A crypto wallet associated with Hyperliquid Strategies recently acquired 494,200 Hyperliquid (HYPE) tokens at a value of $45.8 million.
This most recent purchase continues a month-long buying streak. Furthermore, the digital asset driving the company’s treasury has significantly outperformed both Ethereum (ETH) and Bitcoin (BTC) throughout the year.
HYPE Did the Heavy Lifting in Fiscal 2026
On-chain data from Lookonchain indicates that the address has accumulated 5.51 million HYPE tokens—valued at $476 million—over the course of the last month. This translates to a daily average of 183,574 tokens, or approximately $15.86 million.
Consequently, the organization now possesses 35.1 million HYPE, valued at roughly $3.2 billion. This represents an increase from the approximately 29.3 million tokens it held when its fiscal year concluded on June 30.
Full-year financial reports reveal that Hyperliquid Strategies generated $305.5 million in net income for the fiscal year, with HYPE price appreciation serving as the primary driver. Additionally, the company’s results highlighted $709.9 million in unrealized gains on its digital asset portfolio.
HYPE Outruns Bitcoin and Ethereum
This steady accumulation coincides with an exceptional performance year for the token. Market data indicates that HYPE has surged 280% since the beginning of 2026.
By comparison, Bitcoin has declined by 5.42% over the same timeframe, while Ethereum has fallen by 10.98%.
Metrics provided by Artemis illustrate how this divergence has impacted various corporate treasury firms. Hyperliquid Strategies currently commands $2.7 billion in unrealized gains, placing it second behind only Strategy. Conversely, Ethereum-focused BitMine ranks at the opposite extreme, recording the largest unrealized loss in the sector.
Market participants are also paying a premium to gain exposure to these assets. A recent report from DWF Ventures identifies Hyperliquid Strategies as one of just four companies among the top 20 treasury stocks trading at a valuation higher than their underlying holdings.
According to DWF’s calculations, the firm’s market-value-to-net-asset-value ratio reached 1.17x. Although the company’s stock has outpaced HYPE by 31% since July, DWF noted that holding the token directly remained the more lucrative strategy over time horizons exceeding three months.