Hyperliquid Strategies Approves $30 Million Stock Buyback Program
Hyperliquid Strategies, which filed in October to raise $1 billion for its HYPE treasury, has approved a multi-million-dollar share buyback program. The board authorized up to $30 million in repurchases over the next 12 months, following a trend among major DATs like BitMine and Michael Saylor’s Strategy to support share prices.
CEO David Schamis emphasized the company’s commitment to maximizing shareholder value and using cash efficiently to increase investor exposure to HYPE. The buyback comes just days after the official launch of the digital asset treasury. Hyperliquid Strategies was formed through the merger of Sonnet BioTherapeutics and Rorschach, a Paradigm-linked SPAC, completed on December 2. Its stock, PURR, listed on Nasdaq on December 3 and currently trades at $3.64, down 1.1%.
Instead of traditional VC funding, about one-third of HYPE’s 1.2 billion token supply was airdropped to early users in late 2023. The protocol is now the largest decentralized DEX perps by volume. Hyperliquid Strategies counts strategic backing from D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital, and 683 Capital, with former Barclays CEO Bob Diamond as chairman. HYPE is currently trading around $29, well below its $59.30 September peak.
