Hyperliquid Strategies Inc · NASDAQ:PURR
Hyperliquid Strategies — Q3 2026 Earnings Presentation
32 slides from Hyperliquid Strategies's earnings presentation, Nov 5, 2026
Slide 1: Hyperliquid Strategies Quarterly Earnings Review
Exhibit 99.2 Hyperliquid Strategies November 5, 2026 Quarterly Earnings Review September 30, 2026 Hyperliquid Strategies Inc hypestrat.xyz
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
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. Hyper Strategies: the Largest Pu le Accumulating HYPE Strong balance sheet: 38.9M H
Slide 6: Hyperliquid: Infrastructure to House All of Finance
THE VISION Hyperliquid: Infrastructure to House All of Finance No intermediaries holding custody, gatekeeping access or extracting the value users create. 2023 2024-25 OCT 2025 EARLY 2026 TODAY Mainnet launch Product—market fit HIP-3 goes live HIP-3 scales Price discovery Goes live as a perpetuals e
Slide 7: Proven Product-Market Fit Drives Substantial Ongoing Value Generation
WHERE VALUE IS CREATED Proven Product-Market Fit Drives Substantial Ongoing Value Generation One of the highest fee generators in all of crypto: ~$834M of value accrued in the 12 months to September 30, 2026. ‘otal Economic Value ($M, quarterly) $324 $256 $208 $182 $187 $182 | $148 = aa $14 — 4024 1
Slide 8: Value Generated Accrues Seamlessly to the HYPE Token
WHERE VALUE ACCRUES Value Generated Accrues Seamlessly to the HYPE Token Equity-like economics: ~99% of fees buy back HYPE, automatically and on-chain, like a share repurchase without discretion. The Buyback Engine 1 Traders pay fees on every trade on the exchange. share repurchase. 2 ~99% go to the
Slide 9: Driving Breakout Price Performance, HYPE Firmly a Top 10 Token
HYPE PERFORMANCE Driving Breakout Price Performance, HYPE Firmly a Top 10 Token Platform transforming into the liquidity layer for a wide variety of assets, with the HYPE token now ranking among the ten largest digital assets. HYPE TOKEN PRICE ($) Top 10 Networ! kens (Market Cap, $ in B) $120 1 2 u
Slide 10: Potential Regulated US Path Unlocks Large Markets
GOING FORWARD Potential Regulated US Path Unlocks Large Markets Subject to ongoing regulatory process, permissioned access would unlock very large TAMs. Regulatory Developments and Recent Pu Announcements Large TAMs, Still Early 19 AUG 2026 - WHITE HOUSE President Trump said the CFTC Chairman is “wo
Slide 11: Hyperliquid Strategies Subsidiary Applying to Become an FCM
EXPANDING ECOSYSTEM ROLE Hyperliquid Strategies Subsidiary Applying to Become an FCM Support bringing the next evolution of perpetual markets into the US in a permissioned fashion. Technology Below, a Regulated Stack Above ALLOWLISTED USERS Onboarded customers on the deployer’s onchain allowlist DCM
Slide 12: Hyperliquid Strategies Quarterly Update
Hyperliquid Strategies Quarterly Update September 2026 Hyperliquid Strategies Inc strat xyz
Slide 13: Continued Adding to Our HYPE Treasury
TREASURY EXPANSION Continued Adding to Our HYPE Treasury Increased to 38.5M HYPE tokens (September 30, 2026), up from 29.3M HYPE tokens at the previous quarter (June 30, 2026) and 12.5M when we launched the company in December 2025. Continue to raise capital Driving increase in HYPE token Ending the
Slide 14: Impact on NAV
NET ASSET VALUE Impact on NAV Increased from $1.9B as of June 2026 to $3.4B as of September 2026 Net Asset Value Bridge ($ in M) Drivers of the Quarter +1601 (172) o @ Net cash increase of $104.7M $911M raised through PURR issuance against $802M deployed into (') buying HYPE tokens and (ii) buying b
Slide 15: PURR: Outperforming and a Top Treasury Company
PURR PERFORMANCE PURR: Outperforming and a Top 3 Treasury Company PURR tracked the HYPE token’s break-out through the first nine months of 2026, and the treasury now ranks third among all digital asset treasury companies in treasury value. PURR SHARE PRICE ($) $16.00 $14.00 $12.00 $10.00 $8.00 $6.00
Slide 16: Financial Performance
Hyperliquid Strategies Financial Performance Quarterly Update September 2026 Hyperliquid Strategies Inc strat xyz
Slide 17: Quarterly Financial Performance: Income Statement
INCOME STATEMENT Quarterly Financial Performance: Income Statement For the 3 Months Ended: 12 Mts Ended SM 9/30/25 12/34/25 3/31/26 6/30/26 9/30/26 9/30/26 Quarterly Results Interest Income --- $0.9 $1.0 $0.8 $1.0 $3.7 @ Staking and validator commission revenue: - - staking rewards on (100% of) HYPE
Slide 18: Quarterly Financial Performance: Balance Sheet
BALANCE SHEET Quarterly Financial Performance: Balance Sheet $m Cash and Cash-Like Instruments Other Current Assets Total Current Assets HYPE Digital Assets Other Assets Total Assets Accounts Payable Other Current Liabilities Total Current Liabilities Deferred Tax Liability Total Lial ies Stockholde
Slide 19: Q&A
Q&A hypestrat.xyz
Slide 20: Appendix: Additional Financial Information
Appendix Additional Financial Information Hyperliquid Strategies Inc hypestrat.xyz 20
Slide 21: Quarterly Financial Performance: HYPE Tokens Held
TOKEN POSITION Quarterly Financial Performance: HYPE Tokens Held HYPE Tokens Held Review Tokens Received At Completion (a) Tokens Acquired Validator Tokens Staking Rewards Amount of Tokens Held (M) Value of Tokens Held ($M) Per Token ($) Token Acquisition Cost ($M) Per Token ($) Information in “Curr
Slide 22: Quarterly Financial Performance: Fully Diluted Shares
SHARE COUNT Quarterly Financial Performance: Fully Diluted Shares Basic Shares Preferred Shares (a) Sub-Total Dilutive Securities Fully Diluted Shares At Completion 127,034,605 26,587,647 153,622,252 19,048 153,641,300 As of 12/31/25 124,093,048 26,587,647 150,680,695 150,680,695 As of 3/31/26 124,2
Slide 23: Quarterly Financial Performance: Warrant Summary
WARRANTS Quarterly Financial Performance: Warrant Summary At Period-End Share Price: Legacy Warrants Common stock warrants November 2024 Common stock PIPE warrants December 2024 2025 Bridge Financing Warrants - 200% Coverage 2025 PIPE Financing Warrants Sponsor 1.5x Warrants Sponsor 2.0x Warrants Sp
Slide 24: Appendix: Additional Information on Hyperliquid Strategies
Appendix Additional Information on Hyperliquid Strategies Hyperliquid Strategies Inc strat xyz
Slide 25: 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 ate Shareholder Val Provide Access © Difficult for retail and sophisticated investors to b
Slide 26: Hyperliquid Strategies: Experienced Team and Strategic Partners
LEADERSHIP AND PARTNERS Hyperliquid Strategies: Experienced Team and Strategic Partners Bob Diamond CHAIRMAN @BARCLAYS Oo Bob Diamond is the Founding Partner and CEO of Atlas Merchant Capital, previously serving as the CEO of Barclays Bes Larry Leibowitz BOARD MEMBER Eric Rosengren BOARD MEMBER SS F
Slide 27: Hyperliquid Strategies: 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 28: Appendix: Additional Information on Hyperliquid
Appendix Additional Information on Hyperliquid Hyperliquid Strategies Inc hypestrat.xyz 28
Slide 29: 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 ©@ Hyperliquid Unique custom-buil iterdependent blockchain architecture HyperBFT = Consensus algorithm = Decentralized validat
Slide 30: 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 03 Fees T
Slide 31: HYPE: Token Allocation at TGE
APPENDIX HYPE: Token Allocation at TGE @ Future Emissions / Community Rewards 38.80% Genesis Distribution 31.00% i | Core Contributors 23.80% i | Hyper Foundation 6.00% Community Grants 0.20% HIP-2 Allocation 0.20% Maximum supply of ~1 billion HYPE tokens The HYPE token is the native gas token for H
Slide 32: HYPE: Summary of Token Supply
APPENDIX HYPE: Summary of Token Supply Categories #(M) Initial Supply 1,000 Future Emissions & Community Rewards (410) Hyper Foundation (61) Assistance Fund (48) Community Grants (3) HyperCore & HyperEVM Fees (2) Outstanding Token Supply (OTS) 476 Of Which: Core Contributors 238 Circulating Token Su
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