This is a company that follows a model similar to that of Michael Saylor, but applied to HYPE.
This company executes a strategy of repurchasing its own shares.
The Hyperliquid Strategies firm already accumulates unrealized profits that exceed $1.1 billion thanks to its exposure to the hyperliquid cryptocurrency (HYPE), the native asset of the decentralized exchange (DEX) and the eponymous network.
This is reflected in the following graphic which compares the unrealized gains and losses of different digital asset treasury (DAT) companies over the last 12 months.
The performance is explained by the size of its position and the strong rise in HYPE. As of today, May 25, 2026, the company maintains around 17.6 million HYPE in its corporate treasury.
With the token trading near $63.48 and marking all-time highs at the time of this publication, That holding acquired a value of more than $1.1 billion.
The comparison includes firms linked to bitcoin (BTC), ether (ETH), solana (SOL) and other digital assets. There it can be seen that many companies still record unrealized losses or marginal returns, while Hyperliquid Strategies appears among the few with broadly positive results.
Another chart from Artemis further elaborates on that difference by comparing Hyperliquid Strategies (PURR) against other digital treasury companies like Strategy (MSTR), Bitmine, and Forward Industries.
According to this data, until April 2026 Hyperliquid Strategies maintained a structure no financial debt or annual obligations relevant, while registering profits close to 837 million dollars.
In contrast, Strategy is listed with approximately $8.2 billion in convertible debt and preferred stockin addition to annual obligations close to 835 million dollars.
Hyperliquid Strategies replicates, in part, the model popularized by Michael Saylor and Strategy with bitcoin. This is use a publicly traded company as a vehicle to accumulate a specific digital assetas explained by CriptoNoticias.
However, the company has a different history. December 3, 2025 complete a business combination with Sonnet BioTherapeutics Holdings, a biotechnology firm that was listed on Nasdaq under the ticker SONN.
Following the closing of that transaction, the new corporate structure became operated as a treasury reserve company for HYPE, while Sonnet continued to operate as a wholly owned subsidiary. Subsequently, The shares began trading on Nasdaq under the ticker PURR.
In addition to accumulating HYPE, the company implemented a strategy to buy back its own shares. The board authorized in February a buyback program up to $30 million in company common stock. This allows Hyperliquid Strategies use corporate capital to buy back PURR shares on the market.
As can be seen in the image below, this strategy has benefited the price of PURR, which is in a marked upward trend and is trading at $7.67 at the time of this publication:
The logic behind this mechanism is to reduce the number of shares outstanding and indirectly increase per share exposure to HYPE for remaining shareholders. In other words, if the company holds the same number of HYPE tokens but there are fewer shares available, each share represents a larger portion of the treasury.
As explained by David Schamis, CEO of Hyperliquid Strategies, the company seeks to increase “per share exposure to HYPE in the most efficient way possible.”
Even so, the model also concentrates important risks. The fact is that the profitability of Hyperliquid Strategies depends almost entirely on the evolution of the price of HYPE. If the token were to suffer a strong correction, Unrealized gains could quickly evaporate and affect the company’s stock value.
Furthermore, although until April the company did not show relevant debt, a question to analyze is whether it would have enough “financial muscle” to avoid selling part of its HYPE holdings in the event of a severe drop in the token or prolonged market deterioration.