HYPE climbs to $83 after Hashdex ETF inclusion and $2.5B facility

HYPE, the native token of the Hyperliquid network, rose 1.29 percent to about $83 after Hashdex added it to a diversified spot crypto exchange-traded fund and Hyperliquid Strategies expanded its equity financing capacity to $2.5 billion.

The inclusion gives HYPE a 3.36 percent allocation in Hashdex's Nasdaq CME Crypto Index ETF (NCIQ), which now holds nine assets after expanding from eight, according to the fund's disclosed composition. HYPE met the fund's eligibility criteria covering liquidity and regulatory listing, opening a structured demand channel for institutional buyers that previously lacked a regulated vehicle for the token.

Hyperliquid Strategies, the Nasdaq-listed treasury company, separately raised its committed equity facility with Chardan Capital Markets to $2.5 billion from $1 billion in a Sept. 1 amendment to the ChEF purchase agreement. The company can sell newly issued PURR shares to Chardan over time, with proceeds earmarked for general corporate purposes that include potential purchases of HYPE. The expanded ceiling does not guarantee that amount will be raised or spent on the token.

The two developments reinforce a demand picture already driven by protocol-level buybacks. Hyperliquid generated more than $800 million in revenue last year and uses roughly 99 percent of it to buy and burn HYPE, Bitwise chief investment officer Matt Hougan said, with about $1.3 billion worth of tokens repurchased since launch. DefiLlama data shows annualized fee revenue of $950.63 million and net revenue of $713.83 million, while open interest on the platform reached $13.771 billion.

Hyperliquid Strategies reported holding 29.3 million HYPE as of Aug. 19, having spent $773.4 million to acquire about 16.5 million tokens at an average price of $46.77. The company had $149.9 million in cash at the end of June and carried no debt. It raised $646.6 million through the equity facility at an average share price of $8.70 before the latest expansion.

The financing expansion carries limits. Once cumulative share sales through the facility reach $1 billion, Hyperliquid Strategies generally cannot sell more than 42,641,847 shares below $12.02, a cap equal to 19.99 percent of outstanding shares that aligns with Nasdaq shareholder-approval rules. PURR closed at $11.36 on Sept. 1, down about 7.3 percent, leaving the stock below that reference level and potentially constraining access to the full facility without higher sale prices or shareholder approval.

Coinbase Institutional has described HYPE's economic model as "equity-like," since protocol fees fund systematic token buybacks. New treasury purchases by Hyperliquid Strategies would layer institutional demand on top of that recurring burn, tying trading activity on the Hyperliquid network to token accumulation. The next test for HYPE is whether the ETF flows and expanded facility translate into sustained buying above the $83 level, with the exchange cap on discounted share sales shaping how much of the $2.5 billion the company can deploy.

This article is for informational purposes only and does not constitute investment advice.