olivLaw · US equity research
Hyperliquid Strategies Inc PURR
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Hyperliquid Strategies Inc (PURR) is a digital asset treasury company that accumulates the HYPE token of the Hyperliquid blockchain on behalf of its shareholders and puts it to work through staking. Interest in the company grows as the ecosystem expands and generates significant protocol revenue, while its value depends almost entirely on the HYPE price, with holdings above 29 million tokens at 30 June 2026.
At the close of 04 Nov 2026, Hyperliquid Strategies Inc (PURR) stock was 9.69 USD (−4.63% on the day), with market capitalisation 1.9 bn USD, P/E 3.0 on diluted EPS of 3.21 USD over the last 12 months, beta 3.58, 52-week range 3.10–14.09 USD. Latest reported quarter (Q4 2026): revenue of 6.3 m USD, net income of 470.9 m USD, diluted EPS 3.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.9
- neutral
- Bollinger (20, 2)
- 8.09 – 11.74
- in the lower half of the band · %B 0.44 · band width 36.9%
- SMA 50 / 200
- 11.36 / 7.75
- mixed trend
- MACD (12, 26, 9)
- -0.28 / -0.38
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.0% | −2.0% | −23.0 pp | — |
| 3 months | +42.1% | −2.2% | +44.2 pp | — |
| 6 months | +40.0% | +4.3% | +35.8 pp | — |
| Year to date | +172.2% | +10.6% | +161.6 pp | — |
| 1 year | unavailable | +10.5% | unavailable | −47.0% |
| 3 years | unavailable | +73.7% | unavailable | −48.3% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|
| Revenue | — | 500.0 k | 2.6 m | 6.3 m |
| Operating income | — | -287.5 m | 193.8 m | 607.8 m |
| Pre-tax income | — | -286.7 m | 195.2 m | 593.9 m |
| Income tax | — | 17.8 m | 42.7 m | 123.0 m |
| Net income | -13.4 m | -304.5 m | 152.5 m | 470.9 m |
| Diluted EPS | -13,183.92 | -7.43 | 1.01 | 3.02 ≈ |
| Operating cash flow | 0 | -8.3 m ≈ | -7.0 m ≈ | -3.8 m |
| Share repurchases | — | — | 1.1 m ≈ | -91.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2026 |
|---|---|
| Revenue | 9.5 m |
| Revenue YoY | unavailable |
| Net income | 305.5 m |
| Net income YoY | unavailable |
| Diluted EPS | 3.21 |
| Diluted EPS YoY | unavailable |
| net % | 3,229.8% |
| Free cash flow | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 137.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.9 bn USD
- Total assets
- 2.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 41.62x
- ROE
- unavailable
- ROA
- 14.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2026 | Source (latest year) |
|---|---|---|
| Revenue | 9.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Operating income | 500.6 m | SEC (XBRL)· 27 Aug 2026verified |
| Pre-tax income | 489.0 m | SEC (XBRL)· 27 Aug 2026verified |
| Income tax | 183.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Net income | 305.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Diluted EPS | 3.21 | SEC (XBRL)· 27 Aug 2026verified |
| Weighted average diluted shares | 79.8 m | SEC (XBRL)· 27 Aug 2026verified |
Balance sheet · USD
| Line | 2026 | Source (latest year) |
|---|---|---|
| Cash | 137.9 m | SEC (XBRL)· 27 Aug 2026verified |
| Current assets | 152.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Goodwill | 0 | SEC (XBRL)· 27 Aug 2026verified |
| Total assets | 2.1 bn | SEC (XBRL)· 27 Aug 2026verified |
| Accounts payable | 1.2 m | SEC (XBRL)· 27 Aug 2026verified |
| Current liabilities | 3.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Total liabilities | 187.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Equity | 1.9 bn † | SEC (XBRL)· 27 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2026 | Source (latest year) |
|---|---|---|
| Operating cash flow | -19.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Investing cash flow | -777.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Financing cash flow | 934.5 m | SEC (XBRL)· 27 Aug 2026verified |
| Share repurchases | 10.5 m | SEC (XBRL)· 27 Aug 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 bn USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 36.68 – 95.41 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E36.68 – 95.41 (Mid 74.47)9 companies used · median multiple 23.2x · quartiles 11.4x – 29.7xATCH, AXP, JFU, NU, PGY, RHLD, SNFCA, SOFI, UPST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3,229.8% | 100 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 41.6x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 3.0x | 100 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.5% | 8 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial8/100 · 1/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Hyperliquid Strategies Inc (PURR). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 9.5 m USD in 2026; net margin 3,229.8%; ROE 32.6%.
The estimated value range is 36.68–95.41 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 74.47 USD, the price of 9.69 USD leaves a potential of 668.5% (value / price − 1) and a margin of safety of 87.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3,229.8%
- Current ratio: 41.6x
- P/E (TTM): 3.0x
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 0.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| UPSTUpstart Holdings, Inc. | 2.3 bn | 39.9 | 8.0% | 4.9% | +64.0% | −48% / −13% |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| BTBTBit Digital, Inc. | 300.9 m | — | -56.7% | -237.2% | +5.1% | −65% / −68% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BGINBgin Blockchain Limited | 203.6 m | — | -134.0% | -262.6% | −77.7% | −38% / unavailable |
| CNTNCanton Strategic Holdings, Inc. | 172.1 m | — | -43.1% | — | unavailable | −17% / −83% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| SNFCASecurity National Financial Corporation | 166.1 m | 6.5 | 9.0% | 11.1% | +3.0% | +15% / +37% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| BMHLBluemount Holdings Limited | 79.0 m | 61,098.2 | 26.2% | 18.8% | unavailable | −8% / unavailable |
| UPXIUpexi, Inc. | 62.9 m | — | -1,356.3% | -984.3% | +58.1% | −73% / −95% |
| SGRXSangrix Inc. | 40.8 m | — | -300.3% | -36,190.3% | −98.6% | −99% / −100% |
| AVXAvax One Technology Ltd. | 34.9 m | — | -189.6% | -1,533.9% | +8,709.3% | −80% / −100% |
1- and 3-year price returns: for PURR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hyperliquid Strategies Inc (PURR) is a digital asset treasury company that accumulates the HYPE token of the Hyperliquid blockchain on behalf of its shareholders and puts it to work through staking. Interest in the company grows as the ecosystem expands and generates significant protocol revenue, while its value depends almost entirely on the HYPE price, with holdings above 29 million tokens at 30 June 2026.
SWOT
Strengths
- The company has a balance sheet with no debt, liquidity and HYPE assets, giving it financial flexibility 2. It is described as the largest HYPE treasury among US-listed companies and has direct access to the protocol ecosystem 1.
- The staking strategy generates recurring revenue, and the validator network the company helped launch is described as one of the largest 2.
- Buyback and burn mechanics could support HYPE supply over time if protocol activity grows 1.
Weaknesses
- The company's value depends almost entirely on the price of the HYPE token, which is highly volatile, and this dependence magnifies risk 1.
- Net income is influenced by unrealised gains and losses on HYPE, which makes reported performance hard to compare from one year to the next 2.
- The company is in a transition phase after selling its Sonnet biotech assets, and some operations are still being wound down 1.
Opportunities
- Growth in real-world asset markets and prediction markets on Hyperliquid could broaden protocol revenue and demand for HYPE 1.
- A clear US regulatory framework could open the ecosystem to institutional investors, and sources mention a possible regulated entry of the platform 2.
- If the company reached a favourable mNAV, it could raise additional capital to increase HYPE exposure per share 1.
Threats
- Regulatory changes or enforcement actions could affect Hyperliquid's operations and the token's value 1.
- A depegging event of a major stablecoin such as USDC could disrupt trading on the platform 1.
- Competition from other blockchains and platforms could reduce Hyperliquid's share and the appeal of HYPE 1.
Risks
- Volatility of the HYPE pricehigh
The HYPE price has been highly volatile since launch, and a substantial decline could directly reduce the value of the treasury and the shares 1.
- Uncertain regulation of digital assetshigh
The legal framework for tokens and platforms may evolve in ways that could limit holdings or trading of HYPE 1.
- Custody and security riskmedium
Loss of private keys or cyberattacks could result in loss of access to the tokens held 1.
- Shareholder dilutionmedium
Issuing shares through the equity facility or warrants could reduce value per share for existing shareholders 2.
- Tax uncertaintymedium
The tax treatment of staking rewards and unrealised gains could create unexpected obligations 1.
Investment thesis
What would need to be true (bull case)
- If the Hyperliquid protocol keeps gaining market share and generating revenue from new product categories, the HYPE token value could rise, and the company's treasury would benefit directly 1.
- Buyback and burn mechanics could support HYPE supply if trading volumes grow, which would support the value of the company's holdings 1.
- A balance sheet with no debt and liquidity reserves could give the company flexibility to accumulate more HYPE or repurchase shares at opportune moments 2.
What would break the thesis
- The company's value depends almost entirely on the HYPE price, and a decline in the token could significantly reduce share value even if the protocol grows 1.
- Regulatory changes or stricter enforcement could limit access to the platform or to HYPE, affecting both of the company's activities 1.
- Continued share issuance to fund HYPE purchases could dilute existing investors if the share price falls below the value of the assets 2.
What to watch
- Hyperliquid's share of on-chain perpetual futures and HIP-3 volume trendsQ1 2027
- Progress of the US digital asset legislative framework, including the CLARITY Act and RFIA2027
- Size of HYPE holdings and the average acquisition cost reported in the next annual filingnext 10-K
- Use of equity facility proceeds and share buybacks depending on mNAV2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hyperliquid Strategies Inc is a Delaware company listed on Nasdaq under the symbol PURR since 2 December 2025, when it completed transactions with Sonnet BioTherapeutics 1. Its primary objective is to benefit directly from the growth of the Hyperliquid ecosystem through ownership of HYPE tokens, income-earning activities and support for ecosystem growth 1. It sold most Sonnet assets to Guidant in March 2026 and now focuses exclusively on its HYPE treasury strategy 1.
The main income source is staking nearly all HYPE holdings, and in fiscal 2026 staking revenue and validator commissions were 9.5 million USD 2. The company also launched a validator with Unit, which it describes as the third largest on the network 2. Capital is raised through the Chardan equity facility, and proceeds are used to buy HYPE or repurchase shares depending on mNAV 1.
The balance sheet emphasises liquidity and no debt; at 30 June 2026 the company reported total assets of 2060.0 million USD and stockholders' equity of 1872.9 million USD 2. Unrealised gains and losses on HYPE strongly influence net income, so historical results may not reflect future earnings variability 1.
Segments
Staking and revenue
The company stakes nearly all its HYPE tokens and seeks rewards from staking, with secondary DeFi activities if approved after internal reviews 1. Reported revenue for fiscal 2026 is limited for now to 9.5 million USD from staking and validator commissions plus 2.7 million USD of interest income 2.
Market context
Hyperliquid dominates on-chain perpetual futures, with about 40.1% of global 24-hour on-chain perps volume as of 23 August 2026 1. The protocol generated roughly 857 million USD of net revenue in 2025 1, and accumulated fees over the 12 months to 30 June 2026 reached about 945 million USD 2. About 235.0 million of the 1 billion HYPE tokens were in circulation as of 23 August 2026 1.
PURR's market is closely tied to the HYPE price; the sources show HYPE rose about 77% in the quarter ended 30 June 2026 while total digital asset market capitalisation fell about 13% 2. This correlation means company value depends on a single asset class, which could amplify share price volatility.
Trends
- Expansion of HIP-3 real-world asset marketstailwind
HIP-3 markets, which allow perpetual contracts on equities, commodities and other real assets, account for about 48.0% of Hyperliquid trading volume on a 30-day basis 1. If this activity continues it could increase demand for HYPE, since the token is required as collateral for market deployers 1.
- Regulatory uncertainty for digital assetsheadwind
The US legislative framework for digital assets remains unclear, and proposals such as the CLARITY Act and RFIA are still under discussion in Congress 1. Regulatory changes could affect Hyperliquid's operations, the HYPE price or the company's ability to hold the token 1.
- Taxation of staking rewardsmixed
The federal tax treatment of staking rewards is still uncertain, and the company could face significant unexpected tax obligations from staking 1. This uncertainty could reduce the net return of the staking strategy.
Competitive position
Hyperliquid competes with other blockchains, centralised exchanges and decentralised exchanges that may offer greater speed, security or more attractive features 1. The company compares itself with other digital asset treasury firms holding HYPE, and sources mention that some of these could be acquired by PURR under certain conditions 1.
In on-chain perpetual futures the company says Hyperliquid holds a share more than five times its nearest competitor, but its share of the global derivatives market remains far smaller than that of centralised platforms 2. Competitive pressure could grow if other platforms offer better trading conditions 1.
- Other HYPE-holding digital asset treasury companies
Companies that hold HYPE in treasury compete directly with PURR for investors seeking exposure to the Hyperliquid ecosystem, and official sources name them as possible acquisition targets 1.
- Centralised derivatives platforms
Centralised exchanges offering perpetual contracts make up most of the global derivatives market, against which Hyperliquid measures its share 2.
- Other decentralised perpetual futures platforms
Competing decentralised protocols offer on-chain perpetual contracts, and sources show Hyperliquid leads the nearest rival 2.
- Other Layer 1 blockchains
Competing networks can attract capital and developers through different speed, cost or features, which could affect the value of HYPE 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Hyperliquid Strategies Soared by 94% in August. Should Investors Forget Bitcoin and Buy This Stock Instead?Yahoo Finance — News · 07 Sept 2026 · EN
- Why Hyperliquid Strategies Stock Surged This WeekYahoo Finance — News · 30 Aug 2026 · EN
- Hyperliquid Strategies Shares Rise After Reporting $1.9B HYPE PositionYahoo Finance — News · 28 Aug 2026 · EN
- Hyperliquid Strategies Q4 Earnings Call HighlightsYahoo Finance — News · 27 Aug 2026 · EN
- Institutional Investors Are Buying Hyperliquid Strategies. Should You?Yahoo Finance — News · 22 Aug 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 26 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report26 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Proxy statement02 Oct 2026
- Current report15 Sept 2026Material agreement · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Financial statements and exhibits
- Current report01 Sept 2026Material agreement · Financial statements and exhibits
- Annual report27 Aug 2026
- Current report27 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report26 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Hyperliquid Strategies Inc · 27 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Hyperliquid Strategies Inc · 27 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.