Hyperliquid Strategies Inc · NASDAQ:PURR
Hyperliquid Strategies — Q3 2026 Earnings Presentation
38 slides from Hyperliquid Strategies's earnings presentation, May 7, 2026
Slide 1: Third Quarter Earnings Review
Third Quarter Earnings Review | May 7, 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: Introduction
Hyperliquid: the Blockchain to House All Finance Hyperliquid Strategies: the Largest Public Vehicle Accumulating HYPE Hyperliquid Strategies: Introduction The largest publicly traded digital asset treasury (DAT) vehicle (Nasdaq: PURR) focused on accumulating HYPE — the native utility token of the Hy
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 Trading digital assets Stablecoins Prediction markets Tokenization of real world assets Real World Use Cases Genius Act passed Clarity Act anticipated Various
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 Source: DeFiLlama, https://app.coinmarketman.com/. First on-chain perps DEX to compete efficiently with centralized exchanges, combining a fully-tr
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 launched to date 24/7 self-custodied, globally accessible, and low-cost trading Any RWA can be turned into a permissionless perp
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 Note: Silver Perps Trading represents trading v
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. Source: estimate for 2026 based on A
Slide 11: Mainstream Press Recognizing Hyperliquid As Credible 24/7 Trading Venue
Mainstream Press Recognizing Hyperliquid As Credible 24/7 Trading Venue
Slide 12: ~43.6M HYPE tokens have been bought back and permanently burnt
~43.6M HYPE tokens have been bought back and permanently burnt to date Hyperliquid is the leading protocol for buy-backs by far Deflationary Buy-Backs Market Statistics Operating Performance and Growth Outlook Driving Value Accrual HYPE Token 99% of fees attributable to Hyperliquid are used to buy b
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) Note: Correlation based on 30-day trail
Slide 14: Growth Outlook: Four Major Growth Engines
Proven Growth Engines Distribution Non-Crypto Perps Outcome Markets 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, op
Slide 15: Hyperliquid Strategies Third Quarter Update
Hyperliquid Strategies Third Quarter Update
Slide 16: Hyperliquid Strategies: Disciplined Treasury Execution
Hyperliquid Strategies: Disciplined Treasury Execution $226.5M Capital Deployment (Since Inception) Share buy-backs. $10.5M since public listing. Mostly during December 2025. 3.1M PURR shares (avg cost of $3.42). Token accumulation. $216.0M since public listing. 7.3M HYPE tokens (avg price of $29.53
Slide 17: Hyperliquid Strategies: Validator Launch with Unit Labs
Hyperliquid Strategies: Validator Launch with Unit Labs Partnership with Unit Labs, the parent company of Unit and TradeXYZ. Unit: leading provider of spot asset infrastructure on Hyperliquid TradeXYZ: the leading deployer of perpetual derivatives for real-world assets. New recurring revenue stream
Slide 18: Hyperliquid Strategies: Disposition of Sonnet Legacy Assets
Hyperliquid Strategies: Disposition of Sonnet Legacy Assets Capital-efficient disposition transaction with preserved upside Initial contribution of majority of legacy assets + $2.3M investment into Guidant BioTherapeutics (NewCo) in exchange for 40% equity stake. Subsequent additional investment of
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) Note: Correlation based on 30 day trailing correlation. BTC DATs (MSTR, MTP
Slide 20: Hyperliquid Strategies Financial Performance Third Quarter Update
Hyperliquid Strategies Financial Performance Third Quarter Update
Slide 21: Third Quarter Financial Performance: Income Statement
Third Quarter Financial Performance: Income Statement Staking revenue: staking rewards on (100% of) HYPE tokens staked. Unrealized Loss: loss on HYPE tokens for the quarter ended December 31, 2025. Loss on HYPE Contributed: loss related to the decline in HYPE tokens value from initial commitment (Ju
Slide 22: Third Quarter Financial Performance: Balance Sheet
Third Quarter Financial Performance: Balance Sheet Cash and Cash Equivalents: balance post deployment of treasury strategy for the period, primarily invested in treasury bills and money market funds. HYPE Tokens: 18.8M tokens held at $36.60 per HYPE token (as of March 31, 2026). Zero debt. Deferred
Slide 23: Q&A
Q&A
Slide 24: Appendix: Additional Financial Information
Appendix Additional Financial Information
Slide 25: Third Quarter Financial Performance: HYPE Tokens Held
Third Quarter Financial Performance: HYPE Tokens Held
Slide 26: Third Quarter Financial Performance: Fully Diluted Shares
Third Quarter Financial Performance: Fully Diluted Shares
Slide 27: Third Quarter Financial Performance: Warrant Summary
Third Quarter Financial Performance: Warrant Summary
Slide 28: Appendix: Additional Information on Hyperliquid Strategies
Appendix Additional Information on Hyperliquid Strategies
Slide 29: 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 30: Hyperliquid Strategies: Experienced Team and Strategic Partners
Hyperliquid Strategies: 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 King
Slide 31: Hyperliquid Strategies: Treasury Strategy Framework
Hyperliquid Strategies: 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
Slide 32: Appendix: Additional Information on Hyperliquid
Appendix Additional Information on Hyperliquid
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 Vertica
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 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 35: 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 36: HYPE: Summary of Token Supply
HYPE: Summary of Token Supply
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 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 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 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-ramp
Hyperliquid Strategies — Q3 2026 Earnings Presentation on 6ix