Hyperliquid director gets 832K shares in transfer

A Hyperliquid Strategies Inc director received over 800,000 PURR shares via a pro rata distribution from an affiliated LLC, increasing his reported direct holdings.

Available on EDGAR 09/18/2026 - 06:27 PM EDT Accepted by SEC EDGAR 09/18/2026 - 06:26 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Hyperliquid Strategies Inc (PURR) director Robert E. Diamond Jr. reported acquiring 832,750 shares of common stock on September 17, 2026 in an "other" transaction classified as a restructuring. The shares were received as a pro rata distribution from Rorschach Capital LLC, where he is a non-managing member, bringing his directly reported holdings to 1,510,339 shares. No Rule 10b5-1 trading plan is reported for this transaction.

Insider Trade Summary

Other: 832,750 shares

Other 1 txn

Insider Diamond Robert E. Jr.

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock F1	832,750	$0.00	$0.00

Holdings After Transaction: Common Stock — 1,510,339 shares (Direct)

Holdings Before and After: Common Stock, 677,589 to 1,510,339 shares (Direct)

Footnotes (1)

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

Key Figures

Shares acquired: 832,750 shares Price per share: $0.00 Shares held after transaction: 1,510,339 shares +2 more

5 metrics

Shares acquired 832,750 shares Common stock received on September 17, 2026 in restructuring transaction

Price per share $0.00 Reported for the restructuring distribution of 832,750 shares

Shares held after transaction 1,510,339 shares Directly owned by Robert E. Diamond Jr. following the reported transaction

Restructuring shares 832,750 shares Classified in the summary as restructuring-related shares

Transaction date September 17, 2026 Date of the Form 4 reportable transaction

Key Terms

pro rata distribution, non-managing member, Rule 10b5-1, restructuring

4 terms

pro rata distribution financial

"Pro rata distribution from Rorschach Capital LLC, of which the reporting person"

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.

non-managing member financial

"of which the reporting person is a non-managing member"

Rule 10b5-1 regulatory

"No Rule 10b5-1 trading plan is reported for this transaction"

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.

restructuring financial

"the summary as restructuring-related shares"

Restructuring is a deliberate rearrangement of a company’s operations, finances, or ownership—like reorganizing a cluttered house to run more efficiently—often involving cost cuts, asset sales, debt changes, or staff moves. Investors pay attention because restructuring can improve profitability and free up cash, but it can also signal distress, incur one-time costs, or dilute shareholder value; its success affects future earnings and stock performance.

FAQ

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

What insider transaction did PURR director Robert E. Diamond Jr. report?

He reported acquiring 832,750 shares of Hyperliquid Strategies Inc common stock on September 17, 2026 in an “other” restructuring-type transaction, received as a pro rata distribution from Rorschach Capital LLC.

How many PURR shares does Robert E. Diamond Jr. hold after this Form 4 transaction?

Following the reported transaction, Robert E. Diamond Jr. is shown as directly holding 1,510,339 shares of Hyperliquid Strategies Inc common stock.

What is the nature of the entity involved in the PURR Form 4 restructuring?

The transaction reflects a pro rata distribution of shares from Rorschach Capital LLC, an entity in which Robert E. Diamond Jr. is described as a non-managing member.

Was the PURR insider transaction executed under a Rule 10b5-1 trading plan?

No. The filing shows the Rule 10b5-1 checkbox as not affirmed, so no Rule 10b5-1 trading plan is reported for this transaction.

Did the PURR insider pay a price per share in this Form 4 transaction?

The transaction lists a $0.00 price per share, consistent with a non-market restructuring event where shares were received as a distribution rather than purchased in the open market.

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^*

Diamond Robert E. Jr.

(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)
09/17/2026

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	09/17/2026		J(1)		832,750	A	$0	1,510,339	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. Pro rata distribution from Rorschach Capital LLC, of which the reporting person is a non-managing member.

	Jason T. Simon, Attorney-in-Fact	09/18/2026
	** 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)