Corporate treasuries hold 31M HYPE tokens, 13% of circulating supply

Corporate digital asset treasuries have quietly amassed 31 million HYPE tokens, the native asset of the Hyperliquid Layer-1 blockchain. That stash represents 13.3% of the token’s circulating supply, a concentration level that dwarfs what corporate treasuries hold in Bitcoin or Solana. The dominant force behind this accumulation is Hyperliquid Strategies Inc., which trades on NASDAQ under the ticker PURR. The company holds roughly 29.3 million of those 31 million tokens, making it less of a trend and more of a one-company show with a few supporting actors. The MicroStrategy playbook, applied to DeFi Hyperliquid Strategies went public through a reverse merger in December 2025, and it hasn’t been shy about deploying capital since. The company has invested over $216 million to build its HYPE treasury position, which is currently valued north of $1.6 billion based on prevailing token prices. For context, corporate treasury holdings of Bitcoin sit at around 4.9% of BTC’s circulating supply. Solana treasury holdings clock in at roughly 2.8%. HYPE’s 13.3% corporate ownership figure makes those numbers look modest. HYPE’s maximum token supply is capped at 1 billion tokens, though the curren...