Committed equity facilities and dilution

Nasdaq's 19.99% rule gates $1.1bn of Hyperliquid Strategies' doubled HYPE facility

Hyperliquid Strategies has drawn $646.6m at an average $8.70 a share to build a 29.3 million HYPE treasury, and the new ceiling is $2.5bn, but below $12.02 a share only 42.6 million further shares can go out without a holder vote.