Should You Buy the Hyperliquid Cryptocurrency or the Stock?

The article compares two ways to gain exposure to Hyperliquid: the HYPE token and shares of Hyperliquid Strategies (the stock wrapper). It argues HYPE offers more direct upside because 97% of platform fees fund buybacks and burns, while the stock’s exposure is indirect and subject to corporate overhead and potential share issuance. Key market metrics cited: Hyperliquid perps handled $181.6 billion in 30‑day volume (through May 1), HYPE trades near $41.29 with a $9.8B market cap, and the treasury company holds 17.6 million HYPE plus $112.6M cash and a $30M buyback program. Risks noted include potential token supply unlocks (~10M/month through Oct 2027) and the company’s ability to issue shares (dilution). The piece leans toward HYPE for direct growth exposure but highlights significant dilution and adoption risks, framing the choice as higher reward but higher risk.