![GLC_Research's tweet photo. Some key takeaways from $PURR second earnings call
1. Trade[XYZ] & HIP-3 momentum
@dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed.
“When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.”
2. HIP-4: Outcome Markets
While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives.
A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape.
3. Growing mainstream recognition
Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform.
4. $HYPE correlation dynamics
David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events.
5. Balance sheet & capital allocation
- $HYPE holdings: ~20M tokens (following ~$216M deployed since listing)
- Additional purchases: 7.3M HYPE at ~$29.53 average
- $PURR buybacks: $10.5M in December at ~$3.42
- $PURR Share sales: 6.2M shares at ~$6.31
The company still holds ~$102M in cash, providing significant flexibility for future deployments.
“When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.”
David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January).
6. Validator launch with Unit Labs
One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs.
Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs.
This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11.
7. Quarterly performance
- Net income: ~$150M (primarily driven by ~$HYPE +40% performance)
- Staking revenue: ~$2.6M
- Interest income: ~$1M
- Cumulative loss: ~$165M (driven by Q4 performance)
- Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy.
---
Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs.
The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4.
Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid.
Hope you'll find this summary useful. Hyperliquid.](https://pbs.twimg.com/media/HHyuAOzXQAMEl8n.jpg)
![GLC_Research's tweet photo. Some key takeaways from $PURR second earnings call
1. Trade[XYZ] & HIP-3 momentum
@dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed.
“When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.”
2. HIP-4: Outcome Markets
While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives.
A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape.
3. Growing mainstream recognition
Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform.
4. $HYPE correlation dynamics
David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events.
5. Balance sheet & capital allocation
- $HYPE holdings: ~20M tokens (following ~$216M deployed since listing)
- Additional purchases: 7.3M HYPE at ~$29.53 average
- $PURR buybacks: $10.5M in December at ~$3.42
- $PURR Share sales: 6.2M shares at ~$6.31
The company still holds ~$102M in cash, providing significant flexibility for future deployments.
“When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.”
David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January).
6. Validator launch with Unit Labs
One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs.
Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs.
This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11.
7. Quarterly performance
- Net income: ~$150M (primarily driven by ~$HYPE +40% performance)
- Staking revenue: ~$2.6M
- Interest income: ~$1M
- Cumulative loss: ~$165M (driven by Q4 performance)
- Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy.
---
Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs.
The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4.
Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid.
Hope you'll find this summary useful. Hyperliquid.](https://pbs.twimg.com/media/HHyt9-NXEAMCYPD.jpg)
![GLC_Research's tweet photo. Some key takeaways from $PURR second earnings call
1. Trade[XYZ] & HIP-3 momentum
@dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed.
“When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.”
2. HIP-4: Outcome Markets
While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives.
A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape.
3. Growing mainstream recognition
Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform.
4. $HYPE correlation dynamics
David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events.
5. Balance sheet & capital allocation
- $HYPE holdings: ~20M tokens (following ~$216M deployed since listing)
- Additional purchases: 7.3M HYPE at ~$29.53 average
- $PURR buybacks: $10.5M in December at ~$3.42
- $PURR Share sales: 6.2M shares at ~$6.31
The company still holds ~$102M in cash, providing significant flexibility for future deployments.
“When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.”
David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January).
6. Validator launch with Unit Labs
One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs.
Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs.
This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11.
7. Quarterly performance
- Net income: ~$150M (primarily driven by ~$HYPE +40% performance)
- Staking revenue: ~$2.6M
- Interest income: ~$1M
- Cumulative loss: ~$165M (driven by Q4 performance)
- Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy.
---
Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs.
The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4.
Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid.
Hope you'll find this summary useful. Hyperliquid.](https://pbs.twimg.com/media/HHytsPIWQAMpFf5.jpg)
Olivia
Online
Hyperliquid Strategies Inc
@HypeStrat
NASDAQ: $PURR
Joined July 2025
7 Following
6.4K Followers
48 Posts
"This is a great development in the capital markets"
Hyperliquid Strategies Chairman @rediamondjr on how pre-IPO price discovery on @HyperliquidX is changing how companies go public
We are deeply honored to welcome Hyperliquid Strategies as our first title sponsor for HypurrCo Gathers @ Token2049.
When the institutions come to @Hyperliquidx, they come through @hypestrat.
Hyperliquid Strategies Inc (NASDAQ: $PURR) is a digital asset treasury company whose primary focus is to maximize shareholder value through accumulating HYPE, the native token of Hyperliquid, a high-performance blockchain custom-built to house all of finance. HSI is the largest HYPE-focused digital asset treasury vehicle capitalizing on Hyperliquid’s rapid growth and providing exposure to one of the largest, fastest and most innovative market venues.
Save the date!
📅 Oct 8th, 11AM - 3PM.
📍Singapore.
RSVP and meet the team here: https://t.co/fWsMsjMayF
Very thoughtful analysis from @JeroenNieuwkoop (aka Jerry), our COO at @HypeStrat
$PURR @HyperliquidX
https://t.co/gs7VS3FWMD
Markets do not stop moving when legacy exchanges close, and end users from airlines to manufacturers want more price discovery, not less.
Hyperliquid is a preview of where market structure is going: 24/7, transparent and global.
Hyperliquid’s approach has led it to outsource multiple functions, from market curation to retail acquisition.
Another is communicating its story to investors, institutions, and the market.
Excited to try to play a small part in closing that gap.
This is an excellent recap of our earnings call - thanks to @GLC_Research for doing such a nice job summarizing (saves everyone from having to listen to me drone on for 45 minutes).
@HypeStrat $PURR
Some key takeaways from $PURR second earnings call
1. Trade[XYZ] & HIP-3 momentum
@dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed.
“When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.”
2. HIP-4: Outcome Markets
While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives.
A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape.
3. Growing mainstream recognition
Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform.
4. $HYPE correlation dynamics
David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events.
5. Balance sheet & capital allocation
- $HYPE holdings: ~20M tokens (following ~$216M deployed since listing)
- Additional purchases: 7.3M HYPE at ~$29.53 average
- $PURR buybacks: $10.5M in December at ~$3.42
- $PURR Share sales: 6.2M shares at ~$6.31
The company still holds ~$102M in cash, providing significant flexibility for future deployments.
“When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.”
David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January).
6. Validator launch with Unit Labs
One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs.
Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs.
This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11.
7. Quarterly performance
- Net income: ~$150M (primarily driven by ~$HYPE +40% performance)
- Staking revenue: ~$2.6M
- Interest income: ~$1M
- Cumulative loss: ~$165M (driven by Q4 performance)
- Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy.
---
Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs.
The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4.
Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid.
Hope you'll find this summary useful. Hyperliquid.
![GLC_Research's tweet photo. Some key takeaways from $PURR second earnings call
1. Trade[XYZ] & HIP-3 momentum
@dschamis highlighted the rapid success of HIP-3 adoption, with RWAs now representing 5 of the top 10 markets on Hyperliquid. Silver and oil were particularly strong case studies, with notable volume spikes, especially during periods when traditional markets were closed.
“When you look at these volume numbers and what’s happening globally, it’s hard to argue that Hyperliquid hasn’t very quickly become an important venue in oil trading. Traditional players are starting to take notice.”
2. HIP-4: Outcome Markets
While HIP-3 continues to gain traction, the focus is already shifting toward HIP-4. David emphasized that this is not about competing directly with platforms like Kalshi or Polymarket, but rather about unlocking a much broader market: options, insurance, and new financial primitives.
A key highlight is the ability for third-party builders to permissionlessly launch their own markets using HIP-4, effectively opening up a competitive and composable prediction market landscape.
3. Growing mainstream recognition
Over the past few months, traditional finance has started to catch up and better understand what Hyperliquid is building. That said, the information gap remains significant, and most market participants are still unaware of the platform.
4. $HYPE correlation dynamics
David shared a compelling chart showing the low correlation between $HYPE and broader crypto markets. During the silver-driven volume spike on Hyperliquid, $HYPE moved in the opposite direction of $BTC and $ETH, highlighting how Hyperliquid-specific activity can drive independent repricing events.
5. Balance sheet & capital allocation
- $HYPE holdings: ~20M tokens (following ~$216M deployed since listing)
- Additional purchases: 7.3M HYPE at ~$29.53 average
- $PURR buybacks: $10.5M in December at ~$3.42
- $PURR Share sales: 6.2M shares at ~$6.31
The company still holds ~$102M in cash, providing significant flexibility for future deployments.
“When multiples are low, you buy back. When multiples are high, you issue and accumulate tokens.”
David also noted that the early low correlation between $PURR and $HYPE enabled aggressive share buybacks earlier in the year (~30% correlation mid-January).
6. Validator launch with Unit Labs
One of the most important announcements from the call was the launch of a validator in partnership with Unit Labs.
Given Unit’s reputation as the most impactful builders in the Hyperliquid ecosystem, this partnership is highly strategic: diversifying revenue streams and reducing staking-related costs.
This aligns with the previously stated goal of deepening involvement within the Hyperliquid ecosystem, with the validator going live on May 11.
7. Quarterly performance
- Net income: ~$150M (primarily driven by ~$HYPE +40% performance)
- Staking revenue: ~$2.6M
- Interest income: ~$1M
- Cumulative loss: ~$165M (driven by Q4 performance)
- Deferred tax expenses remain non-cash unless $HYPE is sold, which is not aligned with the current strategy.
---
Overall, from my perspective, $PURR has been doing, from day one, exactly what you would expect from a DAT, whether in how they manage buybacks and share issuance, or in how they’ve progressively lowered the average cost of $HYPE while increasing their involvement within the Hyperliquid ecosystem, now further reinforced by the launch of the validator with Unit Labs.
The vision of Hyperliquid as the platform housing all of finance is materializing much more clearly today than it did in 2025, and @dschamis & @rediamondjr have remained fully committed throughout, even during Q4.
Their execution and continued contribution to the Hyperliquid ecosystem deserve recognition, both in terms of strategy and the visibility they bring to Hyperliquid.
Hope you'll find this summary useful. Hyperliquid.](https://pbs.twimg.com/media/HHyuHH8XsAklOHH.jpg)
Hyperliquid Strategies is hosting a webcast with Q&A today at 5pm ET, featuring CEO @dschamis
Attendees can register here: https://t.co/cYluFl6M8j
Hyperliquid Strategies Inc Reports Financial Results for the Quarter Ended March 31, 2026
https://t.co/PJMATfLLPv
Hyperliquid Strategies and Unit Labs, the parent company of Unit and @tradexyz, announce the launch of a new validator
https://t.co/B8qoCcT6ma
“These are not toy markets. This is genuine price discovery happening on decentralised infrastructure 24/7”
HSI Chair @rediamondjr on the opportunity for HYPE and Hyperliquid in @FortuneMagazine
https://t.co/KM4Muv8p5g
Required reading if you're still trying to figure out where onchain derivatives are headed.
Another step towards institutional adoption for HYPE and Hyperliquid
LOL I stand by this and shoutout to @dschamis of @HypeStrat
Guess I have to go put my money where my mouth is :)
Hyperliquid!
Hyperliquid back in the WSJ with today’s announcement by @tradexyz
This is a really great affirmation from one of the pillars of the financial system.
Amazing work by @tradexyz and @sershokunin
Hyperliquid
@HypeStrat @HyperliquidX $PURR
While people are debating whether crypto is back, Hyperliquid is processing $6.8B/day in volume on a fully on-chain order book.
• $4.08T cumulative perp volume
• $6.8B daily perp volume
• $682M annualized revenue
• 1.4M+ users
• 2x Coinbase's notional volume
Hyperliquid Strategies ($PURR) is now up approximately $78 million on its last reported HYPE purchases, having deployed $129.5 million to acquire around 5.0 million HYPE as of February 3, 2026.
This makes it one of, if not the best performing DAT in 2026.
With HYPE continuing to appreciate, the DAT now holds more than $750 million worth of HYPE, totaling 18.2 million tokens.
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