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, completed December 2, 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 14, 2026.

• Engages in validator operations and staking to generate income and participate in network governance.

Financial performance and metrics

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

• As of March 31, 2026: $113.1 million cash, $689.0 million HYPE at fair value, $111.0 million working capital, $743.5 million stockholders' equity, and $165.9 million accumulated deficit.

• Raised $299.9 million from PIPE and $588 million from equity facility with Chardan, primarily used to purchase HYPE.

• Stock repurchase program authorized up to $30 million; 3,067,097 shares repurchased for $10.6 million by March 31, 2026.

Use of proceeds and capital allocation

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

• Capital allocation framework divides assets into working capital reserve, temporary cash reserve, and HYPE holdings.

• Capital deployment focuses on increasing HYPE exposure per share and opportunistic share repurchases.