Hyperliquid Strategies Raises $647M, Doubling HYPE Reserves to 29.3M

This raise materially strengthens Hyperliquid's balance sheet, giving it a larger war chest to fund ecosystem initiatives without relying on market conditions. The doubling of reserves signals confidence from external capital providers, which could reduce perceived counterparty risk for ecosystem participants. What matters next is how these funds are deployed—whether they drive user acquisition, developer grants, or infrastructure upgrades—and whether the expanded treasury alters token supply dynamics or governance leverage. The open question is whether this influx accelerates competitive pressure on rival perpetual DEXs or simply extends Hyperliquid's runway.