PURR
Hyperliquid Strategies Inc Common StockBasic Materials·Agricultural Inputs
$9.99
$1.3B market cap
Revenue
$3.1M
Free Cash Flow
$-15.3M
Rev Growth
+0.0%
FCF Margin
-489.8%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Hyperliquid Strategies, Inc. is a holding and operating company, which engages in the business of crypto asset management. The firm operates as a digital asset treasury company which focuses on the Hyperliquid ecosystem. The company was founded on July 2, 2025 and is headquartered in New York, NY.
2-Year Price History
$7.67+108.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q2 | 2.6 | -4.6 | -4.6 | 152.5 | -7.0 | -7.0 | -0.0 | 113.1 | 0.0 | 124.0 | -5.4% | -- | -- |
| Act | 2026-Q1 | 0.5 | -3.0 | -3.0 | -304.5 | -8.3 | -8.3 | -0.0 | 281.9 | 0.0 | 124.1 | -6.2% | -- | -- |
Valuation & Metrics
Market Stats
Price$9.99
Market Cap$1.3B
Enterprise Value$1.2B
P/S Ratio430.2x
P/FCF--
EV/FCF--
FCF Margin (TTM)-489.8%
FCF Yield-1.1%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$3.1M
Net Income$-151.9M
Free Cash Flow$-15.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin-242.7%
Net Margin-4860.9%
FCF Margin-489.8%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-5.8%
WC Change % Rev-20.7%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares8.3M
Days to Cover1.6
Change (vs Prior)-10.6%
Need at least 2 settlement dates for chart
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
15.9%(+5.0% YoY)
74 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
4.4%(+4.4% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.4%(+0.3% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $40.7M | $3.56 | +$0 | +$40.7M | -0.9% | $11.23B |
| Paradigm Operations LP | $29.1M | $3.56 | +$0 | +$29.1M | -2.5% | $954M |
| STATE STREET CORPPassive | $16.0M | $5.09 | +$16.0M | +$16.0M | -0.2% | $2.89T |
| Pantera Capital Partners LP | $13.8M | $3.56 | −$7.0M | +$13.8M | -26.4% | $158M |
| BlackRock, Inc.Passive | $10.6M | $5.09 | +$10.6M | +$10.6M | -0.2% | $5.69T |
| OLP CAPITAL MANAGEMENT Ltd | $10.5M | $5.09 | +$10.5M | +$10.5M | +0.3% | $482M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $7.5M | $5.00 | +$7.1M | +$7.5M | +2.3% | $1.61T |
| PEAK6 LLC | $7.1M | $5.09 | +$7.1M | +$7.1M | +1.0% | $3.46B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $7.1M | $5.09 | +$7.1M | +$7.1M | — | $4.04T |
| Arrington Capital Management, LLC | $6.2M | $3.56 | −$305K | +$6.2M | -13.9% | $88.1M |
| CITADEL ADVISORS LLC | $5.8M | $4.77 | +$4.6M | +$5.8M | -0.4% | $138.22B |
| Galaxy Digital Inc. | $4.6M | $5.09 | +$4.6M | +$4.6M | — | $636M |
| MILLENNIUM MANAGEMENT LLC | $4.6M | $5.05 | +$4.5M | +$4.6M | -0.5% | $127.40B |
| 683 Capital Management, LLC | $4.3M | $3.56 | −$3.8M | +$4.3M | -2.2% | $1.02B |
| GM Advisory Group, LLC | $4.2M | $3.56 | +$0 | +$4.2M | -0.1% | $2.60B |
| VANGUARD FIDUCIARY TRUST COPassive | $3.3M | $5.09 | +$3.3M | +$3.3M | — | $395.83B |
| GOLDMAN SACHS GROUP INC | $3.3M | $5.09 | +$3.3M | +$3.3M | -0.2% | $760.93B |
| Militia Capital Management LLC | $3.3M | $5.09 | +$3.3M | +$3.3M | — | $435M |
| MAPLELANE CAPITAL, LLC | $2.9M | $5.09 | +$2.9M | +$2.9M | +5.2% | $1.19B |
| UBS Group AG | $2.8M | $5.05 | +$2.7M | +$2.8M | -0.3% | $562.11B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BULLISH
Holders
-3.19%
avg per quarter
Holders (ex-self)
-3.43%
excl. this stock
Buyers (this Q)
+0.59%
73 buyers · $0.11B in
Sellers (this Q)
-5.47%
5 sellers · $0.00B out
alpha coverage: 91% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-0.7%
how holders react when this stock falls
On quiet Qs
-5.8%
−10% to +10% baseline
On rallies (+10%+)
-8.1%
how they react when this stock rises
Holders' portfolio flow this Q
+1.6%
inflows — adds are organic
Sellers' portfolio flow this Q
-65.0%
Sellers shed AUM broadly — partly forced.
Biggest decreases this quarter
Feynman Point Asset Management LLCexited−$14.4MPantera Capital Partners LP−$7.0Mα-26.4683 Capital Management, LLC−$3.8Mα-2.2Ribbit Management Company, LLCexited−$1.3MSaba Capital Management, L.P.−$1.2Mα-4.4HRT FINANCIAL LPexited−$856KArrington Capital Management, LLC−$305Kα-13.9Corient Private Wealth LLCexited−$178KTWO SIGMA INVESTMENTS, LPexited−$132KLarson Financial Group LLCexited−$3K
New buyers this quarter
STATE STREET CORP+$0.02Bα-0.2OLP CAPITAL MANAGEMENT Ltd+$0.01Bα+0.3PEAK6 LLC+$0.01Bα+1.0VANGUARD CAPITAL MANAGEMENT LLC+$0.01BGalaxy Digital Inc.+$0.00BVANGUARD FIDUCIARY TRUST CO+$0.00BGOLDMAN SACHS GROUP INC+$0.00Bα-0.2Militia Capital Management LLC+$0.00BMAPLELANE CAPITAL, LLC+$0.00Bα+5.2MARSHALL WACE, LLP+$0.00Bα+0.6
Top-5 holders · 50.6%
D1 Capital Partners L.P.--
Paradigm Operations LP--
STATE STREET CORP--
Pantera Capital Partners LP--
BlackRock, Inc.--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
D1 Capital Partners L.P.8.0MParadigm Operations LP5.7MGalaxy Group Investments LLC—Pantera Capital Partners LP2.7MFeynman Point Asset Management LLC—OLP CAPITAL MANAGEMENT Ltd2.1MPEAK6 LLC1.4MArrington Capital Management, LLC1.2MCITADEL ADVISORS LLC1.1M683 Capital Management, LLC850K
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$9.00-990.0%
Last Year (6 analysts)$7.55-2440.0%
Current Price$9.99
Analyst Ratings
2
Buy: 2Consensus: Buy
Corporate
Order Flow (FINRA, ~3w lag)
35.5%retail-3.9pp
13.7%dark+2.7pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.