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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.

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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.

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.

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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.

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.

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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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