NEW YORK – – November 05, 2026 -- Hyperliquid Strategies Inc (NASDAQ: PURR) reported net income of $620.6 million for the quarter ended September 30, 2026, driven almost entirely by $803.0 million in net unrealized gains on its HYPE token holdings. The digital asset treasury company also disclosed that a subsidiary has applied to become a futures commission merchant (FCM).
HYPE treasury grows to 38.5 million tokens on $802 million deployment
The company raised $911 million in equity under its committed equity facility during the quarter and deployed $802 million. Of that, $785 million bought 9.1 million HYPE tokens, lifting holdings from 29.3 million at June 30 to 38.5 million at September 30. Another $17 million repurchased 2.7 million PURR shares.
Total assets reached $3,764.3 million, including $3,505.3 million in HYPE valued at $90.99 per token and $254.6 million in cash and cash-like instruments. Stockholders' equity stood at $3,403.0 million, and the company carries no debt.
Staking income of $12.3 million trails a $172.3 million tax provision
Staking revenue and validator commissions totaled $12.3 million, and interest income added $1.0 million. SG&A and R&D expenses were $7.6 million. The company booked a $15.3 million, primarily non-cash expense tied to the committed equity facility and a $172.3 million provision for income taxes.
The Hyperliquid Strategies x Unit validator is now the largest non-Foundation validator on the network.
FCM application targets US clients for permissioned Hyperliquid markets
Hyperliquid has announced plans for HIP-3 deployer functionality, which would let independent operators launch permissioned markets on its onchain infrastructure. Subject to regulatory approval, the HSI subsidiary would carry US client accounts for those markets. That would give HSI a role in bringing perpetual futures to US customers within a regulated framework.
CEO David Schamis said the token purchases and the FCM filing are the same bet: Hyperliquid is winning the parts of onchain finance that generate real fees. The company cites about $834 million in value accruing to the Hyperliquid ecosystem over the twelve months ended September 30, 2026. Much of that flows to the HYPE token through programmatic buybacks. That figure is based on public information the company has not independently verified.
Cumulative deployment reaches $1,583.2 million at $61.13 per token
Cumulative figures, which the company says run from its December 2, 2025 inception, show $1,583.2 million deployed to buy about 25.9 million HYPE tokens at an average cost of $61.13. Including staking and validator rewards, holdings total 38.9 million tokens at a blended cost of $56.35.
The company has raised $1,578.4 million under its committed equity facility at an average issue price of $10.36 per PURR share. It has spent $27.9 million repurchasing about 5.8 million PURR shares at an average of $4.81. Remaining cash and cash-like instruments were $245.3 million.
The company says there is no assurance on the timing or outcome of the FCM application or of regulatory approval for permissioned HIP-3 markets.