Breaking Signal? Hyperliquid DAT invests $25 million to purchase HYPE tokens, revealing institutional-level allocation logic

The on-chain finance sector entered a landmark event in the first quarter of 2026. The digital asset vault (DAT) listed on Nasdaq—Hyperliquid Strategies Inc.—confirmed in its latest financial report that it has accumulated HYPE tokens through open market operations, with a single significant expenditure reaching $129.5 million. While the market often simplifies this to “Hyperliquid DAT spending $25 million to buy HYPE tokens,” according to details from the S-1 filing tracked by Gate Research Institute, the DAT actually acquired approximately 50 million HYPE at an average price of $25.9, bringing its total holdings to 176 million tokens.

This transaction is not an isolated “buy” event. Under the unique mNAV premium structure and ATM issuance mechanism of the DAT, this is more than asset allocation—it’s a precise operation involving liquidity momentum. Based on the latest data from Gate as of February 12, 2026, this article dissects the price impact and potential narrative evolution behind this massive purchase.

Institutional “Ammunition” Is Not Linearly Consumed: Redefining the $25 Million Purchase

Most users focus solely on the cash outflow of “Hyperliquid DAT spending $25 million to buy HYPE tokens,” overlooking the nearly unlimited credit support behind it. The financial report shows that the DAT still holds approximately $125 million in deployable cash and can call upon $1 billion in equity credit at any time.

More critically, there has been an iteration at the mechanism level. Traditional DATs often fall into a death spiral due to discounted OTC issuance and short-term unlocks, but Hyperliquid DAT chooses to initiate ATM (At-The-Market) issuance when the mNAV is above 1, indicating a premium zone. This means that as long as PURR stock maintains high trading volume and premium, its “firepower” used to buy HYPE is no longer limited by existing capital.

Recently, PURR’s average daily trading volume is about 7 million shares. Strictly following the ATM issuance limit of 20% of daily volume, theoretically, about $8.4 million worth of buying capacity could be added daily. Therefore, the statement “Hyperliquid DAT spending $25 million to buy HYPE tokens” should not be seen as the endpoint but as a strategic move to maintain mNAV premium and open ongoing financing windows.

HYPE Spot Price Anchored: Finding Balance Around the $30 Midpoint

As of February 12, 2026, Gate’s real-time data shows Hyperliquid (HYPE) trading at $30.47, up 4.54% over 24 hours, with a trading volume of $12.98 million [user-provided].

Key price metrics:

• All-time high (ATH): $59.4 (down 48.7% from current price)
• 24-hour high/low: $30.94 / $28.3
• Market cap: $7.29 billion (market share 1.21%)
• Fully diluted valuation (FDV): $29.42 billion (market cap / FDV = 23.84%)

From price behavior, HYPE shows strong resilience in the $28–$31 range. Despite recent de-leveraging in the broader market causing the token to trade at nearly half its historical high, the protocol’s fundamentals have not declined correspondingly. According to Artemis data, Hyperliquid DEX’s nominal trading volume in 2025 reached $2.6 trillion, nearly double Coinbase’s $1.4 trillion, and its perpetual contract market share continues to quietly expand.

The current $30.47 price for HYPE sits at the intersection of “strong fundamentals” and “neutral market sentiment.” The 4.54% intraday rebound indicates that insider buy signals—such as the recent $25 million purchase by Hyperliquid DAT—can effectively stimulate spot buying.

Forward Price Forecast: Narrowing Volatility and Rising Value Center

Based on your provided forecast models for 2026–2031, HYPE is in a period of value reshaping:

• 2026 forecast range: $19.19 – $32.6
• 2026 average anchor: $30.47 (completely aligned with current spot price)
• 2031 target: $69.88 (potential return +53.00%)

This forecast model features two notable characteristics:

• Volatility convergence: The predicted amplitude in 2026 is significantly narrower than in 2025, indicating the market is re-pricing HYPE from a “high beta meme asset” to a “yield-bearing protocol equity certificate.”
• Stepwise ascent: From 2027 to 2031, annual growth rates are preset between +3.00% and +22.00%, reflecting the decay of inflation and fee buyback expectations in mature protocols.

Neutral statement: The above forecasts are based on linear extrapolation of on-chain adoption rates and do not constitute investment advice. The actual price trajectory of HYPE heavily depends on user adoption of new products like Hyperliquid’s “result contracts” ecosystem.

Why Is This “Buy” Different? From Burning Money to Circulation

Historically, most DATs failed due to poor assets and flawed issuance structures. However, HYPE’s deflationary design (protocol income buybacks) combined with Hyperliquid DAT’s premium financing creates a rare positive feedback loop.

When Hyperliquid DAT spends $25 million to buy HYPE tokens, it’s not just depleting its balance sheet:

• If the stock price remains at a premium → ATM issuance window opens → new funds are raised → continued HYPE purchases;
• If HYPE price stabilizes → supports NAV (net asset value) → maintains mNAV premium → further issuance.

This closed loop explains why, after the news of Hyperliquid DAT’s $25 million purchase, the market did not exhibit typical “price run-up and dump,” but instead formed a new equilibrium around the $28–$30 range.

Summary

As of February 12, 2026, HYPE trades at $30.47 on Gate, with ongoing buying from the vault and expanding derivatives market share. Institutional buying is shifting from “event-driven” to “mechanism-driven.” For traders focused on microstructure, Hyperliquid DAT’s $25 million purchase of HYPE is not just a headline but a classic example of modern DAT leverage effects.