Hyperliquid Strategies Inc · NASDAQ:PURR
Hyperliquid Strategies — Q2 2026 Earnings Presentation
34 slides from Hyperliquid Strategies's earnings presentation, Feb 11, 2026
Slide 1: Q2 2026 Financial Results
Q2 2026 Financial Results | February 11, 2026
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
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 Strategies Inc: Introduction Following the successful completion of its business combination, shares of Hyperliquid Strategies Inc started trading on NASDAQ under its new ticker (“PURR”) on December 3, 2025 The Premier Digital Asset Treasury Platform Focused on Hyperliquid • Public Listi
Slide 6: Hyperliquid Strategies Inc: Premier Digital Asset Treasury Platform
Hyperliquid Strategies Inc: 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 • Difficult for retail and sophisticated investors to buy HYPE tokens (restrict
Slide 7: Hyperliquid Strategies Inc: Experienced Team and Strategic Partners
Hyperliquid Strategies Inc: Experienced Team and Strategic Partners Distinguished DistinguishedLeadership Leadership Strategic Partners David Schamis Bob Diamond Chief Executive Officer Chairman Board Member Bob Diamond is the Founding Partner and David Schamis is the Founding Partner CEO of Atlas M
Slide 8: Hyperliquid Strategies Inc: Executing on Our Strategy
Hyperliquid Strategies Inc: Executing on Our Strategy Investor • Research coverage initiated. Engagement • Investor roadshows, conferences, podcasts, media appearances. Capital • Share buy-back program in place. Management • Share issuance program in place (ELOC). Treasury • Clearly formulated HYPE
Slide 9: Hyperliquid
Slide 10: Global Financial System Moving On-Chain
Global Financial System Moving On-Chain Supported by strong macro-economic, regulatory and political tailwinds Superior Infrastructure Accelerating Adoption Global Decentralized No borders No intermediaries • >700M+ digital asset retail owners. • Institutions embracing digital assets. • Digital asse
Slide 11: Hyperliquid Proven Blockchain Infrastructure
Hyperliquid Proven Blockchain Infrastructure Highly performant blockchain infrastructure, pursuing its vision as the Blockchain to House All Finance Hyperliquid Highlights 2025 Dominant Perps DEX for FY 2025 - #1 in trading volume. - #1 in open interest. - #1 in trading fees. Highly performant block
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 Hyperliquid Quarterly Revenue ($M) Rapid Scaling & Adoption $307 #1 #1 $258 Perps DEX Volume Perps DEX Open Interest >$800M $185 >$3T 2025 Revenue >150K $143 All-t
Slide 13: Hyperliquid Rapid Increase in Addressable Market
Hyperliquid Rapid Increase in Addressable Market The Hyperliquid Blockchain is a highly scalable, fully on-chain, permissionless financial system Proven Growth Engines Emerging Growth Engines Distribution Non-Crypto Perps Portfolio Margin Prediction Markets Expanding External builders Native protoco
Slide 14: TradFi Increasing Awareness and Recognition of Hyperliquid
“TradFi” Increasing Awareness and Recognition of Hyperliquid 14
Slide 15: Hyperliquid: Attractive Native Utility Token – HYPE
Hyperliquid: Attractive Native Utility Token – HYPE Versatile, but difficult to access, foundational token that powers the decentralized Hyperliquid ecosystem Market Statistics Deflationary Buy-Backs #12 • Currently, ~99% of Hyperliquid revenues are used to buy back HYPE and DeFi Rank By Market Cap
Slide 16: Treasury Strategy
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Slide 17: Treasury Strategy: Framework
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 capital balance and requirements. - General
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
Slide 19: Financial Performance
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Slide 20: Q4 2025 Financial Performance: Summary Performance Statement
Q4 2025 Financial Performance: Summary Performance Statement 6 Mts Ended • Staking revenue: staking rewards on (100% of) HYPE tokens staked. $M 12/31/25 Interest Income $0.9 • Unrealized Loss: loss on HYPE tokens held Staking Revenue 0.5 from transaction completion (December 2, 2025) up to period-en
Slide 21: Q4 2025 Financial Performance: Summary Balance Sheet
Q4 2025 Financial Performance: Summary Balance Sheet % of • Cash: balance post deployment of treasury strategy for the period. $M 12/31/25 Total Cash and Cash Equivalents $281.9 45.7% • HYPE Tokens: 12.9M tokens held at $25.48 Other Current Assets 5.2 0.8 per HYPE token. Total Current Assets 287.1 4
Slide 22: Adjusted Net Asset Value (February 3, 2026)
Adjusted Net Asset Value (February 3, 2026) HYPE Latest Token Price $32.66 Latest price. HYPE Tokens Held (M) 17.6 Value of Digital Assets ($ in M) $573.2 Based on latest price. PURR Latest Share Price $5.15 Latest price. ` Fully Diluted Shares (M) 150.6 Fully Diluted Market Cap ($ in M) $775.4 Base
Slide 23: Additional Financial Information
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Slide 24: Q4 2025 Financial Performance: HYPE Tokens Held
Q4 2025 Financial Performance: HYPE Tokens Held As Of: Change Completion - 12/31/25 Change Completion - Latest HYPE Tokens Held Review Completion 12/31/25 Latest $/# % $/# % Tokens Received At Completion (a) 12.518 12.518 12.518 --- --- --- --- Tokens Acquired --- 0.321 4.993 0.321 NM 4.993 NM Staki
Slide 25: Q4 2025 Financial Performance: Fully Diluted Shares
Q4 2025 Financial Performance: Fully Diluted Shares At Completion As of 12/31/25 Current Basic Shares 127,034,605 124,093,048 123,967,508 Preferred Shares (a) 26,587,647 26,587,647 26,587,647 Sub-Total 153,622,252 150,680,695 150,555,155 Dilutive Securities 19,048 --- --- Fully Diluted Shares 153,64
Slide 26: Q4 2025 Financial Performance: Warrant Summary
Q4 2025 Financial Performance: Warrant Summary Warrants As of 12/31/25 Current Exercise Price # of Units Net Exercise # of Units As of 12/31/25 # of Units Current Legacy Warrants > $47.00 216,353 --- 26,480 --- 26,480 --- Common stock warrants November 2024 22.50 122,222 --- --- --- --- --- Common s
Slide 27: Appendix
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Slide 28: Hyperliquid: Blockchain and Decentralized Exchange
Hyperliquid: Blockchain and Decentralized Exchange Decentralized, permissionless, and community-driven high performance blockchain built to house all of finance Performant L1 blockchain • Custom built and optimized from first principles • Decentralized, fully on-chain performant financial system • V
Slide 29: HYPE: The Hyperliquid Blockchain's Native Token
HYPE: The Hyperliquid Blockchain’s Native Token A versatile foundational asset that powers the decentralized Hyperliquid ecosystem Governance Liquidity Provision Holders participate in decentralized governance, by HYPE tokens can be deposited into the Hyperliquid voting on protocol upgrades, feature
Slide 30: HYPE: Tokenomics
HYPE: Tokenomics Tokenomics HYPE Token Initial Allocation • Maximum supply of ~1 billion HYPE tokens • The HYPE token is the native gas token for HyperEVM, with 6.00% base fees and priority fees being burned for every transaction 23.80% • As of December 2025, transaction fees have burned ~0.09% of H
Slide 31: HYPE: Summary of Token Supply
HYPE: Summary of Token Supply Tokens Categories # (M) % Value ($B) Notes Initial Supply 1,000.0 Maximum token amount. Future Emissions & Community Rewards (428.1) May become part of OTS in the future. Hyper Foundation (59.5) May become part of OTS in the future. Assistance Fund (40.2) Permanently bu
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 STOCK XXXX Prediction Equities Forex Commodities Stock Indices Pre-IPO Markets $500B - $600B ~$9.6T daily $1.5T - $2.0T $900B - $1T Improved $9.3B monthly in daily trading trading volu
Slide 33: Hyperliquid: The Blockchain to House All Finance
Hyperliquid: The Blockchain to House All Finance 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
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 Well known platforms with large user bases are already generating tens of millions of quarterly revenue for Hyperliquid ~15M ~30M • Allows for a permissionless way to
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