Hyperliquid Strategies (PURR) investor relations material

Company overview and business model

• Operates as a digital asset treasury company focused on accumulating HYPE tokens, the native asset of the Hyperliquid Layer 1 blockchain, for long-term value creation for shareholders.

• Became a public company via a business combination with Sonnet BioTherapeutics and Rorschach I LLC, completed December 2, 2025.

• Principal assets include HYPE token holdings and cash; as of July 15, 2026, held approximately 29.3 million HYPE tokens, the largest such holding among U.S. public companies.

• Generates income primarily through staking HYPE tokens and may selectively engage in DeFi activities within the Hyperliquid ecosystem.

• Maintains a disciplined treasury strategy focused on capital raising, allocation, and deployment to maximize HYPE exposure per share.

Financial performance and metrics

• For the nine months ended March 31, 2026: $3.1 million in net staking revenue, $105.2 million unrealized gain on HYPE, $169.2 million loss on HYPE contribution commitment, $35.6 million IPR&D write-off, $10.7 million in SG&A and R&D expenses, $2.2 million in other income, and $60.5 million in deferred tax expense.

• Net loss for the nine months ended March 31, 2026 was $165.4 million; as of that date, cash and equivalents were $113.1 million, HYPE digital assets at fair value were $689.0 million, and stockholders' equity was $743.5 million.

• As of July 15, 2026, 200,563,691 shares of common stock were outstanding.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of Advisor Shares; may receive up to $371 million from cash exercise of Advisor Warrants, but cashless exercise is likely.

• Any proceeds from warrant exercises will be used primarily for HYPE token purchases and general corporate purposes, with broad management discretion.

• Maintains reserves for working capital, temporary cash, and HYPE holdings, with regular rebalancing and oversight by the Treasury Committee.