Key Highlights and Financial Results

Hyperliquid Strategies Inc. has released its financial results, detailing an aggressive expansion of its treasury alongside substantial paper losses linked to crypto market volatility.

The publicly listed digital asset treasury (DAT) confirmed that it deployed $129.5 million to acquire approximately 5 million additional HYPE tokens at an average price of about $25.9.

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Hyperliquid Strategies Expands HYPE Treasury Despite Volatility and Q4 Losses

The purchase brings Hyperliquid’s total holdings to roughly 17.6 million tokens. Reportedly, the firm still retains about $125 million in deployable capital, excluding reserves.

Further, the earnings release indicates that access to a $1 billion equity line of credit will be maintained. They also reported total assets of $616.7 million as of December 31, 2025, including:

• $281.9 million in cash and
• $327.6 million in HYPE tokens valued at year-end prices.

The company also reported $589.8 million in stockholders’ equity and no debt.

Revenue remained modest, consisting of approximately $0.9 million in interest income and $0.5 million in staking rewards.

However, the company recorded a net loss of $317.9 million, driven primarily by $262.4 million in unrealized losses on HYPE token holdings. There are also one-time accounting charges and deferred tax expenses.

Operating expenses and research and development costs totaled about $3.5 million for the reporting period. This reflects the company’s limited operational footprint beyond treasury management.

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CEO David Schamis acknowledged that short-term results were affected by market conditions. However, he argues that the balance sheet and staking yields support the broader thesis.

Indeed, Hyperliquid Strategies completed its NASDAQ listing in December 2025 through a business combination with Sonnet BioTherapeutics. With the move, they established an initial treasury of 12.5 million HYPE tokens and $300 million in cash contributed by investors.

Ecosystem Growth Underpins Hyperliquid Strategy

The company’s strategy remains closely tied to the growth of the Hyperliquid ecosystem, which it says is generating more than $800 million in annual fees. It also processes billions of dollars in daily trading volume.

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New initiatives, including portfolio margining and prediction markets, are expected to further expand use cases and fee generation.

Wallet integrations and the rapid growth of RWA perpetual contracts were also cited as key drivers of network adoption and long-term demand for the HYPE token.

Hyperliquid Strategies also announced a relaunch of its corporate website, which will include a regularly updated adjusted net asset value (NAV) dashboard to improve transparency for investors.

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PURR and HYPE Price Actions Remain Volatile

Shares of Hyperliquid Strategies (PURR)  have shown significant volatility in recent weeks, reflecting both crypto market sentiment and the company’s token-centric balance sheet.

As of this writing, PURR was trading for $4.63 after fluctuating within a wide range of roughly $3.2 to $5.8 over the past month.

In the same way, HYPE, the powering token for the Hyperliquid ecosystem, also shows negative performance, trading for $29.26 as of this writing.

As Hyperliquid Strategies continues accumulating HYPE tokens, investors appear to be weighing the company’s long-term thesis on on-chain finance against the near-term volatility inherent in crypto-denominated treasuries.