Hyperliquid Strategies Inc., the Nasdaq-listed HYPE token treasury firm, now holds about 20 million tokens, according to its fiscal third-quarter filing on Thursday.
The firm has deployed $216 million to acquire approximately 7.3 million HYPE tokens since its inception in December 2025. Hyperliquid Strategies went public last year through a merger with Sonnet BioTherapeutics to focus on accumulating HYPE tokens to maximize shareholder value through staking, yield optimization, and ecosystem participation.
"This quarter marked meaningful progress in establishing HSI as the leading public vehicle for capital efficient HYPE exposure, amid Hyperliquid's continued dominance in on-chain finance," Hyperliquid Strategies CEO David Schamis said in the filing.
"We materially scaled our HYPE treasury, announced our validator partnership with Unit, and completed the disposition of the majority of our legacy bio-tech operations — milestones that, together with disciplined capital deployment and growing staking revenue, deepen HSI's alignment with Hyperliquid's deflationary mechanics and ecosystem expansion," Schamis added.
In addition to buying HYPE, the firm has also deployed $10.5 million to repurchase about 3 million PURR shares at an average cost of $3.42 per PURR share. It maintains a $103 million cash position for future treasury deployments, repurchases and other corporate expenses.
That said, PURR reported a $165.4 million net loss for the past nine months ended March 31. This is "primarily attributable" to $64 million in net unrealized losses on its HYPE tokens, a one-time $35.6 million write-off related to the acquisition of the legacy Sonnet business and a $60.5 increase in deferred tax expense, the announcement states.
Staking revenue reached $2.6 million for the three-month period ended March 31, while interest income added another $1 million. Operating expenses came in at $7.2 million.
In March, Hyperliquid Strategies Inc launched options trading on its common stock PURR on the Nasdaq Options Market.