Hyperliquid Strategies logs $165M net loss in nine months as unrealized HYPE losses and write-offs bite!

Hyperliquid Strategies Inc. (ticker: PURR) reported a $165.4 million net loss for the nine months ended March 31, driven by $64 million in net unrealized losses on its HYPE token treasury, a $35.6 million one-time write-off tied to its legacy Sonnet BioTherapeutics acquisition, and a $60.5 million increase in deferred tax expense.

The Nasdaq-listed firm has deployed $216 million to accumulate approximately 7.3 million HYPE tokens since its December 2025 inception, bringing total holdings to around 20 million tokens. It also spent $10.5 million repurchasing roughly 3 million PURR shares at an average of $3.42 each, and retains a $103 million cash position for future deployments.

On the revenue side, staking income reached $2.6 million for Q3 alone, with interest income adding $1 million — modest offsets against $7.2 million in operating expenses. CEO David Schamis framed the quarter as…