Director at Hyperliquid Strategies (PURR) takes 3,274 restricted shares as pay

Rhea-AI Filing Summary

LEIBOWITZ LAWRENCE E reported acquisition or exercise transactions in this Form 4 filing.

Hyperliquid Strategies Inc director Lawrence E. Leibowitz received a grant of 3,274 restricted shares of common stock. The shares were taken as compensation in lieu of cash under the company’s 2025 Equity Incentive Plan and were reported at a price of $0.00 per share.

After this award, Leibowitz directly holds 83,863 shares of common stock. This is a routine, compensation-related equity grant rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LEIBOWITZ LAWRENCE E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,274	$0.00	--

Holdings After Transaction: Common Stock — 83,863 shares (Direct)

Footnotes (1)

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Key Figures

Restricted shares granted: 3,274 shares Reported grant price: $0.00 per share Shares held after transaction: 83,863 shares

3 metrics

Restricted shares granted 3,274 shares Director equity grant as compensation in lieu of cash

Reported grant price $0.00 per share Restricted stock award under 2025 Equity Incentive Plan

Shares held after transaction 83,863 shares Director’s direct common stock holdings following grant

Key Terms

restricted shares, compensation in lieu of cash, 2025 Equity Incentive Plan, grant/award acquisition

4 terms

restricted shares financial

"Represents restricted shares of common stock the reporting person elected to receive"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

compensation in lieu of cash financial

"elected to receive as compensation in lieu of cash pursuant to the Issuer's 2025 Equity Incentive Plan"

2025 Equity Incentive Plan financial

"pursuant to the Issuer's 2025 Equity Incentive Plan"

grant/award acquisition financial

"transaction_action: grant/award acquisition"

Form 4 Insider Transactions: What Each Field Means →

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^*

LEIBOWITZ LAWRENCE E

(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)
04/01/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/01/2026		A		3,274	A(1)	$0(1)	83,863	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. Represents restricted 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.

	/s/ Jason T. Simon, Attorney-in-Fact	04/02/2026
	** 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)

FAQ

What insider transaction did PURR director Lawrence E. Leibowitz report?

Lawrence E. Leibowitz reported receiving 3,274 restricted shares of Hyperliquid Strategies Inc common stock. The grant was compensation in lieu of cash under the 2025 Equity Incentive Plan and is a routine, non-market equity award for a director.

Was the PURR Form 4 transaction an open-market buy or sell?

The Form 4 transaction was not an open-market buy or sell. It reflects a grant of restricted shares as compensation in lieu of cash, with a reported price of $0.00 per share, under Hyperliquid Strategies Inc’s 2025 Equity Incentive Plan.

How many Hyperliquid Strategies (PURR) shares did the director receive?

The director received 3,274 restricted shares of Hyperliquid Strategies Inc common stock. These shares were issued as part of his compensation instead of cash, according to the company’s 2025 Equity Incentive Plan, and are characterized as a grant or award acquisition.

What are Lawrence E. Leibowitz’s holdings in PURR after this grant?

After the grant, Lawrence E. Leibowitz directly holds 83,863 shares of Hyperliquid Strategies Inc common stock. This total reflects his position following receipt of 3,274 restricted shares awarded as compensation under the company’s 2025 Equity Incentive Plan.

How was the PURR equity award to the director structured?

The equity award was structured as restricted shares of common stock received instead of cash compensation. The director elected to take 3,274 restricted shares at a reported price of $0.00 under Hyperliquid Strategies Inc’s 2025 Equity Incentive Plan, making it a non-cash compensation grant.