Hyperliquid Strategies Inc, the premier digital asset treasury platform focused on the Hyperliquid ecosystem, reported its financial and operational results for the quarter ended September 30, 2026.

“We deployed $802 million this quarter and filed an application to become a futures commission merchant,” said David Schamis, CEO of Hyperliquid Strategies Inc. “Those two moves are the same bet. Hyperliquid is winning the parts of onchain finance that generate real fees, and nearly all of that value flows back to HYPE holders through programmatic buybacks. Owning HYPE is how we aim to capture economics associated with the Hyperliquid protocol; setting up an FCM is how we intend to help bring markets deployed on Hyperliquid onshore.”

Key Highlights (as of or for the Quarter Ended September 30, 2026):

• Raised $911 million in equity capital under our committed equity facility.
• Deployed $802 million; $785 million to acquire 9.1 million HYPE tokens, increasing the treasury from 29.3 million tokens at June 30, 2026 to 38.5 million tokens at September 30, 2026 and $17 million to repurchase 2.7 million PURR shares.
• Maintained strong balance sheet, with $254.6 million in cash and cash-like instruments and zero debt.
• Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network.

Hyperliquid Ecosystem Momentum1 Momentum continues to build around the adoption of the blockchain by the global financial system, with much of that momentum represented within the Hyperliquid ecosystem.

As Hyperliquid pursues its vision of becoming the infrastructure to house all of finance, the Hyperliquid protocol continues to generate an increasingly diversified stream of fees (with about $834 million in value accruing to the Hyperliquid ecosystem for the twelve months ended September 30, 2026), processing billions in daily trading volumes, with much of the value generated by the Hyperliquid ecosystem directly accruing to the HYPE token through programmatic HYPE token buybacks.

Hyperliquid recently announced its intention to add additional deployer functionalities under the name HIP-3*. These optional additional features would allow deployers to build and launch permissioned markets on Hyperliquid’s onchain infrastructure. Independent operators would run their own market in a compliant manner, while the chain underneath would stay a neutral infrastructure layer.

In support of these developments, a subsidiary of HSI has filed an application to become a futures commission merchant (“FCM”). Subject to regulatory approval, the FCM would carry US client accounts for permissioned markets deployed on Hyperliquid under HIP-3*, allowing HSI to play a role in bringing perpetual futures to US customers within a regulated framework. There can be no assurance as to the timing or outcome of the application or regulatory approval of permissioned HIP-3* markets.

HSI Financial Highlights for the Quarter Ended September 30, 2026:

• Balance Sheet:
  • Total assets of $3,764.3 million as of September 30, 2026, including $254.6 million in cash and cash-like instruments and $3,505.3 million in HYPE tokens (based on a September 30, 2026 HYPE price of $90.99 per HYPE token, representing approximately 38.52 million tokens held).
  • Strong balance sheet with $3,403.0 million in stockholders’ equity and no debt.
• Income Statement (quarter ended September 30, 2026):
  • $12.3 million in staking revenue and validator commissions from HYPE holdings.
  • $1.0 million in interest income.
  • $7.6 million in SG&A and R&D expenses.
  • $620.6 million in net income.
  • Net income primarily comprised of:
    • $803.0 million in net unrealized gains on HYPE tokens.
    • $15.3 million in primarily non-cash expense recognized in connection with the committed equity facility.
    • $172.3 million in provision for income taxes.

Update on Treasury Strategy Progress (as of October 28, 2026):

• Capital Deployment2:
  • $1,583.2 million deployed to accumulate ~25.9 million HYPE tokens at an average cost of $61.13, bringing total HYPE token holdings (including staking and validator rewards earned) to 38.9 million at a blended cost of $56.35 per token.
  • $27.9 million deployed to repurchase ~5.8 million PURR shares at an average cost of $4.81 per PURR share.
• Capital Raising:
  • $1,578.4 million raised at an average issue price of $10.36 per PURR share under our committed equity facility.
• Cash balance:
  • $245.3 million in remaining cash and cash-like instruments.

Source: Hyperliquid Strategies