Hyperliquid Strategies Inc Reports Financial Results for the Quarter Ended December 31, 2025

Rhea-AI Summary

Hyperliquid Strategies (NASDAQ: PURR) reported results for the quarter and six months ended December 31, 2025. Key items: completed NASDAQ listing Dec 2, 2025; initial treasury of 12.5M HYPE and $300M cash; total assets of $616.7M; net loss of $317.9M driven by unrealized HYPE losses and a one-time IPR&D write-off.

The company deployed capital to repurchase PURR shares, acquired additional HYPE tokens, retains $125M deployable capital, and announced a website relaunch with an Adjusted Net Asset Value tracker.

Positive

• Completed NASDAQ listing on Dec 2, 2025
• Initial treasury: 12.5M HYPE and $300M cash
• Total assets of $616.7M and no debt
• Deployed $129.5M to acquire additional 5.0M HYPE tokens

Negative

• Net loss of $317.9M for six months ended Dec 31, 2025
• Unrealized HYPE token losses of $262.4M
• One-time $35.6M IPR&D write-off
• SG&A and R&D expenses totaled $3.5M for six months

Key Figures

Total assets: $616.7 million Cash balance: $281.9 million HYPE token holdings: ≈12.86 million tokens ($327.6 million) +5 more

8 metrics

Total assets $616.7 million As of December 31, 2025

Cash balance $281.9 million As of December 31, 2025

HYPE token holdings ≈12.86 million tokens ($327.6 million) As of December 31, 2025, based on $25.48 per token

Stockholders' equity $589.8 million As of December 31, 2025

Interest income $0.9 million Six months ended December 31, 2025

Staking revenue $0.5 million From HYPE holdings post December 2, 2025 close

SG&A and R&D expenses $3.5 million Six months ended December 31, 2025

Net loss $317.9 million Six months ended December 31, 2025

Market Reality Check

Price: $4.63 Vol: Volume 2,743,657 vs 20-da...

normal vol

$4.63 Last Close

Volume Volume 2,743,657 vs 20-day average 3,879,677 (relative volume 0.71) before this release. normal

Technical Price 4.63 was trading above 200-day MA 3.81 ahead of the earnings update.

Historical Context

2 past events · Latest: Feb 05 (Neutral)

Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Earnings webcast notice	Neutral	-9.1%	Announcement of webcast to discuss quarter results and strategy.
Dec 08	Buyback authorization	Positive	+0.5%	Launch of <b>$30 million</b> stock repurchase program to boost HYPE exposure.

Pattern Detected

Limited history shows a negative reaction to the webcast announcement and a modestly positive response to a buyback program.

Recent Company History

Over the past few months, Hyperliquid Strategies Inc has transitioned into the public markets and begun executing its capital strategy. On Dec 8, 2025, the company announced a $30 million stock repurchase program, which coincided with a small positive price move. A Feb 5, 2026 webcast announcement about discussing these same quarter results was followed by a notable decline, suggesting investor sensitivity around upcoming financial disclosures.

Market Pulse Summary

This announcement details Hyperliquid Strategies Inc’s early post-listing phase, combining a substan...

Analysis

This announcement details Hyperliquid Strategies Inc’s early post-listing phase, combining a substantial asset base of $616.7 million and no debt with a large reported net loss driven by unrealized HYPE token movements and one-time charges. Investors may track the new Adjusted Net Asset Value disclosures, capital deployment into HYPE and buybacks, and the balance between staking revenues and operating expenses to gauge how treasury strategy execution progresses over time.

Key Terms

mark-to-market, real-world asset (RWA), portfolio margin, prediction markets, +2 more

6 terms

mark-to-market financial

"While unrealized mark-to-market losses reflect broader digital asset volatility"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

real-world asset (RWA) financial

"Explosive growth in real-world asset (RWA) perps via HIP-3"

A real-world asset (RWA) is a tangible item or property with physical presence, such as real estate, equipment, or commodities, that has value and can be used, sold, or leased. For investors, RWAs provide diversification beyond digital assets, offering a way to hold investments backed by physical resources that can generate income or appreciate over time. This makes them an important option for balancing risk and securing long-term wealth.

portfolio margin financial

"Upcoming innovations, including portfolio margin (cross-margin) and prediction 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.

prediction markets financial

"portfolio margin (cross-margin) and prediction markets (HIP-4), poised to further"

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.

equity line of credit (ELOC) financial

"supported by a $1 billion Equity Line of Credit (ELOC) facility"

An equity line of credit (ELOC) is a flexible financing agreement that lets a company draw cash over time by issuing new shares to a lender or investor up to a preset limit. It works like a credit line or charge card for cash needs, but payment comes in the form of additional stock rather than loan principal. Investors should care because it provides quick liquidity for the company but can dilute existing shareholders and affect share price and ownership over time.

Regulation FD regulatory

"for complying with our disclosure obligations under Regulation FD"

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. Not financial advice.

NEW YORK, Feb. 11, 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 six months ended December 31, 2025.

"We are encouraged by our early execution since going public. We are establishing HSI as the leading public vehicle for capital efficient HYPE exposure amid Hyperliquid's accelerating dominance in on-chain finance," said David Schamis, CEO of Hyperliquid Strategies Inc. "While unrealized mark-to-market losses reflect broader digital asset volatility, our robust balance sheet, emerging staking yields, disciplined capital deployment, and alignment with Hyperliquid's deflationary mechanics and ecosystem expansions position us to deliver long-term shareholder value. We remain highly optimistic about Hyperliquid's trajectory as builder codes, RWA tokenization, and new primitives drive sustained growth and fee generation."

Key Highlights:

• Completed NASDAQ listing on December 2, 2025, via a business combination with Sonnet BioTherapeutics Holdings, Inc.
• Established a strong initial treasury with 12.5 million HYPE tokens and $300 million in cash contributed by investors.
• Commenced implementation of treasury strategy to enhance per-share HYPE exposure.
• Put public capital programs in place for ongoing PURR share sales and repurchases.

Treasury Strategy Progress (as of February 3, 2026):

• Deployed $10.5 million to repurchase ~3.0 million PURR shares, reducing fully diluted share count to 150.6 million.
• Deployed $129.5 million to acquire ~5.0 million additional HYPE tokens, increasing total HYPE holdings to 17.6 million.
• $125 million in remaining deployable capital (excluding working capital reserve), further supported by a $1 billion Equity Line of Credit (ELOC) facility.

Hyperliquid Ecosystem Momentum¹
Hyperliquid continues to solidify its position as the blockchain to house all finance, with its dominant perpetuals decentralized exchange generating over $800 million in annual fees and processing billions in daily trading volumes.

Key drivers of ecosystem growth include:

• Rapid builder code adoption by major platforms (e.g., Phantom, MetaMask, Rabby, Rainbow), enabling permissionless front-end integrations and generating tens of millions in fees.
• Explosive growth in real-world asset (RWA) perps via HIP-3, with 100+ perps launched for equities, commodities, FX, pre-IPO, and more.
• Upcoming innovations, including portfolio margin (cross-margin) and prediction markets (HIP-4), poised to further enhance capital efficiency and unlock new high-demand use cases.

HSI Financial Highlights for Second Quarter and Six Months Ended December 31, 2025:

• Total assets of $616.7 million as of December 31, 2025, including $281.9 million in cash and $327.6 million in HYPE tokens (based on a year-end HYPE price of $25.48 per token, representing approximately 12.86 million tokens held).
• Strong balance sheet with $589.8 million in stockholders' equity and no debt.
• Revenue generated included $0.9 million in interest income and $0.5 million in staking revenue from HYPE holdings (generated post December 2, 2025 transaction close).
• SG&A and R&D expenses totaled $3.5 million for the six months ended December 31, 2025.
• Net loss of $317.9 million for the six months ended December 31, 2025, primarily attributable to $262.4 million in unrealized losses on HYPE tokens due to market volatility, a one-time $35.6 million IPR&D write-off related to the acquisition of the legacy Sonnet business and a $17.8 increase in deferred tax expense.

Website re-launch:
Hyperliquid Strategies Inc expects to relaunch its website (www.hypestrat.xyz) today, February 11, 2026. The updated website will include, 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 will be 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 intend to 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 Wednesday, February 11, 2026, at 8:00 a.m. ET, featuring CEO David Schamis and CFO Brett Beldner. Register in advance here: https://hyperliquid-strategies-q2-26-eanrings-call.open-exchange.net/. Advance questions may be submitted to investors@hypestrat.xyz. A replay will be available post-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 anticipated 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 will operate; 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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hyperliquid-strategies-inc-reports-financial-results-for-the-quarter-ended-december-31-2025-302684282.html

SOURCE Hyperliquid Strategies Inc

FAQ

What did Hyperliquid Strategies (PURR) report for total assets as of December 31, 2025?

Total assets were $616.7 million as of December 31, 2025. According to the company, this included $281.9 million cash and HYPE token holdings valued at $327.6 million based on a year-end HYPE price of $25.48 per token.

Why did PURR record a net loss of $317.9 million in the six months ended December 31, 2025?

The net loss primarily reflected $262.4 million in unrealized HYPE losses and a $35.6 million IPR&D write-off. According to the company, volatility in the HYPE token price drove mark-to-market losses and a one-time acquisition-related write-off increased the loss.

How much HYPE and cash did Hyperliquid Strategies start with after its December 2025 listing?

The company established an initial treasury of 12.5 million HYPE tokens and $300 million in cash. According to the company, investor contributions created the strong initial treasury used to implement the firm’s capital-efficient HYPE exposure strategy.

What capital deployment and share actions has PURR executed since listing?

PURR repurchased ~3.0 million shares for $10.5 million and spent $129.5 million to buy ~5.0 million HYPE tokens. According to the company, these actions reduced fully diluted share count to 150.6 million and increased HYPE holdings to 17.6 million tokens.

Where can investors find Hyperliquid Strategies’ Adjusted Net Asset Value and material disclosures?

The company relaunched its website with an Adjusted Net Asset Value tracker and will post material updates there. According to the company, the site will be updated regularly and used alongside SEC filings and webcasts for investor disclosures.