HYPE Treasury company Hyperliquid Strategies releases financial report: Nine-Month Net Loss as of March 31 reaches $165 million

Hyperliquid Strategies, the treasury firm behind the HYPE token, disclosed its third-quarter report on Thursday, revealing it currently holds roughly 20 million HYPE tokens. Since its founding in December 2025, the company has deployed $216 million to acquire approximately 7.3 million HYPE tokens. Hyperliquid Strategies went public last year via a merger with Sonnet BioTherapeutics, focusing on accumulating HYPE tokens to maximize shareholder value through staking, yield optimization, and ecosystem participation. Beyond HYPE purchases, the firm also allocated $10.5 million to repurchase roughly 3 million shares of PURR stock at an average price of $3.42 per share. It maintains a cash position of $103 million for future treasury deployments, share buybacks, and other corporate expenses. For the nine months ended March 31, the company reported a net loss of $165.4 million. The filing noted the loss was “primarily driven by” a $64 million unrealized net loss on HYPE tokens, a $35.6 million one-time write-down tied to the legacy Sonnet business acquisition, and a $60.5 million increase in deferred income tax expense. For the three months ended March 31, staking revenue totaled $2.6 million, with an additional $1 million in increased interest income, and operating expenses came to $7.2 million.