What is the nature of the 7,367-share award reported by Hyperliquid Strategies (PURR)?

The 7,367-share award consists of restricted shares of common stock granted as compensation in lieu of cash. It is issued under Hyperliquid Strategies’ 2025 Equity Incentive Plan and is categorized on Form 4 as a grant, award, or other acquisition transaction for the director.

Hyperliquid director gets 7,367-share stock award

KING THOMAS C. reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 04/02/2026 - 02:54 PM EDT

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Form Type

Rhea-AI Filing Summary

KING THOMAS C. reported acquisition or exercise transactions in this Form 4 filing.

Hyperliquid Strategies Inc director Thomas C. King received a grant of 7,367 restricted shares of common stock as compensation in lieu of cash. The award was made under the company’s 2025 Equity Incentive Plan and increased his directly held common stock to 72,036 shares.

Insider Trade Summary

Grant/Award: 7,367 shares

Grant/Award 1 txn

Insider KING THOMAS C.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7,367	$0.00	$0.00

Holdings After Transaction: Common Stock — 72,036 shares (Direct)

Holdings Before and After: Common Stock, 64,669 to 72,036 shares (Direct)

Footnotes (1)

F1. 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.

Key Figures

Restricted shares granted: 7,367 shares Grant price per share: $0.0000 per share Shares held after transaction: 72,036 shares

3 metrics

Restricted shares granted 7,367 shares Grant of common stock compensation on April 1, 2026

Grant price per share $0.0000 per share Reported transaction price for restricted stock grant

Shares held after transaction 72,036 shares Total directly owned common stock following the award

Key Terms

restricted shares, compensation in lieu of cash, 2025 Equity Incentive Plan, Grant, award, or other 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, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition"

FAQ

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

What insider transaction did Hyperliquid Strategies (PURR) report for Thomas C. King?

Thomas C. King received 7,367 restricted shares of Hyperliquid Strategies common stock as compensation in lieu of cash. The shares were granted under the 2025 Equity Incentive Plan and are classified as a grant or award acquisition, not an open-market purchase or sale.

Is the Hyperliquid Strategies (PURR) Form 4 transaction an open-market buy or sell?

The Form 4 transaction is a stock grant, not an open-market buy or sell. Director Thomas C. King received 7,367 restricted shares as equity compensation in place of cash, with a reported price of $0.0000 per share under the 2025 Equity Incentive Plan.

How many Hyperliquid Strategies (PURR) shares does Thomas C. King hold after this grant?

After receiving 7,367 restricted shares, Thomas C. King holds 72,036 shares of Hyperliquid Strategies common stock directly. This total reflects his position following the April 1, 2026 award made under the company’s 2025 Equity Incentive Plan as reported on Form 4.

What does the footnote on the Hyperliquid Strategies (PURR) Form 4 explain about the shares?

The footnote explains that the 7,367 shares are restricted common stock elected as compensation instead of cash. They were issued pursuant to Hyperliquid Strategies’ 2025 Equity Incentive Plan, clarifying that the director chose equity-based pay rather than receiving an equivalent cash amount for this compensation.

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

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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^*

KING THOMAS C.

(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)
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)
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	04/01/2026		A		7,367	A⁽¹⁾	$0⁽¹⁾	72,036	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 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)

Source: View Original Filing on SEC EDGAR