Hyperliquid Strategies Inc Reports Financial Results for the Quarter Ended March 31, 2026

Rhea-AI Summary

Hyperliquid Strategies (NASDAQ: PURR) reported results for the quarter and nine months ended March 31, 2026, and provided April 29, 2026 treasury updates. As of April 29, HSI held 20.0 million HYPE tokens and $103 million cash.

Balance sheet: total assets $809.4M, cash $113.1M, HYPE value $689.0M (18.83M tokens at $36.60). Nine-month net loss: $165.4M (driven by $64.0M unrealized HYPE losses, $35.6M IPR&D write-off, $60.5M deferred tax increase). Quarter net profit: $152.5M (driven by $198.4M unrealized HYPE gains). Capital deployed since Dec 2, 2025: $216.0M to accumulate ~7.3M HYPE; $10.5M for repurchasing ~3.0M PURR shares.

Positive

• Treasury increased to 20.0 million HYPE tokens (April 29, 2026)
• Remaining cash balance of $103 million (April 29, 2026)
• Total assets of $809.4 million and no debt
• Quarter net profit of $152.5M driven by $198.4M unrealized HYPE gains
• Capital deployed $216.0M to accumulate ~7.3M HYPE since Dec 2, 2025

Negative

• Nine-month net loss of $165.4 million
• One-time IPR&D write-off of $35.6 million from legacy Sonnet acquisition
• Net unrealized HYPE losses of $64.0 million contributed to nine-month loss
• Deferred tax expense increased by $60.5 million (nine months)

News Market Reaction – PURR

+2.44%

15 alerts

+2.44% Session close to close

+3.4% Peak in 4 hr 30 min

$877.69M Market Cap

0.1x Rel. Volume

In the May 8 session, PURR gained 2.44%, reflecting a moderate positive market reaction. Argus tracked a peak move of +3.4% during that session. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details PURR’s transition into a concentrated HYPE treasury vehicle, highlighting ...

Analysis

This announcement details PURR’s transition into a concentrated HYPE treasury vehicle, highlighting 20.0M HYPE tokens, $809.4M in total assets, and no debt, alongside volatile GAAP outcomes driven by unrealized token moves. Prior earnings on Feb 11, 2026 also featured large HYPE‑related losses and write‑offs. Investors may watch the website’s Adjusted Net Asset Value, future staking revenue trends, and how capital deployment between token accumulation, buybacks, and the equity facility shapes per‑share exposure over time.

Key Figures

HYPE treasury: 20.0 million HYPE tokens Cash balance: $103 million Total assets: $809.4 million +5 more

8 metrics

HYPE treasury 20.0 million HYPE tokens Treasury size as of April 29, 2026

Cash balance $103 million Remaining cash as of April 29, 2026

Total assets $809.4 million Balance sheet as of March 31, 2026

Stockholders' equity $743.5 million Equity as of March 31, 2026; no debt reported

Net loss (9M) $165.4 million Nine months ended March 31, 2026

Net profit (Q3) $152.5 million Three months ended March 31, 2026

Staking revenue (9M) $3.1 million Nine months ended March 31, 2026 from HYPE holdings

HYPE unrealized impact $64.0 million loss / $198.4 million gain Nine‑month net unrealized loss vs Q3 unrealized gains

Previous Earnings Reports

1 past event · Latest: Feb 11 (Negative)

Same Type Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 11	Quarterly earnings update	Negative	-1.9%	Reported large net loss driven by unrealized HYPE losses and IPR&D write-off.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Limited earnings history shows the prior earnings release producing a modest negative reaction, despite highlighting a strong asset base and treasury strategy.

Recent Company History

Recent news for PURR has centered on building a HYPE‑focused treasury and enhancing capital markets access. The prior earnings on Feb 11, 2026 reported $616.7M in total assets, an initial treasury of 12.5M HYPE and $300M cash, but also a sizeable net loss of $317.9M driven by unrealized HYPE losses and an IPR&D write‑off. That event saw a -1.94% move. Today’s results extend that narrative with larger HYPE holdings and detailed staking income.

Key Terms

perpetuals decentralized exchange, real-world asset (RWA) perps, portfolio margin, cross-margin, +4 more

8 terms

perpetuals decentralized exchange technical

"Hyperliquid already houses the dominant perpetuals decentralized exchange, generating more than..."

A perpetuals decentralized exchange is a digital trading platform that runs on blockchain technology and lets users trade perpetual contracts—agreements to buy or sell an asset without a fixed expiration date—directly with each other rather than through a central company. For investors this matters because it offers 24/7 access to leveraged trading, often lower fees and greater control over funds, but also exposes users to smart-contract and market-liquidity risks similar to trading on margin.

real-world asset (RWA) perps technical

"Explosive growth in real-world asset (RWA) perps via HIP-3, with 140+ non-crypto perps..."

A real-world asset (RWA) perpetual contract is a type of derivative that lets traders take continuous, leveraged positions that track the price of a tokenized physical or financial asset (like bonds, real estate shares, or invoices) without ever owning the underlying item. Think of it as a never-ending bet whose scorecard is the value of a real asset — it matters to investors because it offers flexible exposure and price discovery tied to real economic goods while adding layers of counterparty, liquidity and regulatory risk that can affect returns and capital safety.

portfolio margin technical

"Continued groundbreaking innovations, including portfolio margin (cross-margin) and outcome markets..."

Portfolio margin is a way brokers calculate how much collateral an investor must keep by looking at the combined risk of all positions, rather than treating each trade separately. It can lower the cash or securities needed and allow more leverage, but it also means larger swings in value can trigger bigger margin calls; think of it like an insurance premium based on your whole household’s risk instead of each item individually.

cross-margin technical

"Continued groundbreaking innovations, including portfolio margin (cross-margin) and outcome markets..."

Cross-margining is a way brokers treat multiple positions or accounts as one combined set of holdings so profits in some positions can offset losses in others, reducing the total collateral an investor must keep on hand. It matters because it can lower the chance of a margin call and free up capital for new trades, but it also means a big loss in one area can more quickly affect your whole account.

outcome markets technical

"including portfolio margin (cross-margin) and outcome markets (prediction markets, options, insurance)..."

Outcome markets are trading platforms where people buy and sell contracts tied to whether a specific event will happen, with contract prices acting like market odds or a crowd-sourced probability. For investors they matter because those prices quickly reflect collective expectations about risks and future events—similar to a group weather forecast—and can signal shifts in sentiment or information not yet visible in traditional financial metrics.

prediction markets technical

"outcome markets (prediction markets, options, insurance), poised to further enhance capital..."

Prediction markets are exchanges where people buy and sell contracts that pay out based on the outcome of a future event, effectively turning collective beliefs into a price that reflects the market’s estimated probability. Like a sports betting line or a crowd-sourced weather forecast, they aggregate diverse information and sentiment into a single, continuously updated signal that investors can use to gauge market expectations, inform timing, assess risk, or construct hedges.

Adjusted Net Asset Value financial

"a dedicated section tracking the Company's "Adjusted Net Asset Value" (the Company's stockholders' equity..."

Adjusted net asset value is an updated estimate of a company’s or fund’s net worth: total assets minus liabilities, recalculated to reflect current market prices and one‑time items such as unrealized gains or estimated future costs. It gives investors a clearer per‑share picture of what the business or fund would be worth if its assets were sold today, similar to checking a home's replacement value to decide if its sale price is fair.

Regulation FD regulatory

"for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor..."

Regulation FD is a rule that prevents company insiders, like executives, from sharing important information with some people before others get it. It matters because it helps ensure all investors have equal access to key news, making the stock market fairer and reducing chances of insider trading.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 7, 2026 /PRNewswire/ -- Hyperliquid Strategies Inc (NASDAQ: PURR) ("HSI" or the "Company"), the premier digital asset treasury platform focused on the Hyperliquid ecosystem, today reported its financial and operational results for the fiscal quarter and nine months ended March 31, 2026.

"This quarter marked meaningful progress in establishing HSI as the leading public vehicle for capital efficient HYPE exposure, amid Hyperliquid's continued dominance in on-chain finance," said David Schamis, CEO of Hyperliquid Strategies Inc. "We materially scaled our HYPE treasury, announced our validator partnership with Unit Labs, and completed the disposition of the majority of our legacy bio-tech operations — milestones that, together with disciplined capital deployment and growing staking revenue, deepen HSI's alignment with Hyperliquid's deflationary mechanics and ecosystem expansion. We remain highly optimistic about Hyperliquid's trajectory as HIP-3 RWA perps, portfolio margin, and outcome markets drive the potential for sustained growth and fee generation."

Key Highlights:

• Materially increased treasury to 20.0 million HYPE tokens (as of April 29, 2026), with $103 million in cash remaining (as of April 29, 2026).
• Announced validator in partnership with Unit Labs, the parent company of Unit and TradeXYZ.
• Completed disposition of majority of legacy bio-tech operations.

Treasury Strategy Progress (as of April 29, 2026):

• Capital Deployment Since Inception (on 2 December 2025):
  • $216.0 million deployed to accumulate ~7.3 million HYPE tokens, increasing total HYPE token holdings to 20.0 million.
  • $10.5 million deployed to repurchase ~3.0 million PURR shares at average cost of $3.42 per PURR share.
• Capital Raising Activity / Available:
  • $103 million in remaining cash.
  • $38.4 million in PURR shares issued (average issue price of approximately $6.31) under our committed equity facility.

Hyperliquid Ecosystem Momentum¹
With momentum accelerating towards the adoption of the blockchain by global finance, Hyperliquid continues to move towards realizing its vision as the blockchain to house all finance. Hyperliquid already houses the dominant perpetuals decentralized exchange, generating more than $900 million in annual fees and processing billions in daily trading volumes and continues to innovate and launch groundbreaking new markets.

Key developments within the Hyperliquid ecosystem over the past quarter included:

• Despite a challenging market in digital assets, resilient operating performance, with the Hyperliquid protocol continuing to rank among the top protocols in terms of fee generation.
• Explosive growth in real-world asset (RWA) perps via HIP-3, with 140+ non-crypto perps launched, with trading in silver and oil at various times capturing the attention of users and global mainstream media alike.
• Strong outperformance of the HYPE token during the quarter, as the resilient operating performance of the protocol drove substantial HYPE token buybacks.
• Continued groundbreaking innovations, including portfolio margin (cross-margin) and outcome markets (prediction markets, options, insurance), poised to further enhance capital efficiency and unlock new high-demand use cases.

HSI Financial Highlights for Third Quarter and Nine Months Ended March 31, 2026:

• Balance Sheet:
  • Total assets of $809.4 million as of March 31, 2026, including $113.1 million in cash and cash equivalents and $689.0 million in HYPE tokens (based on a quarter-end HYPE price of $36.60 per token, representing approximately 18.83 million tokens held).
  • Strong balance sheet with $743.5 million in stockholders' equity and no debt.
• Income Statement (nine months ended March 31, 2026):
  • $3.1 million in staking revenue from HYPE holdings.
  • $1.9 million in interest income.
  • $10.7 million in SG&A and R&D expenses.
  • $165.4 million in net loss.
  • Net loss primarily attributable to $64.0 million in net unrealized losses on HYPE tokens, a one-time $35.6 million IPR&D write-off related to the acquisition of the legacy Sonnet business and a $60.5 increase in deferred tax expense.
• Income Statement (three months ended March 31, 2026):
  • $2.6 million in staking revenue from HYPE holdings.
  • $1.0 million in interest income.
  • $7.2 million in SG&A and R&D expenses.
  • $152.5 million in net profit.
  • Net profit primarily attributable to $198.4 million in unrealized gains on HYPE tokens partially off-set by a $42.7 increase in deferred tax expense.

Website Information:
The Hyperliquid Strategies Inc website (www.hypestrat.xyz) includes, among other information, a dedicated section tracking the Company's "Adjusted Net Asset Value" (the Company's stockholders' equity adjusted for, among other things, movements in cash, the value of the HYPE token and the number of HYPE tokens held).

This section is updated regularly, enhancing transparency for the Company's stockholders and aligning with HSI's commitment to provide transparent, capital efficient and productive access to the HYPE token.

We use our website as a means of disclosing information that may be considered material, non-public information (including the information regarding our Adjusted Net Asset Value) and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor our website, in addition to following our press releases, Securities and Exchange Commission ("SEC") filings, public conference calls, presentations and webcasts.

We may also use social media channels to communicate with our investors and the public about us and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels is not incorporated by reference into, and is not a part of, this document.

Webcast:
The Company will host an audio webcast with Q&A on Thursday, May 7, 2026, at 5:00 p.m. ET, featuring CEO David Schamis and CFO Brett Beldner. Register in advance here: https://hyperliquid-strategies-q3-26-earnings-call.open-exchange.net/registration.

Advance questions may be submitted to investors@hypestrat.xyz.

A replay will be available after the event at www.hypestrat.xyz.

About Hyperliquid Strategies Inc
Hyperliquid Strategies Inc (NASDAQ: PURR) is a digital asset treasury company whose primary focus is to maximize shareholder value through accumulating HYPE, the native token of Hyperliquid, a high-performance blockchain custom-built to house all of finance. HSI aims to provide capital-efficient and productive access to the HYPE token for U.S. and institutional investors, generating compounding shareholder returns that individual holders may not be able to replicate through staking, yield optimization, and active ecosystem engagement. HSI is currently the largest HYPE-focused digital asset treasury vehicle capitalizing on Hyperliquid's rapid growth and providing exposure to one of the largest and fastest growing revenue pools in digital assets. For more information, please visit www.hypestrat.xyz.

Forward-Looking Statements

This press release contains certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to the Company's business, strategy and future plans, as well as certain statements regarding expected growth and developments with respect to Hyperliquid. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: changes in business, market, financial, political and regulatory conditions; risks relating to HSI's operations and business, including the highly volatile nature of the price of HYPE tokens; the risk that HSI's stock price will be highly correlated to the price of HYPE tokens and the price of HYPE tokens may decrease; risks related to increased competition in the industries in which HSI operates; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding HYPE tokens; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that HSI experiences difficulties managing its growth and expanding operations; challenges in implementing HSI's business plan including HYPE token-related financial and advisory services, due to operational challenges, significant competition and regulation; and those factors discussed in the final prospectus/proxy statement (File No. 333-290034) filed by HSI with the SEC on October 27, 2025, and in subsequent filings and reports made by HSI with the SEC from time to time. While HSI may elect to update these forward-looking statements at some point in the future, HSI specifically disclaims any obligation to do so.

¹ Information in this press release regarding Hyperliquid and its operations is based on information that has been publicly disseminated by Hyperliquid and has not been independently verified by HSI or its management.

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SOURCE Hyperliquid Strategies Inc

FAQ

How many HYPE tokens does Hyperliquid Strategies (PURR) hold as of April 29, 2026?

HSI holds 20.0 million HYPE tokens as of April 29, 2026. According to the company, that total includes prior accumulations and recent buys after deploying $216.0 million since December 2, 2025 to increase HYPE exposure.

What cash balance did Hyperliquid Strategies (PURR) report on April 29, 2026?

The company reported $103 million in remaining cash as of April 29, 2026. According to the company, this follows capital deployment for HYPE accumulation and a committed equity facility that issued approximately $38.4 million in shares.

Why did PURR record a nine-month net loss of $165.4 million for period ending March 31, 2026?

The nine-month net loss was $165.4 million, primarily due to unrealized HYPE token losses, an IPR&D write-off, and higher deferred taxes. According to the company, $64.0M was unrealized HYPE losses and $35.6M was an IPR&D write-off tied to Sonnet.

What caused PURR's quarterly net profit of $152.5 million for the three months ended March 31, 2026?

The quarter showed a $152.5 million net profit, largely from unrealized HYPE token gains. According to the company, $198.4M in unrealized HYPE gains drove the profit, partially offset by a $42.7M increase in deferred tax expense.

What recent capital actions has Hyperliquid Strategies (PURR) completed that affect shareholders?

HSI repurchased ~3.0 million PURR shares for $10.5M and issued ~$38.4M in shares under an equity facility. According to the company, the repurchase averaged $3.42 per share and the issued shares averaged about $6.31 each.