Hyperliquid Strategies
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Hyperliquid Strategies (PURR) investor relations material

Hyperliquid Strategies Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary11 Feb, 2026

Executive summary

  • Focused on maximizing NAV per share through strategic HYPE token and share buybacks, leveraging market conditions for accretive capital deployment.

  • Completed a reverse recapitalization and acquisition of Sonnet, transforming into a cryptocurrency treasury company focused on HYPE tokens and maintaining biotech operations through Sonnet.

  • Established the largest digital asset treasury for HYPE, raising $299.9 million in cash and receiving 12.5 million HYPE tokens via PIPE financing and contributions.

  • Listed on Nasdaq under the ticker PURR as of December 3, 2025, following a business combination with Sonnet BioTherapeutics Holdings, Inc.

  • Engaged a world-class team with deep traditional finance and crypto expertise to bridge the gap between digital and traditional assets.

Financial highlights

  • Net loss of $318 million for the six months ending December 31, 2025, driven by $169 million accounting loss on HYPE commitment, $35.6 million IPR&D write-off from Sonnet acquisition, and $93 million unrealized loss from HYPE price decline.

  • Cash and cash equivalents at period end were $282 million; HYPE digital assets had a fair value of $327 million (12.9 million tokens).

  • Generated $1.4 million in interest and staking income; revenue for the period was $0.5 million, entirely from staking HYPE tokens.

  • Total assets of $616.7 million and stockholders' equity of $589.8 million as of December 31, 2025.

  • No debt obligations beyond short-term liabilities; $18 million deferred tax liability recognized.

Outlook and guidance

  • Strong cash position and HYPE price rebound in January position the company well for continued treasury strategy execution.

  • Management expects existing resources to fund operations for at least the next twelve months.

  • Plans to maintain 100% of HYPE holdings staked unless superior opportunities arise and is evaluating medium-term participation as a validator in the Hyperliquid ecosystem.

  • Monitoring regulatory developments, including the Clarity Act, for potential catalysts.

  • Upcoming innovations such as portfolio margin and prediction markets expected to enhance capital efficiency and unlock new use cases.

MNAV thresholds for buybacks and issuances
Hyperliquid's RWA strategy beyond silver
Strategic rationale for validator operations
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