Hyperliquid DAT buys $25M of HYPE, posts $317.9M net loss

Hyperliquid Strategies Inc. said it spent $129.5 million to acquire about 5 million HYPE tokens at an average price of $25.9, bringing its total holdings to roughly 17.6 million tokens. The firm said it still retains about $125 million in deployable capital, excluding reserves, and maintains access to a $1 billion equity line of credit.

As of December 31, 2025, total assets stood at $616.7 million, including $281.9 million in cash and $327.6 million in HYPE valued at year‑end prices. Stockholders’ equity was $589.8 million and the company reported no debt. Hyperliquid completed a NASDAQ listing in December 2025 through a business combination with Sonnet BioTherapeutics, establishing an initial treasury of 12.5 million HYPE tokens and $300 million in cash from investors.

The company recorded a net loss of $317.9 million, driven primarily by $262.4 million in unrealized losses on HYPE holdings, along with one‑time accounting charges and deferred tax expenses.

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