Hyperliquid Strategies Inc. (PURR) SEC Filings & Earnings Calls
EquiReason read 14 Hyperliquid Strategies Inc. SEC filings in the last 12 months. Latest: DEF 14A on 2026-10-02 — Proxy statement for annual meeting seeking shareholder approval to issue shares exceeding 19.99% of outstanding common stock under a ChEF Purchase Agreement, and disclosing executi.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 1.7B
- P/E TTM
- —
- Dividend yield
- —
- 52-week
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- Next earnings
- 7 Dec, in 44 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
2 Oct 2026DEF 14AProxy statement for annual meeting seeking shareholder approval to issue shares exceeding 19.99% of outstanding common stock under a ChEF Purchase Agreement, and disclosing executive compensation changes.open
Risks flagged
Dilution from equity facility
“the issuance of shares of Common Stock to Chardan pursuant to the Purchase Agreement will not affect the rights of holders of outstanding shares of Common Stock, but such issuances will have a dilutive effect on the existing stockholders”
15 Sep 20268-K · 1.01Hyperliquid Strategies amended ChEF Purchase Agreement with Chardan Capital Markets, adjusting VWAP purchase price discounts to 98.5% and 97.0% after 160M shares sold.open
Risks flagged
Potential dilution from equity facility; discount to market price may pressure stock.
“purchase price ... equal to 98.5% of the VWAP ... or ... 97.0% of the VWAP”
14 Sep 20268-K · 1.01Amendment to ChEF Purchase Agreement reduces VWAP purchase price to 98.5% and off-hour VWAP to 97.0%, facilitating equity issuance at a discount.open
Risks flagged
Equity line at a discount increases dilution risk.
“Amendment reduces VWAP purchase price to 98.5% and off-hour to 97.0%.”
1 Sep 20268-K · 1.01Amendment to ChEF Purchase Agreement increases total commitment from $1.0B to $2.5B for issuance of common stock, with an exchange cap of 42,641,847 shares at $12.02 per share.open
Risks flagged
Potential dilution from equity issuance
“Exchange cap of 42,641,847 shares at $12.02 per share, representing 19.99% of outstanding shares.”
27 Aug 202610-KHyperliquid Strategies Inc. reported first full-year results with $9.5M revenue, $709.9M unrealized gain on HYPE, and $305.5M net income, driven by HYPE token accumulation and staking.earningsopen
Figures in the filing · each found in the filing text
| HYPE tokens held · 2026-08-23 | 29,400,000 | |
| Staked HYPE tokens · 2026-08-23 | 21,300,000 | |
| Revenue · FY2026 | $10M | |
| Net income · FY2026 | $306M | |
| Cash and cash equivalents · 2026-06-30 | $138M | |
| Unrealized gain on HYPE · FY2026 | $710M | |
| Equity facility drawn · 2026-06-30 | $647M | |
| HYPE digital assets fair value · 2026-06-30 | $1.90B |
Risks flagged
HYPE token price volatility
“Unrealized gain on HYPE digital tokens for the year ended June 30, 2026 was $709.9 million, resulting from the fair value changes of HYPE at June 30, 2026.” · word for word
Concentration risk in single token
“Our primary business is accumulating HYPE, the native token of the Hyperliquid Layer-1 blockchain ecosystem, on behalf of our stockholders.” · word for word
Limited operating history
“Each of the Company and Rorschach has a limited operating history and there is limited historical financial information upon which to base an evaluation of their performance.” · word for word
Custodian concentration
“Substantially all of the Company’s HYPE tokens are currently held by Anchorage, a federally chartered digital asset bank and qualified custodian.” · word for word
27 Aug 20268-K · 2.02, 7.01FY2026: $149.9M cash, zero debt, 29.3M HYPE tokens ($1.9B). Net income $305.5M (incl $709.9M unrealized gains). Raised $647M equity. HYPE token +77% in Q4. No revenue from operations; staking revenue $9.5M.earningsopen
Figures in the filing · each found in the filing text
| Cash and cash equivalents · FY2026 | $150M | |
| HYPE tokens held · FY2026 | 29,280,000 | +134% y/y |
| HYPE token value · FY2026 | $1.90B | |
| Net income · FY2026 | $306M | |
| Staking revenue · FY2026 | $10M | |
| Equity raised · FY2026 | $647M | |
| Total assets · FY2026 | $2.06B | |
| Stockholders' equity · FY2026 | $1.87B |
Risks flagged
Concentration risk in HYPE token; net income driven by unrealized gains; no operating revenue; crypto volatility.
“Net income primarily comprised of $709.9M net unrealized gains on HYPE tokens; no revenue from operations.”
26 Jun 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Key person dependency and retention risk; no financial performance metrics disclosed
“No financial guidance or operating metrics in filing”
8 May 202610-QHyperliquid Strategies Inc. reported Q3 fiscal 2026 results with net income of $152.5 million, driven by unrealized gains on HYPE digital assets, but a net loss of $165.4 million for the nine months due to one-time charges from the businessearningsopen
Figures in the filing · each found in the filing text
| Staking revenue · Q3-2026 | $3M | |
| Unrealized gain on HYPE digital assets · Q3-2026 | $198M | |
| HYPE digital assets (fair value) · 2026-03-31 | $689M | |
| Cash and cash equivalents · 2026-03-31 | $113M | |
| Net income (loss) · Q3-2026 | $153M | |
| Net income (loss) attributable to common stockholders · Q3-2026 | $126M | |
| Basic net income (loss) per share · Q3-2026 | $1.01 | |
| HYPE tokens held · 2026-03-31 | 18,826,355 |
Risks flagged
HYPE token price volatility
“The Company’s financial condition is substantially dependent on the market price and liquidity of HYPE tokens, which are subject to extreme volatility and limited trading venues.” · word for word
Concentration risk
“The Company's treasury assets are concentrated in cash and HYPE tokens, the native cryptocurrency of the Hyperliquid Layer 1 blockchain.” · word for word
Custodian risk
“the Company's HYPE tokens are held with a single custodian, and therefore the ability to access the HYPE tokens is driven by the custodian's ability to comply with contractual requirements.” · word for word
Blockchain adoption risk
“The Company depends on the success and adoption of the Hyperliquid Layer 1 blockchain for the value of its treasury holdings in HYPE tokens.” · word for word
Going concern risk (alleviated)
“Based on the Company’s current financial condition and forecast of cash flow needs for the next twelve months, Management expects that the Company’s existing resources will be sufficient to enable the Company to fund its anticipated level of operations through one year from the date these interim financial statements were issued.” · word for word
11 Feb 202610-QHyperliquid Strategies reported a net loss of $304.5M for Q2 FY2026, driven by unrealized losses on HYPE digital assets and acquisition-related charges, but raised significant capital through PIPE financing.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $500000.00 | |
| Net loss · Q2-2026 | $-304M | |
| HYPE digital assets (fair value) · 2025-12-31 | $328M | |
| Cash and cash equivalents · 2025-12-31 | $282M |
Risks flagged
HYPE token price dependency
“The Company’s financial condition is substantially dependent on the market price and liquidity of HYPE tokens, which are subject to extreme volatility and limited trading venues.” · word for word
Going concern risk (alleviated)
“Based on the Company’s current financial condition and forecast of cash flow needs for the next twelve months, Management expects that the Company’s existing resources will be sufficient to enable the Company to fund its anticipated level of operations through one year from the date these interim financial statements were issued.” · word for word
Concentration risk
“The Company’s treasury assets are concentrated in cash and HYPE tokens, the native cryptocurrency of the Hyperliquid Layer 1 blockchain.” · word for word
11 Feb 20268-K · 2.02, 7.01Released earnings results and quarterly financials; issued a Regulation FD disclosure (forward guidance or material update)earningsopen
Risks flagged
Volatility in digital asset holdings
“HYPE token price volatility and regulatory uncertainty”
8 Dec 20258-K · 7.01Stock repurchase authorization $30Mopen
Figures in the filing · each found in the filing text
| Stock repurchase authorization | $30M |
Risks flagged
Highly volatile nature of HYPE token price; stock price highly correlated to HYPE.
“Highly volatile nature of the price of HYPE tokens; stock price will be highly correlated to the price of HYPE tokens.” · word for word
Regulatory uncertainty regarding crypto assets.
“Significant legal, commercial, regulatory and technical uncertainty regarding HYPE tokens.” · word for word
8 Dec 202510-QHyperliquid Strategies Inc. completed a merger with Sonnet BioTherapeutics and Rorschach, becoming a digital asset treasury company with ~$300M cash and 12.5M HYPE tokens.open
Figures in the filing · each found in the filing text
| Net Loss · Q3-2025 | $1M | |
| Cash Raised from Transaction · 2025-12-02 | $300M | |
| HYPE Tokens Received · 2025-12-02 | 12,500,000 |
Risks flagged
No operating revenue; pre-revenue entity
“We have not generated any revenues to date.” · word for word
Dependence on digital asset market (HYPE tokens)
“we currently plan to use any proceeds therefrom for general corporate purposes, including potential purchases of HYPE Tokens.” · word for word
3 Dec 20258-K · 1.01, 2.01, 3.02, 3.03, 5.01, 5.02, 5.03, 5.05, 7.01, 8.01Chardan equity facility $1.00Bopen
Figures in the filing · each found in the filing text
| Chardan equity facility | $1.00B |
Risks flagged
Crypto asset volatility; HYPE token price risk; limited operating history.
“digital asset treasury reserve company; HYPE token exposure; crypto market risk”
Hyperliquid Strategies Inc. — questions
- What did Hyperliquid Strategies Inc. file recently?
- 14 SEC filings in the last 12 months. Latest: DEF 14A on 2026-10-02 — Proxy statement for annual meeting seeking shareholder approval to issue shares exceeding 19.99% of outstanding common stock under a ChEF Purchase Agreement, and disclosing executive compensation changes.
Every figure on this page comes from Hyperliquid Strategies Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.