Hyperliquid director gets warrants on 817K shares

Hyperliquid Strategies Inc (PURR) director Jeffrey Tuder reported acquiring three blocks of warrants to purchase 272,578 shares of common stock each, with exercise prices of $9.375, $12.50, and $18.75 per share.

Rhea-AI Filing Summary

Hyperliquid Strategies Inc (PURR) director Jeffrey Tuder reported acquiring three blocks of warrants to purchase 272,578 shares of common stock each, with exercise prices of $9.375, $12.50, and $18.75 per share. The warrants become exercisable on December 2, 2025 and expire on December 2, 2030. The reporting person states these warrants were received in a pro rata distribution from Rorschach Capital LLC, where he is a non-managing member, and no Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Other: 817,734 shares

Other 3 txns

Insider TUDER JEFFREY

Role Director

Type	Security	Shares	Price	Value
Other	warrant (right to buy) F1	272,578	$0.00	$0.00
Other	warrant (right to buy) F1	272,578	$0.00	$0.00
Other	warrant (right to buy) F1	272,578	$0.00	$0.00

Holdings After Transaction: warrant (right to buy) — 817,734 contracts (Direct)

Footnotes (1)

1. F1. Pro rata distribution from Rorschach Capital LLC, of which the reporting person is a non-managing member.

Key Figures

Warrant tranche size: 272,578 warrants Total underlying common shares: 817,734 shares First warrant exercise price: $9.375 per share +4 more

7 metrics

Warrant tranche size 272,578 warrants Each of the three warrant blocks reported on August 31, 2026

Total underlying common shares 817,734 shares Total common shares underlying all three warrant blocks

First warrant exercise price $9.375 per share Exercise price for one 272,578-warrant block

Second warrant exercise price $12.50 per share Exercise price for one 272,578-warrant block

Third warrant exercise price $18.75 per share Exercise price for one 272,578-warrant block

Warrant exercisability date December 2, 2025 Date on which all three warrant tranches become exercisable

Warrant expiration date December 2, 2030 Expiration date for all three warrant tranches

Key Terms

pro rata distribution, warrant, exercise price

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.

warrant financial

"warrant (right to buy) linked to common stock with stated exercise prices and expiration."

A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.

exercise price financial

"warrants to buy common stock at exercise prices of $9.375, $12.50, and $18.75 per share."

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

What did PURR director Jeffrey Tuder report on this Form 4?

He reported acquiring three blocks of warrants, each for 272,578 shares of Hyperliquid Strategies Inc common stock, received via a pro rata distribution from Rorschach Capital LLC, where he is a non-managing member.

What are the exercise prices of the warrants reported for PURR?

The filing lists three warrant tranches, each for 272,578 shares, with exercise prices of $9.375, $12.50, and $18.75 per share, respectively.

When can the PURR warrants acquired by Jeffrey Tuder be exercised and when do they expire?

All three warrant tranches become exercisable on December 2, 2025 and expire on December 2, 2030, according to the Form 4.

How many total underlying PURR shares are covered by the warrants in this Form 4?

Each of the three warrant positions covers 272,578 underlying common shares, for a reported total of 817,734 underlying shares of Hyperliquid Strategies Inc common stock.

Were the PURR warrant transactions made under a Rule 10b5-1 trading plan?

No. The filing indicates that no Rule 10b5-1 trading plan is associated with these warrant acquisitions.

What is the source of the PURR warrants acquired by Jeffrey Tuder?

A footnote states the warrants were received as a pro rata distribution from Rorschach Capital LLC, of which Jeffrey Tuder is described as a non-managing member.

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

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Available on EDGAR 09/02/2026 - 04:36 PM Accepted by SEC EDGAR 09/02/2026 - 04:36 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)
08/31/2026

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

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
warrant (right to buy)	$9.375	08/31/2026		J(1)		272,578		12/02/2025	12/02/2030	Common Stock	272,578	$0	272,578	D
warrant (right to buy)	$12.5	08/31/2026		J(1)		272,578		12/02/2025	12/02/2030	Common Stock	272,578	$0	272,578	D
warrant (right to buy)	$18.75	08/31/2026		J(1)		272,578		12/02/2025	12/02/2030	Common Stock	272,578	$0	272,578	D

Explanation of Responses:

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

	Jason T. Simon, Attorney-in-Fact	09/02/2026
	** 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)