- Two Nasdaq-listed firms, Hyperion DeFi and Hyperliquid Strategies, hold roughly 7% of Hyperliquid’s circulating HYPE token supply.
- The companies employ a corporate treasury strategy mirroring Michael Saylor’s Bitcoin accumulation, but with a token that can be staked and lent on-chain.
- Trading activity on the Hyperliquid platform surged past $1.5 billion in a weekend amid geopolitical tensions, boosting its profile.
Two major Nasdaq-listed corporations have adopted a Bitcoin-style treasury strategy, accumulating a significant stake in the native token of the Hyperliquid platform during early 2025. According to the 2025 Hyperliquid Annual Report, Hyperion DeFi (HYPD) and Hyperliquid Strategies (PURR) collectively held about 7% of HYPE’s circulating supply. Hyperliquid Strategies, which filed an S-1 registration statement to raise up to $1 billion, is chaired by former Barclays CEO Bob Diamond.
This model extends the corporate treasury approach proven by Strategy (MSTR) with Bitcoin to the DeFi ecosystem. However, HYPE is programmable in ways BTC is not, allowing it to be staked or lent. Consequently, the report introduced “HYPE-per-share” as a key metric for assessing a company’s underlying token exposure per equity share.
Meanwhile, trading activity on Hyperliquid accelerated recently amid geopolitical tensions. The platform recorded over $1.5 billion in volume one weekend following the escalation of the US-Iran conflict. “We firmly believe liquidity begets liquidity, and Hyperliquid is currently the most liquid on-chain venue by a wide margin,” Hyunsu Jung, CEO of Hyperion DeFi, told DL News.
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