Hyperliquid Strategies director gets 2,037-share award

The director elected to receive common shares instead of cash compensation under the issuer’s 2025 Equity Incentive Plan.

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

Hyperliquid Strategies Inc director Nailesh Bhatt acquired 2,037 shares of common stock on October 1, 2026, bringing his directly held position to 48,951 shares. He elected to receive the shares as compensation in lieu of cash under the issuer’s 2025 Equity Incentive Plan; the transaction was reported as a grant or award.

Insider Trade Summary

Grant/Award: 2,037 shares

Grant/Award 1 txn

Insider Bhatt Nailesh

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock ^F1	2,037	--	--

Holdings After Transaction: Common Stock — 48,951 shares (Direct)

Footnotes (1)

F1. Represents shares of common stock the reporting person elected to receive as compensation in lieu of cash pursuant to the Issuer's 2025 Equity Incentive Plan.

Key Figures

Common shares acquired: 2,037 shares Direct common shares following transaction: 48,951 shares

2 metrics

Common shares acquired 2,037 shares October 1, 2026; compensation in lieu of cash

Direct common shares following transaction 48,951 shares After the October 1, 2026 transaction

Key Terms

2025 Equity Incentive Plan, compensation in lieu of cash

2 terms

2025 Equity Incentive Plan financial

"under the Issuer's 2025 Equity Incentive Plan"

compensation in lieu of cash financial

"shares of common stock the reporting person elected to receive as compensation in lieu of cash"

FAQ

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

How many shares did PURR director Nailesh Bhatt acquire?

Nailesh Bhatt acquired 2,037 shares of common stock on October 1, 2026. He elected to receive them as compensation in lieu of cash under the issuer’s 2025 Equity Incentive Plan.

How many PURR shares did Nailesh Bhatt hold after the transaction?

His reported directly held position after the transaction was 48,951 shares of common stock.

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

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Available on EDGAR 10/15/2026 - 09:39 PM EDT Accepted by SEC EDGAR 10/15/2026 - 09:38 PM EDT

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^*

Bhatt Nailesh

(Last)

(First)

(Middle)

C/O HYPERLIQUID STRATEGIES INC

477 MADISON AVENUE, 22ND FLOOR

(Street)

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)
10/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/01/2026		A		2,037	A⁽¹⁾	⁽¹⁾	48,951	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents shares of common stock the reporting person elected to receive as compensation in lieu of cash pursuant to the Issuer's 2025 Equity Incentive Plan.

	Jason T. Simon, Attorney-in-Fact	10/15/2026
	** 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)

Source: View Original Filing on SEC EDGAR