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Hyperliquid unveils $30 million repurchase to support HYPE-linked shares
Hyperliquid Strategies, now listed on Nasdaq, has approved a stock buyback program of up to $30 million over the next 12 months. The company says the repurchase is intended to bolster its share price and raise per-share exposure to its HYPE token treasury as it scales staking and DeFi activity.
Buyback mechanics and objectives
The repurchase will be executed over a 12-month period, giving Hyperliquid flexibility to support the market for its equity while continuing to grow a digital-asset treasury focused on HYPE. By reducing outstanding shares, the program is designed to increase each remaining share's claim on the firm's HYPE holdings — a strategic move to better align equity value with the on-chain utility and economics of the token.
Company background and token strategy
How Hyperliquid formed and its treasury plans
Hyperliquid Strategies emerged from the merger of Sonnet BioTherapeutics and Rorschach, a SPAC affiliated with crypto venture firm Paradigm. The merger closed in early December, and the company disclosed an S-1 filing in October that outlined ambitions to raise up to $1 billion for treasury operations. A large portion of the firm's treasury is allocated to HYPE tokens, which it plans to stake and deploy across decentralized finance protocols to generate yield and support derivative market liquidity.
HYPE token allocation and platform prominence
The HYPE token launched in late 2023 with an initial airdrop to early users. One-third of the total supply went to platform users, with the remainder assigned to founders and the Hyper Foundation. Hyperliquid’s perpetual decentralized exchange (perp DEX) has grown into a major on-chain futures venue by trading volume, reinforcing the firm’s integrated approach to token utility and market infrastructure.
Investors, governance and market implications
Institutional backers include D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital and 683 Capital, and Bob Diamond, former Barclays CEO, is chairman. The buyback could help stabilize the Nasdaq-listed shares and narrow the disconnect between equity price and the performance of the HYPE token, but actual outcomes will hinge on staking returns, DeFi deployments, and macro crypto market conditions.
For investors tracking token-backed equities, Hyperliquid’s repurchase program underscores a growing trend: firms are using treasury management and buybacks to create tighter economic links between traditional markets and crypto-native assets.
Source: crypto
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