HL
System Status: Active
Protocol: Hyperliquid
Network: Mainnet
V.02 — 2026
© 2026 Hyperliquid Strategies Inc.
NASDAQ: PURR ®

Hyperliquid
StrategiesThe Premier Digital Asset Treasury Platform
Focused on the Hyperliquid Ecosystem

Delivering capital-efficient access to HYPE, the native token of Hyperliquid — the blockchain custom-built to house all of finance. The largest HYPE-focused digital asset treasury ever formed.

Position Value
mNAV Multiple
Premium to NAV
HYPE per Share
Latest News
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LARGEST HYPE TREASURY /DIGITAL ASSET TREASURY STRATEGY /INSTITUTIONAL HYPE EXPOSURE HYPERLIQUID NATIVE /CAPITAL EFFICIENT DEPLOYMENT /PUBLICLY TRADED NASDAQ: PURR / LARGEST HYPE TREASURY /DIGITAL ASSET TREASURY STRATEGY /INSTITUTIONAL HYPE EXPOSURE HYPERLIQUID NATIVE /CAPITAL EFFICIENT DEPLOYMENT /PUBLICLY TRADED NASDAQ: PURR / LARGEST HYPE TREASURY /DIGITAL ASSET TREASURY STRATEGY /INSTITUTIONAL HYPE EXPOSURE HYPERLIQUID NATIVE /CAPITAL EFFICIENT DEPLOYMENT /PUBLICLY TRADED NASDAQ: PURR / LARGEST HYPE TREASURY /DIGITAL ASSET TREASURY STRATEGY /INSTITUTIONAL HYPE EXPOSURE HYPERLIQUID NATIVE /CAPITAL EFFICIENT DEPLOYMENT /PUBLICLY TRADED NASDAQ: PURR /
01 About HSI
We are the largest Hyperliquid digital asset treasury ever formed. And that scale matters — it creates exciting opportunities in yield generation and gives us an important voice in the Hyperliquid community.

Hyperliquid Strategies Inc (NASDAQ: PURR) is a digital asset treasury company whose primary focus is to maximize shareholder value through accumulating HYPE, the native token of Hyperliquid.

HSI aims to provide capital-efficient and productive access to the HYPE token for U.S. and institutional investors, generating compounding shareholder returns through staking, yield optimization, and active ecosystem engagement.


02 Shaping the Future
System Overview / Vision Protocol
HSI — V.01 — 2026

The Future of Finance Will Be Built on the Blockchain

It will be transparent. Globally accessible. Fast, cheap, and available 24/7. Hyperliquid is the blockchain that will house all of finance — one of the highest revenue generating blockchains in the world.

SYS—01

Capital-Efficient Access

Disciplined execution of our treasury strategy, maximizing per-share exposure for shareholders.

SYS—02

Compounding Returns

Staking, yield optimization, and active ecosystem engagement that individual holders cannot replicate.


03 Insights
View All →

04 Dashboard
HYPE Token Holdings
20.8M
Total HYPE tokens held in treasury, actively managed through staking and yield strategies.
Net Asset Value
$743.5M
Stockholders' equity at last reporting date.
ELOC Facility
$1B
Equity Line of Credit for capital deployment flexibility.
Share Repurchases
$10.5M
~3.0M PURR shares repurchased.
Cash on Hand
~$113.8M
Current cash position, supporting continued treasury deployment.
Buyback Program
$30M
Board-authorized over 12 months.

05 Validator Operations
Active Ecosystem Engagement
Live since May 2026
Hyperliquid Strategies × Unit

A Validator on Hyperliquid

In May 2026, HSI launched a Hyperliquid validator together with Unit Labs — operated as Hyperliquid Strategies × Unit. The majority of the initial stake is delegated from our treasury HYPE, custodied at Anchorage Digital Bank.

Beyond yield, our reason for running validator infrastructure is to contribute directly to Hyperliquid's decentralization, resilience, and governance. Substantive protocol changes require an onchain majority vote of staked HYPE — and we want HSI to be present in that conversation.

Operator
HSI × Unit
Operated jointly with Unit Labs, the leading deployer in the Hyperliquid ecosystem.
Custody
Anchorage Digital
Treasury HYPE custodied at Anchorage Digital Bank, a federally chartered crypto bank.
Stake Source
Treasury HYPE
Majority of initial stake delegated from HSI's own treasury holdings.
Validator Set
24 → 27
Permissionless validator set, expanding from 24 to 27 active validators.

06 Treasury Strategy
AccumulateStake & OptimizeEngageDeploy Capital
Accumulation

HYPE Acquisition

Disciplined, systematic acquisition to maximize per-share exposure.

Capital Programs

Ongoing PURR share sales and repurchases to optimize capital structure.

Yield Generation

Staking Yields

Emerging staking yield generation creating compounding returns.

DeFi Optimization

Active yield optimization across Hyperliquid's DeFi landscape.

Ecosystem

Community Voice

Our scale gives us an important voice in governance.

Deflationary Alignment

Aligned with Hyperliquid's deflationary mechanics for long-term value.

The Grid Never SleepsClosed Loop Yield GenerationAutonomous Operations

Gain Exposure to
One of the Most Exciting Opportunities
in Global Finance

Our shares trade on NASDAQ under the ticker PURR. Backed by a highly experienced leadership team and distinguished board of directors.

Home / About Us

About Hyperliquid Strategies

The premier digital asset treasury platform focused on the Hyperliquid ecosystem.

Hyperliquid Strategies Inc (NASDAQ: PURR) is a digital asset treasury company whose primary focus is to maximize shareholder value through accumulating HYPE, the native token of Hyperliquid, a high-performance blockchain custom-built to house all of finance.

HSI aims to provide capital-efficient and productive access to the HYPE token for U.S. and institutional investors, generating compounding shareholder returns that individual holders may not be able to replicate through staking, yield optimization, and active ecosystem engagement.

HSI is currently the largest HYPE-focused digital asset treasury vehicle capitalizing on Hyperliquid's rapid growth and providing exposure to one of the largest and fastest growing revenue pools in digital assets.

The Hyperliquid Ecosystem

Hyperliquid continues to solidify its position as the blockchain to house all finance, with its dominant perpetuals DEX generating over $800M in annual fees and processing billions in daily trading volumes.

Our Strategy

Our primary objective is to increase our shareholders' per-share exposure to HYPE in the most efficient way possible through disciplined capital deployment, staking, yield optimization, and active ecosystem engagement.

Active Ecosystem Engagement

In May 2026 we launched a validator on Hyperliquid together with Unit Labs — operated as Hyperliquid Strategies × Unit — with the majority of the initial stake delegated from our treasury HYPE, custodied at Anchorage Digital Bank. Running professional-grade validation infrastructure contributes directly to Hyperliquid's decentralization, resilience, and governance.

Beyond the validator, HSI engages with traditional financial institutions evaluating the Hyperliquid ecosystem — sometimes by considering our equity, sometimes by seeking direct HYPE exposure, sometimes by exploring builder-code distribution opportunities. We see our role as building conceptual bridges between TradFi and the emerging onchain market structure.

Leadership Team →Board of DirectorsRead our Insights
Home / About / Leadership

Leadership Team

Experienced executives driving HSI's mission. Click any profile to read their full bio.

David Schamis
Chief Executive Officer & Director
David Schamis
CEO & President
Founding Partner & CIO of Atlas Merchant Capital. Former MD at J.C. Flowers. Yale BA in Economics.
Brett Beldner
Chief Financial Officer
Brett Beldner
CFO, Secretary & Treasurer
Seasoned DeFi + TradFi finance professional. Duke BA, Maryland MBA, NY CPA.
Jeroen Nieuwkoop
Chief Operating Officer
Jeroen Nieuwkoop
COO
Former Group Chief Strategy Officer at Triller Group / AGBA. Erasmus MSc.
Rob Diamond
Director of Corporate Affairs
Rob Diamond
Director of Corporate Affairs
Former Director of Corporate Communications at Atlas Merchant Capital. Princeton BA.
Home / About / Board

Board of Directors

A distinguished board providing governance and strategic guidance. Click any profile to read their full bio.

Bob Diamond
Chairman
Bob Diamond
Founding Partner & CEO, Atlas Merchant Capital
Founding Partner & CEO of Atlas Merchant Capital. Former CEO of Barclays PLC.
David Schamis
Director
David Schamis
CIO & Co-founder, Atlas Merchant Capital
Founding Partner & CIO of Atlas Merchant Capital. Former MD at J.C. Flowers. Yale BA in Economics.
Eric Rosengren
Director
Eric Rosengren
Former President, Federal Reserve Bank of Boston
CEO of Rosengren Consulting. MIT Visiting Scholar. Former President, Federal Reserve Bank of Boston (2007–2021).
Jeff Tuder
Director
Jeff Tuder
Operating Partner, Atlas Merchant Capital
Operating Partner at Atlas Merchant Capital. Founded Tremson Capital. Yale BA in English Literature.
Thomas C. King
Director
Thomas C. King
Operating Partner, Atlas Merchant Capital
Operating Partner at Atlas Merchant Capital. Former CEO of Investment Banking at Barclays. Wharton MBA.
Larry Leibowitz
Director
Larry Leibowitz
Operating Partner, Atlas Merchant Capital
Finance & technology entrepreneur. Former COO of NYSE Euronext. Princeton AB in Economics.
Nailesh Bhatt
Director
Nailesh Bhatt
CEO, VGYAAN Pharmaceuticals
CEO of VGYAAN Pharmaceuticals. Founded Proximare advisory firm. Boston University BA.
Albert Dyrness
Director
Albert Dyrness
Co-founder, ADVENT Engineering
Co-founded ADVENT Engineering Services. Bio-process engineering expert. MIT mechanical engineering.
Home / Dashboard

Dashboard

Selected financial metrics and live Adjusted Net Asset Value calculations powered by real-time HYPE token pricing.

VALUES AUTO-SYNC FROM HYPESTRAT.XYZ & UPDATE LIVE WITH HYPE TOKEN PRICE

This section provides two calculations of Adjusted Net Assets (both yielding the same result), allowing investors to understand Adjusted Net Asset Value from the perspective of (i) adjustments to the latest reported Net Asset Value (table on the left) and (ii) the key components of Adjusted Net Asset Value.

Please read the explanation and disclaimer below carefully before relying on any of the information presented here. The information and metrics provided here are for informational purposes only and do not constitute investment, financial, tax, legal, or other professional advice, nor do they represent a recommendation, solicitation, or offer to buy, sell, or hold any securities, including PURR shares or HYPE tokens.

Dashboard Explanation and Disclaimer

Source of Information, Frequency of Updating and Calculations

The following items presented in this section are based on Company estimates and are expected to be updated on a weekly basis:

  1. HYPE Tokens Held
  2. Shares Outstanding
  3. Cash From Operations
  4. Cash From Financing
  5. Treasury Deployment
  6. Estimated Deferred Tax Liability
  7. Cash Holdings
  8. Other Adjustments

The following items presented in this section are sourced from external sources and are expected to be updated continuously (subject to relevant trading hours):

  1. Latest Token Price (HYPE)
  2. Latest Share Price (PURR)

The following items presented in this section are based on the Company's latest public filing:

  1. Net Asset Value
  2. Reported Value of Digital Assets

The following items presented in this section are calculated based on the following formulas:

  1. Value of Digital Assets = (1) × (9)
  2. Market Cap = (2) × (10)
  3. Adjusted Net Asset Value
    • = (11) – (3) + (4) – (5) – (12) + (13) – (6)
    • = (13) + (7) – (6) + (8)
  4. Net Asset Value Per Share = (15) ÷ (2)

Disclaimer

The information and metrics displayed on this dashboard—including, but not limited to, data on Hyperliquid Strategies Inc.'s (the "Company") common stock, current HYPE token holdings, HYPE token price, Adjusted Net Asset Value and other reported figures—are provided solely for informational and illustrative purposes. They do not constitute investment, financial, tax, legal, or other professional advice, nor do they represent a recommendation, solicitation, or offer to buy, sell, or hold any securities, including PURR shares or HYPE tokens.

No Reliance for Investment Decisions

Viewers should not rely on this dashboard or any information herein when making investment or financial decisions. All investments, particularly in volatile digital assets like HYPE, involve significant risk of loss, including the potential for total loss of principal. There is no assurance of positive returns, preservation of capital, or achievement of any particular outcome over any time period.

Past Performance and Forward-Looking Information

Historical performance of HYPE tokens, the Company's stock (PURR), or any related metrics is not indicative of future results. Market trends, token prices, and asset values can fluctuate dramatically due to factors such as volatility, regulatory changes, macroeconomic conditions, technological developments, or shifts in market sentiment. Future performance may differ materially from past results or any implied expectations. Certain metrics, such as Adjusted Net Asset Value, are non-GAAP key performance indicators (KPIs) used internally to support the Company's Treasury Strategy; they have inherent limitations (e.g., they do not fully account for existing or future liabilities) and should not be viewed as measures of financial performance, valuation, liquidity, or investment suitability. Investors should rely exclusively on the Company's audited financial statements and comprehensive disclosures in its SEC filings.

Third-Party Data and Timeliness

Information sourced from third parties is believed to be reliable but is not independently verified or guaranteed by the Company. Metrics may not reflect real-time values, could be delayed, or may change without notice due to market movements or data source updates.

Risk Awareness and SEC Filings

Investing in the Company or exposure to HYPE tokens carries substantial risks, including extreme price volatility, regulatory uncertainty, liquidity constraints, counterparty risks, and other factors detailed in the Company's public filings with the U.S. Securities and Exchange Commission (SEC). Viewers are strongly encouraged to carefully review all risk factors, forward-looking statements, and other disclosures in those SEC filings (available at sec.gov) before making any investment decisions.

The Company disclaims any obligation to update or revise any information in this section except as required by applicable law. By accessing this section, you acknowledge and agree that you have read and understand this disclaimer.

Home / Investors

Investor Relations

Transparent, capital-efficient access to HYPE for our shareholders.

News & Events

Press releases, webcasts, and announcements.

Company Information

Corporate profile and key facts.

Financial Results

Quarterly and annual reports.

Stock Data

PURR quotes and analyst coverage.

SEC Filings

10-K, 10-Q, 8-K, S-1 filings.

Governance

Documents, charters, and policies.

Contact IR

Email: investors@hypestrat.xyz

Home / Investors / News & Events

News & Events

Home / Investors / News & Events / Press Release

Press Release

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Home / Insights

HSI Insights

Long-form analysis from the Hyperliquid Strategies team on Hyperliquid's market structure, the institutional adoption of digital assets, and the bridge between TradFi and DeFi.

Home / Insights / Article

Article

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JN

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Home / Investors / Presentations

Investor Presentations

Quarterly earnings presentations and supplemental investor materials. Click any document to view in-browser or download.

Earnings Presentations
About these presentations

These are the official quarterly earnings presentations distributed alongside each earnings call. Each file is hosted directly on this site (not on a third-party CDN) for long-term archival reliability. For supplemental disclosures, please refer to the SEC Filings page or contact Investor Relations.

Home / Investors / IR Calendar

IR Calendar

Upcoming and past investor events for Hyperliquid Strategies Inc — earnings calls, corporate milestones, and investor conference participation.

Upcoming
Past Events

Earnings webcasts and replays are also accessible from News & Events. To receive future calendar invites by email, subscribe via Email Alerts.

Home / Investors / FAQ

Frequently Asked Questions

Answers to the most common investor questions about Hyperliquid Strategies Inc, HYPE tokenomics, NAV methodology, and the PURR common stock. For matters not covered here, please contact Investor Relations.

About the company
What is Hyperliquid Strategies Inc (HSI)?

Hyperliquid Strategies Inc is a publicly traded digital asset treasury company listed on the NASDAQ Capital Market under the ticker PURR. Our principal business is owning and managing the largest public-market treasury of HYPE — the native token of the Hyperliquid Layer-1 blockchain — on behalf of our shareholders.

Through HSI, public-market investors can gain regulated, tax-efficient, NASDAQ-listed exposure to HYPE within a transparent corporate structure subject to full SEC reporting and Sarbanes-Oxley governance.

How did HSI come to be listed on NASDAQ?

HSI was formed in 2025 through a reverse merger with Sonnet BioTherapeutics, a previously NASDAQ-listed company. The transaction allowed HSI to inherit the public listing while pivoting the operating business to a digital asset treasury mandate focused on the Hyperliquid ecosystem.

The PURR ticker began trading on December 3, 2025. All material details of the transaction were disclosed in our S-4 registration statement and subsequent 8-K filings, which you can review on our SEC Filings page.

Who manages the company?

Bob Diamond serves as Chairman of the Board (formerly CEO of Barclays, founder of Atlas Merchant Capital). David Schamis is Chief Executive Officer (Founding Partner & CIO at Atlas Merchant Capital), Brett Beldner is Chief Financial Officer, and Jeroen Nieuwkoop is Chief Operating Officer.

The full Leadership Team and Board of Directors pages list every officer and director, with biographies and committee assignments.

Where is HSI headquartered?

1345 Avenue of the Americas, Suite 3300, New York, NY 10105. Incorporated in Delaware. CIK 0002078856.

HYPE & Hyperliquid
What is HYPE and what is Hyperliquid?

Hyperliquid is a Layer-1 blockchain purpose-built to house all of finance. Its perpetual-futures decentralized exchange generates more than $800M in annualized fees, and the broader ecosystem is expanding rapidly through HIP-3 builder codes, native USDH stablecoin, and a permissionless asset-listing mechanism.

HYPE is the native token of the Hyperliquid Layer-1. Substantially all platform revenue flows to the Assistance Fund, which uses those proceeds to buy back HYPE on the open market — a structural deflationary mechanic baked into the protocol's economics.

How much HYPE does HSI hold?

As of the most recent reporting period (Q3 FY2026, ended March 31, 2026), HSI held approximately 20.8 million HYPE tokens. The HYPE position is reported and reconciled live on our Dashboard page; the latest verified figure is in our most recent 10-Q filing on the SEC Filings page.

Does HSI ever sell HYPE?

HSI's stated treasury policy is to accumulate and hold HYPE for the long term, not to actively trade it. Liquidity is managed through cash on hand, an Equity Line of Credit (ELOC) facility, and operational discretion. Any material change to the treasury policy would be disclosed in advance via an 8-K filing.

How does HSI acquire HYPE?

HSI deploys capital from its share-repurchase / share-issuance program (the ELOC) and from operating cash flow into open-market HYPE purchases. The Adjusted Net Asset Value disclosed each quarter reflects HYPE acquired during that period.

NAV methodology
What is Adjusted Net Asset Value (NAV)?

Adjusted NAV is the economic value of HSI's net assets, calculated as: (HYPE tokens held × live HYPE price) + cash and equivalents − deferred tax liability + other adjustments. It marks the HYPE position to its current market price rather than carrying it at historical cost as GAAP requires.

Methodology is described in detail in our 10-Q footnotes. The dashboard updates live as HYPE's price changes.

What is NAV per share?

NAV per share = Adjusted NAV ÷ fully diluted shares outstanding. It represents the per-share economic claim on HSI's HYPE-backed balance sheet at any given moment, before any management premium the market may assign.

What is mNAV and how do I read it?

mNAV is the multiple of market value to Adjusted NAV — calculated as (PURR price × fully diluted shares) ÷ Adjusted NAV. An mNAV of 1.00x means PURR trades exactly at its underlying NAV. An mNAV greater than 1.00x is a premium (investors paying above NAV for the operating wrapper); below 1.00x is a discount.

How often is NAV updated?

HYPE-derived components of NAV update live on this site as HYPE's spot price moves on the Hyperliquid Layer-1. Reported balance-sheet inputs (cash, deferred tax liability, share count) are sourced from the most recent quarterly filing and roll forward at the next earnings release.

Trading & shares
Where can I buy PURR?

PURR trades on the NASDAQ Capital Market during US equity market hours (9:30 AM – 4:00 PM ET, Monday–Friday, excluding US market holidays). You can buy PURR through any standard brokerage that offers US-listed equities — including Fidelity, Schwab, E*TRADE, Robinhood, Interactive Brokers, and others.

Live quotes are available on the Stock Data page and on third-party platforms like NASDAQ and Yahoo Finance.

How many shares of PURR are outstanding?

Approximately 144.45 million common shares outstanding as of May 19, 2026 (per the May 22, 2026 S-1 cover page). Fully diluted share count is higher when warrants, the 2025 Equity Incentive Plan reserve, and Series A Preferred Stock conversions are included. Exact figures are restated each quarter in the 10-Q. The CUSIP is 46163K104.

Does HSI pay a dividend?

HSI does not currently pay a cash dividend on PURR common stock. Per the treasury policy, capital is deployed into HYPE accumulation rather than distributed. The Board reviews capital-return policy periodically and any change would be disclosed in advance.

What is PURRDAT? Is that the same as PURR?

No. PURRDAT is a HIP-3 perpetual contract that references the PURR ticker but trades on Hyperliquid, not on NASDAQ. PURRDAT was deployed permissionlessly by an external builder through Hyperliquid's HIP-3 framework, which allows anyone to list any reference asset.

HSI did not create and does not operate PURRDAT. Its price and existence should not be construed as guidance or an endorsement. The NASDAQ-listed PURR common stock is the only authoritative trading instrument for HSI ownership.

Governance & compliance
How is the Board of Directors structured?

The Board has 8 members, the majority of whom are independent. Standing committees include Audit & Risk, Compensation, and Nominating & Corporate Governance. Each committee charter is published on the Governance page along with member rosters.

Where can I find SEC filings and material disclosures?

All SEC filings auto-sync from EDGAR to the SEC Filings page within minutes of submission. Filter views are provided for Annual Reports (10-K), Quarterly Reports (10-Q), Current Reports (8-K), Section 16 insider transactions (Forms 3/4/5), and Registration Statements.

You can also subscribe to email alerts on the News & Events page to be notified whenever HSI files with the SEC or issues a press release.

Who is HSI's independent auditor?

HSI's independent registered public accounting firm is disclosed in the most recent 10-K filing under "Item 9C — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections." Please reference the most recent annual report on the SEC Filings page for the current auditor of record.

Not investment advice

The information on this page is provided for general informational purposes and should not be construed as investment, legal, tax, or financial advice. Before making any investment decision regarding PURR or HYPE, please review HSI's SEC filings and consult your own advisors. Past performance is not indicative of future results. Cryptocurrency and equity investments carry significant risk, including the risk of total loss.

Home / Investors / Company Info

Company Information

investors@hypestrat.xyz · www.hypestrat.xyz

Home / Investors / Financial Results

Financial Results

Quarterly earnings releases, webcasts, presentations, and SEC filings.

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2025
Business Combination
Closed December 2, 2025
8-K Filings
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Investor Presentation

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Home / Investors / News & Events / Earnings Webcast

Earnings Webcast

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Home / Investors / Stock

Stock Data

Hyperliquid Strategies Inc (PURR)
(—) R
Bid: × Ask: ×
Volume:
USD| NASDAQ CAPITAL MARKET| DELAYED PRICE| MARKET CLOSED

Chart

Hyperliquid Strategies Inc

NASDAQ Capital Market: PURR

Chart powered by TradingView

Detailed Information

LATEST TRADING DAY--
Last (Close)--
Volume--
$ Chg vs Prior--
% Chg vs Prior--
Open--
Prev. Close--
Day High--
Day Low--
Bid(live-only)
Ask(live-only)
SHARE INFORMATION
52-Week High
52-Week Low
ExchangeNCM
Common Shares Outstanding144,447,571
Common Market Capitalization--
CUSIP46163K104
ANALYST COVERAGE
Chardan CapitalBuy — $8.45
Cantor FitzgeraldOverweight — $6.00
RELATED HYPERLIQUID MARKETS

PURRDAT — a HIP-3 perpetual contract referencing PURR — trades on Hyperliquid alongside hundreds of other reference assets enabled by the HIP-3 mechanism. PURRDAT was deployed permissionlessly through the HIP-3 framework that allows any builder to list any reference asset.

Important: HSI did not create and does not operate PURRDAT. It is referenced here for completeness and transparency only. Its existence and pricing should not be construed as guidance, endorsement, or a recommendation by HSI. Investors should rely on the NASDAQ-listed PURR common stock as the authoritative trading instrument.

Historical Data

Daily OHLCV, VWAP, % change, $ change, trade value, and trade count for PURR common stock. History from December 3, 2025 (first trading day post-listing). Refreshed nightly; the most-recent rows may show "—" in VWAP, trade value, and trade count until the morning refresh.

Date Open High Low Close VWAP Volume % Chg $ Chg Trade Val # Trades
Loading historical prices…
View on NASDAQ → Yahoo Finance →
Home / Investors / SEC

SEC Filings

Auto-populated from the SEC EDGAR database — CIK 0002078856.

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Date FiledFormDescriptionDocument
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Home / Investors / Governance

Corporate Governance

Hyperliquid Strategies Inc is committed to strong corporate governance and the highest standards of business conduct and ethical behavior. Our Board of Directors has established a governance framework designed to promote the long-term interests of stockholders, maintain Board independence, and ensure effective oversight of the Company's management and operations.

The Board of Directors has established three standing committees, each composed entirely of independent directors, to assist in its oversight responsibilities.

Committee charters and key corporate-governance documents are hosted directly on this site. SEC-filed exhibits are mirrored from EDGAR so they remain accessible even when the source page changes. For copies in alternate formats, contact investors@hypestrat.xyz.

Committee Charters
DocumentAccess
Audit and Risk Committee CharterView Charter (PDF) →
Compensation Committee CharterView Charter (PDF) →
Nominating and Corporate Governance Committee CharterView Charter (PDF) →
Corporate Governance Documents
DocumentFiled / EffectiveAccess
Amended and Restated Certificate of IncorporationDec 2, 2025View (HTML) →
Amended and Restated BylawsDec 2, 2025View (HTML) →
Certificate of Designation — Series A Preferred StockDec 2, 2025View (HTML) →
Code of Business Conduct and EthicsAdopted Dec 2, 2025EDGAR — pending file →
Corporate Governance GuidelinesFirst proxy expected late 2026EDGAR — when filed →
Compensation & Equity Plans
DocumentReference
2025 Equity Incentive PlanClosing 8-K Exhibit 10.5 →
Proxy Statement (DEF 14A)EDGAR Search →

The Company is led by an experienced management team with deep expertise in financial services, digital assets, and capital markets.

Click any name below to read the full biography in a popup. No page change.

Home / Contact

Contact Us

Investor relations and corporate contacts for Hyperliquid Strategies Inc.

Investor Relations

Investor inquiries, earnings information, and questions about Hyperliquid Strategies Inc.

Web www.hypestrat.xyz
Ticker NASDAQ: PURR
CIK 0002078856

Corporate Headquarters

Principal executive office and mailing address.

Address 1345 Avenue of the Americas, Suite 3300
New York, NY 10105
CUSIP 46163K104
Exchange Nasdaq Stock Market, LLC
Send a Message

Use the form below to reach Investor Relations. We aim to respond within two business days. For urgent matters please email investors@hypestrat.xyz directly.

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By submitting this form you consent to Hyperliquid Strategies Inc storing your message for the purpose of responding to your inquiry. Do not submit any material non-public information (MNPI).

Home / Analytics / Peer Comparison

Peer Comparison

How PURR stacks up against other digital asset treasury companies.

01 Digital Asset Treasury Peers
CompanyTickerPriceMarket CapTokenHoldingsHoldings ValuemNAVPremium
Hyperliquid StrategiesPURRHYPE20.8M
Strategy (fka MicroStrategy)MSTRBTC~717,131
Marathon DigitalMARABTC~47,531
Riot PlatformsRIOTBTC~18,692
Why mNAV Matters

The mNAV (Market Cap ÷ Net Asset Value) ratio is the key metric for digital asset treasury companies. An mNAV above 1.0 means the market values the company above its underlying holdings — reflecting confidence in management, growth potential, or scarcity premium. PURR's relatively early stage means its mNAV can move significantly with institutional adoption.

Holdings data from most recent public filings. Prices update every 30 seconds. mNAV calculations are estimates based on publicly available data and may not reflect exact net asset values.

Home / On-Chain Treasury

On-Chain Treasury

Live on-chain verification of HSI's HYPE token holdings via Hyperliquid.

01 Treasury Wallet Live
0x1a2b...demo
Total HYPE Balance
Loading from Hyperliquid...
Staked HYPE
Earning validator rewards
Unstaked / Liquid
Available for deployment
USD Value (Live)
Based on live HYPE price
24h Change
Net token flow
Last Verified
Directly from Hyperliquid API
02 Recent Treasury Activity
DateTypeAmountUSD ValueDetails
Loading transactions...
On-Chain Verification

All treasury data is pulled directly from the Hyperliquid blockchain via their public API. This provides cryptographic proof of holdings that supplements traditional SEC filings. Unlike quarterly reports that show a snapshot in time, on-chain data provides continuous, real-time verification of the company's digital asset treasury.

Home / NAV Modeler

NAV Scenario Modeler

Explore how HYPE price changes and dilution affect NAV/Share, mNAV, and premium/discount.

$31.00
144.5M
01 Projected Metrics
Digital Asset Value
Adjusted NAV
NAV / Share
Deferred Tax Liability
mNAV (at current PURR)
Implied PURR Price (1.0x mNAV)
02 Market Premium Scenarios

NAV sets the floor — but markets price in growth, scarcity, and sentiment. Here's what PURR could trade at various mNAV multiples at this HYPE price.

Current PURR Price
— mNAV
At 1.0x mNAV
At 1.5x mNAV
At 2.0x mNAV
At 3.0x mNAV
How This Model Works

This modeler uses the same Adjusted NAV formula as our dashboard: (HYPE Price × Tokens Held) + Cash − Deferred Tax Liability. DTL adjusts dynamically based on unrealized gains above the reporting-date cost basis. The share slider lets you model dilution scenarios. mNAV uses current PURR market price — "Implied PURR Price" shows what PURR would trade at if mNAV were exactly 1.0x. The Market Premium Scenarios show what PURR could trade at if the market prices in growth, scarcity, or sentiment premiums — as peers like MSTR have historically traded at 2-3x+ mNAV during bull markets.

Home / Analytics / Live Terminal

Live Terminal

Real-time institutional-grade dashboard. All data updates every 30 seconds from Hyperliquid and market feeds.

LIVE · Data refreshes every 30s · Hyperliquid + Market Feeds --
PURR Stock Price
NASDAQ: PURR
HYPE Token Price
Hyperliquid
NAV Per Share
Adj. NAV ÷ shares outstanding
Premium / Discount
PURR vs NAV/Share
mNAV Multiple
Mkt Cap ÷ Adj NAV
Treasury Position
Adjusted NAV (Total)
Live calculation
Market Cap
PURR × shares outstanding
Digital Assets
20.8M HYPE tokens
Cash Holdings
Est. current balance
Deferred Tax
9.23% on unrealized gains
Capital Deployment
HYPE Tokens Held
20.8M
— of circulating
HYPE Per Share
Tokens ÷ Shares Out
Cash on Hand
~$113.8M
Current cash position
ELOC Facility
$1B
Chardan Capital Markets
Share Repurchases
$10.5M
~3.0M shares retired
Valuation Scenarios
Current PURR
At 1.0x mNAV
fair value
At 1.5x mNAV
growth premium
At 2.0x mNAV
bull scenario
At 3.0x mNAV
MSTR-tier premium
Analyst Coverage
Cantor Fitzgerald
$6.00
Price Target · Raised from $5.00
Consensus Rating
Strong Buy
2 analysts · Avg PT: $7.23
Upside to PT
To $7.23 consensus
NAV calculations use live HYPE pricing from Hyperliquid API and PURR stock data from multiple market feeds. Adj. NAV = Book NAV − Treasury Deployment − Reported Digital Assets + Current Digital Assets − DTL Change. Premium/Discount = (PURR Price − NAV/Share) ÷ NAV/Share. mNAV = Market Cap ÷ Adj NAV. Data provided for informational purposes only. Not financial advice.
Home / Analytics / HYPE Tokenomics

HYPE Tokenomics

HYPE token supply, allocation, and burn mechanics. All figures sourced from Hyperliquid's published tokenomics and on-chain state — not from HSI's books.

◆ Max Supply
1.0B
Hard-capped at TGE
◆ Circulating
--M
Tradable today (on-chain)
◆ HYPE Burned
--M
Permanently removed
◆ HSI Stake
--%
Of circulating supply
◆ Circulating Supply
HYPE · updates on-chain
◆ HYPE Burned (all-time)
HYPE · permanently removed
◆ Assistance Fund
HYPE · held, earmarked for burn
◆ 7-Day OTS Δ
Net supply change · last 7 days
◆ 7-Day Rate
% of total supply · last 7 days
◆ Implied Annual
Annualized · 7-day rate × 52.14
01 Live Supply Distribution
1B HYPE — current breakdown across circulating, non-circulating, and burned
02 Detailed Breakdown
CategoryTokens% of MaxValue
03 Live Network Data
Real-time HYPE economics
Source: Hyperliquid
◆ HYPE Price
--
Live via Hyperliquid (30s refresh)
◆ Network Mkt Cap
--B
Live price × outstanding supply
◆ HSI Position Value
--M
HYPE held × live price
◆ Burn Analytics
Assistance Fund & OTS movement

Notes

The Assistance Fund is a Hyperliquid protocol-level mechanism that automatically receives approximately 99% of platform trading revenue. These proceeds are used to repurchase HYPE on the open market and then burn it — a structural deflationary mechanism baked into the protocol's economics.

The Live Supply Distribution follows the seven-segment breakdown returned by the Hyperliquid info API (api.hyperliquid.xyz/info, tokenDetails endpoint for the HYPE token):

  • Circulating: Other — HYPE held in wallets, not staked
  • Circulating: Staked — HYPE delegated to validators
  • Circulating: HIP-3 Builder Stakes — HYPE locked as builder collateral on HIP-3 markets
  • Burn: Trading Fees — HYPE permanently destroyed from the protocol's automatic trading-fee burn
  • Non-Circulating: Future Emissions — Reserved for future community rewards and builder incentives
  • Non-Circulating: Assistance Fund — Held by the Assistance Fund, earmarked for buyback-and-burn
  • Non-Circulating: Other — Core contributor lockup + Hyper Foundation + Community Grants + HIP-2 community fund

None of the HYPE tokenomics figures on this page come from HSI's books — they're sourced directly from the Hyperliquid info API, the canonical on-chain source. HSI's 20.8M HYPE holdings (used to compute the HSI Stake %) is the only HSI-sourced number here.

Burn-figure methodology: The "HYPE Burned" number aggregates three burn mechanisms (Assistance Fund auto buyback-and-burn from perp trading fees, spot deployer auction burns, and future-emissions reductions) — broader than the chain-level maxSupply − totalSupply that the info API alone reports. Methodology aligned to hypeburn.fun, verified weekly. The 7-Day OTS Δ metric above continues to use the chain-level definition since it measures cumulative supply change directly.

Last updated: --.

Home / Comparative Returns

Comparative Returns

PURR performance vs HYPE, BTC, S&P 500, and HYPD.

Loading TradingView chart…
Macro
PURR
HYPE
BTC
S&P 500
HYPD
01 Performance Summary
AssetStart PriceCurrent PriceReturnMax DrawdownVolatility
Why Compare?

This chart places PURR's performance alongside the broader S&P 500 benchmark and other publicly traded digital asset treasury vehicles. The peer set is the most direct way to evaluate PURR — these are companies operating the same playbook of holding a single concentrated digital asset on a public-market balance sheet, where the comparison surfaces relative execution, NAV premiums, and risk-adjusted returns. The S&P 500 line provides broader market context.

02 Digital Asset Treasury Peers

Live pricing and holdings data for all public digital asset treasury companies.

CompanyTickerPriceMarket CapTokenHoldingsHoldings ValuemNAVPremium

Holdings data from most recent public filings. Prices update every 30 seconds. mNAV calculations are estimates.

PURR INTELLIGENCE · AI Analyst Terminal
LIVE
Welcome to the PURR Intelligence Terminal. I have real-time access to HYPE pricing, NAV calculations, SEC filings, peer comparisons, and HSI treasury data. Ask me anything.
AI Analyst Terminal · Live data from Hyperliquid + SEC EDGAR · Not financial advice

Home / Analytics / KPI Tracker

KPI Tracker

Real-time key performance indicators for PURR and HYPE treasury operations.

PURR Price
loading...
Market Cap ($M)
mNAV Ratio
Premium / Discount
Adjusted NAV ($M)
NAV Per Share
Implied PURR (1.0x)
Shares Out (M)
HYPE Reserve ($M)
HYPE Price
HYPE Tokens Held
Treasury total
Staked HYPE
~82% of holdings
Cash Holdings ($M)
Est. current balance
Deferred Tax Liability ($M)
Book NAV ($M)
From 10-Q (Dec 31, 2025)
Cost Basis ($M)
Reported digital assets
HYPE Per Share
Tokens ÷ Shares Out
Digital Assets % of NAV
HYPE value ÷ Adj NAV
Cash % of NAV
Cash ÷ Adj NAV
DTL % of Digital Assets
Tax drag on holdings
Implied PURR (1.5x mNAV)
Implied PURR (2.0x mNAV)
Implied PURR (3.0x mNAV)
Unrealized Gain ($M)

All metrics calculated from publicly available data. Prices update every 30 seconds. NAV constants sourced from SEC EDGAR filings (10-Q, Dec 31 2025) and hypestrat.xyz. mNAV calculations are estimates and may not reflect exact net asset values.

Home / Privacy Policy

Privacy Policy

Last updated: February 2026

1. Introduction

Hyperliquid Strategies Inc ("HSI," "we," "us," or "our") respects your privacy and is committed to protecting the personal information you share with us. This Privacy Policy describes how we collect, use, disclose, and safeguard your information when you visit our website hypestrat.xyz and any related services.

2. Information We Collect

We may collect personal information that you voluntarily provide, including your name, email address, phone number, and any other information you choose to submit through our contact forms or investor relations inquiries. We also automatically collect certain technical information when you visit our website, including IP address, browser type, operating system, referring URLs, and browsing behavior through cookies and similar technologies.

3. How We Use Your Information

We use the information we collect to respond to your inquiries and provide investor relations support, to improve and optimize our website and user experience, to comply with legal and regulatory obligations including SEC reporting requirements, and to send periodic communications related to company updates and press releases if you have opted in.

4. Disclosure of Information

We do not sell, trade, or rent your personal information to third parties. We may share information with service providers who assist in website operations and communications, legal and regulatory authorities when required by law, and professional advisors including auditors, lawyers, and accountants as necessary for our business operations.

5. Data Security

We implement commercially reasonable administrative, technical, and physical safeguards to protect your personal information. However, no electronic transmission or storage method is 100% secure, and we cannot guarantee absolute security.

6. Cookies & Tracking

Our website may use cookies and similar tracking technologies to enhance your browsing experience. You can control cookie preferences through your browser settings. We use analytics tools to understand website traffic patterns and improve our services.

7. Your Rights

Depending on your jurisdiction, you may have rights to access, correct, delete, or port your personal data. To exercise these rights, please contact us at the information provided on our Contact page. We will respond to valid requests within the timeframes required by applicable law.

8. Changes to This Policy

We may update this Privacy Policy from time to time. Changes will be posted on this page with an updated revision date. We encourage you to review this policy periodically.

9. Contact

For questions regarding this Privacy Policy, please reach out via our Contact page or write to: Hyperliquid Strategies Inc, 1345 Avenue of the Americas, Suite 3300, New York, NY 10105.

Home / Disclaimer

Legal Disclaimer

Forward-Looking Statements

This website contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, statements about our strategy, future operations, financial position, projected costs, prospects, plans, and objectives.

No Investment Advice

The information presented on this website is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security, nor does it constitute investment, legal, tax, or accounting advice. You should consult your own financial, legal, and tax advisors before making any investment decisions. Past performance is not indicative of future results.

Digital Asset Risks

Digital assets, including HYPE tokens, are highly volatile and speculative. The value of our HYPE holdings can fluctuate significantly, and there is no guarantee of returns. Investing in companies that hold digital assets involves substantial risk, including the potential loss of your entire investment. The regulatory environment for digital assets is evolving and uncertain, which may adversely affect the value of our holdings and operations.

Accuracy of Information

While we endeavor to ensure that the information on this website is accurate, complete, and current, we make no warranties or representations of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information. Any reliance you place on such information is strictly at your own risk.

Third-Party Links

This website may contain links to third-party websites. These links are provided for convenience only and do not signify endorsement. HSI is not responsible for the content or privacy practices of linked websites.

Limitation of Liability

To the fullest extent permitted by law, Hyperliquid Strategies Inc shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising from your use of this website or reliance on any information provided herein.

Home / Sitemap

Site Map

Every page on hypestrat.xyz, grouped by section.

Home / Accessibility

Accessibility Statement

Our Commitment

Hyperliquid Strategies Inc is committed to ensuring that our website is accessible to all users, including those with disabilities. We strive to conform to the Web Content Accessibility Guidelines (WCAG) 2.2 Level AA standards and continuously work to improve the accessibility of our digital presence.

Accessibility Features

Our website includes the following accessibility features: semantic HTML structure for screen reader compatibility, keyboard navigation support for all interactive elements, sufficient color contrast ratios for text and UI elements, responsive design that adapts to various devices and screen sizes, alt text descriptions for meaningful images, and clear, consistent navigation throughout the site.

Ongoing Efforts

We are continuously reviewing and improving our website to ensure accessibility. Our development team regularly audits the site for accessibility issues and implements improvements as needed. We test with assistive technologies and welcome feedback from users about their experience.

Known Limitations

While we strive for full accessibility, some content may have limitations. Real-time financial data displays and interactive charts may not be fully accessible to all assistive technologies. We are actively working to address these limitations and provide alternative access to this information upon request.

Feedback & Contact

If you encounter any accessibility barriers or have suggestions for improvement, please contact us via our Contact page. We welcome your feedback and will make reasonable efforts to address any concerns. You can also reach us at: Hyperliquid Strategies Inc, 1345 Avenue of the Americas, Suite 3300, New York, NY 10105.

SEC FilingsForm 4Hyperliquid Strategies Inc
EDGAR ← BACK TO FILINGS

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Filing Details

CompanyHyperliquid Strategies Inc
TickerPURR (NASDAQ)
CIK0002078856
Form Type
Date Filed
Accession Number
Description