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• A decentralized Binance for crypto futures trading.
• The Nasdaq of decentralized crypto derivatives.
• The Uniswap for crypto futures.

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• Decentralized Perpetual Futures Trading: Provides a platform for users to trade perpetual futures contracts on various cryptocurrency assets with high leverage, directly from their self-custody wallets.
• On-chain Liquidity Provision: Allows users to act as market makers by depositing assets to provide liquidity for the exchange's order book, earning trading fees and funding rates.

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David Schamis, Chief Executive Officer

David Schamis is the Chief Executive Officer of Hyperliquid Strategies Inc. He is also a Founding Partner and Chief Investment Officer of Atlas Merchant Capital LLC, a private equity firm. Prior to co-founding Atlas Merchant Capital, Mr. Schamis was a Managing Director and a member of the management committee at J.C. Flowers, a private equity firm focused on financial services, which he joined at its inception in 2000. Earlier in his career, he worked in the financial institutions investment banking group at Salomon Smith Barney LLC. Mr. Schamis has served on numerous financial institution boards, including as Chairman of Fox-Pitt Kelton and Ascensus Retirement Services. He also led a Special Purpose Acquisition Company (SPAC) in 2022 that was close to taking Circle public. His extensive career demonstrates a pattern of managing and investing in companies, often with private equity backing.

Brett Beldner, Chief Financial Officer

Brett Beldner was appointed Chief Financial Officer of Hyperliquid Strategies Inc. on December 5, 2025. He possesses a diverse background encompassing both decentralized and traditional finance. In the decentralized finance sector, he served as Partner/Head of Finance for Hard Yaka Ventures LP, a private investment fund specializing in payment technology and cryptocurrency, from July 2022 to January 2025. From February 2021 to February 2022, he was the Controller of Digital Currency Group Inc., a global venture capital firm. Mr. Beldner also brings 17 years of traditional finance experience, having worked in finance and accounting roles at Macquarie Group, Barclays PLC, and Lehman Brothers. Additionally, he spent seven years as an advisor at PwC.

Bob Diamond, Chairman of the Board

Bob Diamond serves as the Chairman of the Board for Hyperliquid Strategies Inc. He is also the Founding Partner and Chief Executive Officer of Atlas Merchant Capital LLC. Prior to founding Atlas Merchant Capital, Mr. Diamond was the Chief Executive of Barclays PLC until 2012, having previously served as President of Barclays and overseeing Barclays Capital and Barclays Global Investors. His career also includes senior executive positions at Credit Suisse First Boston and Morgan Stanley. He co-founded and invested in Atlas Mara, an African investment vehicle that went public on the London Stock Exchange in December 2013. His leadership roles in various financial institutions and his founding of Atlas Merchant Capital demonstrate a consistent pattern of managing companies and engaging with private equity-backed ventures.

Jeff Tuder, Director

Jeff Tuder is a Director at Hyperliquid Strategies Inc. He is an Operating Partner at Atlas Merchant Capital LLC, which he joined in September 2020. Mr. Tuder also serves as the Chief Executive Officer of the Concord Acquisition vehicles, a series of Special Purpose Acquisition Companies (SPACs) sponsored by an affiliate of Atlas. He founded Tremson Capital Management, LLC, a firm that invests in public equities, private equity, and special situations credit. With over 25 years of private and public investment experience, he held prior investment positions at Fortress Investment Group, JHL Capital Group, KSA Capital Management, CapitalSource Finance, and Nassau Capital. He began his career at ABS Capital Partners, a private equity firm. This extensive background showcases a clear pattern of managing and investing in companies, including those with private equity backing.

Thomas C. King, Director

Thomas C. King is a Director at Hyperliquid Strategies Inc. He is an Operating Partner at Atlas Merchant Capital LLC, which he joined in November 2018. Mr. King brings over 30 years of experience in the investment banking and financial services industries. He previously held several senior roles at Barclays, including Chief Executive Officer of Investment Banking and Chairman of the Investment Banking Executive Committee, and was a member of the Barclays Group Executive Committee. Before Barclays, he worked at Citigroup (after Salomon Brothers), serving as Global Head of Mergers and Acquisitions and Head of Investment Banking for the EMEA region. His role as an Operating Partner at a private equity firm like Atlas Merchant Capital aligns with the company's private equity backing.

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The key risks to Hyperliquid Strategies (symbol: PURR) primarily stem from its core business model as a digital asset treasury company focused on the HYPE token, operating within the volatile and evolving cryptocurrency landscape.

1. Volatility of the HYPE Token and Single-Asset Exposure: Hyperliquid Strategies' primary objective is to maximize shareholder value through accumulating HYPE, the native token of the Hyperliquid blockchain. Consequently, PURR is essentially a leveraged bet on HYPE. The company's stock price is highly correlated to the inherently volatile price of HYPE tokens, making it susceptible to significant market fluctuations within the cryptocurrency sector.
2. Regulatory Uncertainty and Challenges: The company faces considerable risks due to the evolving and uncertain regulatory environment surrounding cryptocurrency and digital assets. Regulatory scrutiny, particularly from U.S. authorities, could impede Hyperliquid Strategies' operations and expansion efforts. There is significant legal, commercial, regulatory, and technical uncertainty regarding HYPE tokens and the treatment of crypto assets for tax purposes in various jurisdictions.
3. Competition: Hyperliquid Strategies operates in a competitive digital asset space. Competition from rivals offering cross-chain capabilities and enhanced privacy, such as Aster and Lighter, could threaten its market share. The broader industry also presents risks from increased competition across the various sectors in which Hyperliquid Strategies operates.

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Hyperliquid Strategies (NASDAQ: PURR) is a digital asset treasury company primarily focused on accumulating and providing access to HYPE, the native token of the Hyperliquid Layer-1 blockchain. The core product of the Hyperliquid ecosystem is its decentralized exchange (DEX), which specializes in trading perpetual futures and spot trading.

The addressable market for Hyperliquid's main products and services, specifically decentralized perpetual futures and spot trading, is global. The total perpetual futures volumes on centralized exchanges exceeded $60 trillion in 2025. Cantor Fitzgerald, in a research report, projects that Hyperliquid could achieve approximately $12 trillion in annual trading volume within ten years, with annual fees potentially reaching $5 billion. The report suggests that even a 1% market share gain from centralized exchanges in the perpetual futures market could translate to around $600 billion in volume and over $270 million in annual fees.

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Expected Drivers of Future Revenue Growth for Hyperliquid Strategies (PURR)

Over the next 2-3 years, Hyperliquid Strategies (PURR) is anticipated to drive revenue growth through several key areas, primarily centered around its strategic focus on the Hyperliquid Layer-1 blockchain and its native HYPE token.

• Growth and Expansion of the Hyperliquid Decentralized Exchange (DEX): Hyperliquid, the company's decentralized exchange specializing in perpetual futures, is strategically positioned to capitalize on the increasing shift towards decentralized trading platforms. Analysts suggest Hyperliquid is well-placed to capture market share from centralized exchanges due to the rising popularity of decentralized exchange platforms. Enhanced adoption, increased trading volume, and heightened activity on the Hyperliquid DEX are expected to generate more fees, a significant portion of which are used for HYPE token buybacks, directly benefiting PURR's holdings.
• Appreciation of HYPE Token Value: A core driver for Hyperliquid Strategies is the appreciation in the value of its substantial reserve of HYPE tokens. This appreciation is fueled by a deflationary model where 97% of trading fees on the Hyperliquid platform are allocated to HYPE buybacks. Furthermore, accelerating institutional adoption of Hyperliquid, evidenced by increased Total Value Locked (TVL) and strategic partnerships, is expected to boost demand and value for the HYPE token.
• Yield Generation from Staking and DeFi Activities: Hyperliquid Strategies plans to generate revenue through a dual-track strategy involving the staking of its HYPE token holdings and engaging in other decentralized finance (DeFi) activities. This approach is designed to convert its digital asset treasury into a dynamic, income-producing asset, thereby contributing to future revenue streams.
• Capitalizing on the Decentralized Finance (DeFi) Trend: The company's strategic alignment with the broader trend of decentralized finance offers a significant competitive edge. As more traders and institutions migrate from centralized to decentralized financial solutions, Hyperliquid's innovative blockchain technology and decentralized exchange are poised to attract a larger user base and increased trading volume.
• Strategic Ecosystem Development and Partnerships: While specific future partnerships were not extensively detailed for PURR itself, the success of Hyperliquid's ecosystem, including existing partnerships (such as with Anchorage Digital and Circle's CCTP V2 for the Hyperliquid platform) and Hyperliquid Strategies' active engagement within the ecosystem, suggests that ongoing development and future collaborations could lead to new revenue opportunities, expand the utility of HYPE tokens, and ultimately enhance the company's financial performance.

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Share Repurchases

• The company has a $30 million buyback authorization.

Share Issuance

• Hyperliquid Strategies has a shelf authorization to issue up to 160 million new shares.
• As of December 5, 2025, over 127 million shares were issued and outstanding following a business combination completed on December 2, 2025.
• The merger also included preferred stock convertible into more common stock and warrants, indicating potential for further dilution for existing shareholders.

Inbound Investments

• A business combination, completed in December 2025, transformed the company into a crypto-treasury vehicle backed by institutional sponsors.
• The combined entity held approximately $299.9 million in cash and 12.5 million HYPE tokens, establishing a starting treasury value of roughly $666 million.
• The company currently holds approximately $583 million worth of HYPE tokens.

Outbound Investments

• Hyperliquid Strategies is focused on building a substantial reserve of HYPE tokens from the Hyperliquid Layer-1 blockchain.