Hyperliquid Strategies Inc (PURR)

The company is a Delaware corporation and a U.S. publicly listed digital asset treasury company, trading on Nasdaq under the symbol "PURR." Its primary business is accumulating HYPE, the native token of the Hyperliquid Layer 1 blockchain ecosystem, on behalf of its stockholders. Its strategic objective is to benefit from the growth of Hyperliquid by owning HYPE, by pursuing income-earning activities tied to the ecosystem, or by otherwise fostering the ecosystem's growth. The company was formed on July 2, 2025 as a holding and operating company. It completed mergers with Sonnet BioTherapeutics Holdings, Inc. on December 2, 2025, at which point it held about 12.5 million HYPE tokens and about $299.9 million in cash from a PIPE. As of August 23, 2026, it held about 29.4 million HYPE tokens, which it believes is the largest HYPE holding of any U.S. public company. On March 31, 2026, it sold most of Sonnet's assets to Guidant Biotherapeutics, Inc. in exchange for Guidant common stock. It is now focused on its HYPE treasury strategy while winding down remaining Sonnet operations, including certain clinical trials.

The company's activities center on its HYPE treasury. It plans to use available cash and future capital raises to accumulate HYPE. Its main income-generating activity is staking substantially all of its HYPE holdings to earn staking rewards. To a lesser degree, it may engage in DeFi-related activities within the Hyperliquid ecosystem. HYPE is used for governance, staking, fee payment, protocol incentives and collateral. It is also the gas token on HyperEVM, and it is required as collateral for HIP-3 market deployments. The supply is capped at 1 billion tokens. Hyperliquid also runs an Assistance Fund that uses protocol fees to buy HYPE on the open market, and some of those tokens are burned.

The company's market is the Hyperliquid ecosystem. Hyperliquid is a Layer 1 blockchain for a fully on-chain financial system, best known for spot and perpetual futures trading. As of August 23, 2026, it accounted for roughly 40.1% of global on-chain perpetuals 24-hour volume and 62.5% of on-chain perps open interest. Cumulative perps volume has exceeded $5.4 trillion, and the protocol generated about $857 million in net revenue in 2025. Its execution layers are HyperCore, which runs the on-chain order books, and HyperEVM, an EVM-compatible environment for DeFi applications such as lending, borrowing and stablecoins. HIP-3, launched in November 2025, lets third-party deployers create permissionless perpetual markets, including contracts on equities, commodities and indices. A possible future HIP-4 would add event and prediction markets.

On the operating side, the company holds its HYPE through its wholly owned subsidiary Rorschach I LLC, through which founding investors contributed tokens and cash. It publishes its HYPE balance weekly on its website, with a one-week data delay. The Hyperliquid network is secured by a permissionless set of independent validators, 27 of which were active, using the HyperBFT consensus mechanism and delegated proof-of-stake. The text does not identify the company's headquarters, suppliers or competitors.