Nasdaq-listed Hyperliquid Strategies raised $911 million in the third quarter, then turned around and spent about $785 million to buy roughly 9.1 million $HYPE. Its holdings grew from 29.3 million to 38.5 million tokens, representing about 16% of the disclosed circulating supply.

While buying up tokens, it also bought back about 2.7 million of its own PURR shares for $17 million. It ended the quarter with $254.6 million in cash and no debt.

A publicly traded company putting nearly 16% of the circulating supply on its balance sheet is worth watching in itself. The thing to look for is simple: in next quarter’s 8-K, will its holdings keep growing, or will it report a reduction for the first time?

#DeFi #Trading