Hyperliquid Strategies (PURR) Registration filing summary

Company overview and business model

• Operates as a digital asset treasury company focused on accumulating HYPE, the native token of the Hyperliquid Layer 1 blockchain, for stockholders.

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

• Principal assets are HYPE tokens and cash; strategy centers on HYPE accumulation, staking, and selective DeFi activities.

• Holds the largest HYPE position among U.S. public companies, with 20.8 million tokens as of May 2026.

• Engages in staking and validator operations to generate income and support network security.

Financial performance and metrics

• For the nine months ended March 31, 2026: $3.1M net staking revenue, $105.2M unrealized gain on HYPE, $169.2M loss on HYPE contribution, $35.6M IPR&D write-off, $10.7M SG&A and R&D expenses, $2.2M other income, $60.5M income tax expense, net loss of $165.4M.

• As of March 31, 2026: $113.1M cash, $689.0M HYPE at fair value, $743.5M stockholders' equity, $165.9M accumulated deficit.

• Raised $299.9M from PIPE, $588M from equity facility since October 2025, primarily used to purchase HYPE.

• Stock repurchase program authorized up to $30M; 3.07M shares repurchased by March 2026.

Use of proceeds and capital allocation

• Proceeds from warrant exercises, if any, will be used primarily for HYPE purchases and general corporate purposes.

• Capital allocation framework includes working capital reserve, temporary cash reserve, and HYPE holdings.

• Treasury strategy aims to maximize HYPE exposure per share while maintaining liquidity for operations.