Hyperliquid Strategies doubled its increase in HYPE to 29.3 million

Hyperliquid Strategies raised US$647 million in equity capital, and the treasury position increased to 29.3 million HYPEs, worth US$1.9 billion.

As of June 30, Hyperliquid Strategies held 29.3 million HYPEs and US$149.9 million in cash. The Nasdaq-listed company reported net income for the year of $305.5 million and no debt. PURR shares rose nearly 18% after the earnings report was released. Since December last year, the company has spent $773.4 million on approximately 16.5 million HYPEs.

Hyperliquid Strategies builds US$1.9 billion in HYPE treasury

Hyperliquid Strategies said in its fiscal year results that as of June 30, its HYPE positions increased from the initial 12.5 million to approximately 29.28 million. Based on the token's fiscal year end price of US$65.04, the position is worth US$1.9 billion. In addition to its token reserves, the company also reported $149.9 million in cash and cash equivalents, including $12 million in USDC. Total assets reached US$2.06 billion and shareholders 'equity was US$1.87 billion. The financial report showed that there were no debts on the balance sheet at the end of the period. The company also said that almost all of its HYPE tokens have been pledged and generate revenue.

"This is the year we built the platform," said CEO David Schamis. He added that the company has doubled the size of its treasury, partnered with Unit to launch a validator, and completed its exit from its traditional biotechnology business. Operating the Hyperliquid Strategies x Unit verifier brings another stream of network-related revenue. The company said the verifier is Hyperliquid's third-largest verifier after excluding wallets related to Hyper Foundation.

During the 12 months ended June 30, the company recorded $9.5 million in pledge income and verifier commissions, interest income contributed $2.7 million, and sales, general, administrative and research and development expenses totaled $14 million. Net income for the fiscal year reached $305.5 million. According to the company, unrealized gains on its HYPE positions were $709.9 million, accounting for a large portion of that performance.

Several fees offset the gains from token appreciation. Hyperliquid Strategies recorded a one-time loss of $169.2 million related to HYPE contributed at the completion of the business combination, a $35.6 million write-off related to the previous Sonnet business, and a $183.5 million deferred tax charge.

US$647 million in equity financing supports token purchases

Since the completion of the business merger on December 2, 2025, Hyperliquid Strategies has invested US$773.4 million to purchase approximately 16.5 million HYPE units, with an average price of US$46.77 per unit. As of August 19, these purchases brought its total holdings to 29.3 million. Funding came mainly from a committed equity financing that raised $646.6 million at an average offering price of $8.70 per share. The issuance of shares through this financing provided funds for token purchases, but also increased the number of outstanding shares.

Some of the available funds are reinvested in company stocks. Hyperliquid Strategies spent $27.8 million to buy back approximately 5.8 million shares of PURR stock, with an average price of $4.80 per share. After completing the HYPE purchase and share repurchase, as of August 19, the cash balance was $132.6 million, including $12 million in USDC. The company continues to remain debt-free.

Earlier accumulation has made the company one of the largest HYPE business holders. In February, a purchase of 5 million tokens cost approximately US$129.5 million, with an average price of US$25.90, leaving the treasury holding 17.6 million HYPEs at the time. The company's exposure later attracted foreign institutions seeking to invest through U.S. listed securities. Duquesne Family Office disclosed a $23 million PURR position on Form 13F in the second quarter, giving Stanley Druckenmiller's investment firm indirect exposure to the token. Wyoming also reported indirect HYPE investments through PURR shares in its second-quarter filing. Neither disclosure showed that these institutions directly purchased or held HYPE.

For U.S. investors, PURR provides stock market exposure to a company whose asset values and earnings are closely related to HYPE. The stock is traded on Nasdaq, and options on PURR have been traded through the Nasdaq Options Market since March.

Hyperliquid activity supports treasury revenue

Hyperliquid Strategies said that in the 12 months to June, approximately $945 million was valued at the Hyperliquid ecosystem. The figure comes from public ecosystem data, which the company said has not been independently verified. The financial report shows that as of June 30, Hyperliquid's share of global perpetual contract trading volume (including centralized exchanges) was approximately 9.4%. As of August 23, the agreement accounted for approximately 63% of open interest in the decentralized perpetual contract market, more than five times the share of its closest competitor.

During the summer, activity expanded beyond cryptocurrency perpetual contracts. In July, real-world asset markets accounted for more than half of weekly platform trading volume for two consecutive weeks, while open interest in the HIP-3 market exceeded $4 billion for the first time in August. A recent policy submission has placed this activity within the framework of the U.S. regulatory debate. The Hyperliquid Policy Center requires federal regulators to treat eligible equity perpetual contracts as securities futures regulated jointly by the SEC and CFTC. The group said the HIP-3 market had handled more than $480 billion in nominal transaction volume in its first 10 months.

President Trump said on August 19 that CFTC Chairman Michael Selig is working to get Hyperliquid to enter the United States "in a fully compliant and legal manner." However, Hyperliquid Strategies said in a footnote to its earnings report that the CFTC has not approved any applications, registrations, exemptions or rulemaking involving the agreement. The company also said it was not aware of any pending CFTC procedures and warned that no U.S. regulatory path could be secured. According to Policy Center documents, Hyperliquid users in the United States still cannot access the protocol.

PURR gains, HYPE extends monthly gains

PURR shares rose nearly 18% to about $13.59 in Thursday trading after the release of earnings. The change puts the Nasdaq-listed company's market value close to $1.8 billion. The multiple of PURR relative to adjusted net asset value (mNAV) reached approximately 1.35 times, the highest level since May. The company uses factors including cash, its HYPE positions and the number of shares outstanding to calculate its adjusted net asset value.

According to data released by the company, HYPE rose by approximately 77% in the quarter ended June 30, while the total market value of crypto fell by approximately 13% during the same period. Recently, the token has increased by more than 50% in the past month. As of August 23, Hyperliquid's total open interest had climbed to a record of approximately $13 billion. The company also reported that HYPE has become one of the top five components in the S&P Pantera Digital Asset Index launched on July 21.