Every S-1 that Hyperliquid Strategies Inc (PURR) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A S-1 covers the registration statement a company files to sell shares publicly, so if you follow PURR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PURR filings page.
Hyperliquid Strategies Inc (symbol PURR) is registering for resale up to 160,000,000 shares of common stock that may be issued to Chardan Capital Markets LLC under a committed equity facility with a $2.5 billion total purchase commitment. These are being offered solely by Chardan as the selling securityholder.
The company’s common stock outstanding was 237,919,288 shares as of September 8, 2026; if the full 160,000,000 shares were issued and outstanding, that total would rise to 397,919,288 shares. Hyperliquid has already received about $1.1 billion in gross proceeds from prior sales to Chardan and may receive up to approximately $1.4 billion more, with intended uses including general corporate purposes and potential purchases of HYPE Tokens.
Hyperliquid Strategies Inc is registering up to 35,156,660 shares of Common Stock for resale by Rorschach Advisors LLC, including 7,761,860 issued shares and 27,394,800 shares underlying Advisor Warrants exercisable over five years at $9.375, $12.50 and $18.75.
The company will not receive proceeds from these resales and expects limited cash from warrant exercises because the warrants permit cashless exercise. If all Advisor Warrant Shares are issued and sold, the Advisor Shares would equal about 15.4% of outstanding Common Stock as of July 15, 2026, which the company states could pressure its trading price.
Following its December 2025 business combination with Sonnet BioTherapeutics and Rorschach I LLC, Hyperliquid became a holding company whose principal assets are HYPE tokens and cash. At Closing it held approximately $580 million in HYPE tokens (valued at $46.372 per token in the agreement) and about $310 million in cash, before expenses. A $1.0 billion committed equity facility with Chardan has already generated roughly $647 million in net proceeds through sales of about 76.1 million shares, primarily to purchase additional HYPE tokens. The company highlights significant volatility and legal and regulatory uncertainty around digital assets and notes that its stock price could be highly correlated to the price of HYPE.
Hyperliquid Strategies Inc. has filed an amended Form S-1 to register up to 35,156,660 shares of common stock for potential resale by Rorschach Advisors LLC. These include 7,761,860 Advisor Issued Shares and up to 27,394,800 Advisor Warrant Shares issuable upon exercise of Advisor Warrants.
The Advisor Warrants are exercisable for five years after the December 2, 2025 closing of the business combination with Sonnet BioTherapeutics, at exercise prices of $9.375, $12.50 and $18.75 for equal portions. The company will not receive proceeds from resales and is unlikely to receive significant cash from warrant exercises because a cashless exercise feature is available.
The filing notes that if all Advisor Shares are issued and sold, they would represent about 17.9% of outstanding common stock as of June 15, 2026, which could pressure the PURR share price. The prospectus also emphasizes the company’s HYPE token–focused treasury strategy and extensive related regulatory and market risks.
Hyperliquid Strategies Inc has filed an amended Form S-1 to register up to 35,156,660 shares of common stock for potential resale by Rorschach Advisors LLC. This includes 7,761,860 issued shares and 27,394,800 shares issuable upon exercise of Advisor Warrants with tiered strike prices.
The company will not receive proceeds from any resale of these shares and is unlikely to receive cash from warrant exercises because the warrants allow cashless exercise. If all Advisor Warrant Shares are issued and sold, the Advisor Shares would equal about 17.9% of outstanding stock as of June 15, 2026, creating a significant potential overhang.
Hyperliquid Strategies is now a holding company whose main assets are large HYPE token holdings and cash. At closing of its prior business combination, it held approximately $580 million in HYPE tokens (valued at $46.372 per token under the deal) and about $310 million in cash. The prospectus highlights extensive risks tied to HYPE’s extreme price volatility, evolving digital‑asset regulation, custody and security vulnerabilities, and potential exposure to the corporate alternative minimum tax from fair‑value accounting of its crypto holdings.
Hyperliquid Strategies Inc has filed a resale registration covering up to 35,156,660 shares of common stock for Rorschach Advisors LLC, the selling securityholder. The shares consist of 7,761,860 Advisor Issued Shares and up to 27,394,800 Advisor Warrant Shares issuable upon exercise of Advisor Warrants.
The company will not receive proceeds from the resale of these shares. Although it could receive cash from warrant exercises, the warrants include a cashless exercise feature that makes cash exercises unlikely. If all Advisor Warrant Shares are issued and sold, the Advisor Shares would represent approximately 20.5% of outstanding common stock as of May 19, 2026, creating a potential overhang on the stock.
The business now operates as a holding company owning HYPE tokens and cash following its business combination with Sonnet BioTherapeutics and Rorschach I LLC, and pursues a cryptocurrency treasury strategy centered on HYPE. The prospectus highlights significant risks tied to HYPE’s price volatility, evolving digital-asset regulation, potential investment company and tax treatment issues, and custody and cybersecurity risks around its large HYPE holdings.