Wyoming reveals indirect HYPE exposure in second quarter 13F filing

Wyoming has disclosed an indirect investment in $HYPE through Hyperliquid Strategies ($PURR) in its second-quarter 13F filing, adding another digital asset-linked position to the state’s crypto-related portfolio.

According to Blockworks analyst Shaunda Devens, Wyoming’s second-quarter 13F filing shows the state gained indirect exposure to Hyperliquid’s $HYPE token through an investment in Hyperliquid Strategies ($PURR). Devens shared the filing on X, describing it as Wyoming’s latest indirect crypto investment disclosed through its public securities holdings.

The State of Wyoming just disclosed that it made an indirect investment in $HYPE through Hyperliquid Strategies ($PURR) in its Q2 13F filing. pic.twitter.com/eep8NJ7hCM

— shaunda devens (@shaundadevens) August 6, 2026

While the filing does not indicate that Wyoming purchased $HYPE tokens directly, the disclosed position gives the state indirect exposure through Hyperliquid Strategies, a publicly traded vehicle linked to the Hyperliquid ecosystem. The filing also does not disclose any direct ownership of $HYPE by the state itself.

Public pension funds, treasuries and other government entities routinely disclose their U.S. equity holdings through quarterly Form 13F filings. The latest disclosure places Wyoming among the public institutions with exposure to companies connected to the digital asset market rather than only traditional crypto-related stocks.

Wyoming’s $HYPE exposure comes through Hyperliquid Strategies

Hyperliquid Strategies is the investment vehicle identified in the filing. By holding shares in the company, Wyoming receives indirect exposure to $HYPE instead of holding the token on its balance sheet.

Devens’ post did not specify the size of the investment or when the position was established during the second quarter. The filing likewise does not state whether the investment forms part of a larger digital asset allocation strategy or a standalone portfolio holding.

Indirect exposure through listed securities has become a common route for institutional investors seeking participation in digital assets while remaining within existing investment frameworks. Such investments differ from purchasing cryptocurrencies directly because the underlying exposure is obtained through corporate securities.

Wyoming has continued expanding its blockchain strategy

The disclosure arrives as Wyoming continues to build one of the most active blockchain policy programs among U.S. states.

In January, Wyoming launched the Frontier Stable Token (FRNT), becoming the first U.S. state to issue a government-managed dollar-backed stablecoin. The token debuted on Solana before expanding to Ethereum, Arbitrum, Base, Optimism, Polygon and Avalanche through cross-chain infrastructure. State officials said the reserves are managed by Franklin Templeton, held in a Wyoming-chartered trust and backed by U.S. dollars together with short-term Treasury securities.

Interest generated from those reserves is directed to Wyoming public schools, while the stablecoin was designed to reduce payment costs for state services and demonstrate blockchain-based settlement under public oversight. The project followed years of legislation that included legal recognition of decentralized autonomous organizations, the creation of Special Purpose Depository Institution charters and passage of the Stable Token Act.

Wyoming selected Solana after evaluating multiple blockchain networks before launch, while Kraken became the first Wyoming-domiciled exchange to offer the token for public purchase.

State policies have extended beyond digital assets

Alongside blockchain initiatives, Wyoming has also moved to attract computing infrastructure tied to artificial intelligence.

Governor Mark Gordon signed Executive Order 2026-03, titled “Data Centers the Wyoming Way,” in June. The order instructs state agencies involved in permitting and supporting large data center developments to consider electricity demand, water usage, environmental factors, workforce planning and the effect on residential power prices while reviewing projects.

The executive order followed rising investment in AI infrastructure across the United States and also intersects with Wyoming’s established Bitcoin mining industry, where companies have increasingly explored artificial intelligence and high-performance computing alongside cryptocurrency mining.

Several publicly traded miners, including IREN, MARA Holdings, Cipher Digital, Hut 8, HIVE Digital and TeraWulf, have announced or evaluated AI and high-performance computing businesses as they diversify revenue following the 2024 Bitcoin halving.

Wyoming remains active in crypto policy discussions

The state’s investment disclosure also comes shortly before the Wyoming Blockchain Symposium, scheduled for Aug. 17-20 in Jackson Hole.

As previously reported by crypto.news, Ripple CEO Brad Garlinghouse will join the speaker lineup alongside policymakers including SEC Chair Paul Atkins, Sen. Cynthia Lummis, House Majority Whip Tom Emmer, Sen. Ruben Gallego and Comptroller of the Currency Jonathan Gould.

Industry participants expected at the event include Galaxy founder Michael Novogratz, Cardano founder Charles Hoskinson, Stellar Development Foundation CEO Denelle Dixon and Custodia Bank founder Caitlin Long.

Organizers have identified U.S. crypto regulation, Bitcoin, digital asset investment strategies, decentralized artificial intelligence and financial market structure among the planned discussion topics. Ripple also maintains academic ties with the University of Wyoming through the Ripple Blockchain Collaboratory and renewed funding under its University Blockchain Research Initiative.

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