Key Takeaways:
Hyperliquid Strategies doubled its HYPE treasury to 29.3 million tokens worth $1.9 billion, sending PURR shares up 15% after fiscal 2026 results.
"This was the year we built the platform," David Schamis, chief executive officer of Hyperliquid Strategies, said. "We finished with a fortress balance sheet — meaningful cash, no debt, and substantially all of our tokens staked and earning."
The New York-based company raised $647 million through share issuance and deployed $773.4 million to buy about 16.5 million HYPE tokens at an average cost of $46.77, according to its earnings release. It ended the fiscal year with $149.9 million in cash and cash-like instruments and zero debt, while staking and validator activity generated $9.5 million in revenue. Net income reached $305.5 million, driven by $709.9 million in unrealized gains on HYPE tokens.
The treasury expansion comes as Hyperliquid, the blockchain that issues HYPE, pushes into the US market. President Donald Trump said on Aug. 19 that the Commodity Futures Trading Commission is working to bring Hyperliquid into the United States in a fully compliant fashion, a development that has lifted both HYPE and PURR. HYPE rose 77% in the quarter ended June 30 and is up more than 50% over the past month.
Treasury and Balance Sheet
Hyperliquid Strategies, which trades under the ticker PURR on Nasdaq, now ranks as the sixth-largest digital asset treasury company by coin value, holding $2.2 billion of HYPE, according to a Chardan screen. It is the largest treasury vehicle for any token other than bitcoin or ether. The company has since deployed a further $773.4 million to accumulate HYPE at an average cost of $46.77, leaving $132.6 million in cash as of Aug. 19.
The firm's net asset value rose to $1.9 billion as of June 30, up more than 150% from the prior quarter, as HYPE's price climbed from $36.60 in March to $65.04 at the end of June. Management measures its market net asset value, or mNAV, which has ranged from roughly 0.75 times to 1.3 times, creating opportunities to issue stock when valuations are high and repurchase shares when they fall. It spent $27.8 million buying back about 5.8 million PURR shares at an average price of $4.80.
Hyperliquid Ecosystem Momentum
Hyperliquid's share of global perpetual futures volume, including centralized exchanges, reached an all-time high of about 9.4% as of June 30, and the platform accounted for roughly 63% of all decentralized perps open interest as of Aug. 23, according to DefiLlama. Real-world asset markets exceeded 50% of weekly platform volume for two consecutive weeks in July, and HIP-3 open interest surpassed $4 billion in August.
The protocol generated about $945 million in value for the 12 months ended June 30, with 99% of revenue used for daily programmatic HYPE token repurchases. Hyperliquid has bought back and retired $1.2 billion of HYPE since launch, or 46.4 million tokens, according to DefiLlama. A May arrangement with Coinbase, which became the official treasury deployer of USDC on Hyperliquid, routes about 90% of reserve yield back to the protocol, with roughly $5.5 billion of USDC held on the platform.
Schamis said Hyperliquid is evaluating opportunities tied to stablecoins, real-world assets, prediction markets and potential US expansion, while maintaining a high bar for investments outside its core treasury strategy. The company became a validator on the Hyperliquid blockchain and jointly launched a validator that is the third largest on the network.
This article is for informational purposes only and does not constitute investment advice.
