Hyperliquid Proxy PURR Launches Nasdaq Options After $78M Gain

Edgen Crypto

·Mar 25 2026, 04:59

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Key Takeaways

Hyperliquid Strategies Inc. (NASDAQ: PURR), a public company serving as a proxy for the Hyperliquid ecosystem's HYPE token, launched options trading on the Nasdaq. The move aims to provide investors with regulated tools to manage risk and gain exposure to the high-growth platform, which has seen record trading volumes in assets like oil perpetuals. This development follows a period where PURR's investment in HYPE tokens generated an unrealized gain of approximately $78 million.

Regulated Exposure: Hyperliquid Strategies (NASDAQ: PURR) introduced options trading on the Nasdaq Options Market on March 24, 2026, offering investors a new, regulated vehicle to trade its stock.
Proxy for HYPE: PURR's primary strategy is accumulating HYPE tokens, and it reported an unrealized profit of approximately $78 million on its $129.5 million investment as of early February.
Platform Momentum: The launch coincides with the underlying Hyperliquid platform hitting record metrics, including $1.5 billion in daily oil trading volume and over $2.1 million in fees, driven by strong interest in real-world assets.

PURR Debuts on Nasdaq Options Market with $78M HYPE Windfall

Hyperliquid Strategies Inc. (NASDAQ: PURR), a digital asset treasury firm, announced on March 24, 2026, that options on its common stock have begun trading on the Nasdaq Options Market. The company functions as the primary publicly traded vehicle for investors to gain exposure to HYPE, the native token of the high-performance Hyperliquid blockchain. The move provides both institutional and retail investors with regulated financial tools to hedge positions or speculate on the company's direction.

This launch capitalizes on the firm's recent performance. As of February 3, 2026, Hyperliquid Strategies had deployed $129.5 million to acquire 5 million HYPE tokens, an investment that is now up by approximately $78 million. "This is a major milestone for the Company," said David Schamis, CEO of Hyperliquid Strategies, noting that options allow investors to "better manage risk and participate in the rapid growth of Hyperliquid’s high-performance ecosystem."

Hyperliquid Platform Hits $1.43B Open Interest as Oil Trading Booms

The strategic timing of the options launch is underscored by the explosive growth of the underlying Hyperliquid platform. On March 18, the platform generated over $2.1 million in fees and attracted nearly $50 million in fresh capital within 24 hours. Open interest on Hyperliquid has climbed to a record $1.43 billion, signaling intense trader activity and confidence.

This surge is largely driven by the platform's expansion beyond crypto into real-world assets (RWAs). Geopolitical tensions have fueled record trading in its oil perpetual contracts, which recently saw $1.5 billion in 24-hour volume. The platform's native HYPE token has benefited directly, hitting a price of $42 on March 18 and climbing 35% over the past month as the broader crypto market stagnated.