A wallet linked to Hyperliquid Strategies has purchased 494,200 Hyperliquid (HYPE) tokens, worth $45.8 million.
The latest buy extends a month-long run. The token behind that treasury has also sharply outpaced Bitcoin (BTC) and Ethereum (ETH) this year.
HYPE Did the Heavy Lifting in Fiscal 2026
According to Lookonchain, the wallet has bought 5.51 million HYPE, worth $476 million, over the past month. That averages 183,574 tokens, or $15.86 million, a day.
The firm now holds 35.1 million HYPE worth about $3.2 billion. That is up from roughly 29.3 million tokens when its fiscal year closed on June 30.
Hyperliquid Strategies booked $305.5 million in net income for the fiscal year, largely from HYPE price gains, its full-year profit report showed. Unrealized gains on its holdings came to $709.9 million, per the company’s results.
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HYPE Outruns Bitcoin and Ethereum
The accumulation has come during a strong year for the token. HYPE has climbed 280% so far in 2026, according to market data.
In contrast, Bitcoin has lost 5.42% this year, while Ethereum is down 10.98%.
Artemis data shows how that split has played out for treasury firms. Hyperliquid Strategies holds $2.7 billion in unrealized gains, second only to Strategy. Ethereum-focused BitMine sits at the other end with the largest unrealized loss.
Shareholders are also paying a premium for that exposure. DWF Ventures’ latest report places Hyperliquid Strategies among 4 of the top 20 treasury stocks trading above their holdings.
Its market-value-to-net-asset-value ratio stood at 1.17x on DWF’s count. Since July, the stock has outperformed HYPE by 31%. However, DWF found the token stayed the better bet over periods longer than 3 months.
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