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PURR on Nasdaq

Hyperliquid Strategies

Logo: hypestrat.xyz4

US digital asset treasury company based in New York City, founded in 20251

In its 2026 annual report the company says: “We are a Delaware corporation and U.S. publicly listed digital asset treasury company. Our primary business is accumulating HYPE, the native token of the Hyperliquid Layer 1 blockchain ecosystem, on behalf of our stockholders. The Company’s primary strategic objective is to benefit from the growth of the Hyperliquid ecosystem directly through its ownership of HYPE tokens, through pursuing income earning activities related to the Hyperliquid ecosystem, or by otherwise fostering growth of the Hyperliquid ecosystem.”11 Its shares trade on Nasdaq under the symbol PURR.1

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Last updated Oct 21, 2026.

Overview

$9.5MRevenue, fiscal 20265
$305.5MNet income, fiscal 20265
Jul 2, 2025Founded1

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  • TickerPURR on Nasdaq1
  • Industrycryptocurrency industry, financial services1
  • HeadquartersNew York City1
  • Websitewww.hypestrat.xyz
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address477 Madison Avenue 22Nd Floor, C/O Hyperliquid Strategies Inc, New York, Ny 100226
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company6
  • LEI98450073FF7E1B63N2603
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressCORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States3
  • Registered withDivision of Corporations, Department of State, 102482363

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Hyperliquid Strategies image from its website
Image: hypestrat.xyz7

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

5292.0%Operating margin5
3229.8%Net margin5
16.3%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Income tax38¢$183.5M
  • Profit62¢$305.5M

Out of $9.5M in revenue.5

Financial statements

Every line of the income statement as filed: the last 1 fiscal year, latest first.5

Period ending2026-06-30
Total revenue$9.5M
Unrealized gain on HYPE digital assets$709.9M
Loss on HYPE contribution commitment-$169.2M
IPR&D write-off from Sonnet acquisition-$35.6M
Selling, general and administrative and research and development expenses-$14.0M
Total operating income (expense)$491.2M
Net operating income (loss)$500.6M
Other expense-$14.3M
Gain (loss) from equity method investment in Guidant-$362.0K
Other income$323.0K
Interest income$2.7M
Total other income (expense)-$11.6M
Net income (loss) before income taxes$489.0M
Provision for income taxes-$183.5M
Net income (loss)$305.5M
Less: Net income allocated to participating preferred stockholders-$49.4M
Net income (loss) attributable to common stockholders$256.2M
Net income (loss) per common share - Basic$3.21
Net income (loss) per common share - diluted$3.21
Weighted average number of common shares outstanding - basic79.8M shares
Weighted average number of common shares outstanding - diluted79.8M shares

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Corporate structure

Hyperliquid Strategies sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Hyperliquid Strategies

  • D1 Capital Partners L.P. Filed SCHEDULE 13G/A on Hyperliquid Strategies, latest Aug 14, 2026 (2 filings since Feb 17, 2026)
  • Rorschach Advisors LLC Filed SCHEDULE 13G/A on Hyperliquid Strategies, latest Aug 6, 2026 (2 filings since Dec 23, 2025)
  • BlackRock Filed SCHEDULE 13G on Hyperliquid Strategies, latest Jul 28, 2026
  • Rorschach Capital LLC Filed SCHEDULE 13G on Hyperliquid Strategies, latest Jan 5, 2026
  • Hyperliquid Strategies Wilmington, Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Hyperliquid Strategies reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$137.9M5 Jun 30, 2026$05 Jun 30, 2025
Stakes in other companies (equity method)$2.7M5 Jun 30, 2026$05 Jun 30, 2025

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$05 Jun 30, 2026

Properties, in its own words

The Company maintains its principal executive offices at 477 Madison Avenue, 22nd Floor, New York, NY 10022. Our facilities, which are leased, are adequate to meet our current needs.

Item 2 of the 10-K filed Aug 27, 2026.11

Leadership

Who has led Hyperliquid Strategies, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. David Ira Schamis2025–now

Chief financial officer

  1. Brett Douglas Beldner2025–now

Chief operating officer

  1. Jeroen Nieuwkoop2026–now
Board members and other officers (7)

Timeline

  1. Sep 15, 20268-K Entered a material agreement22
  2. Sep 14, 20268-K Entered a material agreement23
  3. Sep 1, 20268-K Entered a material agreement24
  4. Aug 27, 20268-K Results of operations; Regulation FD disclosure25
  5. Jun 26, 20268-K Executive or director change26
  6. May 7, 20268-K Results of operations; Regulation FD disclosure27
  7. Feb 18, 20268-K Financial statements and exhibits28
  8. Feb 11, 20268-K Results of operations; Regulation FD disclosure29
  9. Dec 10, 2025New chief executive David Ira Schamis becomes CEO12
  10. Dec 8, 20258-K Regulation FD disclosure30
  11. Dec 3, 2025Went public Listed on NASDAQ1
  12. Dec 3, 20258-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares31
  13. Jul 2, 2025Founded Founded1

Calendar

When it reported results

  1. Aug 27, 2026Reported quarterly or annual results25
  2. May 7, 2026Reported quarterly or annual results27
  3. Feb 11, 2026Reported quarterly or annual results29

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

104 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 10 major events, 51 insider forms, 6 large holders, 33 other. The latest 20:

  1. Oct 15, 20264 EDGAR
  2. Oct 15, 20264 EDGAR
  3. Oct 15, 20264 EDGAR
  4. Oct 15, 20264 EDGAR
  5. Oct 2, 2026ARS EDGAR
  6. Oct 2, 2026DEF 14A EDGAR
  7. Sep 30, 20264 EDGAR
  8. Sep 30, 20264 EDGAR
  9. Sep 30, 20264 EDGAR
  10. Sep 23, 2026EFFECT EDGAR
  11. Sep 23, 2026424B3 EDGAR
  12. Sep 18, 20264 EDGAR
  13. Sep 18, 20264 EDGAR
  14. Sep 18, 20264 EDGAR
  15. Sep 15, 2026PRE 14A EDGAR
  16. Sep 15, 2026S-1 EDGAR
  17. Sep 15, 20268-K EDGAR
  18. Sep 14, 20268-K EDGAR
  19. Sep 2, 20264 EDGAR
  20. Sep 2, 20264 EDGAR

The 104 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.10,145,166$79.8M0.0%+8,067,652
State Street Corp8,997,601$70.8M0.0%+5,850,572
Morgan Stanley8,893,678$70.0M0.0%+8,768,149
D1 Capital Partners L.P.6,342,600$49.9M0.1%−1,657,400
Paradigm Operations LP5,709,852$44.9M4.4%No change
BIT Capital GmbH5,703,542$44.9M1.5%+5,623,542
Invesco Ltd.5,675,335$44.7M0.0%New
Citadel Advisors LLC4,730,869$37.2M0.0%+3,586,471
Nearwater Capital Markets, Ltd4,000,000$31.5M0.5%New
Geode Capital Management, LLC3,269,643$25.7M0.0%+1,798,514
Goldman Sachs Group Inc3,100,494$24.4M0.0%+2,445,864
Slate Path Capital LP2,719,000$21.4M0.3%New
Pantera Capital Partners LP2,415,118$19.0M18.7%−297,810
Renaissance Technologies LLC2,376,200$18.7M0.0%New
Hel Ved Capital Management Ltd2,285,080$18.0M2.5%New
Jane Street Group, LLC2,270,681$17.9M0.0%+1,903,923
Wealth High Governance Asset Management Ltda.2,171,952$17.1M1.8%New
Voloridge Investment Management, LLC1,754,788$13.8M0.1%New
Millennium Management LLC1,705,218$13.4M0.0%+805,915
Vanguard Capital Management LLC1,545,330$12.2M0.0%+159,444
Arrington Capital Management, LLC1,493,201$11.8M13.1%+273,200
Norges Bank1,416,600$11.1M0.0%New
Discovery Capital Management, LLC / Ct1,314,000$10.3M0.4%New
ExodusPoint Capital Management, LP1,233,114$9.7M0.1%New
UBS Group AG1,207,505$9.5M0.0%+655,658

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Hyperliquid Strategies is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHyperliquid Strategies Inc2
  • CIK0002078856
  • Employer ID (EIN)39-328408011
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company11
  • Incorporated inDelaware11
  • Fiscal year endsJune 302
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance2
  • Business address477 Madison Avenue 22Nd Floor, C/O Hyperliquid Strategies Inc, New York, NY 100222
  • Phone212-883-43302
  • Shares outstanding197,837,597 shares as of Aug 23, 202611
  • Public float$441.8M as of Dec 31, 202511
  • AuditorCBIZ CPAs P.C., Philadelphia, Pennsylvania. PCAOB ID 199; no auditor attestation of internal control over financial reporting11
  • On EDGAR sinceAug 1, 20252
  • Filings104 in all: 4 (41), 3 (10), 8-K (9), 424B3 (7), SCHEDULE 13G (4), 10-Q (3), 425 (3), S-1 (3)2
    All 25 form types

    S-1/A (3), CORRESP (2), EFFECT (2), S-4/A (2), SCHEDULE 13G/A (2), UPLOAD (2), 10-K (1), 8-A12B (1), 8-A12B/A (1), 8-K/A (1), ARS (1), CERT (1), DEF 14A (1), DRS (1), PRE 14A (1), S-4 (1), S-8 (1)

  • Latest filingsAnnual report (10-K) Aug 27, 2026
    Quarterly report (10-Q) May 8, 2026
    Proxy statement (DEF 14A) Oct 2, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per sharePURRThe Nasdaq Stock Market

From the cover page of the 10-K filed Aug 27, 2026 (Section 12(b) of the Exchange Act).11

Risk factors and legal proceedings

The risks Hyperliquid Strategies names in Item 1A of its 10-K filed Aug 27, 2026: 43 risks under these headings, as written.11

  • Risks Related to the Company’s Business
  • HYPE is a highly volatile asset, and fluctuations in the price of HYPE may influence our financial results and the market price of our listed securities.
  • HYPE and other digital assets are novel assets and are subject to significant legal and regulatory uncertainty.
  • Our HYPE treasury strategy subjects us to enhanced regulatory oversight.
  • Absent federal regulations, there is a possibility that HYPE may be classified as a “security.” Any classification of HYPE as a “security” would subject us to additional regulation and could materially impact the operation of our business.
  • If we were deemed to be an investment company under the Investment Company Act, applicable restrictions likely would make it impractical for us to continue segments of our business as currently contemplated.
  • HYPE is created and transmitted through the operations of the peer-to-peer Hyperliquid network, a decentralized network of computers running software following the HYPE protocol. If the Hyperliquid network is disrupted or encounters any unanticipated difficulties, the value of HYPE could be negatively impacted.
  • We face risks relating to the custody of our HYPE, including the loss or destruction of private keys required to access our HYPE, cyberattacks or other data loss relating to our HYPE, including smart contract related losses and vulnerabilities, and potential conflicts of interest.
  • We may be subject to risks arising from incidental rights to passively receive additional benefits or digital assets arising from our HYPE holdings during events such as airdrops, hard forks or similar events.
  • Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our HYPE holdings.
  • Unrealized fair value gains on our HYPE holdings could cause us to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022.
  • Due to the unregulated nature and lack of transparency surrounding the operations of many HYPE trading venues, HYPE trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in HYPE trading venues and adversely affect the value of our HYPE.
The other 32 risks
  • The concentration of our HYPE holdings could enhance the risks inherent in our HYPE treasury strategy.
  • The emergence or growth of other blockchains and associated digital assets, including those with significant private or public sector backing, could have a negative impact on the price of HYPE and adversely affect our business.
  • Mathematical or technological advances, such as the development of quantum computers, could undermine the cryptographic algorithms that secure the Hyperliquid blockchain.
  • Proof-of-stake blockchains are a relatively recent innovation, and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.
  • The SEC may approve applications under Rule 19b-4 of the Exchange Act to list competing digital assets as exchange-traded products, which could reduce demand for, and the price of, HYPE and adversely impact the value of our HYPE holdings.
  • Competition from the emergence or growth of other digital assets could have a negative impact on the price of HYPE and adversely affect the value of our HYPE holdings.
  • Commencement of vesting a large number of HYPE tokens in November 2025 may cause increased price volatility and downward price pressure on the HYPE token.
  • Competition from central bank digital currencies and emerging payments initiatives involving financial institutions could adversely affect the price of HYPE and other digital assets.
  • Our HYPE holdings will be less liquid than our cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
  • Risks Associated with Staking HYPE.
  • If the Company or its third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to its HYPE, or if the Company’s private keys are lost or destroyed, or other similar circumstances or events occur, the Company may lose some or all of its HYPE and its financial condition and results of operations could be materially adversely affected.
  • The Company will continue to incur increased costs as a result of operating as a public company and its management team will be required to devote substantial time to compliance initiatives.
  • There may be limitations on the effectiveness of our internal controls, and a failure of our control systems to prevent error or fraud may materially harm our company.
  • The loss of, or inability to maintain or establish, banking relationships could adversely affect our business and our ability to execute our HYPE treasury strategy.
  • The governance structure of the Hyperliquid Network is concentrated, and protocol changes could be adopted without broad consensus, potentially adversely affecting the value of HYPE and our treasury holdings.
  • The Hyperliquid Network’s HyperBFT consensus mechanism is subject to specific attack vectors that could disrupt transaction finality or compromise the integrity of the blockchain, potentially resulting in the loss of or inability to access our HYPE holdings.
  • The failure or de-pegging of major stablecoins, particularly USDC, could disrupt Hyperliquid’s trading operations and cause a significant decline in the price of HYPE, adversely affecting the value of our treasury holdings.
  • State-sponsored cyberattacks, including those attributed to North Korean threat actors, pose a heightened and specific threat to our HYPE holdings and our digital asset custodian, and any involvement of sanctioned entities in our HYPE transactions — even unknowingly — could expose us to OFAC enforcement action.
  • Direct Custodial and Counterparty Risk
  • The patchwork of state money transmission laws and digital asset licensing requirements, including New York’s BitLicense regime, may impose compliance burdens on us or restrict our ability to conduct our HYPE treasury strategy in certain jurisdictions.
  • State Money Transmission Laws
  • Uniform Regulation of Virtual Currency Businesses Act
  • Potential Impact on Our Operations
  • The U.S. federal income tax treatment of our HYPE staking rewards is uncertain and evolving, and we could face material and unexpected tax liabilities as a result of staking activities, including ordinary income recognition at the time staking rewards are received.
  • Interaction with ASU 2023-08 Mark-to-Market Accounting
  • Corporate Alternative Minimum Tax
  • Pending Guidance and Legislative Uncertainty
  • Risks Related to the Company’s Securities
  • The trading price and volume of the Company may be volatile.
  • The Company stockholders may experience additional dilution in the future due to any exercise of existing warrants and any future issuances of equity securities in the Company.
  • The market price for the Common Stock of the Company may be affected by factors different from those that historically have affected or currently affect the Sonnet Common Stock.
  • The price of the Company Common Stock may be volatile and fluctuate substantially, which could result in substantial losses for holders of the Company Common Stock.
  • The Company management may invest or otherwise use the proceeds of any offering in ways with which you may not agree or in ways that may not yield a return.
  • Future sales and issuances of the Company Common Stock or rights to purchase common stock, including by the exercise of the Advisor Warrants for Advisor Warrant Shares, and pursuant to the Equity Incentive Plan, could result in dilution and could cause the Company Common Stock price to fall.
  • Failure by the Company to comply with the continued listing standards of Nasdaq could result in a delisting of the Company Common Stock.
  • The Company is not expected to pay dividends on the Company Common Stock and, consequently, your ability to achieve a return on your investment will depend on appreciation, if any, in the price of the common stock.
  • If equity research analysts do not publish research or reports or publish unfavorable research or reports, about the Company, its business or its market, its stock price and trading volume could decline.
  • The Company is not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.

Legal proceedings

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. Currently, we are not a party to any material legal proceedings or subject to any material claims.

The opening of Item 3, Legal Proceedings.11

Sources

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