Hyperliquid treasury vehicles hold ~9% of $HYPE float — more than BTC, ETH, SOL, or BNB equivalents!

Hyperliquid-linked digital asset treasury companies now control close to 9% of HYPE's circulating supply — a float-adjusted share that exceeds comparable treasury holdings across BTC, ETH, SOL, and BNB. What makes the data point sharper is that HYPE is the only asset in the analyst's dataset currently trading at a positive mNAV, meaning these treasury vehicles are sitting on mark-to-market gains rather than discounts.

A positive mNAV matters structurally: it makes it easier for treasury vehicles to raise fresh capital, issue equity at a premium, and keep absorbing supply — a self-reinforcing dynamic as long as sentiment holds.

If an ETF is approved, passive inflows would land in an already tight float with institutional positioning and ongoing treasury demand already in place. That combination — compressed supply, positive carry, and a potential new buyer class — is the bull case in a…