Between 06/18/2026 and 06/25/2026, Hyperliquid Strategies (
@HypeStrat) increased its HYPE holdings by 0.6M $HYPE, from 28.7M to 29.3M.
At the same time, cash decreased from $185.4M to $149.4M, a $36.0M reduction, while fully diluted shares stayed flat at 227.4M.
So they bought roughly 0.6M HYPE, around $38M using the prior implied HYPE price, almost entirely funded from cash, with no meaningful share dilution this week.
NAV also fell from 0.98x to 0.96x.
Source: