Hyperliquid treasury vehicles own ~9% of $HYPE float — more than BTC, ETH, SOL or BNB comparables.

Hyperliquid-linked digital asset treasury companies now hold close to 9% of HYPE's circulating supply, a float-adjusted concentration that exceeds comparable treasury positions in Bitcoin, Ethereum, Solana, and BNB. The standout detail: HYPE is the only asset in the analyst's dataset where these vehicles trade at a positive multiple to net asset value, meaning the market is pricing in a premium for treasury exposure.

That positive mNAV dynamic matters structurally — it makes it easier for treasury vehicles to issue equity or raise fresh capital, which feeds back into continued supply absorption. The float is already tighter than peers.

If an ETF is eventually approved, passive inflows would land in a market where institutional positioning is already dense and treasury demand is ongoing. That combination — compressed float, positive mNAV, potential ETF catalyst — is the bull case…