Hyperliquid Strategies Inc Reports Financial Results for the Quarter Ended September 30, 2026

Through October 28, share repurchases totaled $27.9 million at an average cost of $4.81 per PURR share.

Rhea-AI Summary

Hyperliquid Strategies (NASDAQ: PURR) reported net income of $620.6 million for the quarter ended September 30, 2026, primarily reflecting unrealized HYPE gains. The quarter included $803.0 million in net unrealized token gains, $12.3 million in staking revenue and validator commissions, and a $172.3 million income-tax provision.

The company raised $911 million through its committed equity facility and deployed $802 million: $785 million for 9.1 million HYPE tokens and $17 million for 2.7 million PURR shares. Quarter-end assets totaled $3,764.3 million, including $254.6 million in cash and cash-like instruments, with no debt. By October 28, holdings reached 38.9 million HYPE tokens and remaining cash was $245.3 million. A subsidiary applied to become a futures commission merchant to carry US client accounts for permissioned Hyperliquid markets; the proposed activity remains subject to regulatory approval.

10 points · 3 major

PositiveiHow this balance works

How this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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1 major · 5 points

How the balance works

Positive

• Major pointQuarterly net income of $620.6 million primarily reflected $803.0 million in net unrealized HYPE gains.
• Major pointEquity funding raised $911 million during the quarter; cumulative proceeds reached $1,578.4 million by October 28. 37% of market cap
• Major pointQuarterly HYPE purchases of $785 million acquired 9.1 million tokens, increasing holdings from 29.3 million to 38.5 million. 32% of market cap
• Moderate pointQuarter-end cash and cash-like instruments totaled $254.6 million, with no debt.
• Minor pointQuarterly share repurchases of $17 million bought back 2.7 million PURR shares.

5 minor points

• Minor pointStaking revenue and validator commissions totaled $12.3 million for the quarter.
• Minor pointInterest income totaled $1.0 million for the quarter.
• Minor pointCumulative HYPE purchases totaled $1,583.2 million for approximately 25.9 million tokens at $61.13 average cost by October 28.
• Minor pointOctober 28 HYPE holdings reached 38.9 million tokens, including rewards, at a blended cost of $56.35.
• Minor pointCumulative repurchases reached $27.9 million for approximately 5.8 million PURR shares at $4.81 average cost by October 28.

Negative

• Major pointEquity issuance dilutes existing holders; cumulative facility funding through October 28 carried a $10.36 average issue price.
• Moderate pointIncome-tax provision totaled $172.3 million for the quarter. 7.1% of market cap
• Minor pointFutures commission merchant operations require regulatory approval, as do the proposed permissioned HIP-3* markets.
• Minor pointCommitted equity facility expense totaled $15.3 million for the quarter and was primarily non-cash.
• Minor pointSelling, general, administrative, research and development expenses totaled $7.6 million for the quarter.

News Explained

As of October 28, 2026, Hyperliquid Strategies reported $1,578.4 million raised under its committed equity facility at an average issue price of $10.36 per PURR share, alongside $27.9 million spent repurchasing about 5.8 million shares at an average $4.81 per share.

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Market Reaction – PURR

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$2.41B Mkt Cap at Last Price

On Nov 5, the day this news came out, the latest delayed price for PURR is 1.03% below the previous close. Our momentum scanner has recorded 148 alerts for this stock so far that day. The latest delayed price is $8.67. Relative volume is elevated at 2.3x what this stock usually trades by this time of day.

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Key Figures

Equity capital raised: $911 million Capital deployed: $802 million HYPE acquisition: $785 million; 9.1 million tokens +5 more

Equity capital raised

$911 million

Under the committed equity facility, during the quarter ended September 30, 2026

Capital deployed

$802 million

During the quarter ended September 30, 2026

HYPE acquisition

$785 million; 9.1 million tokens

Quarterly treasury deployment

PURR share repurchases

$17 million; 2.7 million shares

During the quarter ended September 30, 2026

Cash and cash-like instruments

$254.6 million

As of September 30, 2026

Debt

Zero

As of September 30, 2026

Net income

$620.6 million

Quarter ended September 30, 2026

Net unrealized gains on HYPE tokens

$803.0 million

Primarily comprised the quarter's net income

Previous Earnings Reports

2 past events · Latest: Aug 27

Same Type 2 events

1. Aug 27

   Annual earnings report

   24h Move

   +11.0%

   Reported net income and treasury growth, with unrealized HYPE gains a major earnings driver.

2. May 07

   Quarterly earnings report

   24h Move

   +2.4%

   Quarter profit reflected unrealized HYPE gains, while nine-month results remained a net loss.

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

Key Terms

committed equity facility, futures commission merchant, unrealized gains, validator commissions

4 terms

committed equity facility financial

"Raised $911 million in equity capital under our committed equity facility."

A committed equity facility is a formal agreement in which a financial institution or investor promises to buy newly issued shares from a company up to a set limit over a fixed period, providing a reliable source of capital on demand. For investors, it matters because it gives the company a predictable funding backup—like a credit line but paid with stock—reducing financing risk while potentially diluting existing shareholders and signaling management’s access to growth or restructuring resources.

futures commission merchant regulatory

"a subsidiary of HSI has filed an application to become a futures commission merchant"

A futures commission merchant (FCM) is a licensed firm that executes and clears futures and options trades for clients, holds margin funds, and handles settlement and recordkeeping. Think of an FCM as the specialized broker and custodian for futures markets that also provides credit and risk controls; its reliability affects an investor’s ability to trade, the safety of their money, and the costs and speed of executing positions.

unrealized gains financial

"$803.0 million in net unrealized gains on HYPE tokens."

An unrealized gain is the increase in value of an asset you still own that hasn’t been sold, so the profit exists on paper but hasn’t been converted into cash. It matters to investors because it changes the apparent wealth of a portfolio and can influence decisions about selling, risk-taking and taxes—like a house that’s worth more now but won’t pay you until you sell it.

View in glossary

validator commissions financial

"$12.3 million in staking revenue and validator commissions from HYPE holdings."

Fees or portions of block rewards that a network validator keeps or charges for validating transactions, creating blocks, or managing staked tokens on a proof-of-stake or delegated-proof-of-stake blockchain. These commissions are typically set by each validator as a percentage of the rewards earned on staked or delegated tokens (or as explicit transaction fees) and are deducted before the remainder is distributed to token holders who delegated stake; the exact mechanics and allowed rate vary by blockchain protocol.

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

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NEW YORK, Nov. 5, 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 quarter ended September 30, 2026.

"We deployed $802 million this quarter and filed an application to become a futures commission merchant," said David Schamis, CEO of Hyperliquid Strategies Inc. "Those two moves are the same bet. Hyperliquid is winning the parts of onchain finance that generate real fees, and nearly all of that value flows back to HYPE holders through programmatic buybacks. Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore."

Key Highlights (as of or for the Quarter Ended September 30, 2026):

• Raised $911 million in equity capital under our committed equity facility.
• Deployed $802 million; $785 million to acquire 9.1 million HYPE tokens, increasing the treasury from 29.3 million tokens at June 30, 2026 to 38.5 million tokens at September 30, 2026 and $17 million to repurchase 2.7 million PURR shares.
• Maintained strong balance sheet, with $254.6 million in cash and cash-like instruments and zero debt.
• Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network.

Hyperliquid Ecosystem Momentum¹
Momentum continues to build around the adoption of the blockchain by the global financial system, with much of that momentum represented within the Hyperliquid ecosystem.

As Hyperliquid pursues its vision of becoming the infrastructure to house all of finance, the Hyperliquid protocol continues to generate an increasingly diversified stream of fees (with about $834 million in value accruing to the Hyperliquid ecosystem for the twelve months ended September 30, 2026), processing billions in daily trading volumes, with much of the value generated by the Hyperliquid ecosystem directly accruing to the HYPE token through programmatic HYPE token buybacks.

Hyperliquid recently announced its intention to add additional deployer functionalities under the name HIP-3*. These optional additional features would allow deployers to build and launch permissioned markets on Hyperliquid's onchain infrastructure. Independent operators would run their own market in a compliant manner, while the chain underneath would stay a neutral infrastructure layer.

In support of these developments, a subsidiary of HSI has filed an application to become a futures commission merchant ("FCM"). Subject to regulatory approval, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3*, allowing HSI to play a role in bringing perpetual futures to US customers within a regulated framework. There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3* markets.

HSI Financial Highlights for the Quarter Ended September 30, 2026:

• Balance Sheet:
  • Total assets of $3,764.3 million as of September 30, 2026, including $254.6 million in cash and cash-like instruments and $3,505.3 million in HYPE tokens (based on a September 30, 2026 HYPE price of $90.99 per HYPE token, representing approximately 38.52 million tokens held).
  • Strong balance sheet with $3,403.0 million in stockholders' equity and no debt.
• Income Statement (quarter ended September 30, 2026):
  • $12.3 million in staking revenue and validator commissions from HYPE holdings.
  • $1.0 million in interest income.
  • $7.6 million in SG&A and R&D expenses.
  • $620.6 million in net income.
  • Net income primarily comprised of:
    • $803.0 million in net unrealized gains on HYPE tokens.
    • $15.3 million in primarily non-cash expense recognized in connection with the committed equity facility.
    • $172.3 million in provision for income taxes.

Update on Treasury Strategy Progress (as of October 28, 2026):

• Capital Deployment²:
  • $1,583.2 million deployed to accumulate ~25.9 million HYPE tokens at an average cost of $61.13, bringing total HYPE token holdings (including staking and validator rewards earned)  to 38.9 million at a blended cost of $56.35 per token.
  • $27.9 million deployed to repurchase ~5.8 million PURR shares at an average cost of $4.81 per PURR share.
• Capital Raising:
  • $1,578.4 million raised at an average issue price of $10.36 per PURR share under our committed equity facility.
• Cash balance:
  • $245.3 million in remaining cash and cash-like instruments.

Webcast:
The Company will host an audio webcast with Q&A on Thursday, November 5, 2026, at 5:15 p.m. ET, featuring CEO David Schamis and CFO Brett Beldner. Register in advance here: https://hyperliquid-strategies-earnings-call-q1-2027.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.

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.

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, including plans to become a futures commission merchant, 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 annual report on Form 10-K filed by HSI with the SEC on August 27, 2026, 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 section is based on public information and has not been independently verified by HSI.
² Capital raising and deployment cover the period from inception (December 2, 2025) until August 28, 2026.

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SOURCE Hyperliquid Strategies Inc

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What drove Hyperliquid Strategies' earnings for the quarter ended September 30, 2026?

Hyperliquid Strategies reported $620.6 million in net income, primarily reflecting $803.0 million in net unrealized gains on HYPE tokens. Staking revenue and validator commissions totaled $12.3 million, while the income-tax provision was $172.3 million.

How much HYPE did Hyperliquid Strategies hold at September 30, 2026?

Hyperliquid Strategies held approximately 38.52 million HYPE tokens at September 30, 2026, valued at $3,505.3 million using a price of $90.99 per token. Total assets were $3,764.3 million, and stockholders' equity was $3,403.0 million.