Hyperliquid Strategies is up 251% this year while 20 of 25 listed crypto treasury companies trade below the value of their coins. Its filings show 29.4M HYPE.
HYPE$93.23+0.31%
BTC$86,082.00+0.03%Hyperliquid Strategies, the Nasdaq-listed digital asset treasury that trades as PURR, is up 251% since the start of the year. It has done that while the rest of the sector contracts. Of the 25 listed Solana, Bitcoin, Ether, Sui, Hyperliquid, Tron, BNB and Avalanche treasury companies tracked by mnavindex, 20 now trade below the value of the crypto they hold.
That discount is the whole business. A digital asset treasury, or DAT, raises money by selling shares at a premium to the coins it owns, then spends the proceeds on more coins. Once the shares trade below the value of the holdings, every new share dilutes existing holders and sells the assets cheaply, and the buying stops. Strategy, the largest bitcoin treasury, has crossed that line: its enterprise market-to-net-asset value (mNAV, the market's valuation of the company against the crypto on its balance sheet) fell below 1.0 while it held roughly 847,363 BTC.
Where PURR's own mNAV sits today is not established. The company's dashboard did not render live premium or share-price figures when checked. What the filings do show is the pile of HYPE behind the shares, and the rules the company uses to manage it.
As of August 23, 2026, Hyperliquid Strategies held about 29.4 million HYPE, which it believes is the largest HYPE position of any US public company, and stakes substantially all of it. The same annual report lists 197,837,597 common shares issued and outstanding.
Those two figures frame everything else. CoinGecko's treasury page counts all tracked institutional holders at 31,399,812 HYPE worth $2.92 billion, or 3.29% of total supply, across four institutions. PURR's filing number is most of that total.
A larger figure has been published elsewhere: more than 35 million HYPE worth roughly $3.3 billion. It sits above both the company's own filing and CoinGecko's combined total for every tracked holder, and it could not be reconciled with either. Treat it as unconfirmed.
The position grew quickly. The company's results release reports 20.0 million HYPE and $103 million in cash as of April 29, 2026. At March 31, 2026 it reported $809.4 million in total assets, including $113.1 million in cash and $689.0 million in HYPE at a $36.60 quarter-end price (about 18.83 million tokens), $743.5 million in stockholders' equity and no debt. CoinGecko's later valuation of the four institutional positions, at $2.92 billion, prices HYPE well above that quarter-end mark.
Hyperliquid Strategies manages its premium by rule rather than by mood. Chief executive David Schamis said on an earnings call that the company only issues new shares when its mNAV is 1.1 or higher, and buys shares back when it falls below that level.
The filing shows both sides of the trade. Since the treasury strategy began on December 2, 2025, the company deployed $216.0 million to accumulate about 7.3 million HYPE, spent $10.5 million repurchasing about 3.0 million of its own shares at an average $3.42, and raised $38.4 million issuing shares at about $6.31.
The profit line swings hard with the token. PURR earned $152.5 million in the quarter ended March 31, 2026 on $198.4 million of unrealized HYPE gains, and lost $165.4 million across the nine months.
Its cash position is reported differently depending on the date. The SEC release puts cash at $103 million as of April 29, 2026. A figure of roughly $292 million has been reported as the company's cushion, on a later date that is not specified, and the two have not been reconciled.
The company came together fast. In July 2025, Atlas Merchant Capital and venture firm Paradigm announced an $888 million capital raise for the vehicle, and Schamis became its chief executive. By December it was trading on the Nasdaq under the ticker PURR.
PURR does not just hold HYPE and wait. In May 2026 it launched a Hyperliquid validator with Unit Labs, with most of the initial stake delegated from treasury HYPE custodied at Anchorage Digital Bank, according to the company's dashboard. Custody costs 11 to 13 basis points a year on assets under custody, plus 10% of staking rewards for staking through Anchorage validators, per the 10-K.
That matters because staking rewards raise the amount of crypto backing each share without selling anything. Schamis is blunt that the holding is not sacred. Asked about selling, he told an interview:
“We're not religious zealots.”
The token has its own demand engine. The Hyperliquid Assistance Fund sends 99% of protocol fees into open-market HYPE purchases, with some tokens burned, and had removed 46.7 million HYPE from circulation, about 4.7% of initial supply, as of August 23, 2026.
PURR is not the only public company holding HYPE, and the smaller one behaves differently. Hyperion DeFi, ticker HYPD, repurchased 240,124 of its own shares at a weighted average $3.21 and retired about $8.6 million of legacy debt, partly funded by selling HYPE, leaving no long-term debt.
As of September 30, 2026 it reported about 15,442,482 outstanding shares, $14.5 million in cash and stablecoins, and 1.85 million gross HYPE. Reported HYPE totals for Hyperion vary by source and date, so the exact current count is not pinned to a single filing.
Two things now compete with the treasury wrapper. The first spot HYPE exchange-traded funds have started trading in the US, from Bitwise, 21Shares and Grayscale, giving investors regulated HYPE exposure without a single company's strategy attached to it. Their inflows have been modest next to established Solana and Bitcoin funds.
The second is policy. In late August, President Trump said at a White House crypto and technology summit that the Commodity Futures Trading Commission was working to create a legal path for Hyperliquid to operate in the United States. PURR shares jumped 30% on that.
The test for the model is mechanical rather than narrative. It holds while the company can still sell shares at 1.1 times mNAV or better, keep buying HYPE below that, and let staking and fee-funded buybacks raise the crypto backing each share. If the premium inverts, the buyback rule turns it into a shrinking company, the same way it has for most of the 25 treasuries on the index.
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