A wallet linked to Hyperliquid Strategies has purchased 494,200 Hyperliquid (HYPE) tokens, worth $45.8 million.
The latest buy extends a month-long run. The token behind that treasury has also sharply outpaced Bitcoin (BTC) and Ethereum (ETH) this year.
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HYPE Did the Heavy Lifting in Fiscal 2026
According to Lookonchain, the wallet has bought 5.51 million HYPE, worth $476 million, over the past month. That averages 183,574 tokens, or $15.86 million, a day.
The firm now holds 35.1 million HYPE worth about $3.2 billion. That is up from roughly 29.3 million tokens when its fiscal year closed on June 30.
Hyperliquid Strategies booked $305.5 million in net income for the fiscal year, largely from HYPE price gains, its full-year profit report showed. Unrealized gains on its holdings came to $709.9 million, per the companys results.
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HYPE Outruns Bitcoin and Ethereum
The accumulation has come during a strong year for the token. HYPE has climbed 280% so far in 2026, according to market data.
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In contrast, Bitcoin has lost 5.42% this year, while Ethereum is down 10.98%.
Year-to-date Performance of HYPE, Bitcoin and Ethereum. Source: TradingView
Artemis data shows how that split has played out for treasury firms. Hyperliquid Strategies holds $2.7 billion in unrealized gains, second only to Strategy. Ethereum-focused BitMine sits at the other end with the largest unrealized loss.
Unrealized P&L Of Digital Asset Treasury Companies. Source: Artemis
Shareholders are also paying a premium for that exposure. DWF Ventures latest report places Hyperliquid Strategies among 4 of the top 20 treasury stocks trading above their holdings.
Its market-value-to-net-asset-value ratio stood at 1.17x on DWFs count. Since July, the stock has outperformed HYPE by 31%. However, DWF found the token stayed the better bet over periods longer than 3 months.