Hyperliquid Strategies Q4 Earnings Call Highlights

Hyperliquid Strategies reported fiscal 2026 results highlighted by gains on its HYPE token treasury, growing staking revenue and a balance sheet with more than $2 billion in assets and no debt as of June 30. Chief Executive Officer David Schamis said the company held 29.4 million HYPE tokens and $133 million of cash and cash-like instruments as of Aug. 18. The company describes itself as a digital asset treasury company, rather than an exchange-traded fund, and said its operating-company structure enables it to participate in the Hyperliquid ecosystem. Hyperliquid Strategies has become a validator on the Hyperliquid blockchain and is evaluating additional ecosystem initiatives, though Schamis said the company intends to maintain a high threshold for investments outside its core treasury activities.

Chief Financial Officer Brett Beldner said the company generated approximately $553 million of income related to treasury assets during the fiscal year. The income was primarily driven by unrealized gains on HYPE tokens, including appreciation in tokens received at the acquisition closing and purchases of about 16.5 million HYPE tokens. All of the company’s HYPE holdings are staked. Staking and validator activity generated $9.5 million of revenue, primarily recognized during the fourth quarter as token holdings increased, Beldner said. Operating expenses were approximately $14 million for the year. Beldner said expenses declined significantly between the third and fourth quarters after the company divested its legacy biotech business and shifted solely to the Hyperliquid treasury strategy. He said quarterly operating expense of roughly $4 million could be representative of a more normalized operating run rate, although future investments could change that level. $35.6 million of in-process research and development write-off expense related to the business combination. $14.3 million of other expense, including a $12.2 million non-cash accounting charge connected to the company’s equity facility. Approximately $184 million of deferred tax expense tied to unrealized taxable gains on HYPE tokens under GAAP. Beldner said the deferred tax liability is not a current cash obligation and would become payable if the company elected to sell its tokens.

As of June 30, Hyperliquid Strategies had slightly more than $2 billion in assets, including approximately 29.3 million HYPE tokens valued at about $1.9 billion and approximately $150 million in cash-like instruments, including cash, short-term Treasuries and USDC. Stockholders’ equity was approximately $1.9 billion, up more than 150% from the prior quarter, according to Beldner. Schamis said the company had raised nearly $650 million in net proceeds through open-market stock issuances since completing its transaction on Dec. 2, 2025. It issued about 76 million shares at an average price of $8.50 and an average market net asset value, or mNAV, of 1.15 times. The company deployed a significant portion of the proceeds into HYPE tokens, purchasing them at an average price of about $46.77. Schamis said mNAV has ranged from roughly 0.75 times to 1.3 times, creating opportunities to issue stock when valuations are higher and repurchase shares using cash reserves when valuations are lower. Management generally measures mNAV after deducting the deferred tax liability, though Schamis said the company also considers an alternative measure that adds back the liability. When issuing stock, he said the company seeks net proceeds above 1.1 times mNAV and above 1.0 times mNAV including the deferred-tax-liability add-back.

Schamis said Hyperliquid’s perpetual futures, stablecoin, real-world asset and prediction-market...