Hyperliquid Strategies (PURR) reports CFO’s 31,840-share distribution

Rhea-AI Filing Summary

Hyperliquid Strategies Inc’s chief financial officer reported receiving 31,840 shares of common stock, which are now held as a direct ownership position. The shares were acquired on December 4, 2025 and recorded as an acquisition transaction.

The filing explains that, in connection with the closing of a previously announced business combination on December 2, 2025, Rorschach Capital LLC received 6,580,800 shares of Hyperliquid Strategies Inc common stock. Two days later, Rorschach Capital LLC distributed 31,840 shares of that stock to Mr. Beldner, reflecting his interest as a member of Rorschach Capital LLC.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Beldner Brett Douglas

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Other	Common Stock	31,840	$0.00	$0.00

Holdings After Transaction: Common Stock — 31,840 shares (Direct)

Footnotes (1)

1. F1. On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the "BCA"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. ("Sonnet"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). On December 4, 2025, Rorschach Capital LLC distributed 31,840 shares of Common Stock to Mr. Beldner, a member of Rorschach Capital LLC.

FAQ

What insider transaction did Hyperliquid Strategies Inc (PURR) disclose?

The company disclosed that its chief financial officer, Mr. Beldner, received 31,840 shares of common stock on December 4, 2025, recorded as an acquisition.

How many Hyperliquid Strategies (PURR) shares does the CFO own after this transaction?

Following the reported transaction, the filing shows the CFO beneficially owns 31,840 shares of Hyperliquid Strategies Inc common stock in direct ownership.

What is the connection between this Form 4 and the Hyperliquid–Sonnet business combination?

The filing notes that on December 2, 2025, a business combination was completed under a Business Combination Agreement involving Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings, Inc., after which Rorschach Capital LLC received 6,580,800 shares of Hyperliquid common stock.

Who is Rorschach Capital LLC in relation to Hyperliquid Strategies Inc (PURR)?

Rorschach Capital LLC is described as an entity that received 6,580,800 shares of Hyperliquid Strategies Inc common stock at the closing of the business combination and later distributed 31,840 shares to Mr. Beldner, a member of Rorschach Capital LLC.

What type of transaction code is reported for the Hyperliquid Strategies (PURR) CFO’s shares?

The Form 4 lists the CFO’s December 4, 2025 common stock acquisition under transaction code “J”, with 31,840 shares acquired and marked as an acquisition (A).

Are the Hyperliquid Strategies (PURR) CFO’s shares held directly or indirectly?

The table in the filing classifies the 31,840 shares as held in direct (D) ownership by the reporting person.

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Accepted by SEC EDGAR 12/12/2025 - 11:51 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Beldner Brett Douglas

(Last) (First) (Middle)

C/O HYPERLIQUID STRATEGIES INC

477 MADISON AVENUE, 22ND FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hyperliquid Strategies Inc [ PURR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/04/2025		J		31,840	A	(1)	31,840	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the "BCA"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. ("Sonnet"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). On December 4, 2025, Rorschach Capital LLC distributed 31,840 shares of Common Stock to Mr. Beldner, a member of Rorschach Capital LLC.

	/s/ Jason T. Simon, Attorney-in-Fact	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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