Hyperliquid Strategies Inc · NASDAQ:PURR
Hyperliquid Strategies — Q3 FY2026 Earnings Presentation
38 slides from Hyperliquid Strategies's earnings presentation, May 7, 2026
Slide 1: Third Quarter Earnings Review | May 7, 2026
Third Quarter Earnings Review | May 7, 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: 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 • Regulated Access: capital
Slide 6: Past the Inflection Point: Global Finance Is Moving On-Chain
Past the Inflection Point: Global Finance Is Moving On-Chain The (institutional) adoption of the blockchain in global finance is accelerating Real World Use Cases Regulatory Tailwinds Growing Institutional Interest • Trading digital assets • Genius Act passed JPMorganChase Goldman Sachs Morgan Stanl
Slide 7: Hyperliquid Dominates On-Chain Trading and Fee Generation
Hyperliquid Dominates On-Chain Trading and Fee Generation Hyperliquid consistently ranks as one of the highest daily fee generators across all protocols Hyperliquid Quarterly Protocol Fees ($M) Rapid Scaling & Adoption #1 #1 Perps DEX Volume Perps DEX Open Interest >$900M >$4T 2025 Fees >260K All-ti
Slide 8: Hugely Successful Launch of HIP-3: Trade Any Asset On-Chain
Hugely Successful Launch of HIP-3: Trade Any Asset On-Chain Launch any real-world asset, tradeable on-chain, 24/7 Hyperliquid Top Perps Trading Pairs 140+ non-crypto perps Open Interest 24H Volume launched to date # Token Type Amt ($M) % of Total Amt ($M) % of Total 1 BTC Core $2,076.3 27.5% $2,087.
Slide 9: Hyperliquid Has Quickly Become a Platform For Real-World Price Discovery
Hyperliquid Has Quickly Become a Platform For Real-World Price Discovery Driving huge trading volumes for Silver during Jan/Feb period of high volatility and Oil during Iran conflict. Silver Perps Trading on Hyperliquid Oil Perps Trading on Hyperliquid ($ in M) Friday Silver spike ($ in M) Friday St
Slide 10: HIP-4: Turning Uncertainty into a Tradeable Asset on Hyperliquid
HIP-4: Turning Uncertainty into a Tradeable Asset on Hyperliquid Allowing users to express views on outcomes (bounded, dated, non-linear risk), traded together with linear risk (spot, perps) on one execution engine; applicable to wide range of uncertain outcomes. Rapidly Growing Market HIP-4 Approac
Slide 11: Mainstream Press Recognizing Hyperliquid As Credible 24/7 Trading Venue
Mainstream Press Recognizing Hyperliquid As Credible 24/7 Trading Venue 11
Slide 12: Operating Performance and Growth Outlook Driving Value Accrual HYPE Token
Operating Performance and Growth Outlook Driving Value Accrual HYPE Token 99% of fees attributable to Hyperliquid are used to buy back HYPE Market Statistics Deflationary Buy-Backs #10 • ~43.6M HYPE tokens have been bought back and permanently burnt to date Rank By Market Cap • Hyperliquid is the le
Slide 13: HYPE Token Outperforming and Decoupling from Digital Assets Beta
HYPE Token Outperforming and Decoupling from Digital Assets Beta HYPE token performance less linked to general crypto sentiment; outperformance among major digital asset tokens Digital Assets BTC Correlation (Q1 2026) Digital Assets Price Performance (Q1 2026) Silver spike Start of Iran Conflict Sil
Slide 14: Growth Outlook: Four Major Growth Engines
Growth Outlook: Four Major Growth Engines Adding outcome markets and portfolio margin will set Hyperliquid up as a unique venue where users can trade any asset and use (margin) capital efficiently across any product (spot, perps, option, prediction). Proven Growth Engines Emerging Growth Engines Dis
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Slide 16: Hyperliquid Strategies: Disciplined Treasury Execution
Hyperliquid Strategies: Disciplined Treasury Execution $226.5M deployed since public listing (December 2025) raising HYPE token balance to 20.0M HYPE tokens. Treasury Deployment (Since Inception) $226.5M Capital Deployment (Since Inception) • Share buy-backs. • $10.5M since public listing. • Mostly
Slide 17: Hyperliquid Strategies: Validator Launch with Unit Labs
Hyperliquid Strategies: Validator Launch with Unit Labs Partnering with Unit Labs, the leading Hyperliquid deployer, improving yield on our HYPE treasury and deepening ecosystem alignment Partnership with Unit Labs, the parent company of Unit and TradeXYZ. • Unit: leading provider of spot asset infr
Slide 18: Hyperliquid Strategies: Disposition of Sonnet Legacy Assets
Hyperliquid Strategies: Disposition of Sonnet Legacy Assets Completing transition to a pure-play digital asset treasury company while preserving modest legacy upside Capital-efficient disposition transaction with preserved upside • Initial contribution of majority of legacy assets + $2.3M investment
Slide 19: Hyperliquid Strategies: PURR Outperforming
Hyperliquid Strategies: PURR Outperforming In line with the HYPE token price outperformance, PURR has materially outperformed its peers over the last quarter PURR – HYPE Correlation (Q1 2026) PURR Price Performance (Q1 2026) 100.0% 200.0% 90.0% 180.0% 80.0% 160.0% 70.0% 60.0% 140.0% 50.0% 120.0% 40.
Slide 20: Financial Performance
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Slide 21: Third Quarter Financial Performance: Income Statement
Third Quarter Financial Performance: Income Statement For the 3 Months Ended: 9 Mts Ended • Staking revenue: staking rewards on (100% of) $M 9/30/25 12/31/25 3/31/26 3/31/26 HYPE tokens staked. Interest Income --- $0.9 $1.0 $1.9 Staking Revenue --- 0.5 2.6 3.1 • Unrealized Loss: loss on HYPE tokens
Slide 22: Third Quarter Financial Performance: Balance Sheet
Third Quarter Financial Performance: Balance Sheet As of 12/31/25 As of 3/31/26 % • Cash and Cash Equivalents: balance post $M Amount % of Total Amount % of Total Change deployment of treasury strategy for the Cash and Cash Equivalents $281.9 45.7% $113.1 14.0% (59.9)% period, primarily invested in
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Slide 24: Additional Financial Information
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Slide 25: Third Quarter Financial Performance: HYPE Tokens Held
Third Quarter Financial Performance: HYPE Tokens Held As Of: Change Completion - 3/31/26 Change Completion - Latest HYPE Tokens Held Review Completion 12/31/25 3/31/26 Latest $/# % $/# % Tokens Received At Completion (a) 12.518 12.518 12.518 12.518 --- --- --- --- Tokens Acquired --- 0.321 6.206 7.3
Slide 26: Third Quarter Financial Performance: Fully Diluted Shares
Third Quarter Financial Performance: Fully Diluted Shares At Completion As of 12/31/25 As of 3/31/26 Latest Basic Shares 127,034,605 124,093,048 124,220,108 130,189,108 Preferred Shares (a) 26,587,647 26,587,647 26,587,647 26,587,647 Sub-Total 153,622,252 150,680,695 150,807,755 156,776,755 Dilutive
Slide 27: Third Quarter Financial Performance: Warrant Summary
Third Quarter Financial Performance: Warrant Summary Warrants As of 12/31/25 As of 3/31/26 Current Exercise Price # of Units Net Exercise # of Units As of 12/31/25 # of Units As of 12/31/25 # of Units Current Legacy Warrants > $47.00 216,353 --- 26,480 --- 26,480 --- 26,480 --- Common stock warrants
Slide 28: Appendix
Slide 29: Hyperliquid Strategies: Premier Digital Asset Treasury Platform
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 • Difficult for retail and sophisticated investors to buy HYPE tokens (restrictions
Slide 30: Hyperliquid Strategies: Experienced Team and Strategic Partners
Hyperliquid Strategies: 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 Merch
Slide 31: Hyperliquid Strategies: Treasury Strategy 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 capital balance and
Slide 32: Additional Information on Hyperliquid
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Slide 33: 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 34: 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 35: 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 36: 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 (415.2) May become part of OTS in the future. Hyper Foundation (60.1) May become part of OTS in the future. Assistance Fund (43.8) Permanently bu
Slide 37: 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 38: Builder Codes: Ongoing Expansion of 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 ~15M ~30M • Allows for a permissionless way to conn
Hyperliquid Strategies — Q3 FY2026 Earnings Presentation on 6ix