Main highlights:
- Hyperliquid Strategies Inc. will be listed on the Nasdaq today, December 3, 2025.
- The company plans to invest $888 million in HYPE-focused Treasury with a large share buyback program.
- Arthur Hayes has supported HyperLiquid in the past and warned about the shift in trading from CEXs to DEXs.
Hyperliquid Strategies Inc. will begin trading on Nasdaq under the ticker “PURR” beginning today, December 3, 2025, following its merger with Sonnet BioTherapeutics. With this listing announcement, market sentiment towards the HYPE token immediately rose. The token is up 9%, ranging from $33 to $38.
The move will provide U.S. investors with a secure and regulated way to access HyperLiquid’s rapidly growing blockchain ecosystem, a network that currently leads perpetual futures trading with billions in daily trading volume.
🔥 HyperLiquid Strategies, Inc. common stock is scheduled to begin trading on the Nasdaq on Wednesday, December 3rd under the ticker $PURR
Hyperliquid Strategies operates and serves as a capital reserve for HYPE Tokens, holding approximately $12.6 million in HYPE Tokens and $300 million in cash… pic.twitter.com/mFeMVegFav
— Hyperliquid Daily (@HYPERDailyTK) December 3, 2025
Merger details enable HYPE financial strategy
With this announcement, HSI, currently managed by CEO David Shamis and Chairman Bob Diamond with support from Paradigm and Atlas, completed the deal with Sonnet following a December 2 closing and a 5-for-1 stock change. After the merger, HSI turned Sonet’s assets into a treasury primarily focused on the HYPE token.
The company is said to be investing $888 million in cryptocurrency strategies, with approximately 65% of the funds going toward purchasing and using HYPE for staking, earning rewards, and participating in the Hyperliquid ecosystem. This approach is very similar to how MicroStrategy (now known as Strategy) invested heavily in Bitcoin.
Sonet will continue as a subsidiary, but its old shares will no longer be traded. The company’s current goal is to attract large institutional investors to PURR and give them access to Hyperliquid’s fast-growing trader-centric platform.
Unlock tokens to test buyback resilience
HYPE rose about 9% to a range of $33.90 to $38.13, giving it a market value of about $11.57 billion. This happened despite the massive token unlocking on November 29th adding approximately $344-351 million worth of new supply to the market, which would normally lead to a decline in token prices.
At the time of writing, the token price was $34.39, up 9.66% in the past 24 hours, according to CoinMarketCap. Trading volume also increased by 19.72% in the past 24 hours.
HYPE 24 hour chart
Another big reason why the price has held up is that the company has been buying back a lot of HYPE. The platform spends more than $600 million a year (about $2 million to $5 million a day) on stock buybacks, which helps balance selling pressure.
Arthur Hayes publicly supports HyperLiquid
As mentioned above, HSI has invested a huge amount ($888 million) in its cryptocurrency plans, and a large amount of that money (approximately $2 million to $5 million each day) is being used to buy back and stake HYPE. This move supports the token and reduces selling pressure.
It is worth noting here that Arthur Hayes always emphasizes that the PerpDEX platform will only win in the long run not only with high trading volumes, but also with a strong buyback program.
Arthur Hayes: Hyperliquid’s success is hard to replicate, but Perp DEX race remains undecided
In an interview on the Coin Bureau channel with host Guy on November 3rd, Arthur Hayes said that some up-and-coming Perp DEXs have a chance to take market share… pic.twitter.com/awBRG2YESX
— Wu Blockchain (@WuBlockchain) December 3, 2025
HSI is doubling down on HYPE’s share buybacks now that it’s listed on the Nasdaq, essentially following the same strategy that Hayes believes will keep the platform ahead of its competitors.
Although overall market sentiment is low (Fear and Greed Index at 22), analysts believe HYPE could revisit its all-time highs near $59, especially if DEXs continue to take market away from centralized exchanges, as predicted by Arthur Hayes.
Also read: HyperLiquid falls more than 12% due to overbought correction
