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Following
HYPE Hyperliquid Strategies (Nasdaq: PURR) shares surged 20% to exceed $14 on August 27. The crypto asset company previously announced financial results for the fiscal year ended June 30, 2026. Hyperliquid Strategies focuses on accumulating HYPE, native tokens for the Hyperliquid blockchain network.
This fierce rally pushed PURR shares to a record high of $14.14, a gain of more than 290% during the year. The market value then climbed to US$2.78 billion.
Investors do not seem to be focusing on traditional profit indicators, but on the rapid expansion of the company's HYPE treasury. As of June 30, Hyperliquid Strategies held 29.3 million HYPEs worth approximately US$1.9 billion, up from only 12.5 million tokens initially.
The company reported treasury related revenue of approximately US$553 million, mainly from HYPE's unrealized gains, plus US$9.5 million in pledge and verifier income. As of June 30, the company's assets exceeded US$2 billion, of which cash and cash equivalents were approximately US$150 million, and there were no liabilities.
CEO David Schamis described the company's financial situation as a "fortress balance sheet" that allows it the flexibility to continue accumulating HYPE while avoiding debt-based acquisitions.
Hyperliquid's exposure further expanded after Trump's remarks. The above figures already underestimate Hyperliquid Strategies 'current exposure. Since completing the transaction in December, the company has raised approximately $647 million through equity sales. Subsequently, the company invested US$773.4 million to purchase another 16.5 million HYPE units at an average price of US$46.77, and spent US$27.8 million to buy back its own shares.
This strategy makes PURR increasingly sensitive to HYPE's performance. Schamis acknowledged during an earnings conference call on Thursday that the stock's relatively excessive gains were largely driven by the token itself.
HYPE welcomed another catalyst on August 19. At the time, U.S. President Donald Trump said that Commodity Futures Trading Commission Chairman Michael Selig was "working to bring Hyperliquid into the United States in a fully compliant and legal manner." HYPE tokens rose in response to the comments and hit a record high of $85.47 on August 27. As of writing, HYPE was trading at approximately $84.67, up 5% on the day and more than 53% in the past month.
As of writing, PURR shares were trading at US$13.77, up 19% in a single day.
