Hyperliquid Strategies (PURR) COO gets 31,840-share distribution

Rhea-AI Filing Summary

Hyperliquid Strategies Inc reported that chief operating officer Jeroen Nieuwkoop received 31,840 shares of common stock in a zero‑price transaction on December 4, 2025. The filing shows this as a direct holding, giving him beneficial ownership of 31,840 shares after the transaction.

The transfer stems from the company’s recently completed business combination. On December 2, 2025, Hyperliquid Strategies completed a business combination under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc. and related entities. In connection with that closing, Rorschach Capital LLC received 6,580,800 shares of Hyperliquid Strategies common stock and subsequently distributed 31,840 of those shares to Mr. Nieuwkoop as a member of Rorschach Capital LLC.

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
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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^*

Nieuwkoop Jeroen

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

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	12/04/2025		J		31,840	A	(1)	31,840	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, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). On December 4, 2025, Rorschach Capital LLC distributed 31,840 shares of Common Stock to Mr. Nieuwkoop, a member of Rorschach Capital LLC.

	/s/ Jason T. Simon, Attorney-in-Fact	01/07/2026
	** 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).
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FAQ

What insider transaction did Hyperliquid Strategies (PURR) disclose?

The company disclosed that chief operating officer Jeroen Nieuwkoop received 31,840 shares of common stock in a transaction coded "J" on December 4, 2025.

How many Hyperliquid Strategies (PURR) shares does COO Jeroen Nieuwkoop now hold?

After the reported transaction, Jeroen Nieuwkoop beneficially owns 31,840 shares of Hyperliquid Strategies Inc common stock as a direct holding.

What was the price for the 31,840 PURR shares received by the COO?

The filing reports a transaction price per share of 0.0000, indicating the 31,840 shares were received without a cash purchase price.

Where did the 31,840 Hyperliquid Strategies shares come from?

According to the footnote, Rorschach Capital LLC distributed 31,840 shares of Hyperliquid Strategies common stock to Mr. Nieuwkoop, who is a member of Rorschach Capital LLC.

What business combination is referenced in the Hyperliquid Strategies (PURR) insider filing?

The filing explains that on December 2, 2025 Hyperliquid Strategies completed a business combination under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc. and related entities.

How many Hyperliquid Strategies shares did Rorschach Capital LLC receive at the business combination closing?

In connection with the closing of the business combination, Rorschach Capital LLC received 6,580,800 shares of Hyperliquid Strategies Inc common stock.

Does this filing show a sale of Hyperliquid Strategies (PURR) stock by the COO?

No. The transaction is coded "J" and shows 31,840 shares acquired at a price of 0.0000 per share, reflecting a distribution of shares to the COO rather than an open‑market sale.