Hyperliquid Strategies has raised $647 million in equity capital and more than doubled its treasury to 29.3 million HYPE tokens, valued at $1.9 billion at the end of June.
Summary
- Hyperliquid Strategies held 29.3 million HYPE and $149.9 million in cash on June 30.
- The Nasdaq-listed company reported $305.5 million in annual net income and no debt.
- PURR shares gained nearly 18% after the fiscal-year results were released.
- Since December, the firm has spent $773.4 million buying about 16.5 million HYPE.
Hyperliquid Strategies builds a $1.9 billion HYPE treasury
Hyperliquid Strategies said in its fiscal-year results that its HYPE holdings increased from an initial 12.5 million tokens to approximately 29.28 million by June 30. At the token’s fiscal year-end price of $65.04, the position carried a value of $1.90 billion.
Alongside the token reserve, the company reported $149.9 million in cash and cash-like assets, including $12 million held in USDC. Total assets reached $2.06 billion, while stockholders’ equity stood at $1.87 billion.
No debt remained on the balance sheet at the end of the period, according to the results. The company also said substantially all its HYPE tokens were staked and generating income.
“This was the year we built the platform,” CEO David Schamis said. He added that the company had doubled its treasury, launched a validator with Unit, and completed its exit from legacy biotechnology operations.
Operating the Hyperliquid Strategies x Unit validator produced another source of income tied to the network. The company described it as Hyperliquid’s third-largest validator when excluding wallets connected to the Hyper Foundation.
During the 12 months ended June 30, the company recorded $9.5 million in staking revenue and validator commissions. Interest income added $2.7 million, while selling, general, administrative, and research and development expenses totaled $14 million.
Net income reached $305.5 million for the fiscal year. According to the company, $709.9 million in unrealized gains on its HYPE holdings accounted for a large part of the result.
Several charges reduced the benefit of the token appreciation. Hyperliquid Strategies recorded a one-time $169.2 million loss related to HYPE contributed when its business combination closed, a $35.6 million write-off tied to the former Sonnet operation and $183.5 million in deferred tax expenses.
$647 million equity facility funds token purchases
Since the business combination closed on Dec. 2, 2025, Hyperliquid Strategies has deployed $773.4 million to buy approximately 16.5 million HYPE at an average price of $46.77 per token. The purchases brought its total position to 29.3 million tokens as of Aug. 19.
Funding came mainly through a committed equity facility, which generated $646.6 million at an average issue price of $8.70 per PURR share. Issuing stock through the facility provided capital for token purchases but also increased the number of shares outstanding.
Part of the available capital went back into the company’s stock. Hyperliquid Strategies spent $27.8 million repurchasing approximately 5.8 million PURR shares at an average price of $4.80.
After the HYPE purchases and share repurchases, cash stood at $132.6 million on Aug. 19, including $12 million in USDC. The company continued to report no debt.
Earlier accumulation had already made the firm one of the largest identified corporate HYPE holders. In February, crypto.news reported that a five-million-token purchase cost about $129.5 million at an average of $25.90, raising the treasury to 17.6 million HYPE at the time.
The company’s exposure later attracted outside institutions seeking access through a U.S.-listed security. Duquesne Family Office disclosed a $23 million PURR position in its second-quarter Form 13F, giving Stanley Druckenmiller’s investment firm indirect exposure to the token.
Wyoming also reported an indirect HYPE investment through PURR shares in its second-quarter filing. Neither disclosure showed the institutions purchasing or holding HYPE directly.
For U.S. investors, PURR provides stock-market exposure to a company whose asset value and earnings are heavily tied to HYPE. The shares trade on Nasdaq, while options on PURR began trading through the Nasdaq Options Market in March.
Hyperliquid activity supports treasury income
Hyperliquid Strategies said that about $945 million in value accrued to the Hyperliquid ecosystem during the 12 months through June. The figure came from public ecosystem data that the company said it had not independently verified.
According to the results, Hyperliquid’s share of global perpetual futures volume, including centralized exchanges, reached about 9.4% on June 30. By Aug. 23, the protocol accounted for roughly 63% of open interest across decentralized perpetual markets, more than five times the share of its nearest competitor.
Activity expanded beyond crypto perpetual contracts during the summer. Real-world asset markets accounted for more than half of weekly platform volume for two consecutive weeks in July, while open interest across HIP-3 markets exceeded $4 billion for the first time in August.
A recent policy submission has placed that activity within the U.S. regulatory debate. The Hyperliquid Policy Center asked federal regulators to treat qualifying equity perpetual contracts as security futures jointly supervised by the SEC and CFTC. The group said HIP-3 markets had processed more than $480 billion in notional volume over their first 10 months.
President Donald Trump said on Aug. 19 that CFTC Chairman Michael Selig was working to bring Hyperliquid into the United States “in a fully compliant and legal fashion.” However, Hyperliquid Strategies stated in a footnote to its results that the CFTC had not granted an application, registration, exemption or rulemaking involving the protocol.
The company also said it was unaware of any pending CFTC process and warned that no U.S. regulatory route could be assured. Hyperliquid users in the United States currently remain unable to access the protocol, according to the Policy Center’s filing.
PURR gains as HYPE extends monthly rally
Following the earnings release, PURR shares rose nearly 18% to around $13.59 during Thursday’s trading session. The move placed the Nasdaq-listed company’s market capitalization near $1.8 billion.
PURR’s multiple to adjusted net asset value, or mNAV, reached about 1.35 times, its highest level since May. The company calculates adjusted net asset value using factors that include cash, its HYPE holdings, and the number of shares outstanding.
HYPE gained about 77% during the quarter ended June 30, while total crypto market capitalization fell approximately 13% over the same period, according to figures included in the company’s release. More recently, the token has risen over 50% during the past month.
By Aug. 23, total open interest on Hyperliquid had climbed to a record of approximately $13 billion. The company also reported that HYPE became one of the five largest constituents in the S&P Pantera Digital Asset Index when the benchmark launched on July 21.
