Hyperliquid reports $165.4M loss, holds 20M HYPE tokens, and expands staking operations.

Hyperliquid Strategies reported a $165.4 million net loss for the nine months ended March 31, mainly due to $64 million in unrealized losses on its 20 million HYPE tokens and a $35.6 million write-off linked to Sonnet. The company invested $216 million to acquire about 7.3 million HYPE tokens since December 2025 and continues to generate staking revenue, which reached $2.6 million in the last quarter. It also repurchased 3 million PURR shares for $10.5 million and maintains $103 million in cash for future investments. The firm is focusing on maximizing shareholder value through staking, yield optimization, and ecosystem participation while scaling its treasury and validator operations.