HypeStrat's move is pretty interesting—buying 600k HYPE in 7 days, burning through $36 million in cash, and mNAV is almost at 1 but still not issuing new shares. Looks like they're betting on HYPE to recover? They're holding nearly 30 million tokens now—truly an all-in player.

Wu Shuo learned that, according to a post by Hyperliquid News, the DAT project HypeStrat purchased 600,000 HYPE tokens within the past 7 days, worth approximately $40.60 million, with its cash position decreasing by $36 million. Hyperliquid News said that because HypeStrat’s current mNAV is close to or below 1, the project has not issued new shares recently. Data shows that HypeStrat currently holds about 29.30 million HYPE and about $149.4 million in cash.