Hyperliquid director acquires 231K shares

PURR director Jeffrey Tuder received a large pro rata share distribution and now reports over 280,000 Hyperliquid Strategies shares held directly and indirectly.

Rhea-AI Filing Summary

Hyperliquid Strategies Inc (PURR) director Jeffrey Tuder reported acquiring 231,692 shares of common stock on September 17, 2026 through a pro rata distribution from Rorschach Capital LLC, where he is a non-managing member. Following this transaction, he holds 272,481 shares directly and 8,188 shares indirectly via Tremson Capital Management, LLC, for which he disclaims beneficial ownership except for his pecuniary interest. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Other: 231,692 shares

Other 2 txns

Insider TUDER JEFFREY

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	231,692	$0.00	$0.00
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 272,481 shares (Direct); Common Stock — 8,188 shares (Indirect, See footnote)

Footnotes (2)

1. F1. Pro rata distribution from Rorschach Capital LLC, of which the reporting person is a non-managing member.
2. F2. The securities are held directly by Tremson Capital Management, LLC ("Tremson") and indirectly by Jeffrey Tuder, managing member of Tremson. Mr. Tuder disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

Key Figures

Shares acquired in distribution: 231,692 shares Direct holdings after transaction: 272,481 shares Indirect holdings after transaction: 8,188 shares +1 more

4 metrics

Shares acquired in distribution 231,692 shares Common stock received on September 17, 2026 via pro rata distribution from Rorschach Capital LLC

Direct holdings after transaction 272,481 shares Common stock directly held by Jeffrey Tuder following the September 17, 2026 transaction

Indirect holdings after transaction 8,188 shares Common stock held indirectly through Tremson Capital Management, LLC

Restructuring shares involved 231,692 shares Shares involved in restructuring-type transaction coded as other acquisition or disposition (Code J)

Key Terms

pro rata distribution, beneficial ownership, pecuniary interest

3 terms

pro rata distribution financial

"Pro rata distribution from Rorschach Capital LLC, of which the reporting person is a non-managing member"

A pro rata distribution is when a company or organization shares out money, assets, or benefits evenly among all eligible people based on their size or share. For example, if a company makes a profit and distributes it to shareholders, each person gets a portion proportional to how many shares they own. It ensures everyone gets their fair part based on their ownership or stake.

beneficial ownership financial

"Mr. Tuder disclaims beneficial ownership of such securities except to the extent of his pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein"

FAQ

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

What insider transaction did PURR director Jeffrey Tuder report?

Director Jeffrey Tuder reported acquiring 231,692 shares of Hyperliquid Strategies Inc common stock on September 17, 2026 via a pro rata distribution from Rorschach Capital LLC, of which he is a non-managing member.

How many PURR shares does Jeffrey Tuder now hold directly after this Form 4?

After the reported transaction, 272,481 shares of Hyperliquid Strategies Inc common stock are held directly in accounts associated with director Jeffrey Tuder.

What indirect holdings of Hyperliquid Strategies (PURR) does Jeffrey Tuder report?

The filing reports 8,188 shares of PURR common stock held indirectly through Tremson Capital Management, LLC. Tuder is managing member of Tremson and disclaims beneficial ownership except to the extent of his pecuniary interest.

Was Jeffrey Tuder’s PURR share acquisition made under a Rule 10b5-1 plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, so no Rule 10b5-1 trading plan is reported for these transactions.

What does the pro rata distribution in the PURR Form 4 mean?

The footnote states the 231,692-share acquisition came from a pro rata distribution by Rorschach Capital LLC to its members, including Tuder, reflecting a redistribution of shares held by that LLC rather than an open-market purchase.

Does the Form 4 attribute all reported PURR shares personally to Jeffrey Tuder?

No. Direct holdings of 272,481 shares are attributed to him, while 8,188 shares are held by Tremson Capital Management, LLC, with Tuder disclaiming beneficial ownership except for his pecuniary interest.

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

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Available on EDGAR 09/18/2026 - 06:26 PM Accepted by SEC EDGAR 09/18/2026 - 06:25 PM 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^*

TUDER JEFFREY

(Last) (First) (Middle)

C/O HYPERLIQUID STRATEGIES INC

477 MADISON AVENUE, 22ND FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2026

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

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

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

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	09/17/2026		J(1)		231,692	A	$0	272,481	D
Common Stock								8,188	I	See footnote(2)

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. Pro rata distribution from Rorschach Capital LLC, of which the reporting person is a non-managing member.

2. The securities are held directly by Tremson Capital Management, LLC ("Tremson") and indirectly by Jeffrey Tuder, managing member of Tremson. Mr. Tuder disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

	Jason T. Simon, Attorney-in-Fact	09/18/2026
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)