HypeStrat Buys 1.8M HYPE for $150.48M, Adds $256.6M Cash

The scale of the raise relative to the token purchase is the notable detail: HypeStrat is holding more cash than the HYPE it just bought, which reads as dry powder rather than a fully deployed conviction bet. That a treasury-style vehicle can pull in this much capital in a week says more about appetite for HYPE exposure than about the token's fundamentals. The open question is whether the cash gets converted into more HYPE or held as a buffer — and how mNAV behaves if the buying pauses.