Hyperliquid Strategies Inc (PURR) director receives 636,800-share distribution

Rhea-AI Filing Summary

Hyperliquid Strategies Inc director Mr. Diamond reported acquiring 636,800 shares of the company’s common stock in a transaction dated December 4, 2025. The shares were distributed to him by Rorschach Capital LLC, of which he is a member, after that entity received 6,580,800 common shares at the closing of Hyperliquid’s previously announced business combination with Sonnet BioTherapeutics Holdings, Inc. and related parties.

Following this distribution, Mr. Diamond beneficially owns 636,800 shares of Hyperliquid Strategies Inc common stock, held directly.

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

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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^*

Diamond Robert E. Jr.

(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)
12/04/2025

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		636,800	A	(1)	636,800	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 636,800 shares of Common Stock to Mr. Diamond, a member of Rorschach Capital LLC.

	/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.
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FAQ

What insider transaction did Hyperliquid Strategies Inc (PURR) disclose?

The filing reports that Mr. Diamond, a director of Hyperliquid Strategies Inc, acquired 636,800 shares of the company’s common stock on December 4, 2025 through a distribution from Rorschach Capital LLC.

How many Hyperliquid Strategies Inc (PURR) shares does Mr. Diamond own after the transaction?

After the reported transaction, Mr. Diamond beneficially owns 636,800 shares of Hyperliquid Strategies Inc common stock, held in direct ownership.

What is Mr. Diamond’s relationship to Hyperliquid Strategies Inc (PURR)?

Mr. Diamond is disclosed as a director of Hyperliquid Strategies Inc, as indicated in the relationship section of the filing.

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

The filing notes that on December 2, 2025, Hyperliquid Strategies Inc completed a previously announced business combination under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc., Rorschach I LLC, TBS Merger Sub Inc., and Rorschach Merger Sub, LLC.

How many Hyperliquid Strategies Inc (PURR) shares did Rorschach Capital LLC receive at closing?

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

What transaction code is used for Mr. Diamond’s share acquisition in the Hyperliquid Strategies Inc (PURR) filing?

The transaction in which Mr. Diamond acquired 636,800 shares is reported with transaction code "J" in Table I of the filing.