Hyperliquid Strategies Posts $165.4M Net Loss for Nine Months Ended March 31 as HYPE Treasury Grows to 20M Tokens

According to its fiscal third-quarter filing on Thursday, Hyperliquid Strategies Inc. (NASDAQ: PURR) posted a $165.4 million net loss for the nine months ended March 31. The loss was primarily attributable to $64 million in net unrealized losses on HYPE tokens, a $35.6 million write-off related to legacy Sonnet operations, and a $60.5 million increase in deferred tax expense.

The HYPE token treasury now holds approximately 20 million tokens, with $216 million deployed to acquire 7.3 million HYPE since the firm's inception in December 2025. Staking revenue reached $2.6 million for the quarter, while the company maintains a $103 million cash position for future deployments.