Hyperliquid Strategies (PURR) director reports 2,082-share grant in merger

Rhea-AI Filing Summary

Hyperliquid Strategies Inc director Nailesh Bhatt reported receiving 2,082 shares of the company’s common stock on December 2, 2025. After this transaction, she beneficially owns 2,082 common shares in a direct capacity.

The filing explains that the shares were issued in connection with the closing of a previously announced business combination between Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings, Inc. Ms. Bhatt received the shares in exchange for certain Sonnet securities she held before the transaction closed.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Bhatt Nailesh

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	2,082	$0.00	$0.00

Holdings After Transaction: Common Stock — 2,082 shares (Direct)

Footnotes (1)

1. F1. On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the "BCA"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. ("Sonnet"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Ms. Nailesh Bhatt received 2,082 shares of common stock, par value $0.01 per share, of the Company, in exchange of certain securities of Sonnet Ms. Bhatt held prior to the Closing.

FAQ

What insider transaction did Hyperliquid Strategies (PURR) report in this Form 4?

The Form 4 reports that director Nailesh Bhatt received 2,082 shares of Hyperliquid Strategies Inc common stock on December 2, 2025.

What is Nailesh Bhatt’s relationship to Hyperliquid Strategies Inc (PURR)?

Nailesh Bhatt is reported as a director of Hyperliquid Strategies Inc on this Form 4.

How many Hyperliquid Strategies (PURR) shares does the reporting person own after the transaction?

Following the reported transaction, Nailesh Bhatt beneficially owns 2,082 shares of Hyperliquid Strategies Inc common stock, held directly.

What was the date of the reported Hyperliquid Strategies (PURR) insider transaction?

The earliest transaction date reported on the Form 4 is December 2, 2025.

Why did Nailesh Bhatt receive Hyperliquid Strategies (PURR) shares?

The explanation states that the 2,082 shares were received in connection with the closing of a previously announced business combination between Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings, Inc., in exchange for certain Sonnet securities she held before closing.

Was the Hyperliquid Strategies (PURR) transaction related to a merger or business combination?

Yes. The filing notes that on December 2, 2025, Hyperliquid Strategies Inc completed a business combination under a Business Combination Agreement involving Sonnet BioTherapeutics Holdings, Inc., and the shares to Ms. Bhatt were issued in connection with that closing.

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Accepted by SEC EDGAR 12/12/2025 - 11:55 AM 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^*

Bhatt Nailesh

(Last) (First) (Middle)

C/O HYPERLIQUID STRATEGIES INC

477 MADISON AVENUE, 22ND FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
12/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	12/02/2025		J		2,082	A	(1)	2,082	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. On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the "BCA"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. ("Sonnet"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Ms. Nailesh Bhatt received 2,082 shares of common stock, par value $0.01 per share, of the Company, in exchange of certain securities of Sonnet Ms. Bhatt held prior to the Closing.

	/s/ Jason T. Simon, Attorney-in-Fact	12/12/2025
	** 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.
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