Hyperliquid Strategies Posts $620.6 Million Net Income

The Tip Desk · November 11, 2026 · 3 min read

The HYPE treasury company booked $803.0 million of unrealized token gains and raised $911 million of equity in the quarter ended September 30, 2026.

Hyperliquid Strategies Inc (PURR), a digital asset treasury company focused on Hyperliquid’s HYPE token, reported net income of $620.6 million for the quarter ended September 30, 2026, driven primarily by $803.0 million of net unrealized gains on HYPE tokens.

The company also raised $911 million in equity capital under its committed equity facility and deployed $802 million, of which $785 million bought 9.1 million HYPE tokens and $17 million repurchased 2.7 million PURR shares. HYPE holdings increased from 29.3 million tokens at June 30, 2026 to 38.5 million at September 30, 2026.

Total assets were $3,764.3 million as of September 30, 2026, including $3,505.3 million in HYPE tokens valued at $90.99 a token. Stockholders’ equity was $3,403.0 million. Cash and cash-like instruments were $254.6 million, up from $149.9 million at June 30, 2026, and the company said it had zero debt.

Staking revenue and validator commissions from HYPE holdings were $12.3 million in the quarter. Interest income was $1.0 million. SG&A and R&D expenses were $7.6 million. Net income also included a $172.3 million provision for income taxes and a $15.3 million primarily non-cash expense tied to the committed equity facility.

Chief Executive David Schamis said the company deployed $802 million and filed an application to become a futures commission merchant. He said owning HYPE is how the company aims to capture economics associated with the Hyperliquid protocol, and that setting up an FCM is how it intends to help bring markets deployed on Hyperliquid onshore. A subsidiary of HSI filed the FCM application. Subject to regulatory approval, the FCM would carry U.S. client accounts for permissioned markets deployed on Hyperliquid under HIP-3. The company said there can be no assurance as to the timing or outcome of the application or of permissioned HIP-3 markets.

The Hyperliquid Strategies x Unit validator became the largest non-Foundation validator on the network, after being described as the third-largest Hyperliquid validator at the June 30, 2026 fiscal-year close.

The company said about $834 million in value accrued to the Hyperliquid ecosystem for the twelve months ended September 30, 2026, versus about $945 million for the twelve months ended June 30, 2026. Hyperliquid total economic value was $208 million in the third quarter of 2026, up 14% from $182 million in the second quarter. Gross of builder and deployer fee shares, that figure was $36.6 million in the third quarter.

Cumulative deployment since inception through August 28, 2026 was $1,583.2 million to accumulate about 25.9 million HYPE tokens at an average cost of $61.13. As of October 28, 2026, total holdings including staking and validator rewards were 38.9 million at a blended cost of $56.35 per token. The company said it deployed $27.9 million from inception through August 28, 2026 to repurchase about 5.8 million PURR shares at an average $4.81 a share. Cumulative capital raising since inception through August 28, 2026 was $1,578.4 million at an average issue price of $10.36 a share. As of October 28, 2026, $245.3 million remained in cash and cash-like instruments.

The company will host an audio webcast with Q&A on November 5, 2026, featuring Schamis and Chief Financial Officer Brett Beldner.