Hyperliquid Strategies (NASDAQ: PURR) has accumulated more than 35 million HYPE tokens in less than a year. The holdings are valued at approximately $3.3 billion, making the company the dominant corporate holder of HYPE tokens.
The company’s growth comes as many other digital asset treasuries (DATs) have struggled or failed. Unlike competitors that passively hold assets, Hyperliquid Strategies operates a network validator and stakes its HYPE holdings to generate revenue.
The active-yield model has helped the company avoid the “death spiral” affecting peers. Its stock has surged 251% year-to-date.