Hyperliquid Strategies Inc. has had a busy fiscal year. The NASDAQ-listed digital asset treasury company, trading under the ticker PURR, wrapped its fiscal year ending June 30, 2026, having raised roughly $647M in fresh equity and more than doubled the size of its HYPE token treasury in the process.
The numbers behind the raise
Hyperliquid Strategies pulled in approximately $646.6M through its committed equity facility, issuing PURR shares at an average price of $8.70 each. The proceeds didn’t sit idle.
By August 19, 2026, the company had deployed $773.4M in total to scoop up an additional 16.5 million HYPE tokens, paying an average of $46.77 per token. That buying campaign pushed the company’s HYPE treasury from 12.5 million tokens post-merger to 29.3 million, a 134% increase in holdings.
Alongside the token acquisitions, Hyperliquid spent $27.8M repurchasing approximately 5.8 million of its own PURR shares at an average price of $4.80 per share.
As of June 30, the company reported $149.9M in cash and cash equivalents, no debt, and total assets of $2.06B.
What Hyperliquid Strategies actually is
Hyperliquid Strategies was formed through a December 2025 reverse merger involving Sonnet BioTherapeutics, a former biotech, and Rorschach I LLC. Backing came from Atlas Merchant Capital and affiliates of Paradigm, the crypto-native venture firm.
The company has also moved to deepen its connection to the Hyperliquid ecosystem beyond simple token accumulation. Its launch of the Hyperliquid Strategies x Unit validator has made it the third-largest validator on the Hyperliquid network.
Institutional interest is picking up
Two external developments are worth noting alongside the company’s own capital activity. First, the Duquesne Family Office, the investment vehicle associated with veteran macro investor Stanley Druckenmiller, acquired a stake in Hyperliquid Strategies. Second, PURR’s inclusion in major financial benchmarks has started driving inflows from index-tracking funds.