Trading Gladiator

Buying $BB at $5 BlackBerry successfully pivoted from phones to critical tech. Their QNX software now powers 275M cars, surgical robots, and industrial automation The Stats: • QNX = 50% of revenue • 4 straight profitable quarters • Stock up 50% since last earnings I like it

$HYPE A scalp long trade if it comes to fruition.

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

Official mascot of ChatGPT $CHATTY 9EwutmiMiLHoH5hj5aCLMDJUdsLZVg926ZmDdr8Ppump Og one.

OPENAI PLANS TO FILE CONFIDENTIALLY WITH REGULATORS SOON, POSSIBLY AS EARLY AS FRIDAY-WSJ

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

His Rubik’s Cube mural of SGA fell 💔

Capitalizing on The Biggest IPO Season In History: The $PURR Trade (Current Price: 6.8$) Historically, mNAV for these types of plays in a bull market sits between 1.5x and 2.3x. Right now, $PURR is trading at a rare ~1.2x mNAV floor to $HYPE. It’s pretty obvious $HYPE is the main index asset of this coming cycle. The real question is how much has been priced in yet? Answer: not anywhere near full. 1. The Product-Market Fit is Already Proven The $CBRS IPO is the first market-validated proof that $HYPE has found massive product-market fit on pre-IPO trading. It brought mass mindshare and volume to the ecosystem. First trading day was literally just the market choosing Hyperliquid as the primary venue for pre-IPO price exploration. 2. The Multi-Trillion Dollar Catalyst If you think the $CBRS IPO ($40B) was bullish for Hyperliquid, know that we have literally 100x of that lined up in Q3 and Q4. The biggest IPO season in history is coming: • SpaceX ($1.75 Trillion) • Anthropic ($1.2 Trillion) • OpenAI ($850 Billion) The volume routed to $HYPE as the primary pre-IPO venue for these giants is going to be nothing like we’ve seen, ever. 3. The Asymmetric Math (mNAV Expansion) Right now, HYPE is around $43 and PURR is $6.80 (mNAV = ~1.2x). Because we are sitting at the absolute premium floor, you get a massive double-multiplier effect as the market heats up: • If HYPE goes to $90 and mNAV expands to a standard 2x, PURR goes to $28. • The premium won't stay at 1.2x in these conditions, and it mathematically won't go below 1x because PURR would just sell HYPE to buy back and protect its own stock price. The Play: Holding $HYPE itself remains the best vehicle for clean, long-term exposure. But for anyone looking for excess risk and convex, asymmetric returns, Q3 and Q4 in-the-money calls on $PURR are the cleanest instrument on the board while mNAV sits near-parity. I’m long $PURR

War going to resume tomorrow, signed insiders in the market knowing what Trump is gonna do