Hyperliquid Strategies Inc

HypurrCo Gathers will be back in our home-ground in Singapore for @token2049 . Date: Thursday, Oct 8, 2026 Time: 11am-3pm Location: Singapore RSVP here 👉 luma.com/mmrfj0pz Details will follow, alongside headline sponsors reveal 👀 If you're interested in sponsoring the event, there are a few spots left. Please feel free to drop us a DM!

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Shaunda Devens x HRC We’re excited to share that HRC and @shaundadevens will be collaborating on independent research to help reduce the information gap around Hyperliquid. Shaunda has been one of the leading analysts covering Hyperliquid, and with the recent surge in equity perps on Trade[XYZ], his voice has only grown stronger, backed by several high-quality research pieces on efficiency and price discovery. In line with @blockworksres's mandate to democratize access to transparent data and institutional-level coverage, several of Shaunda’s Hyperliquid reports have already been made publicly accessible. We’re glad to share that these pieces will now also be aggregated on the HRC website, helping bring high-quality Hyperliquid research together in one place. But that’s not all. On Tuesday, we’ll be releasing a joint report. Thank you for all the work you’ve been doing for the Hyperliquid ecosystem. We’re looking forward to further collaboration. Links to his three latest Hyperliquid articles below. Hyperliquid.

Some key takeaways from $PURR second earnings call 1. Trade[XYZ] & HIP-3 momentum @dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed. “When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.” 2. HIP-4: Outcome Markets While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives. A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape. 3. Growing mainstream recognition Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform. 4. $HYPE correlation dynamics David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events. 5. Balance sheet & capital allocation - $HYPE holdings: ~20M tokens (following ~$216M deployed since listing) - Additional purchases: 7.3M HYPE at ~$29.53 average - $PURR buybacks: $10.5M in December at ~$3.42 - $PURR Share sales: 6.2M shares at ~$6.31 The company still holds ~$102M in cash, providing significant flexibility for future deployments. “When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.” David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January). 6. Validator launch with Unit Labs One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs. Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs. This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11. 7. Quarterly performance - Net income: ~$150M (primarily driven by ~$HYPE +40% performance) - Staking revenue: ~$2.6M - Interest income: ~$1M - Cumulative loss: ~$165M (driven by Q4 performance) - Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy. --- Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs. The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4. Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid. Hope you'll find this summary useful. Hyperliquid.

Some key takeaways from $PURR first earnings call 1. $HYPE Holdings and Cash - Established a strong initial treasury with 12.5M HYPE tokens and $300M in cash contributed by investors. - Deployed $10.5M to repurchase ~3.0M PURR shares, reducing the fully diluted share count to 150.6M. - Deployed $129.5M to acquire ~5.0M additional HYPE tokens at ~$25.9, increasing total HYPE holdings to 17.6M. - $125M in remaining deployable capital. 2. $PURR Views on $HYPE and Treasury Strategy @dschamis and the team remain very impressed by $HYPE’s growth, especially with Builder Codes and HIP-3. They highlighted that at peak Silver volume, Hyperliquid processed around ~2% of total global Silver volume. They also highlighted that BLP (Portfolio Margin) and HIP-4 are the two upcoming updates they are most excited about, as they believe these will further expand $HYPE’s TAM. He mentioned: “Before HIP-4, for any startup trying to compete with Polymarket, it would have required significant capital, time, and execution capabilities. With HIP-4, these startups can focus on distribution, liquidity, and users without needing to build backend infrastructure.” They also stated that they believe $HYPE is currently undervalued, citing valuation multiples such as P/E being significantly lower than traditional benchmarks like the S&P. That said, they emphasized they will buy or sell both $HYPE and $PURR using a valuation-driven approach. From my understanding: - They will buy (sell) $PURR when mNAV is significantly below (above) NAV. "Not when mNAV is 0,9 - 1,1" - They will sell (buy) $HYPE when price is significantly above (below) their perceived fair value. This helps explain why they are currently accumulating more $HYPE. They believe $HYPE is undervalued. 3. $PURR’s Role Within the Ecosystem Today, a large part of $PURR value comes from providing U.S. investors access to $HYPE. David mentioned an HFT firm that actively trades crypto but currently cannot access $HYPE directly. Another key role is increasing $HYPE visibility/understanding, through direct investor meetings, TV appearances, and podcasts. David mentioned recognition has improved significantly but that a large audience still remains untapped. That said, they also expressed interest in increasing their direct participation within the ecosystem and potentially generating operating income, for example by running a validator. They emphasized they are not a hedge fund, and will only expand operating activities if they remain within their risk framework. 4. $PURR Net Asset Value Framework They also introduced their framework around $PURR mNAV and mentioned they would release a new dashboard tracking NAV in real time, adjusting dynamically based on both $PURR and $HYPE prices. They also stated they plan to update the dashboard weekly around company cash, purchases , etc. rather than only reporting when required by the SEC every quarter. We personally like this announcement a lot. 5. $HYPE Outstanding Supply David also shared their framework for estimating $HYPE outstanding supply, which we believe is very interesting and broadly aligns with our own way of thinking about circulating supply. Their framework suggests real supply is closer to ~47% of total supply. I mostly agree with this framework, although I think real outstanding supply could be even lower. AF buybacks are structurally deflationary, meaning effective circulating supply should continue decreasing over time. It may also make sense to factor in future AF buybacks and burns when thinking about forward supply. Regarding team allocation, there is limited additional analysis possible today due to lack of data. However, the team is currently unstaking ~90% less than the maximum allowed. I believe the majority of team supply will not hit the market for a very long time. -- This is a brief summary, but I believe it captures most of the key points. I’d like to thank @dschamis, @rediamondjr and their team for the work they are doing for Hyperliquid and the broader industry. They have been a net positive for the ecosystem, and I believe they are just getting started. Great job @dschamis for your first earnings call as CEO !! Looking forward to future ones and to seeing @HypeStrat role within the ecosystem continue to expand from here. Hyperliquid.

EXCLUSIVE: JPMorgan notes Hyperliquid gaining traction as traders seek 24/7 oil trading theblock.co/post/394380/jp…