Hyperliquid Strategies (PURR)


Market Price (10/2/2026): $12.04 | Market Cap: $2.4 BilSector: Financials | Industry: Diversified Capital Markets

Hyperliquid Strategies (PURR)


Market Price (10/2/2026): $12.04
Market Cap: $2.4 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%

Megatrend and thematic drivers
Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Exchanges.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -5.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -60%

Expensive valuation multiples
P/SPrice/Sales ratio is 255x

Stock price has recently run up significantly
6M Rtn6 month market price return is 139%, 12M Rtn12 month market price return is 215%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -202%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -202%

High stock price volatility
Vol 12M is 106%

Key risks
PURR key risks include [1] its single-asset exposure and high correlation to the volatile price of the HYPE token.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.4%
1 Megatrend and thematic drivers
Megatrends include Crypto & Blockchain. Themes include Cryptocurrency Exchanges.
2 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -5.7 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -60%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 255x
5 Stock price has recently run up significantly
6M Rtn6 month market price return is 139%, 12M Rtn12 month market price return is 215%
6 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -202%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -202%
7 High stock price volatility
Vol 12M is 106%
8 Key risks
PURR key risks include [1] its single-asset exposure and high correlation to the volatile price of the HYPE token.

PURR in ETFs

Weight = PURR's share of each fund

ITOT0.00%
IWM0.09%
XBI0.76%
SCHA0.07%
VTWO0.05%
IWN0.02%
ONEQ0.01%
SCHB0.00%
+1 more covered ETF

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/1/2026

Hyperliquid Strategies (PURR) stock has gained about 55% since 6/30/2026 because of the following key factors:

1. Exceptional Fiscal Year 2026 Financial Performance Significantly Exceeded Expectations.

Hyperliquid Strategies reported a net income of $305.5 million for its fiscal year ended June 30, 2026, substantially surpassing analyst expectations of -$0.02 basic earnings per share by achieving $2.71. This strong financial report, released on August 27, 2026, led to an immediate 19% surge in the stock, followed by an additional 4% gain. The company demonstrated robust profitability with gross margins at 100% and total profit margins near 78%, coupled with a strong balance sheet featuring zero debt and $149.9 million in cash and cash-like instruments as of June 30, 2026.

2. Substantial Appreciation and Growth of Core HYPE Token Holdings.

The company's primary asset, the HYPE token, experienced significant value appreciation, gaining approximately 77% during fiscal Q4 2026 (April 1 to June 30, 2026) and an additional 50% in August 2026, reaching an all-time high of $85.47 per token. This appreciation resulted in $709.9 million in net unrealized gains on HYPE tokens for fiscal year 2026. By the end of fiscal year 2026, Hyperliquid Strategies had more than doubled its HYPE token treasury to 29.3 million tokens, valued at approximately $1.9 billion, directly influencing the company's stock performance as it largely functions as a proxy for the HYPE token.

Show more
Updated on 10/1/2026

Hyperliquid Strategies (PURR) stock has gained about 55% since 6/30/2026 because of the following key factors:

1. Exceptional Fiscal Year 2026 Financial Performance Significantly Exceeded Expectations.

Hyperliquid Strategies reported a net income of $305.5 million for its fiscal year ended June 30, 2026, substantially surpassing analyst expectations of -$0.02 basic earnings per share by achieving $2.71. This strong financial report, released on August 27, 2026, led to an immediate 19% surge in the stock, followed by an additional 4% gain. The company demonstrated robust profitability with gross margins at 100% and total profit margins near 78%, coupled with a strong balance sheet featuring zero debt and $149.9 million in cash and cash-like instruments as of June 30, 2026.

2. Substantial Appreciation and Growth of Core HYPE Token Holdings.

The company's primary asset, the HYPE token, experienced significant value appreciation, gaining approximately 77% during fiscal Q4 2026 (April 1 to June 30, 2026) and an additional 50% in August 2026, reaching an all-time high of $85.47 per token. This appreciation resulted in $709.9 million in net unrealized gains on HYPE tokens for fiscal year 2026. By the end of fiscal year 2026, Hyperliquid Strategies had more than doubled its HYPE token treasury to 29.3 million tokens, valued at approximately $1.9 billion, directly influencing the company's stock performance as it largely functions as a proxy for the HYPE token.

3. Increased Market Visibility and Strong Analyst Endorsement.

Hyperliquid Strategies Inc. was included in significant market indices, specifically the Russell 3000, Russell 2000, and S&P Global BMI Indices, effective June 29, 2026. This inclusion significantly boosted the company's market visibility and trading profile. Concurrently, multiple analyst firms upgraded their ratings and increased price targets for PURR, with examples including Chardan Capital raising its price objective from $9.75 to $17.00, and Cantor Fitzgerald increasing its target from $22.60 to $34.20. The consensus analyst rating for PURR is a "Strong Buy," with an average 12-month price target of $22.33, suggesting a potential upside of 58.45%.

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Stock Movement Drivers

Fundamental Drivers

The 55.9% change in PURR stock from 6/30/2026 to 9/30/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)63020269302026Change
Stock Price ($)7.8712.2755.9%
Change Contribution By: 
Total Revenues ($ Mil)�90.0%
Net Income Margin (%)�3358.6%0.0%
P/E Multiple�7.60.0%
Shares Outstanding (Mil)124197-36.9%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 9/30/2026
ReturnCorrelation
PURR55.9% 
Market (SPY)2.1%36.5%
Sector (XLF)-0.4%5.5%

Fundamental Drivers

The 141.1% change in PURR stock from 3/31/2026 to 9/30/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.
(LTM values as of)33120269302026Change
Stock Price ($)5.0912.27141.1%
Change Contribution By: 
Total Revenues ($ Mil)�90.0%
Net Income Margin (%)�3358.6%0.0%
P/E Multiple�7.60.0%
Shares Outstanding (Mil)41197-79.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 9/30/2026
ReturnCorrelation
PURR141.1% 
Market (SPY)17.6%39.7%
Sector (XLF)8.5%9.7%

Fundamental Drivers

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Market Drivers

9/30/2025 to 9/30/2026
ReturnCorrelation
PURR  
Market (SPY)15.4%40.3%
Sector (XLF)0.3%13.2%

Fundamental Drivers

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Market Drivers

9/30/2023 to 9/30/2026
ReturnCorrelation
PURR  
Market (SPY)84.5%40.3%
Sector (XLF)68.1%13.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
PURR Return-----9%235%206%
Peers Return66%-84%342%78%9%38%223%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
PURR Win Rate----0%56% 
Peers Win Rate48%31%77%48%58%51% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
PURR Max Drawdown------46% 
Peers Max Drawdown-67%-85%-49%-54%-58%-45% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSTR, MARA, RIOT, COIN, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)

How Low Can It Go

PURR has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2025 US Tariff Shock
  % Loss-15.5%-18.8%
  % Gain to Breakeven18.4%23.1%
  Time to Breakeven80 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-10.7%-9.5%
  % Gain to Breakeven12.0%10.5%
  Time to Breakeven26 days24 days
2023 SVB Regional Banking Crisis
  % Loss-16.1%-6.7%
  % Gain to Breakeven19.1%7.1%
  Time to Breakeven270 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-19.7%-19.2%
  % Gain to Breakeven24.5%23.8%
  Time to Breakeven123 days105 days

Compare to MSTR, MARA, RIOT, COIN, HUT

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

PURR has limited trading history. Below is the Financials sector ETF (XLF) in its place.

EventXLFS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-22.3%-24.5%
  % Gain to Breakeven28.6%32.4%
  Time to Breakeven467 days427 days
2020 COVID-19 Crash
  % Loss-42.8%-33.7%
  % Gain to Breakeven74.8%50.9%
  Time to Breakeven289 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-21.4%-12.2%
  % Gain to Breakeven27.3%13.9%
  Time to Breakeven272 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-26.1%-17.9%
  % Gain to Breakeven35.3%21.8%
  Time to Breakeven162 days123 days
2008-2009 Global Financial Crisis
  % Loss-78.3%-53.4%
  % Gain to Breakeven359.8%114.4%
  Time to Breakeven2329 days1085 days

Compare to MSTR, MARA, RIOT, COIN, HUT

In The Past

State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Hyperliquid Strategies (PURR)

AI Analysis | Feedback

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AI Analysis | Feedback

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AI Analysis | Feedback

Hyperliquid Strategies (symbol: PURR) primarily serves individuals and institutions who are looking to participate in decentralized finance (DeFi) and invest in specific crypto trading strategies.

Here are up to three categories of customers it serves:

  • Crypto Investors and Yield Seekers: These customers are individuals (and potentially smaller funds/institutions) actively engaged in the cryptocurrency market, seeking to deploy capital into strategies designed to generate yield, profit from market movements, or grow their digital assets. They are often looking for diversified exposure or specialized trading approaches within the DeFi ecosystem.
  • DeFi Participants: Users who are already familiar with and active in decentralized finance platforms. They understand concepts like smart contracts, decentralized exchanges, and the associated risks. They utilize strategies like PURR to automate their trading, manage risk, or gain exposure to specific market opportunities without actively managing trades themselves.
  • Sophisticated Traders and Funds: While often individuals, this category can also include smaller hedge funds or trading desks that choose to allocate capital to specific, transparent, and auditable on-chain strategies rather than developing their own from scratch. They value the efficiency, transparency, and potential returns offered by such strategies.

AI Analysis | Feedback

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David Schamis, President and Chief Executive Officer
Mr. Schamis was appointed CEO in December 2025. He is a Founding Partner and Chief Investment Officer of Atlas Merchant Capital LLC, which was involved in the business combination that formed Hyperliquid Strategies Inc. Before co-founding Atlas Merchant Capital, he worked at J.C. Flowers from 2000 to 2014, serving most recently as a Managing Director and member of the management committee, where he gained extensive experience investing in financial services globally. Prior to J.C. Flowers, he was with the financial institutions investment banking group at Salomon Brothers from 1995 to 2000. He currently serves on the Board of Directors of several companies, including South Street Securities Holdings, Inc., Panmure Liberum Limited, Kepler Cheuvreux SA, Marsh, Berry & Company, LLC, Cascadia Capital, and Proformex. Mr. Schamis earned a B.A. in Economics from Yale University. His career demonstrates a pattern of managing or being involved with companies backed by private equity firms through his roles at J.C. Flowers and Atlas Merchant Capital.

Brett Beldner, Chief Financial Officer, Secretary & Treasurer
Mr. Beldner is a seasoned finance professional with experience in both decentralized and traditional finance. Over the past five years in the decentralized finance industry, he served as a Partner and Head of Finance for Hard Yaka Ventures LP from July 2022 to January 2025, with a focus on payment technology and cryptocurrency. He also held the position of Controller at Digital Currency Group, Inc. from February 2021 to February 2022, a global venture capital firm that builds and supports blockchain and digital companies. His traditional finance background includes 17 years of experience as a finance and accounting professional at Macquarie Group, Barclays PLC, and Lehman Brothers. Before his industry roles, he spent seven years at PwC, advising clients on complex financial structures and transactions. Mr. Beldner holds a B.A. in economics from Duke University and an MBA from Columbia Business School. His experience with Hard Yaka Ventures LP and Digital Currency Group Inc. indicates involvement with investment funds and venture capital-backed entities.

Jeroen Nieuwkoop, Chief Operating Officer
Mr. Nieuwkoop serves as the Chief Operating Officer of Hyperliquid Strategies.

Bob Diamond, Chairman of Hyperliquid Strategies Inc. and Director of Corporate Affairs
Mr. Diamond is the Chairman of Hyperliquid Strategies Inc. and also serves as its Director of Corporate Affairs. He is the former Chief Executive Officer of Barclays. Mr. Diamond is also a founder of Atlas Merchant Capital.

AI Analysis | Feedback

Hyperliquid Strategies (PURR) faces several key risks due to its business model as a digital asset treasury company focused on the blockchain and cryptocurrency sector.
  1. High Correlation and Volatility of HYPE Token Price: Hyperliquid Strategies' core mission is to maximize shareholder value through the accumulation, staking, and yield optimization of the HYPE token, the native token of the Hyperliquid ecosystem. Consequently, the company's financial performance and net asset value (NAV) are directly and highly correlated with the volatile price movements of the HYPE token. A significant downturn in the cryptocurrency market or a specific decline in the value of the HYPE token would directly and negatively impact PURR's assets and stock price.
  2. Regulatory Challenges in the Cryptocurrency Sector: The blockchain and cryptocurrency industry operates within a rapidly evolving and often uncertain regulatory environment. Hyperliquid Strategies is exposed to significant legal, commercial, regulatory, and technical uncertainties regarding HYPE tokens. Changes in regulations, increased scrutiny, or new restrictions in key markets, such as the U.S., could adversely affect the Hyperliquid ecosystem and, by extension, the value of the HYPE token and PURR's business operations.
  3. Limited Operational Revenue Generation and Financial Stability: As a digital asset treasury company, Hyperliquid Strategies primarily focuses on managing and growing its holdings of HYPE tokens rather than generating traditional operational revenue from products or services. The company has reported operational losses and negative earnings per share, indicating it is not currently generating significant operational earnings. This reliance on the appreciation of a single digital asset for its value, without a robust, independent revenue-generating business model, can lead to financial instability and heightened vulnerability to market fluctuations of the HYPE token.

AI Analysis | Feedback

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AI Analysis | Feedback

Hyperliquid Strategies (symbol: PURR) operates as a digital asset treasury company focused on providing exposure to HYPE, the native token of the Hyperliquid Layer-1 blockchain, through treasury management strategies like accumulation, staking, and yield optimization. The value of Hyperliquid Strategies is intrinsically linked to the Hyperliquid ecosystem, whose core product is a decentralized exchange (DEX) specializing in perpetual futures and spot trading. The addressable market for Hyperliquid's main underlying services, specifically decentralized perpetual futures and spot trading, is global. The total perpetual futures volumes on centralized exchanges surpassed $60 trillion in 2025.

AI Analysis | Feedback

Hyperliquid Strategies (NASDAQ: PURR) is positioned for future revenue growth through several key drivers, primarily centered around its digital asset treasury strategy and the expansion of the underlying Hyperliquid ecosystem.

  1. Growth in HYPE Token Holdings and Staking Revenue: Hyperliquid Strategies' core business involves accumulating HYPE, the native token of the Hyperliquid blockchain. The company aims to maximize shareholder value by generating returns through staking and yield optimization of these HYPE holdings. As of February 3, 2026, Hyperliquid Strategies had increased its total HYPE holdings to 17.6 million tokens, with staking contributing to its revenue stream.
  2. Expansion and Increased Activity of the Hyperliquid Decentralized Exchange (DEX): The Hyperliquid blockchain hosts a high-performance perpetual decentralized exchange (perp DEX) that has generated over $800 million in annual fees and processes billions in daily trading volumes. Hyperliquid Strategies' revenue growth is directly tied to the expansion of this ecosystem. Increased user adoption, higher trading volumes, and overall activity on the Hyperliquid DEX will lead to greater fee generation, a significant portion of which (97%) is used to buy back HYPE tokens, thereby enhancing the value of Hyperliquid Strategies' primary asset.
  3. Introduction of New Products/Services and Market Expansion within the Hyperliquid Ecosystem: Future growth is expected from the introduction of new initiatives and expanded use cases within the Hyperliquid ecosystem. These include the development of portfolio margining, prediction markets, enhanced wallet integrations, and the rapid growth of Real World Asset (RWA) perpetual contracts. These innovations are anticipated to broaden the network's appeal, drive adoption, and increase fee generation. Derivatives based on traditional financial assets like oil, gold, silver, and US stock indices already contribute to Hyperliquid's revenue, with expectations for significant further growth in this segment.
  4. Strategic Capital Allocation for HYPE Acquisition and Shareholder Value Creation: Hyperliquid Strategies employs disciplined capital deployment as part of its treasury strategy. The company has a robust balance sheet and access to capital, including approximately $125 million in deployable capital and a $1 billion Equity Line of Credit (ELOC) facility. This capital is utilized to acquire additional HYPE tokens and implement public capital programs for share repurchases, which are intended to enhance per-share HYPE exposure and deliver long-term shareholder value. Effective management and deployment of this capital will be a key driver of future revenue.
  5. Market Share Capture from Centralized Exchanges (CEXs): Analysts anticipate a significant driver of growth for the Hyperliquid ecosystem will be the migration of liquidity and trading volume from centralized exchanges (CEXs). By continuing to attract users and trading activity from CEXs, Hyperliquid aims to capture a larger share of the derivatives market. This shift is expected to substantially increase Hyperliquid's annual revenue, which in turn benefits Hyperliquid Strategies through its HYPE token holdings.

AI Analysis | Feedback

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[1] Share Repurchases

  • Hyperliquid Strategies Inc. authorized a stock repurchase program of up to $30 million on December 8, 2025, which will be in place for up to 12 months. [2, 3, 4]
  • The primary objective of the repurchase program is to maximize shareholder value and increase per-share exposure to HYPE, the company's native token. [2, 4]
  • As of February 11, 2026, the company had repurchased approximately 3 million shares. [11]

[2] Share Issuance

  • The company became publicly traded in December 2025 through a business combination (SPAC merger) with Sonnet BioTherapeutics and Rorschach SPAC. [9, 10, 19, 23]
  • As part of its NASDAQ listing in December 2025, the company established an initial treasury with $300 million in cash from investors. [23]
  • In October 2025, Hyperliquid Strategies filed to raise up to $1 billion through equity sales to fund its HYPE treasury holdings, and access to this $1 billion equity line of credit is maintained. [9, 10, 15]

[3] Inbound Investments

  • As of its NASDAQ listing in December 2025, the company secured $300 million in cash from investors. [23]
  • Major institutional investors include D1 Capital Partners L.P., Paradigm Operations LP, Galaxy Group Investments LLC, Pantera Capital Partners LP, and Feynman Point Asset Management LLC. [24]
  • During the fourth quarter (presumably 2025), Feynman Point Asset Management LLC acquired a new stake worth approximately $14,431,000 in Hyperliquid Strategies. [22]

[4] Outbound Investments

  • Hyperliquid Strategies' core business involves accumulating HYPE, the native token of the Hyperliquid blockchain. [1, 4, 18, 23]
  • As of December 31, 2025, the company held approximately 12.86 million HYPE tokens with a fair value of $327.6 million. [13, 15]
  • By February 11, 2026, the company had acquired an additional 5 million HYPE tokens for $129.5 million, bringing its total holdings to roughly 17.6 million tokens. [11, 15]

[5] Capital Expenditures

  • Operating expenses and research and development costs for the quarter ended December 31, 2025, totaled approximately $3.5 million, reflecting the company's limited operational footprint beyond treasury management. [15]
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Peer Outperformance in Diversified Capital Markets

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Share of Diversified Capital Markets constituents that PURR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
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insufficient peer history
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

PURRMSTRMARARIOTCOINHUTMedian
NameHyperliq.Strategy MARA Riot Pla.Coinbase.Hut 8  
Mkt Price12.04161.0611.2219.60189.9886.5053.05
Mkt Cap2.456.84.36.850.010.28.5
Rev LTM94988046756,283318586
Op Inc LTM-6-41-1,014-429734-177-109
FCF LTM-19-21,750-1,239-1,0971,714-1,309-1,168
FCF 3Y Avg--19,923-961-1,1441,979-612-961
CFO LTM-19-20-895-4921,714-89-55
CFO 3Y Avg--39-708-3541,990-81-81

Growth & Margins

PURRMSTRMARARIOTCOINHUTMedian
NameHyperliq.Strategy MARA Riot Pla.Coinbase.Hut 8  
Rev Chg LTM-7.8%0.7%24.5%-10.4%129.5%7.8%
Rev Chg 3Y Avg-0.0%88.9%42.4%37.6%56.7%42.4%
Rev Chg Q-6.9%-26.7%13.9%-18.5%81.4%6.9%
QoQ Delta Rev Chg LTM-1.6%-7.3%3.3%-4.2%11.8%1.6%
Op Inc Chg LTM-34.5%-68.2%-14.2%-61.3%-107.9%-61.3%
Op Inc Chg 3Y Avg--199.5%-92.6%-27.2%71.0%-1,209.4%-92.6%
Op Mgn LTM-60.1%-8.1%-126.1%-63.5%11.7%-55.7%-57.9%
Op Mgn 3Y Avg--9.1%-82.7%-74.9%20.4%-44.6%-44.6%
QoQ Delta Op Mgn LTM-0.1%-21.7%-4.0%0.6%-6.7%-4.0%
CFO/Rev LTM-202.4%-4.0%-111.3%-73.0%27.3%-28.1%-50.6%
CFO/Rev 3Y Avg--8.3%-94.9%-62.9%31.5%-46.8%-46.8%
FCF/Rev LTM-202.4%-4,364.3%-154.1%-162.7%27.3%-411.8%-182.5%
FCF/Rev 3Y Avg--4,185.4%-127.0%-242.0%31.3%-265.1%-242.0%

Valuation

PURRMSTRMARARIOTCOINHUTMedian
NameHyperliq.Strategy MARA Riot Pla.Coinbase.Hut 8  
Mkt Cap2.456.84.36.850.010.28.5
P/S250.2113.95.310.18.032.221.2
P/Op Inc-416.2-1,401.8-4.2-15.968.2-57.9-36.9
P/EBIT-416.2-2.6-1.2-5.2-43.3-13.7-9.5
P/E7.4-1.9-1.2-5.1-50.7-17.1-3.5
P/CFO-123.6-2,826.4-4.8-13.829.2-114.6-64.2
Total Yield13.2%-56.4%-79.9%-18.9%-2.0%-5.9%-12.4%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--39.1%-17.7%-28.2%3.3%-12.7%-17.7%
D/E0.00.10.60.10.10.70.1
Net D/E-0.10.10.50.1-0.00.70.1

Returns

PURRMSTRMARARIOTCOINHUTMedian
NameHyperliq.Strategy MARA Riot Pla.Coinbase.Hut 8  
1M Rtn-1.7%21.2%4.2%3.2%1.0%10.0%3.7%
3M Rtn46.7%72.5%-16.1%-18.2%19.3%-18.2%1.6%
6M Rtn134.7%31.2%39.6%56.2%9.8%82.6%47.9%
12M Rtn208.7%-50.0%-38.6%3.0%-43.7%148.5%-17.8%
3Y Rtn208.7%390.6%32.0%110.1%153.0%723.0%180.9%
1M Excs Rtn-1.3%21.6%4.6%3.6%1.4%10.4%4.1%
3M Excs Rtn44.4%70.1%-18.3%-20.4%17.0%-20.5%-0.6%
6M Excs Rtn119.7%11.0%20.5%41.8%-8.7%67.1%31.2%
12M Excs Rtn194.1%-66.3%-54.6%-15.4%-58.3%133.3%-35.0%
3Y Excs Rtn133.7%311.3%-44.6%37.3%86.9%646.3%110.3%

Comparison Analyses

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Financials

Price Behavior

Price Behavior
Market Price$12.27 
Market Cap ($ Bil)2.4 
First Trading Date12/03/2025 
Distance from 52W High-12.9% 
   50 Days200 Days
DMA Price$8.08$8.08
DMA Trendupup
Distance from DMA51.8%51.8%
 3M1YR
Volatility105.5%105.6%
Downside Capture317.17286.38
Upside Capture505.43408.74
Correlation (SPY)36.8% 
PURR Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta3.833.413.493.300.23-0.10
Up Beta5.71-2.070.781.850.12-0.78
Down Beta14.102.803.663.631.91-1.77
Up Capture292%979%743%923%1140%105%
Bmk +ve Days6162766132424
Stock +ve Days11253365101101
Down Capture151%125%251%239%159%92%
Bmk -ve Days16263760120328
Stock -ve Days11173161103103

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PURR
PURR216.1%105.6%1.79-
Sector ETF (XLF)-0.1%14.8%-0.2313.2%
Equity (SPY)15.9%13.0%0.8740.3%
Gold (GLD)8.1%29.6%0.2627.7%
Commodities (DBC)43.1%20.8%1.61-11.1%
Real Estate (VNQ)2.2%13.6%-0.090.8%
Bitcoin (BTCUSD)-27.1%44.5%-0.5846.6%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PURR
PURR25.8%105.6%1.79-
Sector ETF (XLF)9.3%18.4%0.3713.2%
Equity (SPY)13.2%17.2%0.5940.3%
Gold (GLD)18.2%18.9%0.7827.7%
Commodities (DBC)10.6%19.6%0.42-11.1%
Real Estate (VNQ)0.5%18.9%-0.080.8%
Bitcoin (BTCUSD)13.9%52.3%0.4446.6%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with PURR
PURR12.1%105.6%1.79-
Sector ETF (XLF)12.7%22.1%0.5213.2%
Equity (SPY)15.4%17.9%0.7340.3%
Gold (GLD)11.8%16.4%0.5827.7%
Commodities (DBC)8.4%18.1%0.38-11.1%
Real Estate (VNQ)4.5%20.7%0.180.8%
Bitcoin (BTCUSD)63.6%66.2%1.0346.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity24.6 Mil
Short Interest: % Change Since 8312026-14.2%
Average Daily Volume22.6 Mil
Days-to-Cover Short Interest1.1 days
Basic Shares Quantity196.6 Mil
Short % of Basic Shares12.5%

Earnings Returns History

Updated 9/30/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/202611.0%-2.1%11.2%
5/7/20262.4%9.0%36.2%
2/11/2026-1.9%-11.9%16.2%
SUMMARY STATS   
# Positive213
# Negative120
Median Positive6.7%9.0%16.2%
Median Negative-1.9%-7.0% 
Max Positive11.0%9.0%36.2%
Max Negative-1.9%-11.9% 
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/27/202611.0%-2.1%11.2%
5/7/20262.4%9.0%36.2%
2/11/2026-1.9%-11.9%16.2%
SUMMARY STATS   
# Positive213
# Negative120
Median Positive6.7%9.0%16.2%
Median Negative-1.9%-7.0% 
Max Positive11.0%9.0%36.2%
Max Negative-1.9%-11.9% 

SEC Filings

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Report DateFiling DateFiling
06/30/202608/27/202610-K
03/31/202605/08/202610-Q
12/31/202502/11/202610-Q
09/30/202512/08/202510-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/27/202610-K
03/31/202605/08/202610-Q
12/31/202502/11/202610-Q
09/30/202512/08/202510-Q

Investor Activity (13F)

Updated Oct 2, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paradigm Operations LP$29.1 Mil3.0%3Hold13F
OLP CAPITAL MANAGEMENT Ltd$10.5 Mil2.2%5New13F
D1 Capital Partners L.P.$40.7 Mil0.4%44Hold13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
OLP CAPITAL MANAGEMENT Ltd$10.5 Mil2.2%5New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
D1 Capital Partners L.P.$40.7 Mil0.4%44Hold13F
Paradigm Operations LP$29.1 Mil3.0%3Hold13F
OLP CAPITAL MANAGEMENT Ltd$10.5 Mil2.2%5New13F
Core Cache Last Updated: 9/30/2026