TheBlock
Hyperliquid Strategies (PURR), the Nasdaq-listed vehicle tied to the Hyperliquid perps DEX, reported first-half fiscal earnings Thursday morning that doubled its HYPE treasury to 29.3 million tokens, worth roughly $1.9 billion at fiscal year-end June 30. The firm raised $647 million in equity capital during the period and finished with $149.9 million in cash and no debt, a balance sheet CEO David Schamis described as a 'fortress'. Since period close, the company deployed another $773.4 million to acquire 16.5 million additional HYPE at an average price of $46.77 and spent $27.8 million on PURR share buybacks, leaving $132.6 million in cash as of Aug. 19.
Why it matters
The setup is what every treasury-style public vehicle needs: structural token exposure, no leverage, cash on hand, and an active buyback absorbing float. The second-order catalyst is regulatory. At an Aug. 19 press conference, President Donald Trump said he understood Mike Selig was 'working to bring Hyperliquid into the United States in a fully compliant and legal fashion.' That is the first public White House signal on Hyperliquid's onshore ambitions, and it lands while the platform is already winning the parts of onchain finance that generate real fees: perpetuals, stablecoins, real-world assets, and outcome markets, all clearing through a single order book and margin engine.
Market impact
PURR shares surged nearly 18% in Thursday's session to around $13.59, lifting market cap to roughly $1.8 billion and pushing mNAV to about 1.35x, the highest reading since May. HYPE itself caught a bid: the token rose 77% in the fiscal quarter ended June 30 and is up more than 50% over the past month. The company booked $709.9 million in net unrealized gains on HYPE, partly offset by a $169.2 million one-time loss on tokens contributed after the business combination. With a staked HYPE position earning yield, a compliant US entry path potentially in motion, and an active buyback running, the market is pricing in execution now, not just exposure.
Frequently asked questions
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What is Hyperliquid Strategies and how is it different from buying HYPE directly?
Hyperliquid Strategies (PURR) is a Nasdaq-listed treasury vehicle that holds HYPE tokens on its balance sheet. Investors get equity exposure to HYPE through a regulated US stock listing rather than holding the token directly, with the company's full 29.3M HYPE position staked to earn yield.
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How much HYPE does the company now hold and what is it worth?
Hyperliquid Strategies reported 29.3 million HYPE tokens at fiscal year-end June 30, valued at roughly $1.9 billion. Since the period close, it has deployed another $773.4 million to acquire 16.5 million additional HYPE at an average price of $46.77.
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Why did PURR stock jump 18% on the earnings update?
Shares surged after the company reported a debt-free balance sheet, $132.6M cash, an active buyback program, and most importantly, a comment from President Trump flagging a potential US-compliant entry path for Hyperliquid via CFTC chair Mike Selig.
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What did Trump say about Hyperliquid entering the US?
At an Aug. 19 press conference, Trump said he understood Mike Selig was 'working to bring Hyperliquid into the United States in a fully compliant and legal fashion.' It is the first public White House signal on Hyperliquid's onshore ambitions.
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How has the HYPE token performed and what is PURR's mNAV?
HYPE rose 77% in the fiscal quarter ended June 30 and is up more than 50% over the past month. PURR's mNAV, the ratio of market cap to net asset value, sits at about 1.35x, the highest reading since May.
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