Hyperliquid Strategies holder cuts stake below 5%

Rorschach Advisors LLC filed an amended ownership report for Hyperliquid Strategies Inc. common stock.

Rhea-AI Filing Summary

Rorschach Advisors LLC filed an amended ownership report for Hyperliquid Strategies Inc. common stock. The firm now reports beneficial ownership of 7,761,860 shares, representing 3.87% of the class, based on 200,563,860 shares outstanding as of July 15, 2026, as reported by the issuer. Rorschach holds sole voting and dispositive power over all of these shares and no shared power. This amendment is described as an exit filing because, on August 4, 2026, Rorschach distributed to its members the Advisor Warrants previously reported as owned by it and has ceased to be the beneficial owner of more than 5% of Hyperliquid Strategies Inc.’s outstanding common stock.

Key Figures

Beneficial ownership: 7,761,860 shares Ownership percentage: 3.87% Shares outstanding baseline: 200,563,860 shares +3 more

6 metrics

Beneficial ownership 7,761,860 shares Shares of Hyperliquid Strategies Inc. common stock beneficially owned by Rorschach Advisors LLC

Ownership percentage 3.87% Percentage of Hyperliquid Strategies Inc. common stock class beneficially owned by Rorschach Advisors LLC

Shares outstanding baseline 200,563,860 shares Hyperliquid Strategies Inc. common stock issued and outstanding as of July 15, 2026

Sole voting power 7,761,860 shares Shares over which Rorschach Advisors LLC has sole power to vote or direct the vote

Sole dispositive power 7,761,860 shares Shares over which Rorschach Advisors LLC has sole power to dispose or direct disposition

Ownership threshold event date August 4, 2026 Date on which Advisor Warrants were distributed to members and >5% ownership ceased

Key Terms

beneficial owner, sole voting power, sole dispositive power, Advisor Warrants, +1 more

5 terms

beneficial owner financial

"has ceased to be the beneficial owner of more than 5% of the Issuer's total shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

sole voting power financial

"Sole Voting Power 7,761,860.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 7,761,860.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Advisor Warrants financial

"distributed to its members the Advisor Warrants previously reported as being owned by it"

Ownership of 5 percent or less of a class regulatory

"Item 5. | Ownership of 5 Percent or Less of a Class."

FAQ

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

What percentage of Hyperliquid Strategies Inc (PURR) does Rorschach Advisors LLC now own?

Rorschach Advisors LLC reports beneficial ownership of 3.87% of Hyperliquid Strategies Inc.’s common stock, representing 7,761,860 shares based on 200,563,860 shares outstanding as of July 15, 2026.

How many Hyperliquid Strategies Inc (PURR) shares does Rorschach Advisors LLC control?

Rorschach Advisors LLC reports beneficial ownership of 7,761,860 Hyperliquid Strategies Inc. common shares, with sole voting and dispositive power over all of these shares and no shared voting or dispositive power.

Why is this Schedule 13G/A for Hyperliquid Strategies Inc (PURR) described as an exit filing?

It is described as an exit filing because on August 4, 2026, Rorschach Advisors LLC distributed the previously reported Advisor Warrants to its members and ceased to be a beneficial owner of more than 5% of the issuer’s outstanding common stock.

What share count did Hyperliquid Strategies Inc (PURR) report as outstanding for this ownership calculation?

The ownership percentage is calculated using 200,563,860 shares of Hyperliquid Strategies Inc. common stock issued and outstanding as of July 15, 2026, as reported in the company’s amendment to its Form S-1 filed July 21, 2026.

What voting and dispositive powers does Rorschach Advisors LLC report for Hyperliquid Strategies Inc (PURR)?

Rorschach Advisors LLC reports sole voting power and sole dispositive power over 7,761,860 shares, and no shared voting or shared dispositive power over any Hyperliquid Strategies Inc. shares.

Who signed the amended ownership report related to Hyperliquid Strategies Inc (PURR)?

The report was signed by /s/ David Ira Schamis, identified as Manager of Rorschach Advisors LLC, dated August 6, 2026.

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

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Available on EDGAR 08/06/2026 - 04:06 PM Accepted by SEC EDGAR 08/06/2026 - 04:05 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Hyperliquid Strategies Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

44916Y106

(CUSIP Number)

08/04/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 44916Y106

1

Names of Reporting Persons

Rorschach Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,761,860.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,761,860.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,761,860.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.87 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The Reporting Person is a Delaware limited liability company. With respect to row 11, the percentage is calculated based on 200,563,860 shares of common stock of the Issuer issued and outstanding as of July 15, 2026, as reported by the Issuer in its amendment to registration statement on Form S-1 filed on July 21, 2026. This Amendment No. 1 constitutes an exit filing as the Reporting Person has, on August 4, 2026, distributed to its members the Advisor Warrants previously reported as being owned by it, and has ceased to be the beneficial owner of more than 5% of the Issuer's total shares outstanding.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Hyperliquid Strategies Inc
(b)	Address of issuer's principal executive offices: 477 Madison Avenue, 22nd Floor, New York, NY 10022
Item 2.
(a)	Name of person filing: Rorschach Advisors LLC
(b)	Address or principal business office or, if none, residence: 477 Madison Avenue, 22nd Floor, New York, NY 10022
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 44916Y106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,761,860
(b)	Percent of class: 3,87%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 7,761,860
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 7,761,860
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Rorschach Advisors LLC

Signature:	/s/ David Ira Schamis
Name/Title:	Manager
Date:	08/06/2026