so far this year. 

CME CEO Raises KYC Concerns

Hyperliquid also faced questions about how it would operate in the U.S. after CME Group CEO Terry Duffy said that Hyperliquid was “basically the plumbing” and that its users should carry the regulatory burden. Speaking on Bloomberg’s Odd Lots podcast on Tuesday, Duffy said, “don't know because there's no KYC. We don't know who they are. So there's a lot of violation of U.S. law for him to deploy what he was suggesting to manage” on the rival firm.

He also warned about automatic liquidations on highly leveraged products. Duffy said such positions “can cascade and create market-moving events because of the high leverage and the small amount of dollars.” 

Duffy’s comments came a day before CME reported $1.7 billion in revenue, its highest for a third quarter on record. “Our average daily volume reached 29.4 million contracts, the highest Q3 ADV on record,” Duffy said. On the earnings call, he pointed to “the strong traction of our 24/7 cryptocurrency products launched earlier this year.”

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