Hyperliquid Strategies (PURR) Stock Surges as New HYPE Token Treasury Announces Massive $30M Share Buyback

Hyperliquid Strategies just dropped a bombshell on the market—a new treasury backed by its HYPE token is launching a $30 million share buyback program. That's not a typo. Thirty million dollars aimed squarely at propping up PURR stock.

Decoding the Buyback Blitz

This isn't your grandpa's corporate buyback. The entire war chest is denominated in the project's own HYPE token, directly linking the token's performance to shareholder value. It's a bold, crypto-native move that cuts out traditional intermediaries—funds flow from the treasury straight to the buyback pool.

The Mechanics Behind the Move

The strategy is simple: deploy capital to reduce the circulating supply of PURR shares. Scarcity, meet demand. The announcement has already sent shockwaves through the market, with early trading indicating a classic 'buy the rumor, buy the news' frenzy. It's a high-stakes bet that the protocol's own token can be a stronger asset than the fiat it bypasses.

A New Blueprint or a Short-Term Boost?

This aggressive play raises the stakes for every DeFi project with a treasury. Is this the start of a trend where tokenized treasuries actively manage their equity? Or is it just a clever—and expensive—way to manufacture a price pump? Only time will tell if this $30 million injection builds lasting value or just fuels a temporary spike, providing yet another case study for finance textbooks on market manipulation versus innovation.

TLDR

• Hyperliquid Strategies (PURR) approved a $30 million stock buyback program just days after launching as a public company
• The program runs for 12 months and aims to increase shareholder exposure to HYPE tokens on a per-share basis
• The company was formed through a merger between Sonnet BioTherapeutics and Rorschach SPAC, which closed on December 2
• Trading began December 3 on Nasdaq at $3.64 per share, down about 1.1% at time of reporting
• Hyperliquid Strategies filed in October to raise up to $1 billion through equity sales to fund HYPE token acquisitions

Hyperliquid Strategies has moved quickly to support its stock price. The publicly traded HYPE token treasury company approved a $30 million share repurchase program on Monday.

Hyperliquid Strategies Inc Common Stock, PURR

The announcement came just days after the firm officially launched operations. This marks an unusually fast rollout for a stock buyback program. Most digital asset treasury companies wait much longer before implementing such measures.

LATEST:HYPE treasury firm Hyperliquid Strategies has approved a $30 million stock repurchase program over the next 12 months, just days after the publicly traded company officially launched operations following a merger. pic.twitter.com/7hClbQiLFF

— CoinMarketCap (@CoinMarketCap) December 9, 2025

The board authorized repurchases of up to $30 million worth of outstanding stock over the next 12 months. CEO David Schamis said the decision reflects a commitment to maximizing shareholder value through disciplined treasury management.

“Our primary objective is providing investors with efficient access to HYPE, the native token of the dominant Hyperliquid ecosystem,” Schamis stated. The company plans to use cash to increase per-share exposure to HYPE tokens in the most efficient way possible.

Hyperliquid Strategies joins other digital asset treasury firms that have rolled out stock support measures. BitMine and Strategy have both implemented buyback programs or cash reserves to support their share prices during market volatility.

Merger Creates New Public Vehicle for HYPE Exposure

The company resulted from a merger between Sonnet BioTherapeutics and Rorschach. Sonnet was a publicly traded healthcare technology firm. Rorschach was a special purpose acquisition company connected to crypto venture capital firm Paradigm.

The deal was originally scheduled to close in November. However, shareholders initially failed to provide sufficient approval. The merger ultimately completed on December 2, about two weeks behind schedule.

Trading began December 3 under the ticker symbol PURR on Nasdaq. Shares were priced at $3.64 on Monday, down roughly 1.1% from the listing price.

In October, Hyperliquid Strategies filed an S-1 statement with the SEC. The filing seeks authority to raise up to $1 billion through equity sales. These funds WOULD go toward building the company’s HYPE token treasury.

The firm has stated it will stake most of its HYPE holdings. Some capital may also go toward decentralized finance activities that generate yields.

Strong Backing and Growing Competition

Strategic investors in Hyperliquid Strategies include D1 Capital, Galaxy Digital, Pantera Capital, Republic Digital, and 683 Capital. Former Barclays CEO Bob Diamond joined as chairman.

The underlying Hyperliquid protocol took an unconventional approach to funding. The project did not raise venture capital money. Instead, about one-third of the total HYPE token supply was airdropped to early users when it debuted in late 2023.

That distribution was valued at $1.2 billion. Additional tokens went to the founding team and the Hyper Foundation. None were explicitly earmarked for venture capital firms or traditional investors.

Hyperliquid has grown into the largest decentralized perpetual contracts exchange by accumulated trading volume. Competition has emerged recently from Aster on BNB Chain and Liquid on an ethereum Layer 2 network.

Lion Group Holding, a Hong Kong-based brokerage, raised $600 million in June for its own HYPE treasury vehicle. This creates a second public market option for investors seeking exposure to the token.

HYPE traded NEAR $29 on Monday. The token reached a peak of $59.30 in September.