Hyperliquid Strategies has expanded its equity facility with Chardan Capital Markets from $1 billion to $2.5 billion, increasing its capacity to raise capital through share issuances tied to its HYPE-focused treasury strategy. The company also said it amended the October 2025 Chardan Equity Facility purchase agreement to raise the aggregate gross purchase price of newly issued common stock.

Under the agreement, Hyperliquid can periodically instruct Chardan to purchase shares at pricing, trading volume, and other conditions, after which Chardan may resell the shares in the public market.

The larger facility offers more potential funding, but any use of it would issue additional shares and could dilute existing shareholders.

The $2.5 billion figure represents maximum capacity rather than funds already raised.

Hyperliquid Strategies previously reported raising $647 million through the facility and expanding its treasury to about 29.3 million HYPE tokens.

The expansion comes amid renewed market interest in Hyperliquid. HYPE rose more than 20% in August after remarks from former U.S. president Donald Trump that the CFTC chair was working to bring the decentralized trading platform into the United States in a fully compliant and legal fashion. Hyperliquid Strategies shares rose 30.4% following those remarks.

Despite sharing the protocol's name and holding its native token, the company says it remains independent and has no formal affiliation with Hyperliquid.