Hyperliquid expands Chardan equity facility to $2.5 billion

In a filing with the U.S. Securities and Exchange Commission, Hyperliquid Strategies amended its October 2025 purchase agreement with Chardan Capital Markets to increase the aggregate gross purchase price of newly issued common shares from $1 billion to $2.5 billion.

The amended arrangement allows Hyperliquid Strategies to direct Chardan, a New York investment bank and broker-dealer, to buy newly issued common shares periodically, subject to pricing, trading volume and other conditions. Chardan may resell those shares into the public market.

The $2.5 billion figure represents the maximum capacity under the facility and does not mean the company has received those funds. Hyperliquid Strategies previously reported it had raised $647 million through the Chardan program and used proceeds to expand its treasury to about 29.3 million HYPE tokens. The company noted that using the facility would increase share count and could dilute existing shareholders.

Market interest in Hyperliquid’s native token rose in August. After President Donald Trump remarked that Commodity Futures Trading Commission Chair Michael Selig was working to bring the decentralized trading platform into the U.S. “in a fully compliant and legal fashion,” HYPE gained more than 20% and Hyperliquid Strategies’ shares climbed 30.4%.

The SEC filing states that share purchases under the program will depend on market conditions and other safeguards, and that Chardan’s resales will occur through public markets. The filing also clarifies that the company is independent and not affiliated with the Hyperliquid protocol despite sharing the protocol’s name and holding its native token.

Any future use of the amended facility will involve issuing additional common shares under the terms set out in the purchase agreement.