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Hyperliquid Strategies Inc., the Nasdaq-listed HYPE token treasury firm, said in its fiscal third-quarter filing that it now holds about 20 million HYPE tokens. Since the company’s launch in December 2025, it has deployed $216 million to acquire approximately 7.3 million HYPE tokens.
Hyperliquid Strategies went public last year through a merger with Sonnet BioTherapeutics, positioning the company to accumulate HYPE tokens with the aim of maximizing shareholder value through staking, yield optimization, and participation in the Hyperliquid ecosystem.
In the filing, CEO David Schamis said the quarter reflected “meaningful progress” in establishing Hyperliquid Strategies Inc. (HSI) as a capital-efficient public vehicle for HYPE exposure, citing Hyperliquid’s continued strength in on-chain finance.
Schamis also pointed to several milestones: scaling the HYPE treasury, announcing a validator partnership with Unit, and completing the disposition of the majority of the legacy biotech operations. He said these steps, combined with disciplined capital deployment and growing staking revenue, are intended to strengthen HSI’s alignment with Hyperliquid’s deflationary mechanics and ecosystem expansion.
Beyond purchasing HYPE tokens, the company reported deploying $10.5 million to repurchase about 3 million PURR shares at an average cost of $3.42 per share. Hyperliquid Strategies also said it maintains a $103 million cash position for future treasury deployments, repurchases, and other corporate expenses.
The filing noted that PURR reported a $165.4 million net loss for the nine months ended March 31. The company said the loss was “primarily attributable” to $64 million in net unrealized losses on its HYPE tokens, a one-time $35.6 million write-off related to the acquisition of the legacy Sonnet business, and a $60.5 million increase in deferred tax expense.
For the three-month period ended March 31, staking revenue reached $2.6 million, while interest income totaled $1.0 million. Operating expenses were $7.2 million.
The company also said that in March it launched options trading on its common stock, PURR, on the Nasdaq Options Market.
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