Listen everyone, this is what “treasury company volatility” looks like in real time.
Nasdaq-listed Hyperliquid Strategies (PURR) reported a $317.9 million net loss for the six months ended Dec. 31, 2025, and the headline driver was simple: HYPE price weakness hit the balance sheet hard. The company said $262.4 million of that loss came from unrealized losses on HYPE tokens, alongside a $35.6 million merger-related IPR&D write-off and a $17.8 million increase in deferred tax expense.
Even with that loss, the balance sheet isn’t “blown up.” Hyperliquid Strategies reported $616.7M in total assets and $589.8M in stockholders’ equity, and importantly, no debt.
At year-end, the company held about 12.86 million HYPE valued using a $25.48 price, plus a large cash position. Revenue was still small around $0.9M interest income and $0.5M staking revenue, mostly after the company’s transaction closed in early December.
Then came the real “strategy” part: as of Feb. 3, the firm said it deployed $129.5M to buy ~5M more HYPE, bringing holdings to ~17.6M HYPE (about 1.83% of supply), and also used $10.5M to repurchase ~3M shares. It still had ~$125M deployable capital and access to a $1B equity line.
HYPE itself has been volatile CoinGecko shows it around the high-$20s recently, and its all-time high is $59.30, so these mark-to-market swings can get brutal fast.
Bottom line: PURR is basically a levered bet on the Hyperliquid ecosystem. When HYPE drops, the income statement bleeds. When HYPE runs, the optics flip instantly.
#USRetailSalesMissForecast #USTechFundFlows #WhaleDeRiskETH #USNFPBlowout