Hyperliquid Posts $165.4M Loss, Holds About 20M HYPE

Hyperliquid Strategies Inc., the Nasdaq-listed firm focused on HYPE token holdings, reported a $165.4 million net loss for the nine months ended March 31 in its fiscal third-quarter filing. The company reported its HYPE treasury expanded to about 20 million tokens.

The company attributed most of the loss to non-cash items and tax changes. The filing assigns roughly $64 million to net unrealized losses on HYPE holdings, a $35.6 million one-time write-off related to the acquisition of the legacy Sonnet business, and a $60.5 million increase in deferred tax expense.

Since its formation in December 2025, Hyperliquid says it has deployed $216 million to acquire about 7.3 million HYPE tokens and now holds roughly 20 million HYPE tokens in total. During the quarter the company completed the disposition of the majority of its legacy Sonnet BioTherapeutics operations and announced a validator partnership with Unit aimed at generating staking and ecosystem revenue.

Hyperliquid reported $103 million in cash on hand for future token purchases, share repurchases and other corporate needs. The company has spent $10.5 million to buy back about 3 million shares of its common stock, PURR, at an average price of $3.42 per share. In March, PURR began trading on the Nasdaq Options Market.

Operationally, staking revenue for the three months ended March 31 reached $2.6 million, and interest income added about $1 million in the same period. Operating expenses totaled $7.2 million for the quarter.

In the filing, Chief Executive David Schamis wrote, “We materially scaled our HYPE treasury, announced our validator partnership with Unit, and completed the disposition of the majority of our legacy bio‑tech operations — milestones that, together with disciplined capital deployment and growing staking revenue, deepen HSI's alignment with Hyperliquid's deflationary mechanics and ecosystem expansion.”