Hyperliquid Strategies Reports $152.5 Million Quarterly Profit as HYPE Rally Lifts Treasury

Hyperliquid Strategies Inc (PURR) reported a $152.5 million net profit for the three months ended March 31, 2026. 

The firm said that unrealized gains of $198.4 million on its Hyperliquid (HYPE) token holdings drove the result. HYPE surged 44% in Q1 2026, significantly outperforming major cryptocurrencies.

Hyperliquid Strategies Records Profits on HYPE Rally

Despite the strong quarterly performance, the company reported a net loss of $165.4 million for the nine months ending March 31, 2026. However, Hyperliquid Strategies maintains a bullish stance on HYPE.

“We materially scaled our HYPE treasury, announced our validator partnership with Unit, and completed the disposition of the majority of our legacy bio-tech operations… We remain highly optimistic about Hyperliquid’s trajectory as HIP-3 RWA perps, portfolio margin, and outcome markets drive the potential for sustained growth and fee generation,” CEO David Schamis said.

Since December 2025, the firm has deployed $216 million to accumulate roughly 7.3 million HYPE. It also spent $10.5 million repurchasing 3 million PURR shares.

Hyperliquid Strategies’ treasury reached 20 million HYPE tokens as of April 29, with $103 million in cash. Total assets stood at $809.4 million on March 31. The firm also booked $2.6 million in staking revenue during the quarter. 

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How HYPE Outperformance Reshaped the DAT Leaderboard

The DAT sector has been under pressure since late 2025. Firms holding Bitcoin, Ethereum, and Solana (SOL) have experienced deep paper losses.

BeInCrypto data showed Hyperliquid Strategies sitting on $595.1 million in unrealized profit in March. Hyperion DeFi was the only other HYPE-focused treasury in positive territory at the time.

Notably, Strategy has since returned to the green following BTC’s recovery. The three firms now stand as the only DAT vehicles posting unrealized profits, according to Artemis data.

Bitmine Immersion Technologies (BMNR), the largest corporate Ethereum holder, carries $6.8 billion in paper losses by comparison.

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