Hyperliquid Strategies achieves 251 percent share price increase
Hyperliquid Strategies, a digital asset treasury operating under the ticker PURR, has achieved a 251% share price increase since the start of the year, defying a broader sector downturn that has impacted competing treasury vehicles dedicated to Bitcoin, Ethereum, and Solana. Digital asset treasuries, or DATs, are corporate vehicles designed to acquire and hoard specific cryptocurrencies—with Michael Saylor’s Bitcoin behemoth Strategy serving as the most famous example—though share prices across the sector have slumped badly over the past year and some vehicles have flamed out altogether.
Since launching 10 months ago, Hyperliquid Strategies has seen its market capitalization climb past $3 billion. The DAT now holds more than 35 million HYPE tokens, worth roughly $3.3 billion. Unlike other DATs that operate as passive vaults waiting for token values to rise, Hyperliquid Strategies has built an operating model running like an active business. By earning revenue from its holdings, the company adds to its HYPE reserves over time, increasing the amount of cryptocurrency tied to each share of stock.
The Launch of Hyperliquid and Its Native Token
The underlying Hyperliquid blockchain launched in 2023, founded by Harvard graduate and physics whiz Jeff Yan in Singapore. The decentralized platform provides 24/7 derivatives trading at rapid speed centered around perpetual futures, which are a novel type of option that does not expire. Initially drawing crypto speculators, the platform subsequently attracted traders utilizing tokenized versions of oil, gold, and other commodities.
These transactions generate small fees paid in HYPE tokens. While a portion of those fees goes to validators operating the blockchain, most of the collected HYPE is burned, diminishing the overall supply and increasing token value. According to data analytics platform CoinGecko, the price of HYPE has surged more than 2,200%.
Bridging the Market Gap for Traditional Investors
Despite this growth, Hyperliquid was not and is still not legally available in the United States, leaving American investors without an easy exposure path. Investors unfamiliar with crypto often find purchasing HYPE tokens cumbersome because they must create crypto wallets and connect to decentralized exchanges.
To bridge this gap, David Schamis—a founding partner at private equity firm Atlas Merchant Capital and former Barclays executive—launched Hyperliquid Strategies as a publicly traded company to stockpile HYPE and allow traditional investors to buy into the ecosystem through equity shares. In July 2025, Atlas Merchant Capital and venture firm Paradigm announced an $888 million capital raise for the DAT, with Schamis stepping in as CEO.