Hyperliquid Strategies Inc (PURR)

Sonnet BioTherapeutics Holdings, Inc., operating under the ticker "PURR" on Nasdaq following its December 2, 2025 business combination with Rorschach I LLC, is a Delaware corporation and U.S. publicly listed digital asset treasury company whose primary business is accumulating and staking HYPE, the native token of the Hyperliquid Layer 1 blockchain ecosystem, on behalf of its stockholders. The company's strategic objective is to benefit from the growth of the Hyperliquid ecosystem—a fully on-chain financial system best known for spot and perpetual futures trading via its HyperCore execution engine and HyperEVM smart contract environment—through direct ownership of HYPE tokens, income-generating activities such as staking and selective DeFi participation, and by fostering broader ecosystem growth. Following the completion of the Transactions, the company held approximately 12.5 million HYPE tokens and roughly $299.9 million in cash from a Closing PIPE, and as of August 23, 2026, it holds approximately 29.4 million HYPE tokens, which it believes represents the largest HYPE holdings of any U.S. public company; its holdings are published weekly on its website.

HYPE is used across the Hyperliquid ecosystem for governance, staking, transaction fee payment, collateral in permissionless market frameworks such as HIP-3 (and anticipated HIP-4 prediction/event markets), and broader DeFi activities including liquidity provision and liquid staking derivatives, with supply dynamics influenced by a fixed 1-billion-token cap, the protocol's Assistance Fund buyback-and-burn mechanism, and HyperEVM gas fee burns. Following a March 31, 2026 asset purchase agreement with Guidant Biotherapeutics, Inc., through which the company sold most of Sonnet's legacy biotherapeutics assets in exchange for Guidant common stock, the company's operations are now focused almost entirely on its HYPE digital asset treasury strategy, while it continues winding down remaining legacy Sonnet operations, including certain clinical trials; its primary current income-generating activity is staking substantially all of its HYPE holdings for staking rewards, supplemented to a lesser degree by DeFi-related activities within the Hyperliquid ecosystem, with its core stakeholder base being its own stockholders who benefit from the company's exposure to Hyperliquid's growth as a blockchain-based financial infrastructure serving traders, developers, validators, and DeFi participants globally.