Hyperliquid Strategies (PURR) investor relations material

Corporate overview and business model

• Completed public listing via business combination in December 2025, now trading as PURR on NASDAQ.

• Raised 12.5M HYPE tokens and $300M in cash from investors, establishing a strong capital base.

• Focuses on providing capital-efficient, regulated access to HYPE tokens, targeting both institutional and retail investors.

• Implements an active treasury strategy to maximize shareholder exposure to HYPE and generate yield through staking.

• Programs in place for ongoing share buybacks and issuances to manage capital and liquidity.

Market opportunity and positioning

• The global financial system is rapidly moving on-chain, driven by macroeconomic, regulatory, and political factors.

• Decentralized exchanges for perpetual futures (perps) are among the fastest-growing segments, with perps representing over 80% of digital asset trading volume.

• Hyperliquid has become the dominant perp DEX, leading in trading volume, open interest, and fee generation.

• Hyperliquid's blockchain infrastructure is designed to support a wide range of financial products, including non-crypto perps and real-world asset tokenization.

• Builder codes and external integrations are expanding the addressable market and driving substantial new user growth.

Financial performance and valuation

• Q4 2025 net loss of $317.9M, primarily due to unrealized losses on HYPE tokens and write-offs related to legacy business acquisition.

• As of December 31, 2025, held $281.9M in cash and $327.6M in HYPE digital assets, with zero debt and $589.8M in stockholders' equity.

• Adjusted Net Asset Value as of February 3, 2026, is $687.6M, or $4.57 per fully diluted share, with a market cap multiple of 1.13x.

• Hyperliquid's market cap to annualized fees ratio is significantly lower than sector averages, indicating a valuation discount.

• Revenue and net income growth rates in 2025 outpaced major fintech peers, despite recent losses.