Hyperliquid Strategies Inc

Hyperliquid Strategies Inc (PURR) is a digital asset treasury company that holds and stakes HYPE digital assets as its primary business activity. Revenue is generated through staking, with staking revenue reported as the sole disclosed revenue line in the condensed consolidated statements of operations for the three and nine months ended March 31, 2026 (10-Q filed 2026-05-08). The company also recognized unrealized gains on HYPE digital assets as a material operating income item during those periods. Financing activity for the nine months ended March 31, 2026 totaled approximately $289.2 million, driven primarily by $302.1 million in net proceeds from a PIPE and subsequent equity issuances. The company reported a net loss of $165.4 million for the nine months ended March 31, 2026, including a $35.6 million IPR&D write-off from the Sonnet acquisition and $60.5 million in income tax expense tied to deferred tax liabilities on HYPE token appreciation. Rorschach Advisors LLC serves as strategic advisor on digital asset matters under a five-year Advisory Agreement.