Hyperliquid Strategies Inc filed a Form 10-Q with the SEC on November 5, 2026, reporting financial results for the quarter ended September 30, 2026, its first full quarterly period of operations as a publicly traded company on NASDAQ:PURR.

Key Highlights

  • Net income of $620.6 million for the three months ended September 30, 2026, compared to a net loss of $13.4 million in the same period of 2025, according to the filing.
  • HYPE digital assets of $3.505 billion on the balance sheet as of September 30, 2026, up from $1.904 billion as of June 30, 2026.
  • Unrealized gain on HYPE digital assets of $803.0 million was the primary driver of operating income for the quarter, the filing disclosed.
  • Staking and validator commission revenue of $12.25 million was reported for the quarter, with no comparable revenue in the prior-year period.
  • Total assets reached $3.764 billion as of September 30, 2026, versus $2.060 billion as of June 30, 2026.
  • 74,640,500 shares sold under the Equity Facility during the quarter, generating net proceeds of $925.044 million, per the filing.
  • 277,008,716 shares outstanding as of November 4, 2026, as stated on the cover page.

Hyperliquid Strategies' HYPE Holdings and Equity Activity Drive Q1 FY2027 Results

According to the filing, Hyperliquid Strategies Inc reported total revenue of $12.25 million for the quarter ended September 30, 2026, consisting entirely of staking and validator commission revenue. The company reported no revenue in the comparable prior-year quarter. Total operating income for the period was $795.433 million, driven predominantly by an unrealized gain on HYPE digital assets of $803.040 million, partially offset by selling, general and administrative and research and development expenses of $7.607 million.

The company disclosed net income before income taxes of $792.926 million, against which a provision for income taxes of $172.324 million was recorded, resulting in net income of $620.602 million. After allocating $67.876 million of net income to participating preferred stockholders, net income attributable to common stockholders was $552.726 million, or $2.55 per basic common share and $2.54 per diluted common share, based on weighted average basic shares of 216,508,610 and diluted shares of 217,441,585.

On the balance sheet, HYPE digital assets grew to $3.505 billion from $1.904 billion at June 30, 2026. Cash and cash equivalents rose to $254.572 million from $137.917 million over the same period. The company disclosed purchases of HYPE digital assets totaling $643.001 million and purchases of USDC totaling $131.075 million during the quarter. Net cash used in operating activities was $17.059 million, while financing activities provided $907.703 million, primarily from net equity issuance proceeds. The filing also noted a non-cash conversion of $142.943 million of USDC into HYPE digital assets. As of September 30, 2026, the company held 5,793,191 treasury shares at a cost of $27.822 million, reflecting $17.341 million in stock repurchases during the quarter.

What Was Disclosed

Hyperliquid Strategies Inc disclosed its unaudited condensed consolidated financial statements for the quarter ended September 30, 2026, covering revenue, operating results, digital asset holdings, equity activity, and cash flows, as a smaller reporting company and emerging growth company listed on NASDAQ:PURR.