Hyperliquid Strategies Inc · NASDAQ:PURR
Hyperliquid Strategies — FY2026 Earnings Presentation
39 slides from Hyperliquid Strategies's earnings presentation, Aug 27, 2026
Slide 1: Fiscal Year 2026 Earnings Review
AUGUST 27, 2026 Fiscal Year 2026 Earnings Review
Slide 2: Disclaimer
IMPORTANT INFORMATION 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 responsibil
Slide 3: Disclaimer - Continued: Non-GAAP Information
IMPORTANT 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 i
Slide 4: Forward Looking Statements
IMPORTANT INFORMATION 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”).
Slide 5: Hyperliquid Strategies: Introduction
INTRODUCTION Hyperliquid Strategies: Introduction The largest publicly traded digital asset treasury (DAT) vehicle (Nasdaq: PURR) focused on accumulating HYPE — the native utility token of the Hyperliquid blockchain. Hyperliquid Strategies: the Largest Public Vehicle Accumulating HYPE Strong balance
Slide 6: Well Positioned Across the Most Successful Blockchain Use Cases
USE CASES Well Positioned Across the Most Successful Blockchain Use Cases The four on-chain use cases with proven product-market fit — Hyperliquid is present in each. Perps $5T June 2026 CEX + DEX Trading Volume One of the most successful and innovative trading instruments of the past decade, increa
Slide 7: Perps: Hyperliquid Dominates Decentralized Perpetual Futures Trading
PERPETUAL FUTURES Perps: Hyperliquid Dominates Decentralized Perpetual Futures Trading A single liquidity layer supporting many markets and distribution channels, with perps the dominant instrument. The Hyperliquid Stack DISTRIBUTION LAYER Builder Codes Third-party apps routing order flow Front-Ends
Slide 8: Stablecoins: Hyperliquid Hallmark Revenue Share Deal
STABLECOINS Stablecoins: Hyperliquid Hallmark Revenue Share Deal Hyperliquid’s groundbreaking Aligned Quote Asset framework routes ~90% of USDC reserve yield back to the protocol Aligned Quote Asset (AQAv2) Mechanics Estimated Future Annual Revenue Impact 1 Coinbase becomes treasury deployer Announc
Slide 9: RWA: Hyperliquid Highly Successful Launch of RWA Continues
REAL-WORLD ASSETS RWA: Hyperliquid Highly Successful Launch of RWA Continues Hyperliquid has grown into a venue where a broad mix of RWAs (metals, commodities, equities, indexes, etc.) is available for trading onchain 24/7, driving substantial revenues and fees on the platform HYPERLIQUID RWA PERPS
Slide 10: RWA: Hyperliquid Credible Venue for 24/7 RWA Price Discovery
REAL-WORLD ASSETS RWA: Hyperliquid Credible Venue for 24/7 RWA Price Discovery Across four recent pre-IPO perps, Hyperliquid proved to be a more accurate predictor of the initial open for the listing than Wall Street, providing traders (and issuers…) with a credible venue for price discovery Four Li
Slide 11: Outcome Markets: Hyperliquid Ready to Gain Traction
OUTCOME MARKETS Outcome Markets: Hyperliquid Ready to Gain Traction The Hyperliquid edge: bounded, dated, non-linear risk cross-margined with spot and perps Where It Stands Today 1 Live on mainnet since May 2, 2026 Recurring daily binaries on BTC. ~$392M cumulative volume to early August; 2Q26 broug
Slide 12: Hyperliquid Consistently Among Highest Onchain Revenue Generators
PROTOCOL REVENUE Hyperliquid Consistently Among Highest Onchain Revenue Generators As the product range and revenue base broaden, Hyperliquid continues to rank as one of the highest daily fee generators across all protocols Total Economic Value ($M, quarterly) $14 $148 $182 $324 $256 $187 $182 Perp
Slide 13: Hyperliquid Protocol Revenue Directly Linked to HYPE Token Buybacks
BUYBACKS & ALIGNMENT Hyperliquid Protocol Revenue Directly Linked to HYPE Token Buybacks Benefits of accrual of economic value to HYPE token holders further increased by aligned token holder structure. No venture investors, no private allocations, no dividend leakage — economics reach aligned holder
Slide 14: Continued Breakout Performance and Decoupling of HYPE Token
RELATIVE PERFORMANCE Continued Breakout Performance and Decoupling of HYPE Token Transformation into a broader liquidity layer for a wide variety of crypto and non-crypto related assets results in HYPE token performance less linked to general crypto sentiment and outperformance among major digital a
Slide 15: HYPE Token: Firmly Established Top Token
TOKEN RANKING HYPE Token: Firmly Established Top 10 Token By far the largest network token to have emerged in the past five years Top 10 Network Tokens (Circulating Market Cap, $ in B) RANK PROTOCOL TOKEN LAUNCHED Circulating MC 1 Bitcoin BTC 2009 $1,580 2 Ethereum ETH 2015 301 3 Binance Coin BNB 20
Slide 16: Hyperliquid Strategies Fiscal Year 2026 Update
Hyperliquid Strategies Fiscal Year 2026 Update
Slide 17: Hyperliquid Strategies: Material Treasury Expansion
TREASURY EXPANSION Hyperliquid Strategies: Material Treasury Expansion During the fiscal year ended June 30, 2026, raised $647M through PURR share issuance; deployed $773M to purchase HYPE tokens. Successfully raised capital through PURR issuance $647M in net proceeds received. 76.1M PURR shares iss
Slide 18: Hyperliquid Strategies: Resulting in Substantial NAV Increase
NET ASSET VALUE Hyperliquid Strategies: Resulting in Substantial NAV Increase Increased from $744M as of March 2026 to $1.9B as of June 2026 Net Asset Value Bridge ($ in M) 744 Net Asset Value (March 2026) +645 Capital Raised (604) Capital Deployed +1,215 Change in Value of HYPE Tokens (123) Change
Slide 19: Hyperliquid Strategies: PURR Outperforming
RELATIVE PERFORMANCE Hyperliquid Strategies: PURR Outperforming In line with the HYPE token’s break-out price outperformance, PURR also materially outperformed peers during the first six months of 2026. PURR – HYPE Correlation (1H 2026) 1/16/2026 2/16/2026 3/16/2026 4/16/2026 5/15/2026 6/16/2026 PUR
Slide 20: Driving HSI Firmly into Top 10 DAT Ranking
DAT RANKING Hyperliquid Strategies: Driving HSI Firmly into Top 10 DAT Ranking The largest treasury vehicle for any digital asset other than BTC or ETH Top 10 Digital Asset Treasury Companies (Treasury Value, $ in M) RANK TICKER COMPANY COIN TREASURY VALUE 1 MSTR Strategy Inc Class A BTC $65,836.6 2
Slide 21: Hyperliquid Strategies Financial Performance Update
Hyperliquid Strategies Financial Performance Fiscal Year 2026 Update
Slide 22: Fiscal Year 2026 Financial Performance: Income Statement
INCOME STATEMENT Fiscal Year 2026 Financial Performance: Income Statement This item is a non-GAAP measure. Please refer to “Non-GAAP Information” on slide 3 for further information. Out of which $12.2 million relates to non-cash expense in connection with the ELOC facility. $M 9/30/25 12/31/25 3/31/
Slide 23: Fiscal Year 2026 Financial Performance: Balance Sheet
BALANCE SHEET Fiscal Year 2026 Financial Performance: Balance Sheet As of 3/31/26 As of 6/30/26 $M Amount % of Total Amount % of Total % Change Cash and Cash Like Instruments $113.1 14.0% $149.9 7.3% 32.6% Other Current Assets 4.3 0.5 2.5 0.1 (43.2) Total Current Assets 117.4 14.5 152.4 7.4 29.8 HYP
Slide 24: Q&A
Q&A
Slide 25: Appendix: Additional Financial Information
Appendix Additional Financial Information
Slide 26: Financial Performance: HYPE Tokens Held
TOKEN POSITION Fiscal Year 2026 Financial Performance: HYPE Tokens Held As Of: Change Completion - 6/30/26 Change Completion - Current HYPE Tokens Held Review Completion 12/31/25 3/31/26 6/30/26 Current $ / # % $ / # % Tokens Received At Completion (a) 12.518 12.518 12.518 12.518 12.518 - - - - - -
Slide 27: Financial Performance: Fully Diluted Shares
SHARE COUNT Fiscal Year 2026 Financial Performance: Fully Diluted Shares At Completion As of 12/31/25 As of 3/31/26 As of 6/30/26 Current Basic Shares 127,034,605 124,093,048 124,220,108 200,550,458 200,769,691 Preferred Shares (a) 26,587,647 26,587,647 26,587,647 26,587,647 26,587,647 Sub-Total 153
Slide 28: Financial Performance: Warrant Summary
WARRANTS Fiscal Year 2026 Financial Performance: Warrant Summary As of 3/31/26 As of 6/30/26 Current Exercise Price # of Units Dilutive Impact # of Units Dilutive Impact # of Units Dilutive Impact At Period-End Share Price: $3.56 $7.87 $9.39 Legacy Warrants > $47.00 26,480 - - - 26,480 - - - 26,480
Slide 29: Appendix: Additional Information on Hyperliquid Strategies
Appendix Additional Information on Hyperliquid Strategies
Slide 30: Hyperliquid Strategies: Premier Digital Asset Treasury Platform
TREASURY STRATEGY Hyperliquid Strategies: Premier Digital Asset Treasury Platform HSI is currently the largest HYPE DAT, providing capital efficient and productive access to the HYPE token Treasury Strategy to Create Shareholder Value Provide Access Difficult for retail and sophisticated investors t
Slide 31: Experienced Team and Strategic Partners
LEADERSHIP AND PARTNERS Hyperliquid Strategies: Experienced Team and Strategic Partners Distinguished Leadership Bob Diamond CHAIRMAN Bob Diamond is the Founding Partner and CEO of Atlas Merchant Capital, previously serving as the CEO of Barclays David Schamis CHIEF EXECUTIVE OFFICER BOARD MEMBER Da
Slide 32: Treasury Strategy Framework
TREASURY FRAMEWORK Hyperliquid Strategies: Treasury Strategy Framework Treasury Action General Condition Sell PURR mNAV > Target Ratio Buy PURR mNAV < Target Ratio Buy HYPE Fundamental Value > Current Price Sell HYPE Fundamental Value < Current Price Subject to various factors including: Working cap
Slide 33: Appendix: Additional Information on Hyperliquid
Appendix Additional Information on Hyperliquid
Slide 34: Hyperliquid: Blockchain and Decentralized Exchange
THE PROTOCOL Hyperliquid: Blockchain and Decentralized Exchange Decentralized, permissionless, and community-driven high performance blockchain built to house all of finance Unique custom-built interdependent blockchain architecture HyperBFT Consensus algorithm Decentralized validators produce block
Slide 35: HYPE: The Hyperliquid Blockchain's Native Token
NATIVE TOKEN HYPE: The Hyperliquid Blockchain’s Native Token A versatile foundational asset that powers the decentralized Hyperliquid ecosystem. 01 Governance Holders participate in decentralized governance, by voting on protocol upgrades, feature enhancements, and other platform decisions 02 Liquid
Slide 36: HYPE: Tokenomics
APPENDIX HYPE: Tokenomics Future Emissions / Community Rewards 38.80% Genesis Distribution 31.00% Core Contributors 23.80% Hyper Foundation Community Grants HIP-2 Allocation 6.00% 0.20% 0.20% Maximum supply of ~1 billion HYPE tokens The HYPE token is the native gas token for HyperEVM, with base fees
Slide 37: HYPE: Summary of Token Supply
APPENDIX HYPE: Summary of Token Supply Tokens Categories # (M) % Value ($B) Notes Initial Supply 1,000.0 Maximum token amount. Future Emissions & Community Rewards (412) May become part of OTS in the future. Hyper Foundation (60) May become part of OTS in the future. Assistance Fund (47) Permanently
Slide 38: HIP-3: Universal Access to Huge Global Markets
ADDRESSABLE MARKETS HIP-3: Universal Access to Huge Global Markets Any real-world asset can be turned into a permissionless Perp market. Equities $500B - $600B in daily trading volume (underlying) Forex ~$9.6T daily trading volume (derivatives) Commodities $1.5T - $2.0T notional equivalent per day S
Slide 39: Builder Codes: Ongoing Expansion of Distribution
DISTRIBUTION Builder Codes: Ongoing Expansion of Distribution Tens of millions of trading fees generated, attracting new users to Hyperliquid. Well known platforms with large user bases are already generating tens of millions of quarterly revenue for Hyperliquid Allows for a permissionless way to co
Hyperliquid Strategies — FY2026 Earnings Presentation on 6ix