Hyperliquid Strategies earns $621M in September quarter
Net income included $803.0 million of unrealized HYPE-token gains, and shareholders approved a share issuance proposal that may exceed 19.99% of common stock.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Hyperliquid Strategies Inc (PURR) reported $620.6 million in net income for the quarter ended September 30, 2026, including $803.0 million in net unrealized gains on HYPE tokens and a $172.3 million income-tax provision. It recorded $12.3 million in staking revenue and validator commissions, $1.0 million in interest income, and $7.6 million in SG&A and R&D expenses.
At quarter-end, total assets were $3,764.3 million, including $3,505.3 million in HYPE tokens and $254.6 million in cash and cash-like instruments; stockholders’ equity was $3,403.0 million and the company reported no debt. During the quarter it raised $911 million in equity capital and deployed $802 million, including $785 million to acquire 9.1 million HYPE tokens and $17 million to repurchase 2.7 million PURR shares. A subsidiary has filed an application to become a futures commission merchant, subject to regulatory approval.
Stockholders approved a proposal concerning issuance under the ChEF Purchase Agreement that may exceed 19.99% of common stock. They also elected two director nominees and ratified CBIZ CPAs P.C. as auditor for fiscal 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
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.
Positive
- Major pointQuarterly net income was $620.6 million, compared with $470.9 million for the quarter ended June 30, 2026.
Negative
- Moderate pointShareholders approved a proposal concerning issuance that may exceed 19.99% of common stock.
Filing Explained
The October 28 update reports 38.9 million HYPE tokens and $245.3 million in cash and cash-like instruments.
The attached presentation reports basic shares of 273,677,464 at
The later treasury update lists 38.9 million HYPE tokens and
8-K Event Classification
Key Figures
Key Terms
committed equity facility financial
unrealized gains financial
futures commission merchant regulatory
Deferred Tax Liability financial
Adjusted Net Asset Value financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much net income did PURR report for the quarter ended September 30, 2026?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On November 5, 2026, Hyperliquid Strategies Inc (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2026. A copy of the press release is included as Exhibit 99.1 to this report.
The information in this report under this item, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Furthermore, the information in Item 2.02 of this report, including the exhibit, shall not be deemed to be incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On November 4, 2026, the Company held an annual meeting of its stockholders (the “Annual Meeting”). Of the 278,271,288 shares of the Company’s common stock outstanding and entitled to vote as of the record date of September 30, 2026 at the Annual Meeting, a total of 148,344,922 shares were represented at the Annual Meeting in person or by proxy. The voting results for each item of business properly presented at the Annual Meeting are set forth below.
Proposal 1: the Director Election Proposal
Both of the persons nominated by the Company to serve as directors for a three-year term until the 2029 annual meeting of stockholders were elected with the following votes:
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Nailesh Bhatt |
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95,539,667 |
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51,849,659 |
Jeffrey Sonnenfeld |
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95,684,937 |
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810,326 |
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51,849,659 |
Proposal 2: the Nasdaq Proposal
The proposal to approve, for purposes of complying with the Nasdaq Listing Rules, the issuance of shares of the Company’s common stock issuable by the Company pursuant to the terms of the ChEF Purchase Agreement in an amount that may exceed 19.99% of the Company’s common stock was approved with the following vote:
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51,849,659 |
Proposal 3: the Auditor Ratification Proposal
The proposal to ratify the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the fiscal year ending June 30, 2027 was approved with the following vote:
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148,001,955 |
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Item 7.01 Regulation FD Disclosure.
On November 5, 2026, the Company released a slide presentation related to its results of operations for the fiscal quarter ended September 30, 2026. A copy of this slide presentation is furnished as Exhibit 99.2 to this report. The slide presentation should be read together with the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Quarter Report on Form 10-Q for the fiscal quarter ended September 30, 2026 once available.
The presentation will also be available on the Company’s website, www.hypestrat.xyz. The Company uses its website as a means of disclosing information that may be considered material, non-public information and for complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s website, in addition to following its press releases, SEC filings, public conference calls, presentations and webcasts. The Company may also use social media channels to communicate with its investors and the public about the Company and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, the Company’s website or social media channels is not incorporated by reference into, and is not a part of, this document.
The information contained in this Item 7.01 as well as in Exhibit 99.2 shall not be deemed to be filed for purposes of Section 18 of the Exchange Act or otherwise be subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
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Hyperliquid Strategies Inc. press release, dated November 5, 2026. |
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Hyperliquid Strategies Inc. presentation, dated November 5, 2026. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HYPERLIQUID STRATEGIES INC |
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Brett Beldner |
Exhibit 99.1
Hyperliquid Strategies Inc Reports Financial Results
for the Quarter Ended September 30, 2026
New York, New York, November 5, 2026 — 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):
Hyperliquid Ecosystem Momentum[1]
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:
Update on Treasury Strategy Progress (as of October 28, 2026):
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.
Investor Relations Contacts
investors@hypestrat.xyz
[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.
November 5, 2026 Quarterly Earnings Review September 30, 2026 Exhibit 99.2
IMPORTANT INFORMATION Disclaimer Information contained in this presentation has been obtained from published and non-published sources. Such information has not been independently verified by Hyperliquid Strategies Inc (“HSI,” the “Company,” “we” or “us”), and the Company does not assume responsibility for the accuracy of such information. Without limiting the generality of the foregoing, information in this presentation regarding Hyperliquid and its operations is based on information that has been publicly disseminated by Hyperliquid, and has not been independently verified by HSI. In addition, this presentation provides references to certain third-party websites. These sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked sites. The inclusion of any reference does not imply our endorsement or our adoption of the statements therein. Except where otherwise indicated, the information in this presentation is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This document is neither an offer to sell nor a solicitation to purchase any of the Company’s securities. The information and metrics included in this presentation, including, but not limited to, data on the Company’s common stock, current HYPE token holdings, HYPE token price, Adjusted Net Asset Value and other reported figures, are provided solely for informational and illustrative purposes. They do not constitute investment, financial, tax, legal, or other professional advice, nor do they represent a recommendation, solicitation, or offer to buy, sell, or hold any securities, including PURR shares or HYPE tokens. Readers should not rely on the information herein when making investment or financial decisions. All investments, particularly in volatile digital assets like HYPE, involve significant risk of loss, including the potential for total loss of principal. There is no assurance of positive returns, preservation of capital, or achievement of any particular outcome over any time period. Historical performance of HYPE tokens, the Company’s stock (PURR), or any related metrics is not indicative of future results. Market trends, token prices, and asset values can fluctuate dramatically due to factors such as volatility, regulatory changes, macroeconomic conditions, technological developments, or shifts in market sentiment. Future performance may differ materially from past results or any implied expectations. Certain metrics, such as Adjusted Net Asset Value, are non-GAAP key performance indicators (KPIs) used internally to support the Company’s Treasury Strategy; they have inherent limitations (e.g., they do not fully account for existing or future liabilities) and should not be viewed as measures of financial performance, valuation, liquidity, or investment suitability. Investors should rely exclusively on the Company’s audited financial statements and comprehensive disclosures in its SEC filings. Investing in the Company or exposure to HYPE tokens carries substantial risks, including extreme price volatility, regulatory uncertainty, liquidity constraints, counterparty risks, and other factors detailed in the Company’s public filings with the U.S. Securities and Exchange Commission (SEC). Viewers are strongly encouraged to carefully review all risk factors, forward-looking statements, and other disclosures in those SEC filings (available at www.sec.gov) before making any investment decisions.
IMPORTANT INFORMATION Disclaimer - Continued Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to investors and other interested persons. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company’s performance and the consolidated financial results. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of the Company’s operating performance. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, the Company’s non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. The Company cautions investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The most directly comparable GAAP financial measures, together with a reconciliation to the non-GAAP measures, if applicable, are included with any non-GAAP financial measures or ratios used in this document.
IMPORTANT INFORMATION Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company and its business that may cause its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding the Company’s strategy, the Company’s ability to repurchase shares of common stock in the open market through its stock repurchase program, potential use of the Company’s equity line, the price and volatility of HYPE tokens, the macro and political conditions surrounding HYPE tokens and cryptocurrency generally, use of the Company’s cash and cash equivalents, objectives of management for future operations of HSI, the upside potential and opportunity for investors, HSI’s plans for value creation and strategic advantages, HSI’s plans to become a futures commission merchant, market size and growth opportunities, regulatory conditions, technological and market trends, the Company’s future financial condition and performance, and other expectations, intentions, strategies, assumptions or beliefs of the Company about future events, results of operations or performance or that do not solely relate to historical or current facts, as well as all other statements other than statements of historical fact included in this presentation. Factors that might cause or contribute to such a discrepancy 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 Securities and Exchange Commission (the “SEC”) on October 27, 2025, and in subsequent filings and reports made by HSI with the SEC from time to time. The Company urges you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this presentation. All written or oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this presentation are made only as of the date on which they are made. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
INTRODUCTION Hyperliquid Strategies: Introduction The largest publicly traded digital asset treasury (DAT) vehicle (Nasdaq: PURR) focused on accumulating HYPE — the native utility token of the Hyperliquid blockchain. Hyperliquid Strategies: the Largest Public Vehicle Accumulating HYPE Strong balance sheet: 38.9M HYPE tokens* and $245M in cash and cash-like instruments*, no debt. Disciplined treasury strategy: since public listing, raised additional $1.6B and deployed $1.6B ($1.58B to buy HYPE; $28M to buy PURR)*. Expanding Ecosystem Participation: the largest non-Foundation validator, initiating other ecosystem initiatives. Top 3 DAT: #3 largest DAT, largest treasury vehicle for any digital asset other than BTC or ETH. Hyperliquid: Infrastructure to House All Finance Infrastructure: markets for crypto, commodities, indices, and FX. Open 24/7 onchain, without intermediaries. Diversified revenue: across underlying assets, across product types, across business activities, across geographies. Superior tokenomics: buybacks create direct relation between value created and value accrual to the HYPE token. Top 6 Token: #6 largest network token, largest token to have emerged within the last five years. * All figures as of or for the period ended October 28, 2026 (as also updated on the dashboard as of the date of this presentation, November 5, 2026).
THE VISION Hyperliquid: Infrastructure to House All of Finance No intermediaries holding custody, gatekeeping access or extracting the value users create. All of finance on one open, credibly neutral system. Sources: Hyperliquid vision statement and docs (HIP-3); Hyperliquid API, TradeXYZ monthly volume by asset type; exchange data for the 2026 listings. Hyperliquid Strategies is not affiliated with Hyperliquid or the Hyper Foundation. 2023 Mainnet launch Goes live as a perpetuals exchange, built by ~11 people with no venture capital. 2024–25 Product–market fit The first exchange on Hyperliquid becomes the #1 perps venue by volume and open interest. OCT 2025 HIP‑3 goes live The same infrastructure is opened up: third parties can deploy their own markets. EARLY 2026 HIP-3 scales Equities, single stocks, gold, oil, the S&P 500 and pre‑IPO names, trading 24/7 on HIP‑3. TODAY Price discovery RWA represented 51% of all Hyperliquid volume in July 2026. PROOF OF CONCEPT • Perpetuals exchange the first market on Hyperliquid and proof the design works. • Delivered onchain order book at centralized‑exchange speed. • No private investors, no paid market makers. AN OPEN PLATFORM • HIP‑3, live since October 2025, opened the same infrastructure to third party builders. • Hyperliquid provides the exchange: order books and matching, margining, liquidations, settlement, users and liquidity. • The builder deploys the market and posts a 500,000 HYPE performance bond. INCREASING RANGE • RWA: Nasdaq‑100 in October 2025; gold, silver and single stocks by early 2026; oil, the S&P 500 and pre‑IPO names. • Outcome markets: bringing prediction markets, options and insurance onchain in a collateralized, non-leveraged way.
WHERE VALUE IS CREATED Proven Product-Market Fit Drives Substantial Ongoing Value Generation One of the highest fee generators in all of crypto: ~$834M of value accrued in the 12 months to September 30, 2026. Total Economic Value ($M, quarterly) $14 $148 $182 $324 $256 $187 $182 $208 Perp native Builder code fees Spot Deployer fees HIP-3 perps Auctions HyperEVM gas Priority fees 3Q26 of $208M, up 14% on 2Q26. Gross of builder and deployer fee shares, $36.6M in 3Q26. Scale & Adoption ~$834M Sep 30, 2026 LTM Value Accrued #1 Perps DEX Volume October 2026 #1 Perps DEX Open Interest October 2026 >$5T All-time Perps Volume >330K Monthly Unique Wallets November 2026 First on-chain perps DEX to compete efficiently with centralized exchanges, combining a fully-transparent order book, high speed execution (>200K TPS), and low fees with a strong, community-focused user experience Source: hl.eco; Hyperliquid Research Collective; DefiLlama; coinmarketman.com. Total economic value includes builder-code and deployer fee shares paid to third parties; trading fees estimated before mid-2025.
WHERE VALUE ACCRUES Value Generated Accrues Seamlessly to the HYPE Token Equity-like economics: ~99% of fees buy back HYPE, automatically and on-chain, like a share repurchase without discretion. The Buyback Engine 1 Traders pay fees on every trade on the exchange. 2 ~99% go to the Assistance Fund*, run by the protocol, not a company. 3 The fund buys HYPE on the open market, automatically, every day. 4 Bought HYPE is removed from circulation, shrinking supply, like a share repurchase. Bought Back to Date ~48.3M HYPE bought back (Oct 28, 2026) ~$1.4bn spent on buybacks, at cost 99% of fees to buybacks; no investor allocation + Yield USDC reserve yield also funds buybacks (from Oct 2026) The more the exchange earns, the more flows back into HYPE: value created and value accrued move together. *Originally 97%; raised to 99% for certain fee categories by validator vote in Dec 2025 (85% in favor). Reserve yield: Aligned Quote Asset v2 framework, approved June 2026.
HYPE PERFORMANCE Driving Breakout Price Performance, HYPE Firmly a Top 10 Token Platform transforming into the liquidity layer for a wide variety of assets, with the HYPE token now ranking among the ten largest digital assets. 1 2 3 1/1/2026 3/1/2026 5/1/2026 7/1/2026 9/1/2026 Note: HYPE price in US dollars, 1 Jan to 30 Oct 2026. Outstanding supply = tokens issued, incl. locked or escrowed team and company holdings, excl. unissued emissions, reserves and burns (see slide 33); differs materially from circulating only for XRP, SOL and HYPE. Source: Tradingview.com; CoinGecko; Company calculations. 4 1 Silver spike 2 Oil spike 3 Pre-IPOs 4 Trump names Hyperliquid 5 ICE / trade[XYZ] Top 10 Network Tokens (Market Cap, $ in B) RANK PROTOCOL TOKEN LAUNCHED Outstanding 1 Bitcoin BTC 2009 $1,569 2 Ethereum ETH 2015 273 4 Binance Coin BNB 2017 93 3 XRP XRP 2012 126 5 Solana SOL 2020 62 7 TRON TRX 2017 32 6 Hyperliquid* HYPE 2024 42 8 Zcash ZEC 2016 21 9 Monero XMR 2014 11 10 Cardano ADA 2017 7 Note: Launched = mainnet or token genesis. Ranked by Outstanding market cap. HYPE TOKEN PRICE ($) 5 $1,569 273 80 93 57 22 32 21 11 7 Circulating
GOING FORWARD Potential Regulated US Path Unlocks Large Markets Subject to ongoing regulatory process, permissioned access would unlock very large TAMs. Sources: White House remarks, 19 August 2026 (CoinDesk); Payward and Hyperliquid announcements, 26 October 2026; ICE news release, 29 October 2026. Market value: SIFMA 2026 Fact Book (year-end 2025); companiesmarketcap and CoinGecko (12 October 2026). Volume: Rosenblatt ($933.5bn/day × 21 days); Robinhood August 2026 operating data; TradeXYZ (Hyperliquid data). Perp volume is contract value, not cash traded. Regulatory Developments and Recent Public Announcements Large TAMs, Still Early 19 AUG 2026 · WHITE HOUSE President Trump said the CFTC Chairman is “working to bring Hyperliquid into the United States in a fully compliant and legal fashion.” HYPE rose 11% on the day. 16 SEP 2026 · PAYWARD announces intention to bring onchain perpetual futures to US clients, starting on Hyperliquid. 26 OCT 2026 · HYPERLIQUID announces that Payward, Kraken’s parent, intends to be the first CFTC-regulated deployer on HIP-3* markets, with Bitnomial creating and administering the markets and NinjaTrader Clearing carrying client accounts, subject to approval. HIP-3* adds an optional deployer-managed onchain allowlist, now on testnet. 29 OCT 2026 · ICE Intercontinental Exchange, owner of the NYSE, agrees to become the exclusive operator of trade[XYZ]’s regulated US markets, built on Hyperliquid, and takes a strategic stake in trade[XYZ]. Verified customers would reach the markets through FCMs that join ICE’s clearing. Subject to regulatory approval. STILL REQUIRED Regulatory approval and a launch date. HIP-3* arrives in a future network upgrade; the initial release is on testnet and specifications are preliminary. MARKET VALUE Global equities $158T US equities $69T All of crypto $3T MONTHLY TRADING VOLUME · AUG 2026 US cash equities $19.6T Hyperliquid real-world assets $0.08T Hyperliquid’s real-world-asset trading is about 0.4% of US cash-equity volume. CUSTOMER BASE Robinhood 28.6M Hyperliquid 0.32M
EXPANDING ECOSYSTEM ROLE Hyperliquid Strategies Subsidiary Applying to Become an FCM Support bringing the next evolution of perpetual markets into the US in a permissioned fashion. Technology Below, a Regulated Stack Above Where HSI Sits ALLOWLISTED USERS Onboarded customers on the deployer’s onchain allowlist DCMs Designated contract market DCOs Derivatives clearing organization. FCMs Futures commission merchant HIP-3* PERMISSIONED MARKETS The deployer (DCM + DCO) creates, owns and administers the markets and manages the allowlist HYPERLIQUID · NEUTRAL INFRASTRUCTURE LAYER HyperCore order book, matching, margining, liquidation and onchain settlement. • HSI has filed an application to stand up an FCM. • Supporting the launch of permissioned markets on Hyperliquid through HIP-3*. • Subject to regulatory approval. HIP-3* is optional to HIP-3 and strictly additive: the core functionality is an onchain allowlist managed by the deployer. HIP-3* does not impact existing HIP-3 deployments.
Hyperliquid Strategies Quarterly Update September 2026
TREASURY EXPANSION Continued Adding to Our HYPE Treasury Increased to 38.5M HYPE tokens (September 30, 2026), up from 29.3M HYPE tokens at the previous quarter (June 30, 2026) and 12.5M when we launched the company in December 2025. Continue to raise capital through PURR issuance $911M in net proceeds received. 74.6M PURR shares issued. Average net issue price of $12.20. Average net issue mNAV of 1.15x. Driving increase in HYPE token balance and selected PURR buy-backs HYPE: $785M deployed to acquire 9.1M tokens at an average price of $86.44. PURR: $17M deployed to repurchase 2.7M shares at an average of $6.36 per share. Ending the quarter with a strong balance sheet Cash and cash-like instruments balance at $255M. Zero debt. All data on this page reflects activity during the quarter ending September 30, 2026.
NET ASSET VALUE Impact on NAV Increased from $1.9B as of June 2026 to $3.4B as of September 2026 Net Asset Value Bridge ($ in M) 1,873 Net Asset Value (June 2026) +911 Capital Raised (802) Capital Deployed +1,601 Change in Value of HYPE Tokens (172) Change in DTL (8) Other 3,403 Net Asset Value (September 2026) Drivers of the Quarter 82% NAV increase in the quarter Net cash increase of $104.7M $911M raised through PURR issuance against $802M deployed into (i) buying HYPE tokens and (ii) buying back PURR shares. HYPE treasury up $1.6B Tokens held rose from 29.3M to 38.5M, and the HYPE price rose from $65.04 at June 2026 to $90.99 at September 2026. Deferred tax liability increased by ~$172M Reflects the tax effect of the increase in the value of the HYPE treasury. All data on this page as of September 30, 2026. Capital deployed reduces cash and is reflected in the increase in the value of HYPE tokens held; the two are shown separately in the bridge. “Other” comprises any other movements that impacted the net asset value position for the quarter and includes various P&L items recognized during the third quarter.
PURR PERFORMANCE PURR: Outperforming and a Top 3 Treasury Company PURR tracked the HYPE token’s break-out through the first nine months of 2026, and the treasury now ranks third among all digital asset treasury companies in treasury value. PURR SHARE PRICE ($) 1/2/2026 3/2/2026 5/1/2026 7/1/2026 9/1/2026 Top 10 Digital Asset Treasury Companies (Treasury Value, $ in M) RANK TICKER COMPANY COIN TREASURY VALUE 1 MSTR Strategy Inc Class A BTC $65,504.0 2 BMNR BitMine Immersion Technologies Inc ETH 13,841.4 3 PURR Hyperliquid Strategies, Inc HYPE 3,504.1 4 MTPLF Metaplanet Inc. BTC 3,396.7 5 XXI Twenty One Capital, Inc. BTC 3,359.1 6 ASST Strive, Inc. Class A BTC 3,351.2 7 SBET Sharplink, Inc. ETH 2,004.5 8 ZSTK ZeroStack Corp 0G 917.0 9 FWDI Forward Industries Inc. SOL 818.0 10 BTBT Bit Digital, Inc. ETH 647.1 Note: ranked by the market value of treasury coin holdings. Note: PURR share price in US dollars, 2 January to 30 October 2026. Ranking by the market value of treasury holdings. Source: Yahoo Finance share price data; Chardan digital asset treasury company screen as of October 26, 2026.
Hyperliquid Strategies Financial Performance Quarterly Update September 2026
INCOME STATEMENT Quarterly Financial Performance: Income Statement This item is a non-GAAP measure. Please refer to “Non-GAAP Information” on slide 3 for further information. Primarily non-cash expense in connection with the ELOC facility. $M 9/30/25 12/31/25 3/31/26 6/30/26 9/30/26 9/30/26 Interest Income - - - $0.9 $1.0 $0.8 $1.0 $3.7 Staking and validator commission revenue - - - 0.5 2.6 6.3 12.3 21.7 Unrealized Gain / Loss on HYPE - - - (93.2) 198.4 604.6 803.0 1,512.8 Loss on HYPE Contributed (13.4) (155.8) - - - - - - - - - (155.8) Other - - - - - - 0.3 (0.4) (0.5) (0.6) Treasury Strategy Income / (Loss) (a) (13.4) (247.6) 202.4 611.4 815.8 1,382.0 SG&A & R&D - - - (2.6) (7.2) (4.2) (7.6) (21.6) IPR&D Write Off - - - (35.6) - - - - - - - - - (35.6) Other Expense (b) - - - (0.9) (0.1) (13.3) (15.3) (29.6) Income / (Loss) Before Income Taxes (13.4) (286.7) 195.2 593.9 792.9 1,295.3 Provision for Income Taxes - - - (17.8) (42.7) (123.0) (172.3) (355.8) Net Income / (Loss) $(13.4) $(304.5) $152.5 $470.9 $620.6 $939.5 For the 3 Months Ended: 12 Mts Ended Quarterly Results Staking and validator commission revenue: staking rewards on (100% of) HYPE tokens staked. Unrealized Gain: $803m gain on HYPE tokens for the quarter ended September 30, 2026 Loss on HYPE Contributed: loss related to the decline in HYPE tokens value from initial commitment (July 2025) up to transaction completion (December 2, 2025). IPR&D Write Off: 100% write-off of “excess purchase price” created in asset acquisition of legacy business. * Note: the Company completed its business combination transaction on December 2, 2025. Provision for Income Taxes: primarily net increase in Deferred Tax Liability for the period. Other Expense: primarily driven by an expense recognized for the difference between issuance price and settlement price on the equity we issued. Last Twelve Months*
BALANCE SHEET Quarterly Financial Performance: Balance Sheet As of 6/30/26 As of 9/30/26 $M Amount % of Total Amount % of Total % Change Cash and Cash-Like Instruments $149.9 7.3% $254.6 6.8% 69.8% Other Current Assets 2.5 0.1 1.4 0.0 (42.8) Total Current Assets 152.4 7.4 256.0 6.8 68.0 HYPE Digital Assets 1,904.1 92.4 3,505.3 93.1 84.1 Other Assets 3.5 0.2 3.0 0.1 (14.5) Total Assets $2,060.0 100.0% $3,764.3 100.0% 82.7% Accounts Payable $1.2 0.1% $1.6 0.0% 37.2% Other Current Liabilities 2.5 0.1 4.5 0.1 81.5 Total Current Liabilities 3.7 0.2 6.1 0.2 67.1 Deferred Tax Liability 183.5 8.9% 355.2 9.4% 93.6% Total Liabilities 187.1 9.1 361.3 9.6 93.1 Stockholders’ Equity 1,872.9 90.9 3,403.0 90.4 81.7 Total Liabilities and Equity $2,060.0 100.0% $3,764.3 100.0% 82.7% BASIS OF PRESENTATION Cash and Cash-Like Instruments: balance post deployment of treasury strategy for the period, primarily invested in treasury bills and money market funds. HYPE Tokens: 38.5M tokens held at $90.99 per HYPE token (as of September 30, 2026). Zero debt. Deferred Tax Liability: based on $90.99 per HYPE token.
Q&A
Appendix Additional Financial Information
TOKEN POSITION Quarterly Financial Performance: HYPE Tokens Held As Of: Change Completion - 9/30/26 Change Completion - Current HYPE Tokens Held Review Completion 12/31/25 3/31/26 6/30/26 9/30/26 Current $ / # % $ / # % Tokens Received At Completion (a) 12.518 12.518 12.518 12.518 12.518 12.518 - - - - - - - - - - - - Tokens Acquired - - - 0.321 6.211 16.538 25.616 25.900 25.616 NM 25.900 NM Validator Tokens - - - - - - - - - 0.001 0.003 0.003 0.003 NM 0.003 NM Staking Rewards - - - 0.019 0.103 0.220 0.390 0.454 0.390 NM 0.454 NM Amount of Tokens Held (M) 12.518 12.858 18.831 29.276 38.526 38.874 26.009 207.8% 26.357 210.6% Value of Tokens Held ($M) $411.3 $327.6 $689.2 $1,904.1 $3,505.5 $3,458.3 $3,094.2 752.2% $3,046.9 740.8% Per Token ($) 32.86 25.48 36.60 65.04 90.99 88.96 58.13 176.9 56.10 170.7 Token Acquisition Cost ($M) $580.5 $590.0 $753.1 $1,363.3 $2,160.4 $2,190.7 $1,579.9 272.2% $1,610.2 277.4% Per Token ($) 46.37 45.88 39.99 46.57 56.07 56.35 9.70 20.9 9.98 21.5 Information in “Current” column as of October 29, 2026 for Tokens Acquired and Staking Rewards. Period columns as of the date shown. (a) Represents HYPE tokens contributed as part of PIPE financing completed on December 2, 2025.
SHARE COUNT Quarterly Financial Performance: Fully Diluted Shares At Completion As of 12/31/25 As of 3/31/26 As of 6/30/26 As of 9/30/26 Current Basic Shares 127,034,605 124,093,048 124,220,108 200,803,058 273,677,464 277,246,176 Preferred Shares (a) 26,587,647 26,587,647 26,587,647 26,587,647 26,587,647 23,753,935 Sub-Total 153,622,252 150,680,695 150,807,755 227,390,705 300,265,111 301,000,111 Dilutive Securities 19,048 - - - - - - 254,699 2,761,591 2,773,971 Fully Diluted Shares 153,641,300 150,680,695 150,807,755 227,645,404 303,026,702 303,774,082 Based on 166,172.8 preferred shares with stated value of $1,000 per preferred share converted at $6.25 per preferred share, adjusted for conversion of 17,710.7 preferred shares in the current column. Information in “Current” column as of October 29, 2026. Dilutive securities include impact of warrants assuming cashless exercise. Does not show impact of RSUs. Non-GAAP calculation of Dilutive Securities for illustrative purposes.
WARRANTS Quarterly Financial Performance: Warrant Summary As of 3/31/26 As of 6/30/26 As of 9/30/26 Current Exercise Price # of Units Dilutive Impact # of Units Dilutive Impact # of Units Dilutive Impact # of Units Dilutive Impact At Period-End Share Price: $3.56 $7.87 $12.27 $12.29 Legacy Warrants > $47.00 26,480 - - - 26,480 - - - 26,480 - - - 26,480 - - - Common stock warrants November 2024 22.50 - - - - - - - - - - - - - - - - - - - - - - - - Common stock PIPE warrants December 2024 10.50 - - - - - - - - - - - - - - - - - - - - - - - - 2025 Bridge Financing Warrants - 200% Coverage 6.25 640,000 - - - 640,000 131,741 640,000 314,002 640,000 314,532 2025 PIPE Financing Warrants 6.25 1,760,001 - - - 597,333 122,958 597,333 293,068 597,333 293,563 Sponsor 1.5x Warrants 9.38 9,131,600 - - - 9,131,600 - - - 9,131,600 2,154,522 9,131,600 2,165,876 Sponsor 2.0x Warrants 12.50 9,131,600 - - - 9,131,600 - - - 9,131,600 - - - 9,131,600 - - - Sponsor 3.0x Warrants 18.75 9,131,600 - - - 9,131,600 - - - 9,131,600 - - - 9,131,600 - - - Total 29,821,281 - - - 28,658,613 254,699 28,658,613 2,761,591 28,658,613 2,773,971 Information in "Current" column as of October 29, 2026. Period columns as of the date shown. Dilutive impact of warrants based on cashless exercise. Non-GAAP calculation of Dilutive Impact for illustrative purposes.
Appendix Additional Information on Hyperliquid Strategies
TREASURY STRATEGY Hyperliquid Strategies: Premier Digital Asset Treasury Platform HSI is currently the largest HYPE DAT, providing capital efficient and productive access to the HYPE token Treasury Strategy to Create Shareholder Value Provide Access Difficult for retail and sophisticated investors to buy HYPE tokens (restrictions & availability) HSI, as a publicly traded, regulated entity, is the easiest and most efficient way to gain exposure to the HYPE token Capital Efficient Access to deep pools of capital, sophisticated financial instruments HSI aims to provide compounding returns individual investors may not be able replicate Yield Generation Not just a ‘buy and hold’ HYPE token strategy HSI stakes substantially all of its HYPE tokens to provide stable yield, a majority through the HSIxUNIT validator Market Leader Currently the largest public DAT vehicle for the accumulation of HYPE tokens Initial 12.5M HYPE tokens and $300M in cash; current 38.9M HYPE tokens* and $245M in cash*, no debt. Deep Engagement Fostered through substantial HYPE token holdings, an active governance role, and DeFi initiatives HSI is closely aligned with Hyperliquid’s long-term growth and development * As of October 28, 2026.
LEADERSHIP AND PARTNERS Hyperliquid Strategies: Experienced Team and Strategic Partners Distinguished Leadership Bob Diamond CHAIRMAN Bob Diamond is the Founding Partner and CEO of Atlas Merchant Capital, previously serving as the CEO of Barclays David Schamis CHIEF EXECUTIVE OFFICER BOARD MEMBER David Schamis is the Founding Partner and CIO of Atlas Merchant Capital Eric Rosengren BOARD MEMBER Former President of the Boston Fed Larry Leibowitz BOARD MEMBER Former Member of Management Committee Tom King BOARD MEMBER Former Member of Executive Committee Strategic Partners Jeff Sonnenfeld BOARD MEMBER Senior Associate Dean for Leadership Studies
TREASURY FRAMEWORK Hyperliquid Strategies: Treasury Strategy Framework Treasury Action General Condition Sell PURR mNAV > Target Ratio Buy PURR mNAV < Target Ratio Buy HYPE Fundamental Value > Current Price Sell HYPE Fundamental Value < Current Price Subject to various factors including: Working capital balance and requirements. General market conditions. Liquidity, volatility and trading volumes. Specific factors (announcements, black-out periods, and other factors). Note: mNAV is defined as market capitalization as a multiple of net asset value (stockholders’ equity).
Appendix Additional Information on Hyperliquid
THE PROTOCOL Hyperliquid: Blockchain and Decentralized Exchange Decentralized, permissionless, and community-driven high performance blockchain built to house all of finance Unique custom-built interdependent blockchain architecture HyperBFT Consensus algorithm Decentralized validators produce blocks proportionally to staked HYPE (proof of stake) Provides the consistency and sub-second transaction finality needed for seamless and rapid trading HyperCore Execution layer The fundamental building blocks and core functionalities (primitives) designed from the ground up Houses the fully transparent on-chain order book and liquidity engine HyperEVM Smart contract layer Allows developers to build more complex applications to interact with the building blocks on HyperCore Turns the Hyperliquid Blockchain into a general purpose and programmable DeFi platform Performant L1 blockchain Custom built and optimized from first principles Decentralized, fully on-chain performant financial system Vertically integrates consensus, execution, and smart contracts unified under one validator set Highly scalable, reliable execution that is fast, liquid, and transparent Seamless Interoperability HyperCore (special purpose) and HyperEVM (general purpose) exist as a shared state, secured by HyperBFT Seamless interoperability allows for boundless innovation catering to a wide range of use cases Decentralized Exchange Built on the Hyperliquid Blockchain Decentralized Trading Fully on-chain orderbook with sub-second execution and deep liquidity Combining speed of execution with on-chain transparency Accessible through Various User Interfaces and Front-Ends Including the Hyperliquid user interface (app.hyperliquid.xyz) User interfaces have no involvement in the execution of transactions Non-Custodial Wallet Access
NATIVE TOKEN HYPE: The Hyperliquid Blockchain’s Native Token A versatile foundational asset that powers the decentralized Hyperliquid ecosystem. 01 Governance Holders participate in decentralized governance, by voting on protocol upgrades, feature enhancements, and other platform decisions 02 Liquidity Provision HYPE tokens can be deposited into the Hyperliquid Liquidity Provider vault, earning holders a share of trading fees and aligning their interests with network liquidity. 03 Fees The HYPE token is used to pay for transactions and advanced operations on the Hyperliquid Blockchain, with deflationary burn provisions in-place 04 Staking Rewards Holders can stake HYPE to earn rewards and secure the Hyperliquid Blockchain, aligning their interests with the platform’s stability, security, and growth
APPENDIX HYPE: Token Allocation at TGE Future Emissions / Community Rewards 38.80% Genesis Distribution 31.00% Core Contributors 23.80% Hyper Foundation Community Grants HIP-2 Allocation 6.00% 0.20% 0.20% Maximum supply of ~1 billion HYPE tokens The HYPE token is the native gas token for HyperEVM, with base fees and priority fees being burned for every transaction Currently, 99% of fees generated by the protocol are allocated to the Assistance Fund, which automatically purchases HYPE tokens from the open market The HYPE tokens acquired by the Assistance Fund are burnt and permanently removed from circulation The fixed total supply and the protocol’s burning mechanisms are generally expected to result in a decline in the supply of HYPE tokens over time, contributing to a deflationary trend Source: Artemis Analytics, Galaxy Research.
APPENDIX HYPE: Summary of Token Supply Tokens Categories # (M) % Value ($B) Notes Initial Supply 1,000 Maximum token amount. Future Emissions & Community Rewards (410) May become part of OTS in the future. Hyper Foundation (61) May become part of OTS in the future. Assistance Fund (48) Permanently burnt. Community Grants (3) May become part of OTS in the future. HyperCore & HyperEVM Fees (2) Permanently burnt. Outstanding Token Supply (OTS) 476 100.0% $42.4 Of Which: Core Contributors 238 50.0% 21.2 Tokens held by team members. Circulating Token Supply 238 50.0% 21.2 Note: Token supply as of October 29, 2026. Value based on October 29, 2026 HYPE token price of $88.96.