Hyperliquid Strategies holds HYPE and cash. Their combined value, minus liabilities, is basically its NAV. If the company’s market cap is below that, you’re buying those assets at a discount. When the stock trades above NAV (meaning mNAV is above 1) they can sell new shares at that premium and use the money to buy more $HYPE. That can increase the $HYPE backing each share, even though there are more shares outstanding. So you’re betting on both $HYPE going up and the company growing its $HYPE per share.
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