Hyperliquid CEO acquires 1.61M PURR warrants

Hyperliquid Strategies Inc’s CEO received over 1.6 million warrants via a pro rata LLC distribution, in three tranches with different exercise prices and a 2030 expiration.

Rhea-AI Filing Summary

Hyperliquid Strategies Inc (PURR) director and CEO David Ira Schamis reported the acquisition of three blocks of 537,585 warrants each on August 31, 2026, through an entity restructuring transaction. Each warrant block is exercisable for common stock from December 2, 2025 and expires on December 2, 2030, with exercise prices of $9.375, $12.50, and $18.75 per share, respectively. The warrants were received as 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: 1,612,755 shares

Other 3 txns

Insider Schamis David Ira

Role CEO

Type	Security	Shares	Price	Value
Other	warrant (right to buy) F1	537,585	$0.00	$0.00
Other	warrant (right to buy) F1	537,585	$0.00	$0.00
Other	warrant (right to buy) F1	537,585	$0.00	$0.00

Holdings After Transaction: warrant (right to buy) — 1,612,755 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

Warrants acquired (per tranche): 537,585 warrants Total warrants acquired: 1,612,755 warrants Warrant exercise price (first tranche): $9.375 per share +4 more

7 metrics

Warrants acquired (per tranche) 537,585 warrants Each of three warrant blocks acquired on August 31, 2026

Total warrants acquired 1,612,755 warrants Sum of three equal tranches reported for August 31, 2026

Warrant exercise price (first tranche) $9.375 per share Exercise price for 537,585 warrants exercisable into common stock

Warrant exercise price (second tranche) $12.50 per share Exercise price for 537,585 warrants exercisable into common stock

Warrant exercise price (third tranche) $18.75 per share Exercise price for 537,585 warrants exercisable into common stock

Warrant exercisability date December 2, 2025 Date when each warrant tranche becomes exercisable

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

Key Terms

warrant, pro rata distribution, underlying security

3 terms

warrant financial

"security titled “warrant (right to buy)” linked to common stock"

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.

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.

underlying security financial

"underlying security identified as common stock for each warrant block"

FAQ

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

What did PURR’s CEO David Ira Schamis report on this Form 4?

He reported the acquisition of three blocks of 537,585 warrants each for Hyperliquid Strategies Inc common stock on August 31, 2026, received in connection with an entity restructuring transaction rather than an open-market purchase or sale.

How many total warrants did the CEO receive in this PURR filing?

In total, David Ira Schamis received 1,612,755 warrants, consisting of three equal tranches of 537,585 warrants. Each tranche relates to Hyperliquid Strategies Inc common stock and was received on August 31, 2026.

What are the exercise prices of the PURR warrants reported by the CEO?

The warrants reported by David Ira Schamis have exercise prices of $9.375, $12.50, and $18.75 per share. Each price applies to a separate tranche of 537,585 warrants covering Hyperliquid Strategies Inc common stock.

When can the PURR warrants held by the CEO be exercised and when do they expire?

Each tranche of warrants becomes exercisable on December 2, 2025 and expires on December 2, 2030. All three warrant blocks reported by David Ira Schamis share this same exercisability and expiration schedule.

How did the CEO obtain these PURR warrants according to the Form 4 footnote?

The footnote states the warrants were received as a pro rata distribution from Rorschach Capital LLC, of which David Ira Schamis is a non‑managing member, indicating the transaction arose from an internal ownership distribution rather than a market transaction.

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 reported for these warrant acquisitions by David Ira Schamis.

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

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Available on EDGAR 09/02/2026 - 04:35 PM EDT Accepted by SEC EDGAR 09/02/2026 - 04:35 PM EDT 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^*

Schamis David Ira

(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
X	Officer (give title below)		Other (specify below)
	CEO

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)		537,585		12/02/2025	12/02/2030	Common Stock	537,585	$0	537,585	D
warrant (right to buy)	$12.5	08/31/2026		J(1)		537,585		12/02/2025	12/02/2030	Common Stock	537,585	$0	537,585	D
warrant (right to buy)	$18.75	08/31/2026		J(1)		537,585		12/02/2025	12/02/2030	Common Stock	537,585	$0	537,585	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)