An address attributed to Hyperliquid Strategies Inc. (Nasdaq: PURR) accumulated and staked 365,000 HYPE worth roughly $29.65 million over 24 hours. Over about two weeks, it bought and staked 3.029 million HYPE for approximately $252 million at an average price near $83.40 per token. HYPE traded near $79.99, down 5.78% on the day, putting the recent tranche roughly 5% below its average cost and implying an unrealized loss of about $12 million. Hyperliquid Strategies has disclosed total holdings of 31.8 million HYPE, valued at about $2.513 billion at the time of disclosure. The purchases are supported by a committed equity purchase facility with Chardan Capital Markets that was expanded from $1 billion to $2.5 billion on Sept. 1. The company reported more than $2 billion in assets, no debt and about $150 million in cash and cash-like instruments at June 30. It also launched a validator with Unit Labs in May, using treasury HYPE held with Anchorage Digital Bank for much of the initial stake. Investor Stanley Druckenmiller held 2.9 million PURR shares valued at about $23.1 million as part of an $88 million investment across Bitdeer and Hyperliquid Strategies. Future performance will depend on HYPE's market-driven buyback support, PURR's premium or discount to its HYPE holdings and broader crypto-market conditions.