Hyperliquid director acquires 3.76M warrants

Q: What did the Hyperliquid Strategies Inc (PURR) director report on this Form 4?

The director reported acquiring three blocks of warrants on August 31, 2026, each for 1,253,860 shares of Hyperliquid Strategies Inc Common Stock, as part of an "other acquisition or disposition" restructuring transaction.

Q: How many Hyperliquid Strategies Inc (PURR) warrants were acquired in total?

In total, the director received 3,761,580 warrants, split into three equal blocks of 1,253,860 warrants each, all relating to Hyperliquid Strategies Inc Common Stock.

Q: What are the exercise prices of the PURR warrants reported?

The warrants have exercise prices of $9.375, $12.50, and $18.75 per share, with each price applying to a separate block of 1,253,860 warrants for Hyperliquid Strategies Inc Common Stock.

Q: When can the Hyperliquid Strategies Inc (PURR) warrants be exercised and when do they expire?

All three warrant blocks are first exercisable on December 2, 2025 and expire on December 2, 2030, giving a five-year window to purchase Hyperliquid Strategies Inc Common Stock at the stated exercise prices.

Q: How were the PURR warrants obtained according to the Form 4 footnote?

The Form 4 states the warrants were received through a pro rata distribution from Rorschach Capital LLC, of which the reporting person is described as a non-managing member, reflecting an internal entity distribution.

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

No. The filing indicates no Rule 10b5-1 trading plan for these transactions, meaning they were not reported as being executed under a pre-arranged trading plan.

A Hyperliquid Strategies Inc director received three large warrant blocks via a pro rata LLC distribution in a restructuring transaction, with strikes from $9.375 to $18.75.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Hyperliquid Strategies Inc (PURR) director Robert E. Diamond Jr. reported acquiring three blocks of warrants to purchase Common Stock on August 31, 2026, in an entity restructuring coded as an "other acquisition or disposition." Each block covers 1,253,860 warrants, received via a pro rata distribution from Rorschach Capital LLC, of which he is a non-managing member. The warrants have exercise prices of $9.375, $12.50, and $18.75 per share, are first exercisable on December 2, 2025, and expire on December 2, 2030. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Other: 3,761,580 shares

Other 3 txns

Insider Diamond Robert E. Jr.

Role Director

Type	Security	Shares	Price	Value
Other	warrant (right to buy) ^F1	1,253,860	$0.00	$0.00
Other	warrant (right to buy) ^F1	1,253,860	$0.00	$0.00
Other	warrant (right to buy) ^F1	1,253,860	$0.00	$0.00

Holdings After Transaction: warrant (right to buy) — 3,761,580 contracts (Direct)

Footnotes (1)

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

Key Figures

Warrants acquired at $9.375: 1,253,860 warrants Warrants acquired at $12.50: 1,253,860 warrants Warrants acquired at $18.75: 1,253,860 warrants +3 more

6 metrics

Warrants acquired at $9.375 1,253,860 warrants Block of warrants to buy Common Stock at a $9.375 exercise price

Warrants acquired at $12.50 1,253,860 warrants Block of warrants to buy Common Stock at a $12.50 exercise price

Warrants acquired at $18.75 1,253,860 warrants Block of warrants to buy Common Stock at an $18.75 exercise price

Total warrants acquired 3,761,580 warrants Sum of the three equal warrant blocks received in the restructuring

First exercise date December 2, 2025 Date from which all three warrant blocks become exercisable

Expiration date December 2, 2030 Expiration date for all three warrant series

Key Terms

warrant (right to buy), pro rata distribution, Rule 10b5-1, non-managing member

4 terms

warrant (right to buy) financial

"The security reported is a warrant (right to buy) for Common Stock"

pro rata distribution financial

"Pro rata distribution from Rorschach Capital LLC is described in a footnote"

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.

Rule 10b5-1 regulatory

"No Rule 10b5-1 trading plan is reported for these transactions"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

non-managing member financial

"The reporting person is a non-managing member of Rorschach Capital LLC"

FAQ

What did the Hyperliquid Strategies Inc (PURR) director report on this Form 4?

The director reported acquiring three blocks of warrants on August 31, 2026, each for 1,253,860 shares of Hyperliquid Strategies Inc Common Stock, as part of an "other acquisition or disposition" restructuring transaction.

How many Hyperliquid Strategies Inc (PURR) warrants were acquired in total?

In total, the director received 3,761,580 warrants, split into three equal blocks of 1,253,860 warrants each, all relating to Hyperliquid Strategies Inc Common Stock.

What are the exercise prices of the PURR warrants reported?

The warrants have exercise prices of $9.375, $12.50, and $18.75 per share, with each price applying to a separate block of 1,253,860 warrants for Hyperliquid Strategies Inc Common Stock.

When can the Hyperliquid Strategies Inc (PURR) warrants be exercised and when do they expire?

All three warrant blocks are first exercisable on December 2, 2025 and expire on December 2, 2030, giving a five-year window to purchase Hyperliquid Strategies Inc Common Stock at the stated exercise prices.

How were the PURR warrants obtained according to the Form 4 footnote?

The Form 4 states the warrants were received through a pro rata distribution from Rorschach Capital LLC, of which the reporting person is described as a non-managing member, reflecting an internal entity distribution.

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

No. The filing indicates no Rule 10b5-1 trading plan for these transactions, meaning they were not reported as being executed under a pre-arranged trading plan.

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Available on EDGAR 09/02/2026 - 04:36 PM Accepted by SEC EDGAR 09/02/2026 - 04:35 PM

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^*

Diamond Robert E. Jr.

(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)
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)
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)

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)
warrant (right to buy)	$9.375	08/31/2026		J⁽¹⁾		1,253,860		12/02/2025	12/02/2030	Common Stock	1,253,860	$0	1,253,860	D
warrant (right to buy)	$12.5	08/31/2026		J⁽¹⁾		1,253,860		12/02/2025	12/02/2030	Common Stock	1,253,860	$0	1,253,860	D
warrant (right to buy)	$18.75	08/31/2026		J⁽¹⁾		1,253,860		12/02/2025	12/02/2030	Common Stock	1,253,860	$0	1,253,860	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)

Source: View Original Filing on SEC EDGAR