Nasdaq-listed Hyperliquid Strategies Inc (ticker: PURR) reported a loss. Oh, and a significant net loss of USD 317.9 million for the six months ended December 31, 2025, with assets worth a total of USD 616.7 million. Unpleasant numbers, but CEO David Schamis remains optimistic – he claims it’s just “temporary market volatility.” Will investors be convinced?
When merger becomes baggage
The company, which focuses on building a vault of digital assets in the Hyperliquid ecosystem, went public in December through a merger with Sonnet BioTherapeutics Holdings. Earlier, in October 2025, it filed S-1 documents with the SEC, planning to raise USD 1 billion to expand the token’s reserves. Ambitious, but reality quickly verified these plans.
The loss is primarily due to $262.4 million in unrealized losses on HYPE tokens, a $35.6 million write-off related to the Sonnet acquisition, and a $17.8 million increase in deferred tax. In contrast – revenues. Just $0.9 million in interest and $0.5 million in token staking – all generated after the deal closed on December 2.
Buying on the way to the bottom
Despite these numbers, Hyperliquid Strategies has not slowed down its accumulation rate. By February 3, it had spent an additional $129.5 million to purchase another 5 million HYPE tokens, increasing its holdings to 17.6 million units (1.83% of the total supply of 962.3 million tokens). Additionally, it repurchased 3 million PURR shares for USD 10.5 million, reducing the fully diluted number of shares to 150.6 million.
There is still USD 125 million of cash to be deployed and access to a credit line worth USD 1 billion. It sounds serious, but with losses like these you may wonder if it’s still a strategy or desperation.
HYPE – half of the value is already behind us
Will this be enough to make up for the loss of USD 318 million? At the moment, the balance looks brutal.
