Hyperliquid Strategies Inc. 

PURR Price

What is Hyperliquid Strategies Inc. (PURR) stock?

Hyperliquid Strategies Inc. (NASDAQ: PURR) is a US digital asset treasury company whose stated mandate is to accumulate and hold HYPE, the native token of the Hyperliquid perpetuals exchange. The company positions itself as the largest HYPE-focused digital asset treasury ever formed, giving public-equity investors HYPE exposure without on-chain custody. PURR is common stock, not a token — the asset has no on-chain contract and no token supply. DropsTab classifies it under TradFi.

How does PurrDAT relate to Hyperliquid Strategies Inc.?

PurrDAT is the ticker of a perpetual futures market on Hyperliquid — XYZ:PURRDAT-USD — that tracks the price of Hyperliquid Strategies Inc. stock. Per DropsTab data, the PURRDAT-USD market is a synthetic tracking perp, not the share itself. The perpetual futures market gives roughly 24/7 on-chain exposure and can trade away from the Nasdaq close outside market hours. The underlying equity itself trades on Nasdaq under PURR.

Is PURR the same as the Hyperliquid PURR memecoin?

PURR, the ticker of Hyperliquid Strategies Inc., is not the same asset as the PURR memecoin on Hyperliquid. The memecoin is a separate cat-themed token — the first HIP-1 spot token on Hyperliquid, whose PURR/USDC spot market opened April 16, 2024 after 500 million of 1 billion tokens were airdropped free to Hyperliquid Points holders. The memecoin has no relation to the company, and its airdrop history belongs to that other asset.

How did Hyperliquid Strategies Inc. become a public company?

Hyperliquid Strategies Inc. was formed through a business combination between Sonnet BioTherapeutics Holdings (formerly NASDAQ: SONN) and Rorschach I LLC. The deal was announced July 11, 2025 at an approximately $888 million valuation. The combination closed December 2, 2025. The combined stock began trading on the Nasdaq Capital Market under PURR on December 3, 2025, and the entity retains a biotech legacy from the Sonnet merger.

Who runs Hyperliquid Strategies Inc.?

David Schamis serves as CEO of Hyperliquid Strategies Inc., Brett Beldner as CFO, and Jeroen Nieuwkoop as COO. Bob Diamond chairs the board. The board also includes Eric Rosengren, former president of the Boston Fed.

How can investors gain HYPE exposure through PURR?

HYPE exposure through PURR runs through the Nasdaq-listed share, Nasdaq Options Market options, and perpetual futures markets. Per DropsTab data, all tracked PURR markets are derivatives — several perpetual futures across multiple venues: Hyperliquid (Futures), OKX, MEXC, and Gate.io. Spot and decentralized-exchange pairs number zero, because the underlying is an equity, not an on-chain token. Non-equity exposure is therefore derivatives-only.

What does the Hyperliquid Strategies treasury hold, and how is the HYPE managed?

At the October 22, 2025 S-1 filing, Hyperliquid Strategies Inc. held approximately 12.6 million HYPE plus roughly $305 million in cash. The company targets staking 100% of its HYPE for compounding staking yield, with custody at Anchorage Digital Bank, a federally chartered crypto bank. Since May 2026, the Hyperliquid Strategies × Unit validator has operated with the majority of its initial stake delegated from the company's own treasury HYPE.

Does PURR stock carry dilution risk?

PURR carries equity dilution risk instead of token emission risk. On October 22, 2025, the company filed an S-1 registering up to 160 million new common shares for a raise of up to $1 billion, with Chardan Capital Markets as financial advisor. Exercise or resale of these registered shares would increase the share count — the structural analogue of a token unlock. A $30 million stock repurchase program announced December 8, 2025 partially offsets dilution.

What is the mNAV discount on Hyperliquid Strategies (PURR) stock?

The mNAV discount is the gap between PURR's market capitalization and the market value of the company's net asset value — chiefly its HYPE holdings. HYPE's price drives the net asset value directly, and the treasury is a single-asset vehicle, so the stock trades as a concentrated proxy for one token. Shares can trade below or above NAV; the current premium or discount is a live market figure rather than a fixed company attribute.