🏛️This company is listed on Nasdaq, but it’s doing business that’s basically “hoarding $HYPE .”

I just came across a quarterly report—kind of interesting:
A Nasdaq-listed company (ticker: PURR) released its financial and operating performance for the fiscal year ended June 30, 2026.

📊 Key data:
💰 Equity financing: $647 million
📈 HYPE reserves: from 12.5 million coins → 29.3 million coins
🏦 Total assets: $2.06 billion
💵 Cash and cash equivalents: $149.9 million
🟣 HYPE token value: $1.9041 billion
📊 Shareholders’ equity: $1.8729 billion

🤔 What’s interesting:

A Nasdaq-listed company—92% of its assets are HYPE tokens. Isn’t that basically HYPE’s “MicroStrategy”? MicroStrategy buys BTC; it buys HYPE.
And it raised $647 million through equity financing to add more HYPE—using money from traditional markets to buy assets in the crypto market.

Does this count as opening a “backdoor” channel for traditional capital to buy crypto?