Hyperliquid Strategies Inc · NASDAQ:PURR
Hyperliquid Strategies — Q4 2025 Earnings Presentation
34 slides from Hyperliquid Strategies's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results | February 11, 2026 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer Information contained in this presentation has been obtained from published and non-published sources. Such information has not been independently verified by Hyperliquid Strategies Inc (“HSI,” the “Company,” “we” or “us”), and the Company does not assume responsibility for the accuracy o
Slide 3: Disclaimer - Continued: Non-GAAP Information
Disclaimer - Continued Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to investors and other int
Slide 4: Forward Looking Statements
Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company has based
Slide 5: Hyperliquid Strategies Inc: Introduction
Hyperliquid: the Blockchain to House All Finance The Premier Digital Asset Treasury Platform Focused on Hyperliquid Hyperliquid Strategies Inc: Introduction Following the successful completion of its business combination, shares of Hyperliquid Strategies Inc started trading on NASDAQ under its new t
Slide 6: Treasury Strategy to Create Shareholder Value
Treasury Strategy to Create Shareholder Value Provide Access Difficult for retail and sophisticated investors to buy HYPE tokens (restrictions & availability) HSI, as a publicly traded, regulated entity, intends to accumulate HYPE tokens Capital Efficient Access to deep pools of capital, sophisticat
Slide 7: Experienced Team and Strategic Partners
Hyperliquid Strategies Inc: Experienced Team and Strategic Partners Distinguished Leadership Eric Rosengren Board Member Former President of the Boston Fed David Schamis is the Founding Partner and CIO of Atlas Merchant Capital Larry Leibowitz Board Member Former Member of Management Committee Tom K
Slide 8: Executing on Our Strategy
Hyperliquid Strategies Inc: Executing on Our Strategy Investor Engagement Research coverage initiated. Investor roadshows, conferences, podcasts, media appearances. Capital Management Share buy-back program in place. Share issuance program in place (ELOC). Treasury Strategy Clearly formulated HYPE a
Slide 9: Hyperliquid
Hyperliquid
Slide 10: Global Financial System Moving On-Chain
Global Financial System Moving On-Chain Supported by strong macro-economic, regulatory and political tailwinds >700M+ digital asset retail owners. Institutions embracing digital assets. Digital assets ETFs, DATs. Stablecoins adoption. Perpetual futures market growth. DeFi increasing market share cap
Slide 11: Hyperliquid Proven Blockchain Infrastructure
Hyperliquid Proven Blockchain Infrastructure Dominant Perps DEX for FY 2025 #1 in trading volume. #1 in open interest. #1 in trading fees. Highly performant blockchain >$3T trading volume across perps and spot markets. >$900M in fees, #5 DeFi protocol in fee generation. >900k cumulative new users. S
Slide 12: Hyperliquid Already the Dominant Perp DEX
Hyperliquid Already the Dominant Perp DEX Hyperliquid consistently ranks as one of the highest daily fee generators across all protocols Note: Hyperliquid volume, open interest and revenue figures are for the full year 2025. Weekly Active Addresses as of February 2026. Source: Artemis, CoinMarketCap
Slide 13: Proven Growth Engines and Rapid Increase in Addressable Market
Proven Growth Engines Distribution Non-Crypto Perps Prediction Markets Hyperliquid Rapid Increase in Addressable Market The Hyperliquid Blockchain is a highly scalable, fully on-chain, permissionless financial system Expanding distribution through external platforms, which earn fees at minimal cost
Slide 14: “TradFi” Increasing Awareness and Recognition of Hyperliquid
“TradFi” Increasing Awareness and Recognition of Hyperliquid
Slide 15: Hyperliquid: Attractive Native Utility Token – HYPE
Currently, ~99% of Hyperliquid revenues are used to buy back HYPE and DeFi ~40M HYPE tokens have been bought back to date Hyperliquid is the leading protocol for buy-backs by far Deflationary Buy-Backs Market Statistics Hyperliquid: Attractive Native Utility Token – HYPE Versatile, but difficult to
Slide 16: Treasury Strategy
Treasury Strategy
Slide 17: Treasury Strategy: Framework
Treasury Strategy: Framework Subject to various factors including: Working capital balance and requirements. General market conditions. Liquidity, volatility and trading volumes. Specific factors (announcements, black-out periods, and other factors). General Condition Treasury Action Buy PURR Buy HY
Slide 18: Treasury Strategy Update
Treasury Strategy Update $140M in Capital Deployed $10M in share buy-backs. Avg price of $3.42 per PURR share. >3.0M PURR shares repurchased. Adjusted fully diluted share count of 150M. $130M in token purchases. Avg price of $25.94 per HYPE tokens. 5M HYPE tokens purchased. Adjusted HYPE tokens held
Slide 19: Q4 2025 Financial Performance
Q4 2025 Financial Performance
Slide 20: Q4 2025 Financial Performance: Summary Performance Statement
Q4 2025 Financial Performance: Summary Performance Statement Staking revenue: staking rewards on (100% of) HYPE tokens staked. Unrealized Loss: loss on HYPE tokens held from transaction completion (December 2, 2025) up to period-end (December 31, 2025). Loss on HYPE Commitment: loss related to the d
Slide 21: Q4 2025 Financial Performance: Summary Balance Sheet
Q4 2025 Financial Performance: Summary Balance Sheet Cash: balance post deployment of treasury strategy for the period. HYPE Tokens: 12.9M tokens held at $25.48 per HYPE token. Zero debt. Deferred Tax Liability: based on $25.48 per HYPE token.
Slide 22: Adjusted Net Asset Value (February 3, 2026)
Adjusted Net Asset Value (February 3, 2026) To be disclosed and updated on an ongoing basis on our website (hypestrat.xyz). Two calculations of Adjusted Net Assets (yielding the same result), based on: Adjustments to the latest reported stockholders’ equity (Net Asset Value) (table on the left). Key
Slide 23: Appendix: Additional Financial Information
Appendix Additional Financial Information
Slide 24: Q4 2025 Financial Performance: HYPE Tokens Held
Q4 2025 Financial Performance: HYPE Tokens Held
Slide 25: Q4 2025 Financial Performance: Fully Diluted Shares
Q4 2025 Financial Performance: Fully Diluted Shares
Slide 26: Q4 2025 Financial Performance: Warrant Summary
Q4 2025 Financial Performance: Warrant Summary
Slide 27: Appendix: Additional Information on Hyperliquid
Appendix Additional Information on Hyperliquid
Slide 28: Hyperliquid: Blockchain and Decentralized Exchange
Hyperliquid: Blockchain and Decentralized Exchange Decentralized, permissionless, and community-driven high performance blockchain built to house all of finance Performant L1 blockchain Custom built and optimized from first principles Decentralized, fully on-chain performant financial system Vertica
Slide 29: HYPE: The Hyperliquid Blockchain’s Native Token
HYPE: The Hyperliquid Blockchain’s Native Token A versatile foundational asset that powers the decentralized Hyperliquid ecosystem Liquidity Provision HYPE tokens can be deposited into the Hyperliquid Liquidity Provider vault, earning holders a share of trading fees and aligning their interests with
Slide 30: HYPE: Tokenomics
HYPE: Tokenomics HYPE Token Initial Allocation Source: Artemis Analytics, Galaxy Research Maximum supply of ~1 billion HYPE tokens The HYPE token is the native gas token for HyperEVM, with base fees and priority fees being burned for every transaction As of December 2025, transaction fees have burne
Slide 31: HYPE: Summary of Token Supply
HYPE: Summary of Token Supply Value based on HYPE token price as of February 3, 2026 of $32.89.
Slide 32: HIP-3: Universal Access to Huge Global Markets
HIP-3: Universal Access to Huge Global Markets Any real-world asset can be turned into a permissionless Perp market Equities Forex Commodities Stock Indices Pre-IPO Prediction Markets $500B - $600B in daily trading volume (underlying) ~$9.6T daily trading volume (derivatives) $1.5T - $2.0T notional
Slide 33: Hyperliquid users can trade crypto, equity, commodities and indices
Today, Hyperliquid users can trade crypto, equity, commodities and broad indices with deep liquidity at low cost Top Perpetual Futures Trading under HIP-3 * 100+ non-crypto perps launched to date 24/7 self-custodied, globally accessible, and low-cost trading Any RWA can be turned into a permissionle
Slide 34: Builder Codes: Already Achieving Substantial Success
Builder Codes: Already Achieving Substantial Success Tens of millions of trading fees generated, attracting new users to Hyperliquid Allows for a permissionless way to connect “front-end” applications to Hyperliquid’s “back-end” and earn fees from the traffic generated Enables trading platforms, on-
Hyperliquid Strategies — Q4 2025 Earnings Presentation on 6ix