Duquesne Family Office disclosed a new $23.15 million stake in Hyperliquid Strategies Inc. in its second-quarter 2026 13F filing, giving Stanley Druckenmiller's investment office indirect exposure to HYPE through Nasdaq-listed PURR rather than direct token purchases. The holding totaled 2.94 million shares as of June 30 and represented about 0.44% of Duquesne's reported portfolio, which expanded to $5.21 billion across 95 positions from $3.38 billion across 70 in the prior quarter. Hyperliquid Strategies is a digital asset treasury company that accumulates and stakes HYPE, and it reported 20 million HYPE tokens and $103 million in cash as of April 29. The position also gives Duquesne exposure to Hyperliquid's core on-chain perpetual futures business and its newer push into event-based markets through HIP-4, an outcome-market system launched in May that supports fully collateralized contracts tied to crypto prices, Federal Reserve decisions, inflation and sports. PURR shares offer public-market access to HYPE, though they can trade above or below the value of the company's token holdings. Hyperliquid Strategies recorded $2.6 million in staking revenue in the most recent quarter, while the company and Hyperion DeFi invested $23 million in HYPE for its corporate treasury during the same period. Analysts tracked by Koyfin show an average price target of about $13 for the stock, versus Friday's close of $6.68, with consensus estimates pointing to roughly $3.6 million in quarterly revenue and $0.78 in adjusted earnings per share for the upcoming quarter.