This page is intended to provide access to SEC filings for Hyperliquid Strategies Inc (NASDAQ: PURR), a company that describes itself as a digital asset treasury business focused on accumulating HYPE, the native token of the Hyperliquid blockchain. While specific filings may vary over time, SEC documents are the primary source for detailed information about the company’s operations, risks, and capital structure.
In its public descriptions, Hyperliquid Strategies Inc highlights activities such as staking, yield optimization, and active engagement in the Hyperliquid ecosystem as part of its approach to generating returns from HYPE. When available, core filings such as annual reports on Form 10-K and quarterly reports on Form 10-Q can provide additional context on how these activities are reflected in the company’s financial statements, risk factors, and management discussion.
For investors tracking PURR, SEC filings can also shed light on matters such as stock repurchase programs authorized by the Board of Directors, the company’s use of cash in connection with its HYPE-focused strategy, and other capital allocation decisions. Current reports on Form 8-K, when filed, may discuss material events, including changes to repurchase authorizations or other significant corporate actions.
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Hyperliquid Strategies Inc supplements its prospectus to register up to 160,000,000 shares of Common Stock for sale from time to time by Chardan Capital Markets LLC. The supplement, dated May 8, 2026, also attaches the Company’s Form 10-Q for the quarter ended March 31, 2026.
The Form 10-Q shows the Company holding cash and cash equivalents of $113,064 and HYPE digital assets with a reported fair value of $689,045 (amounts presented in the filing). The filing reports net income of $152,510 for the three months ended March 31, 2026 and states 134,621,571 shares outstanding as of May 7, 2026. The prospectus supplement should be read with the December 2, 2025 prospectus.
Hyperliquid Strategies Inc reported strong quarterly results for the three months ended March 31, 2026, driven mainly by fair value gains on its HYPE token holdings. The company posted net income of $152.5 million, compared with a cumulative net loss of $165.4 million for the nine-month period.
Total revenue from staking was modest at $2.6 million, but operating income reached $193.8 million, largely due to an unrealized gain of $198.4 million on HYPE digital assets. Basic and diluted earnings per share for common stockholders were both $1.01.
HSI’s balance sheet is now dominated by digital assets, with $689.0 million of HYPE tokens and total assets of $810.4 million. Stockholders’ equity was $743.5 million, supported by prior PIPE financing and HYPE contributions totaling $880.4 million and access to a $1.0 billion Equity Facility. Management states that these capital sources have alleviated prior going concern doubts for at least the next twelve months, though results remain highly sensitive to HYPE token prices and concentration with a single custodian.
Hyperliquid Strategies Inc reported strong quarterly results for the three months ended March 31, 2026, driven mainly by fair value gains on its HYPE token holdings. The company posted net income of $152.5 million, compared with a cumulative net loss of $165.4 million for the nine-month period.
Total revenue from staking was modest at $2.6 million, but operating income reached $193.8 million, largely due to an unrealized gain of $198.4 million on HYPE digital assets. Basic and diluted earnings per share for common stockholders were both $1.01.
HSI’s balance sheet is now dominated by digital assets, with $689.0 million of HYPE tokens and total assets of $810.4 million. Stockholders’ equity was $743.5 million, supported by prior PIPE financing and HYPE contributions totaling $880.4 million and access to a $1.0 billion Equity Facility. Management states that these capital sources have alleviated prior going concern doubts for at least the next twelve months, though results remain highly sensitive to HYPE token prices and concentration with a single custodian.
Hyperliquid Strategies Inc reported results for the third fiscal quarter and nine months ended March 31, 2026, highlighting its transformation into a HYPE-focused digital asset treasury vehicle. As of March 31, 2026, total assets were $809.4 million, including $113.1 million in cash and cash equivalents and $689.0 million in HYPE tokens based on a HYPE price of $36.60, with $743.5 million in stockholders’ equity and no debt.
For the nine months, the Company generated $3.1 million in staking revenue from HYPE holdings and $1.9 million in interest income, but recorded a $165.4 million net loss driven by $64.0 million in net unrealized losses on HYPE tokens, a one-time $35.6 million IPR&D write-off from the legacy Sonnet acquisition, and a $60.5 million increase in deferred tax expense. In the third quarter alone, staking revenue was $2.6 million, interest income $1.0 million, SG&A and R&D expenses $7.2 million, and net profit $152.5 million, primarily from $198.4 million in unrealized gains on HYPE tokens partially offset by a $42.7 million increase in deferred tax expense.
Since inception of its treasury strategy on December 2, 2025, HSI deployed $216.0 million to accumulate approximately 7.3 million HYPE tokens, bringing total HYPE holdings to 20.0 million tokens as of April 29, 2026, and used $10.5 million to repurchase about 3.0 million PURR shares at an average cost of $3.42 per share, while raising $38.4 million in PURR share issuances under a committed equity facility at an average issue price of approximately $6.31 per share. The Company also announced a validator partnership with Unit, completed the disposition of the majority of its legacy bio-tech operations, and emphasized its role as the largest HYPE-focused digital asset treasury vehicle aligned with Hyperliquid’s growth.
Hyperliquid Strategies Inc reported results for the third fiscal quarter and nine months ended March 31, 2026, highlighting its transformation into a HYPE-focused digital asset treasury vehicle. As of March 31, 2026, total assets were $809.4 million, including $113.1 million in cash and cash equivalents and $689.0 million in HYPE tokens based on a HYPE price of $36.60, with $743.5 million in stockholders’ equity and no debt.
For the nine months, the Company generated $3.1 million in staking revenue from HYPE holdings and $1.9 million in interest income, but recorded a $165.4 million net loss driven by $64.0 million in net unrealized losses on HYPE tokens, a one-time $35.6 million IPR&D write-off from the legacy Sonnet acquisition, and a $60.5 million increase in deferred tax expense. In the third quarter alone, staking revenue was $2.6 million, interest income $1.0 million, SG&A and R&D expenses $7.2 million, and net profit $152.5 million, primarily from $198.4 million in unrealized gains on HYPE tokens partially offset by a $42.7 million increase in deferred tax expense.
Since inception of its treasury strategy on December 2, 2025, HSI deployed $216.0 million to accumulate approximately 7.3 million HYPE tokens, bringing total HYPE holdings to 20.0 million tokens as of April 29, 2026, and used $10.5 million to repurchase about 3.0 million PURR shares at an average cost of $3.42 per share, while raising $38.4 million in PURR share issuances under a committed equity facility at an average issue price of approximately $6.31 per share. The Company also announced a validator partnership with Unit, completed the disposition of the majority of its legacy bio-tech operations, and emphasized its role as the largest HYPE-focused digital asset treasury vehicle aligned with Hyperliquid’s growth.
Beldner Brett Douglas reported acquisition or exercise transactions in this Form 4 filing.
Hyperliquid Strategies Inc CFO Brett Douglas Beldner reported an equity compensation grant of 421,623 restricted stock units (RSUs) of common stock at a price of $0.0000 per unit in connection with an employment agreement.
The filing states that 271,923 RSUs vest ratably on an annual basis over 3 years commencing on December 2, 2026, and 149,700 RSUs vest ratably on an annual basis over 3 years commencing on May 5, 2027. Following this grant, Beldner directly holds 453,463 shares/RSUs of the company’s common stock.
Beldner Brett Douglas reported acquisition or exercise transactions in this Form 4 filing.
Hyperliquid Strategies Inc CFO Brett Douglas Beldner reported an equity compensation grant of 421,623 restricted stock units (RSUs) of common stock at a price of $0.0000 per unit in connection with an employment agreement.
The filing states that 271,923 RSUs vest ratably on an annual basis over 3 years commencing on December 2, 2026, and 149,700 RSUs vest ratably on an annual basis over 3 years commencing on May 5, 2027. Following this grant, Beldner directly holds 453,463 shares/RSUs of the company’s common stock.
Bhatt Nailesh reported acquisition or exercise transactions in this Form 4 filing.
Hyperliquid Strategies Inc director Bhatt Nailesh received 2,455 restricted shares of common stock as compensation. The shares were granted on April 1, 2026 at a stated price of $0.00 per share, reflecting an equity award rather than a market purchase.
According to the footnote, Nailesh elected to receive these restricted shares instead of cash under Hyperliquid Strategies Inc's 2025 Equity Incentive Plan. After this award, he directly holds 45,326 shares of common stock. This is a routine director compensation grant, not an open-market buy or sale.
Rosengren Eric S reported acquisition or exercise transactions in this Form 4 filing.
Hyperliquid Strategies Inc director Eric S. Rosengren received a grant of 7,367 restricted shares of common stock as compensation in lieu of cash under the company’s 2025 Equity Incentive Plan. Following this award, he directly holds 72,036 shares of Hyperliquid Strategies common stock.
KING THOMAS C. reported acquisition or exercise transactions in this Form 4 filing.
Hyperliquid Strategies Inc director Thomas C. King received a grant of 7,367 restricted shares of common stock as compensation in lieu of cash. The award was made under the company’s 2025 Equity Incentive Plan and increased his directly held common stock to 72,036 shares.
LEIBOWITZ LAWRENCE E reported acquisition or exercise transactions in this Form 4 filing.
Hyperliquid Strategies Inc director Lawrence E. Leibowitz received a grant of 3,274 restricted shares of common stock. The shares were taken as compensation in lieu of cash under the company’s 2025 Equity Incentive Plan and were reported at a price of $0.00 per share.
After this award, Leibowitz directly holds 83,863 shares of common stock. This is a routine, compensation-related equity grant rather than an open-market purchase or sale.
Hyperliquid Strategies Inc filed an amended current report to add detailed financial information for its completed business combination with Sonnet BioTherapeutics Holdings, Inc. The amendment supplies Sonnet’s audited financial statements for the fiscal year ended September 30, 2025 and related notes.
The filing also includes unaudited pro forma condensed combined financial statements showing how Hyperliquid and Sonnet’s finances would look on a combined basis as of and for the period ended September 30, 2025. Management emphasizes these pro forma figures are for informational purposes only and are not intended to represent actual or future results.
D1 Capital Partners L.P. and Daniel Sundheim report beneficial ownership of 8,000,000 shares of Hyperliquid Strategies Inc., representing 6.3% of the common stock. The stake is held through D1’s investment vehicle, with shared voting and dispositive power and no sole authority reported.
The ownership percentage is based on 127,025,563 shares of common stock reported outstanding as of December 5, 2025 in Hyperliquid’s Form 10-Q for the quarter ended September 30, 2025. The investors certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control.