Hyperliquid Strategies Buys Another 365,000 Hyperliquid (HYPE), Deepening a $12M Paper Loss

A $29.6M Day of Underwater Accumulation

Hyperliquid Strategies Inc. (NASDAQ: PURR) — the largest listed holder of Hyperliquid (HYPE) among Nasdaq-quoted digital asset treasuries — bought and staked a further 365,000 HYPE worth roughly $29.65 million inside a single 24-hour window, wallet address activity tracked on-chain shows. The purchase extends a furious two-week streak: over the past 14 days the company accumulated 3.029 million HYPE for approximately $252 million at an average cost basis of $83.40 per token — a level the market has since slipped below. With HYPE changing hands near $79 at the time of writing, that recent tranche sits about 5% underwater, an unrealized loss in the region of $12 million on the two-week buys alone. The company's total treasury stands at 31.8 million HYPE, a position valued near $2.51 billion at the time of disclosure.

The buying is funded, not improvised. In an 8-K filed with the SEC on September 1, Hyperliquid Strategies expanded its committed equity purchase facility with Chardan Capital Markets from $1 billion to $2.5 billion, securing a long runway for continued accumulation; as of June 30 the firm held more than $2 billion in total assets, carried no debt and kept roughly $150 million in cash and equivalents. The treasury is also productive: in May the company partnered with Unit Labs on a validator program, “Hyperliquid Strategies x Unit”, with most of the initial stake drawn from HYPE custodied at Anchorage Digital Bank. Institutional demand adds another layer — Stanley Druckenmiller disclosed a new position of 2.9 million PURR shares worth about $23.1 million, part of an $88 million portfolio spanning Bitdeer and Hyperliquid Strategies. A structural cushion sits beneath it all: the network routes nearly 99% of fees from its perpetual futures and spot markets into the Assistance Fund, which repurchases HYPE on the open market — $1.16 billion absorbed in 2026 so far. The latest drawdown was market-wide, not company-specific: $562 million in liquidations followed stronger-than-expected US PPI data on September 10, dragging HYPE down 5.78%.

Robinhood Chain Out-Earns the Perps Leader

The competitive backdrop sharpens the stakes. Robinhood Chain — live on mainnet for barely two months — has begun out-earning the perps leader on chain revenue: analysis shared by Four Pillars research head 100y shows the nascent network's daily revenue briefly topping $4 million, roughly double Hyperliquid's ~$2 million and five to six times what Tron and Solana posted, at one point accounting for about two-thirds of all Ethereum L2 revenue combined. The growth playbook is inverted. Legacy chains typically onboard DEXs and lending first, cultivate NFTs and meme speculation next, and only then reach for tokenized real-world assets; Robinhood launched in July 2026 with equities at the core, offering more than 190 ERC-20 Stock Tokens tracking NVIDIA, Google, Apple and QQQ. Mature infrastructure arrived on day one, with Uniswap deployed as the primary automated market maker across v2, v3, v4 and UniswapX, and Morpho powering the lending beneath Robinhood Earn. 100y argues the edge is structural: the network was born late into a market where tokenization is already mature, and it arrived with an existing brokerage user base and brand rather than subsidizing developers — the chain runs on Arbitrum's stack, is EVM-compatible, and inherited tooling without friction. The spark, though, came from memes fused with equities. The Pons launchpad let meme tokens pair directly against Stock Tokens, and briefly generated about $5.95 million in 24-hour fees in early September — ahead of pump.fun's ~$4.64 million, Robinhood Chain's own ~$4 million and Hyperliquid's ~$2 million. Bitquery's on-chain analytics count more than 200,000 tokens created on Pons between August 3 and September 3, with roughly $736 million of bonding-curve volume and over $2.1 billion traded after graduation. For Hyperliquid — whose open interest once neared $14.7 billion at its pre-deleveraging peak — the lesson is that fee-leaderboard dominance is now contested territory; traders weighing venues can consult our guide on how to trade on Hyperliquid for the mechanics. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

$77.97 Support Becomes the Line in the Sand

COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the pullback as a test of stacked support. The engine rates the $77.97 support at 76/100 (STRONG), driven by the confluence of Donchian Lower, Fibo 0.382, ATR Lower and BB Lower, with $72.95 close behind at 75/100 (S3, Fibo 0.500, POC, HVN). Overhead, $80.43 resistance scores 68/100 (EMA 20, Pivot Point, Fibo 0.236, MACD Cross) and $86.65 rates 71/100 (R2, BB Upper, Keltner Upper). Derivatives positioning skews mildly defensive: funding at -0.0019% against $1.97 billion in open interest, RSI at a neutral 51.70 and a bearish MACD inside a broader uptrend, with the Fear & Greed Index at 56 (Greed). A reclaim of $80.43 opens the path toward $86.65; a daily close below $72.95 invalidates the bullish structure.