# Hyperliquid Strategies Inc. (PURR)

> Source: Nexqual · https://nexqual.com/PURR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Hyperliquid Strategies Inc. (PURR), nexqual.com/PURR" · informational, not investment advice.

**Price:** USD 8.68 (-9.77% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.62 · day 8.47–9.14 · 52w 3.01–14.76 · market cap $2.42B · NCM

## Key facts
- Valuation: P/E 7.9x (avg 2.1x at the last 1 fiscal year-ends).
- 1 of 80 tracked superinvestors hold PURR (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 22.33 (range 17–34.3).
- Total return with dividends: 1Y +122.6% vs S&P 500 +14.9%; 5Y +135.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-16, EPS estimate USD 0.04, revenue estimate $11.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2026 | TTM |
|---|---|---|
| Revenue | $9.5M | — |
| Operating income | $501M | — |
| Net income | $306M | $306M |
| EPS (diluted) | $3.21 | — |
| Operating margin | 5292.0% | — |
| Net margin | 3229.8% | — |
| Cash + short-term investments | $138M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 7.9x · P/B 1.3x · Earnings yield 12.65%
P/E at fiscal year-ends: Jun 2026 2.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PURR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $2.7M | Added +448.8% |

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 22.33 (low 17, high 34.3).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-15 | Compass Point | Initiated | Buy | $18 |
| 2026-09-10 | Cantor Fitzgerald | Target raised | Overweight | $22.6 → $34.2 |
| 2026-08-28 | Chardan Capital | Target raised | Buy | $9.75 → $17 |
| 2026-08-27 | Chardan Capital | Maintained | Buy | $9.75 |
| 2026-07-01 | Cantor Fitzgerald | Target raised | Overweight | $8 → $18.4 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-12-03) | 5Y (from 2025-12-01) |
|---|---|---|
| Total return | +122.6% | +135.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | — | — |
| Volatility (annualized) | 101.5% | 87.1% |
| Max drawdown | -45.6% (Jun 2026→Jul 2026) | -38.4% (Sep 2026→Oct 2026) |

## Peers (Capital Markets)
MIAX (Miami International Holdings, I) USD 34.99 +4.20% · LAZ (Lazard, Inc.) USD 37.3 -0.19% · MC (Moelis & Company) USD 55.06 +3.77% · PIPR (Piper Sandler Companies) USD 65.54 +1.77% · RIOT (Riot Platforms, Inc.) USD 12.89 -8.06% · VIRT (Virtu Financial, Inc.) USD 56.25 -1.52%

## More
Full page: https://nexqual.com/PURR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PURR's own 10-K filed 2026-08-27 (https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Nexus Research Labs | "On May 13, 2026, we launched a validator node on the Hyperliquid network, "Hyperliquid Strategies x Unit" (the "Validator") in partnership with Nexus Research Labs, Inc. ("Unit")." |
| Partner | Federal Deposit Insurance | "Further, the HYPE we hold with our custodian or custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institu…" |
| Partner | Securities Investor Protection | "Further, the HYPE we hold with our custodian or custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institu…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $-0.91 | -104.4% | $11.2M | 2 |
| Next quarter (ends 2026-12-31) | $0.05 | $0.25 | -79.7% | $13.0M | 2 |
| Current fiscal year (ends 2027-06-30) | $0.24 | $-0.23 | -208.1% | $55.3M | 2 |
| Next fiscal year (ends 2028-06-30) | $0.37 | $1.25 | -70.5% | $72.6M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-16): ±19.2%; last 3 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 79.4% | ±9.6% |
| 2026-11-06 | 14 | 89.0% | ±14.5% |
| 2026-11-13 | 21 | 99.0% | ±19.5% |
| 2026-11-20 | 28 | 84.8% | ±19.2% |
| 2026-11-27 | 35 | 85.8% | ±21.5% |
| 2026-12-04 | 42 | 91.6% | ±25.0% |
| 2026-12-18 | 56 | 90.6% | ±29.3% |
| 2027-01-15 | 84 | 84.8% | ±33.4% |