Hyperliquid Strategies Inc Common Stock

Hyperliquid Strategies Inc (NASDAQ: PURR) is a digital asset treasury company. Its primary aim is to accumulate HYPE, the native token of the Hyperliquid blockchain, a high-performance chain designed to host trading and other financial activity onchain. HSI seeks to give U.S. and institutional investors capital-efficient, productive exposure to HYPE.

Its business model has several parts:
- **Funding:** It raises equity capital, largely through a committed equity facility.
- **Token accumulation:** It uses the proceeds to buy HYPE tokens, and opportunistically repurchases its own shares.
- **Recurring income:** It generates staking revenue and validator commissions through its validator operations. The Hyperliquid Strategies x Unit validator is the largest non-Foundation validator on the network.
- **Interest income:** It earns interest on its cash and cash-like holdings.

As of September 30, 2026, HSI held about 38.5 million HYPE tokens and had no debt. A subsidiary has applied to become a futures commission merchant. Subject to regulatory approval, the FCM would carry US client accounts for permissioned perpetual futures markets deployed on Hyperliquid under the proposed HIP-3 framework. The company publishes an Adjusted Net Asset Value metric on its website. Updated Nov 5, 2026