TLDR Hyperliquid Strategies (PURR) approved a $30 million stock buyback program just days after launching as a public company The program runs for 12 months and aims to increase shareholder exposure to HYPE tokens on a per-share basis The company was formed through a merger between Sonnet BioTherapeutics and Rorschach SPAC, which closed on December [...] The post Hyperliquid Strategies (PURR) Stock: New HYPE Token Treasury Announces $30M Share Buyback appeared first on CoinCentral.TLDR Hyperliquid Strategies (PURR) approved a $30 million stock buyback program just days after launching as a public company The program runs for 12 months and aims to increase shareholder exposure to HYPE tokens on a per-share basis The company was formed through a merger between Sonnet BioTherapeutics and Rorschach SPAC, which closed on December [...] The post Hyperliquid Strategies (PURR) Stock: New HYPE Token Treasury Announces $30M Share Buyback appeared first on CoinCentral.

Hyperliquid Strategies (PURR) Stock: New HYPE Token Treasury Announces $30M Share Buyback

TLDR

  • Hyperliquid Strategies (PURR) approved a $30 million stock buyback program just days after launching as a public company
  • The program runs for 12 months and aims to increase shareholder exposure to HYPE tokens on a per-share basis
  • The company was formed through a merger between Sonnet BioTherapeutics and Rorschach SPAC, which closed on December 2
  • Trading began December 3 on Nasdaq at $3.64 per share, down about 1.1% at time of reporting
  • Hyperliquid Strategies filed in October to raise up to $1 billion through equity sales to fund HYPE token acquisitions

Hyperliquid Strategies has moved quickly to support its stock price. The publicly traded HYPE token treasury company approved a $30 million share repurchase program on Monday.


PURR Stock Card
Hyperliquid Strategies Inc Common Stock, PURR

The announcement came just days after the firm officially launched operations. This marks an unusually fast rollout for a stock buyback program. Most digital asset treasury companies wait much longer before implementing such measures.

The board authorized repurchases of up to $30 million worth of outstanding stock over the next 12 months. CEO David Schamis said the decision reflects a commitment to maximizing shareholder value through disciplined treasury management.

Hyperliquid Strategies joins other digital asset treasury firms that have rolled out stock support measures. BitMine and Strategy have both implemented buyback programs or cash reserves to support their share prices during market volatility.

Merger Creates New Public Vehicle for HYPE Exposure

The company resulted from a merger between Sonnet BioTherapeutics and Rorschach. Sonnet was a publicly traded healthcare technology firm. Rorschach was a special purpose acquisition company connected to crypto venture capital firm Paradigm.

The deal was originally scheduled to close in November. However, shareholders initially failed to provide sufficient approval. The merger ultimately completed on December 2, about two weeks behind schedule.

Trading began December 3 under the ticker symbol PURR on Nasdaq. Shares were priced at $3.64 on Monday, down roughly 1.1% from the listing price.

In October, Hyperliquid Strategies filed an S-1 statement with the SEC. The filing seeks authority to raise up to $1 billion through equity sales. These funds would go toward building the company’s HYPE token treasury.

The firm has stated it will stake most of its HYPE holdings. Some capital may also go toward decentralized finance activities that generate yields.

Strong Backing and Growing Competition

Strategic investors in Hyperliquid Strategies include D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital, and 683 Capital. Former Barclays CEO Bob Diamond joined as chairman.

The underlying Hyperliquid protocol took an unconventional approach to funding. The project did not raise venture capital money. Instead, about one-third of the total HYPE token supply was airdropped to early users when it debuted in late 2023.

That distribution was valued at $1.2 billion. Additional tokens went to the founding team and the Hyper Foundation. None were explicitly earmarked for venture capital firms or traditional investors.

Hyperliquid has grown into the largest decentralized perpetual contracts exchange by accumulated trading volume. Competition has emerged recently from Aster on BNB Chain and Liquid on an Ethereum Layer 2 network.

Lion Group Holding, a Hong Kong-based brokerage, raised $600 million in June for its own HYPE treasury vehicle. This creates a second public market option for investors seeking exposure to the token.

HYPE traded near $29 on Monday. The token reached a peak of $59.30 in September.

The post Hyperliquid Strategies (PURR) Stock: New HYPE Token Treasury Announces $30M Share Buyback appeared first on CoinCentral.

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