Hyperliquid Strategies raised $647 million in equity capital and expanded its HYPE treasury to 29.3 million tokens, valued at approximately $1.9 billion by June 30. The company reported $305.5 million in annual net income, including $709.9 million in unrealized HYPE gains. Holdings grew from 12.5 million to 29.28 million tokens. Cash and equivalents stood at $149.9 million, with zero debt. Staking and validator commissions generated $9.5 million. The firm spent $773.4 million purchasing 16.5 million HYPE since December 2025, averaging $46.77 per token. PURR shares rose 18% to $13.59 after earnings.
Hyperliquid Strategies raised $647 million in equity capital and expanded its HYPE treasury to 29.3 million tokens. The position was valued at about $1.9 billion by June 30, while the company also reported $305.5 million in annual net income.
The company disclosed the figures in its fiscal-year results. Its HYPE holdings increased from an initial 12.5 million tokens to about 29.28 million by the end of June.
HYPE was trading at $65.04 at year-end, putting the token reserve value at around $1.90 billion. The company had cash and cash equivalents of $149.9 million, consisting of USDC of $12 million.
Total assets stood at $2.06 billion, while stockholders’ equity was $1.87 billion. There was zero debt for the organization at year-end, and nearly all HYPE tokens had been staked.
Hyperliquid Strategies introduced a validator in partnership with Unit, referred to as the third largest Hyperliquid validator excluding wallets owned by the Hyper Foundation. Income from staking and validator commissions was $9.5 million in the 12-month period ending June 30, with interest income adding $2.7 million.
Total selling, general, administrative, and research costs were $14 million. Net income of $305.5 million included $709.9 million in unrealized gains in HYPE, offset by a $35.6 million write-off for Sonnet operations and $183.5 million in deferred taxes.
Hyperliquid Strategies spent $773.4 million purchasing about 16.5 million HYPE since its business combination ended Dec. 2, 2025. The average purchase cost was $46.77 per token, bringing total ownership to around 29.3 million HYPE on Aug. 19.
The majority of the money came through an equity facility commitment that yielded $646.6 million at an average issuance cost of $8.70 per PURR share. The company also paid $27.8 million for about 5.8 million PURR shares at an average of $4.80 per share.
Cash balance was $132.6 million on Aug. 19, including $12 million USDC, with zero debt. Institutional investors gained indirect exposure via PURR shares; the Duquesne Family Office announced a $23 million investment in its Q2 Form 13F, and Wyoming also had indirect exposure through PURR.
According to Hyperliquid Strategies, the Hyperliquid ecosystem generated approximately $945 million in valuation in the 12 months up to June. Hyperliquid represented about 9.4% of worldwide perpetual futures volumes at end of June, and on Aug. 23 accounted for roughly 63% of open interest within decentralized perpetual markets.
Open interest in HIP-3 markets exceeded $4 billion in August, while total open interest on Hyperliquid increased to approximately $13 billion. Shares of PURR rose nearly 18% to $13.59 after earnings, bringing the company’s market capitalization close to $1.8 billion.
