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.
The HYPE was trading at a value of $65.04 at the end of the year. This put the token reserve value of the organization at around $1.90 billion.
What Drove Hyperliquid Strategies’ Profit?
Moreover, the Hyperliquid Strategies had cash and cash equivalents of $149.9 million. This consisted of USDC of $12 million.
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The total value of assets stood at $2.06 billion, while the stockholders’ equity was $1.87 billion. There was zero debt for the organization at the year end. The organization had stated that nearly all of its HYPE tokens had been staked.
During the same period, Hyperliquid Strategies introduced a validator in partnership with Unit. This was referred to as the third largest Hyperliquid validator without consideration of wallets owned by the Hyper Foundation.
Income from staking and commissions from validators was $9.5 million in the 12-month period ending June 30. Income from interest was an additional $2.7 million.
Total selling, general, administrative, and R&D costs were $14 million. Net income was $305.5 million. This included $709.9 million in unrealized gains in HYPE.
Another deduction was a write-off of $35.6 million regarding the Sonnet operations. There were also deferred taxes totaling $183.5 million.
How Did Hyperliquid Strategies Expand Its HYPE Treasury?
Hyperliquid Strategies has spent $773.4 million purchasing about 16.5 million HYPE since its business combination ended on Dec. 2, 2025.
The average cost of purchase was $46.77 per token. The purchase brought total ownership to around 29.3 million HYPE on Aug. 19.
The majority of the money was sourced through the equity facility commitment. The program yielded $646.6 million with an average issuance cost of $8.70 per PURR share.
The company has also paid $27.8 million for the purchase of about 5.8 million PURR shares. The average cost per share was $4.80.
Cash balance was $132.6 million on Aug. 19. This balance included $12 million USDC, while the debt balance was nil.
Institutional investors have also acquired indirect exposure through PURR shares. The Duquesne Family Office announced a $23 million investment in its Q2 Form 13F.
Wyoming also had indirect exposure through PURR. Neither of these filings indicated any direct investments or holding in HYPE. According to Hyperliquid Strategies, the Hyperliquid ecosystem generated approximately $945 million worth of valuation in the 12 months up to June.
Hyperliquid represented approximately 9.4% of worldwide perpetual futures volumes at the end of June. On Aug. 23, it accounted for about 63% of the open interest within decentralized perpetual markets.
The open interest in HIP-3 markets was above $4 billion in August. The total open interest in Hyperliquid increased to approximately $13 billion.
The shares of PURR increased by almost 18% to $13.59 after earnings were released. The rise brought the market capitalization of the company close to $1.8 billion.
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