Hyperliquid Strategies More Than Doubles HYPE Treasury

The Tip Desk · August 27, 2026 · 3 min read

The treasury company ended June 30 with 29.28 million HYPE tokens worth $1.90 billion after deploying $773.4 million at an average $46.77.

Hyperliquid Strategies Inc (PURR), a digital asset treasury company focused on the Hyperliquid ecosystem, more than doubled its HYPE holdings in the fiscal year ended June 30, 2026, lifting the treasury to 29.28 million tokens valued at $1,904.1 million at a June 30 price of $65.04.

That stockpile sat on a balance sheet that had already been rebuilt in the prior quarter. Total assets were $2,060.0 million as of June 30, up from $809.4 million as of March 31, with stockholders’ equity of $1,872.9 million and no debt. Cash and cash-like instruments were $149.9 million, including $12.0 million of USDC.

The company deployed $773.4 million since inception to accumulate about 16.5 million HYPE tokens at an average cost of $46.77, raising total holdings to 29.3 million. It also used $27.8 million to repurchase about 5.8 million PURR shares at an average $4.80. Equity raised through the committed facility reached $646.6 million at an average issue price of $8.70 per share. Remaining cash was $132.6 million as of August 19, 2026.

For the twelve months ended June 30, 2026, the company reported net income of $305.5 million. That profit comprised $709.9 million of net unrealized gains on HYPE, offset by a one-time $169.2 million loss on HYPE contributed at the business combination, $35.6 million of IPR&D write-offs tied to the legacy Sonnet acquisition, and $183.5 million of deferred tax expense. Staking revenue and validator commissions from HYPE holdings were $9.5 million. Interest income was $2.7 million. SG&A and R&D expenses were $14.0 million.

Chief Executive David Schamis said the year was when the company built the platform: it more than doubled the HYPE treasury, jointly launched a validator that quickly became one of the largest on the network, and completed the exit from legacy biotech operations. The Hyperliquid Strategies x Unit validator was described as the third-largest Hyperliquid validator.

HYPE appreciated about 77% during the quarter ended June 30, 2026, while total digital-asset market capitalization declined approximately 13%. Hyperliquid’s share of global perpetual-futures volume reached an all-time high of about 9.4% as of June 30, and the protocol accounted for about 63% of decentralized perpetuals open interest as of August 23, 2026.

Ecosystem value accruing to Hyperliquid was about $945 million for the 12 months ended June 30, 2026. In July 2026, RWA markets exceeded 50% of weekly platform volume for two consecutive weeks, and HIP-3 open interest surpassed $4 billion in August 2026. Outcome markets went live in May 2026.

A new non-trading revenue stream was disclosed: following a May 2026 arrangement under which Coinbase became the official treasury deployer of USDC on Hyperliquid, the aligned quote-asset framework directs about 90% of cost-adjusted reserve yield on USDC held on the platform back to the protocol. The company cited about $5.5 billion of USDC on Hyperliquid and an estimated roughly 20% increase in protocol revenue on an annualized basis.

Subsequent to quarter-end, Hyperliquid’s total open interest reached a record of approximately $13 billion as of August 23, 2026. HYPE was included among the five largest constituents of the S&P Pantera Digital Asset Index at its launch on July 21, 2026. On August 19, 2026, the President of the United States stated that the CFTC chairman was working to bring Hyperliquid into the United States in a fully compliant and legal fashion; the company said no application, registration, exemptive relief, or rulemaking involving Hyperliquid had been granted or, to its knowledge, was pending before the CFTC.

Schamis said the company finished with a fortress balance sheet—meaningful cash, no debt, and substantially all of its tokens staked and earning—and that it looks forward to continuing to support the ecosystem as Hyperliquid becomes the infrastructure to house all of finance.