Hyperliquid Strategies Inc., trading under the ticker PURR, raised approximately $646.6 million through a committed equity facility during the fiscal year ended June 30, 2026, issuing shares at an average price of $8.70. By Aug. 19, the company had deployed $773.4 million to acquire an additional 16.5 million HYPE tokens at an average price of $46.77, increasing its treasury from 12.5 million tokens after its merger to 29.3 million, or 134%. It also spent $27.8 million repurchasing about 5.8 million PURR shares at an average price of $4.80. As of June 30, Hyperliquid Strategies held $149.9 million in cash and cash equivalents, had no debt and reported total assets of $2.06 billion. Formed through a December 2025 reverse merger involving former biotech Sonnet BioTherapeutics and Rorschach I LLC, the company is backed by Atlas Merchant Capital and affiliates of Paradigm. Its Hyperliquid Strategies x Unit validator became the third-largest validator on the Hyperliquid network. Institutional interest has also grown, with the Duquesne Family Office acquiring a stake and PURR’s inclusion in major financial benchmarks driving inflows from index-tracking funds.