PURR is a stock that holds one crypto token, HYPE, plus some cash. At $9.47 a share you pay about 91 cents for each $1.00 of what it owns after taxes. That sounds cheap, but it has been cheaper (76 cents) and pricier ($1.27) in the past ten months. Since listing, the stock has done about what HYPE did, no better. On November 4, management asks shareholders to remove a limit on selling new stock below $12.02. It is not a buy for the stock. It can be a place to sell puts at low strikes, sized small.
| Item | Verdict |
|---|---|
| Score | 3.5 / 10 as an investment (first version; no prior score). The July triage scored 2/12 and called the rubric "not applicable." The positives: no debt, 14 years of cash for running costs, a documented "sell high, buy back low" record, and the largest pile of HYPE in a listed company. The negatives: no moat at the wrapper level, HYPE per share is not compounding, the machinery for selling new stock just got 2.5x bigger, sponsor economics, and a RED macro gate. |
| Thesis status | ON WATCH. The live thesis is the prior dossier's: "one of the more defensible digital-asset treasuries (DATs) to sell puts on, at deep discounts to its assets." No breaker has fired. Management has never disclosed a sale of stock below its asset value, and it has bought back stock when it traded at a discount. But three dated tests sit inside the next eight weeks: the Nov-4 vote, the Q1 FY27 10-Q (about Nov 12–16, UNVERIFIED), and the buyback authorization expiring about Dec 5–8. |
| Tier | Conviction-spec, NOT Tier-1. The framework allows Tier-1 sizing only with a moat of 9/10 or better. PURR's wrapper moat is 4/10 and the underlying Hyperliquid protocol's is 7/10 (§9). |
| Macro stamp (Stage 1) | 🔴 RED. The veto fires for buying stock. The rule: "Never initiate unprofitable small caps late in a liquidity cycle." PURR has operating cash flow of −$19.1M a year and a market value of about $2.6–2.9B. Its value moves one-for-one with a risk asset. On 2026-10-14: the Federal Reserve (Fed) was hiking (3.75–4.00%), consumer prices (CPI) printed hot at 3.7%, low-grade credit spreads were widening (+182 basis points in 20 days for CCC bonds), and the Russell 2000 small-cap index broke its 200-day average. The macro lane leaves a 🟡 carve-out for selling puts only, at strikes of about 0.75x asset value or lower. |
| Sizing rule | Moat 4/10 means conviction-spec. The PM house rule caps that at 5% of the portfolio (half the framework's 10% Tier-1 cap). The framework also says "size DOWN outside circle of competence," so the PM cuts PURR to 2.5% maximum assigned notional. With macro RED: no stock purchases at all. Cash-secured puts only, at strikes of $8 or lower, starter size 1.25% of the portfolio until macro flips to YELLOW (§15). Size every put to survive a fall to $4. |
| Next check | 2026-10-27/28 Fed meeting. 2026-11-04 annual meeting vote (Proposal 2). About 2026-11-12 to 11-16 Q1 FY27 results UNVERIFIED. 2026-11-14 Q3 13F institutional filings. About 2026-12-05 to 12-08 buyback authorization expiry. |
One PURR share is a claim on 0.128 HYPE tokens, plus $0.88 of cash, minus a $0.93 tax bill the company would owe if it sold its HYPE at today's price. That nets to $10.41 of assets per share. The stock is $9.47, so the price-to-asset ratio (mNAV) is 0.91x.
HYPE is the token of Hyperliquid, the largest decentralized exchange for perpetual futures (perps: crypto futures contracts with no expiry date). Hyperliquid spends about 97–99% of its fees buying its own token back.
PURR's own edge is a capital-markets trick: sell new shares when the stock trades above its assets, buy HYPE with the money, and buy back shares when the stock trades below. Done right, each share owns a little more HYPE every quarter. So far it has not:
You are making two bets: that HYPE rises, and that management only ever sells stock above its asset value. The second bet loses its hard brake on Nov 4.
The framework gives the economy a veto. Right now money is getting tighter: the Fed is still raising rates, inflation printed hot and the riskiest borrowers are paying more to borrow. PURR loses cash every year and moves with a risky asset, so the veto fires for buying the stock. Selling puts at deep discounts is still allowed.
Conditions are the macro lane's, dated 2026-10-14. All three count as not met. The "close" label on condition 2 refers only to its revenue leg ($69.0M vs the $70M bar); HYPE at $81.56 is still below $90.
The last look at PURR was a wheel-trading dossier on 2026-07-12, when the stock was $7.55. Since then the company sold about 78M new shares, raised its stock-sale limit from $1B to $2.5B, and bought about 9M more HYPE. The stock ran to $14.76 and fell back to $9.47. The prior report got the big calls right (cheap below asset value, management sells high and buys low). It got several numbers wrong, including the tax bill and the remaining stock-sale capacity.
There is no earlier PURR deep dive. "Prior" means the 2026-07-12 triage (2/12, rubric not applicable) and the 2026-07-12 PURR Wheel-Instrument Dossier.
| # | Prior claim (2026-07-12) | What happened | Grade |
|---|---|---|---|
| 1 | HYPE ≈ 28–30M | 29.28M at 06-30 (10-K); 38.52M now | KEPT |
| 2 | Cash ≈ $150M | $149.9M at 06-30, incl. $12.0M USDC (a dollar-pegged token) | KEPT (then grew) |
| 3 | Tax bill ≈ $60.5M (03-31), scaling to ~$150M | $183.5M at 06-30, incl. $63.7M Subpart F the model ignored CONFLICT (tracker cites $63.8M; quant and 10-K Note 11 cite $63.7M; used $63.7M) | MISSED (understated ~$33M, ~$0.15 per share) |
| 4 | 223.1M as-converted shares | Correct then; now ~300–305M | KEPT then; stale by +36.6% |
| 5 | ELOC $1.0B, ~$400M left | Upsized to $2.5B; ~$0.91B left EST | MISSED / no longer relevant |
| 6 | Buyback 3.1M shares at $3.42 | 3,067,097 shares for $10.5M, plus ~2.7M at ~$6.41 in July; 5.8M at $4.80 cumulative | KEPT |
| 7 | Issues above ~1.1x, buys back below ~0.9x | CEO confirmed on 08-27; July buybacks at ~0.83–0.95x | KEPT |
| 8 | Advisor 7.76M shares + 27.39M warrants, "up to 17.9%" | Same counts; now ~10.6% of fully diluted | KEPT (diluted down) |
| 9 | Advisory cash fee: unknown | No cash fee. Equity kicker (5% + 15%), waived, revocable | MISSED (latent ~20% tax on each raise) |
| 10 | CVR terms unknown | Pays only on monetizing legacy Sonnet assets within 3 years; fair value "nominal" | RESOLVED immaterial |
| 11 | Staking ~1.5–1.7% | Network rate 2.17–2.18%; PURR realized ~1.95–2.07% | KEPT on direction; yield too low |
| 12 | IV 107%, realized vol 101% | IV 86.6% (10-13) | REGIME SHIFT down |
| 13 | Short interest 15.12% of float | 24.15M shares = ~8.7% of common | MIXED up in shares, down as %; squeeze thesis faded |
| 14 | Next earnings Aug 12 | Reported Aug 27 | MISSED |
| 15 | Hyperliquid ~80% of decentralized perps | 38% of on-chain 24-hour volume / 62–63% of open interest (09-08) | MISSED (wrong metric or mis-sourced) |
| 16 | ~$840M annualized Hyperliquid revenue | ~$945M of ecosystem fees in the 12 months to 06-30; protocol revenue $689.4M over the trailing 12 months (DefiLlama) | KEPT / up |
| 17 | Unlocks ~9.9M HYPE a month | Claimed far below that; the 10-06 batch was 3.75M OTC UNVERIFIED | MISSED (treated vesting as selling) |
| 18 | Keep-selling-puts conditions (5) | mNAV band KEPT · buybacks below 0.9x KEPT · Hyperliquid flat-to-up KEPT · IV > 90% MISSED (86.6%) · strikes ≤ 0.75x NAV STILL VALID (re-keyed to $7.80) | 4 OF 5 HOLD |
| 19 | STOP triggers (7) | None tripped. Nov-4 vote and Dec-2 lockup pending. The perps-share trigger is ambiguous (fires on volume, not on open interest) | NOT TRIPPED |
| 20 | Entry level "≤ $6.50" | The price filled on 10 sessions (07-17 to 08-06). The 0.75x condition never did (trough ~0.80–0.82x EST). PURR then ran +136% to the peak | KEPT (well-timed) |
| 21 | Earnings date, employee count (4) | Aug 27; 5 employees | MISSED |
The chip tally above is our count of the tracker's grades PM. "Other" covers rows 10, 12, 13, 18 and 19.
Yes, five things:
PURR is a Nasdaq-listed company whose only real asset is a big pile of HYPE tokens plus some cash. It earns a small yield (about 2% a year, paid in more HYPE) by lending its tokens to help run the Hyperliquid network. Its value rises and falls with HYPE, and with how much investors are willing to pay for the wrapper.
PURR is a piggy bank that only holds one kind of coin, called HYPE. HYPE belongs to Hyperliquid, a giant online trading arcade. The arcade uses almost all the ticket money it collects to buy back its own coins.
PURR doesn't run any arcade games. It does three things:
The catch: the people who set up the piggy bank get a cut, and every time PURR sells new shares, the piggy bank gets bigger but your slice may not.
| Date | Event | Source |
|---|---|---|
| 2024-11-29 | HYPE genesis airdrop: 31% of the 1B maximum supply | 10-K |
| 2025-06-13 | Rorschach I LLC formed | Proxy |
| 2025-07-11 | Merger agreement signed (Sonnet + Rorschach); amended 2025-09-22 | Form 4 footnote |
| 2025-10-22 | $1.0B equity line signed with Chardan | Proxy |
| 2025-11 | Core-contributor HYPE vesting begins: 238M HYPE (23.8% of supply), running through 2027–28 | 10-K |
| 2025-12-02 | Deal closes: 12,517,592 HYPE + $299.9M cash; 123.35M common + 166,173 Series A preferred (converts to 26,587,647 common) | 10-K |
| 2025-12-03 | PURR starts trading (first close $3.90; HYPE $33.85) | Yahoo; Red Team |
| ~2025-12-08 | $30M, 12-month buyback authorized | Press release |
| 2025-12-29 | PURR all-time low $3.01 (HYPE 1-year low $20.97–21.09 around 01-20) | Yahoo; CoinGecko |
| 2026-02-03 | 17.6M HYPE; ~3.0M shares bought back at $3.42 ($10.5M) | Press release 02-11 |
| 2026-02-11 | Q2 FY26 results; live mNAV dashboard launched | 10-Q |
| 2026-03 | Listed options begin | Company IR site |
| 2026-03-31 | Legacy Sonnet assets sold to Guidant for a 40% stake | 10-K |
| 2026-04-24 | Maxim initiates Buy, target $10 | MarketBeat |
| 2026-04-29 | 20.0M HYPE; $103M cash; $38.4M raised on the equity line at ~$6.31 | Press release 05-07 |
| 2026-05-07 | Q3 FY26 call | Transcript |
| 2026-05-12 / 05-15 | 21Shares THYP and Bitwise BHYP spot HYPE ETFs list (competing wrappers) | CryptoBriefing |
| 2026-05-13 | Validator "Hyperliquid Strategies x Unit" launches (promised 05-11) | 10-K |
| 2026-05-29 | PURR closes $9.99. Possibly the 150% early-lockup trigger, if the advisor acquisition price was ~$6.25 UNVERIFIED | Red Team |
| 2026-06-22 / 06-23 | CEO salary raised to $600K; COO placement agreement via SBR Ltd (Hong Kong) | 8-K 06-26 |
| 2026-06-29 | Added to the Russell 2000/3000 | Press release |
| 2026-06-30 | FY-end: 29.28M HYPE; $149.9M cash; 200,550,458 common | 10-K |
| 2026-07 | ~2.7M shares bought back for $17.3M (~$6.41), then ~10.7M issued for $117.1M (~$10.94) | 10-K Note 12 |
| 2026-07-29 | PURR closing low since listing month: $5.97 (intraday $5.80 on 07-28) | Yahoo |
| ~2026-08-14/18 | Duquesne (Druckenmiller) 13F shows a new 2.94M-share stake | 13F coverage |
| 2026-08-19 | US-access remark; PURR +30% on 62.0M shares | Press release 08-27 |
| 2026-08-27 | FY26 results; PURR +15–18% | 8-K; The Block |
| 2026-08-28 | Chardan target $9.75 → $17 | MarketBeat |
| 2026-08-31 | Rorschach Capital distributes advisor warrants to members | Form 4s |
| 2026-09-01 | Equity line upsized to $2.5B; Exchange Cap set | 8-K |
| 2026-09-08 | 33.2M HYPE; 237,919,288 common; ~$1.1B of the line used | 424B3 |
| 2026-09-09 | T-REX 2X Long PURR ETF (KATT) launches | Sentiment lane |
| 2026-09-10 | Cantor target $22.60 → $34.20 | MarketBeat |
| 2026-09-14 | Amendments 2/3: PURR receives 98.5% of the day's average price (from 97.5%), or 97.0% after hours (from 95.0%), after the first 160M shares. Compass Point initiates Buy, $18 | 8-K; MarketBeat |
| 2026-09-15 | S-1 registers 160M shares for Chardan to resell; effective 09-23 | S-1; 424B3 |
| 2026-09-17 | Rorschach Capital distributes advisor common shares to members | Form 4s |
| 2026-09-21 | PURR all-time high $14.76 intraday (HYPE high $97.18–97.19 on 09-22) | Yahoo; CoinGecko |
| 2026-09-28 | RSU grants: CEO 248,344; CFO 82,781; COO 82,781 (vest 2027–29) | Form 4s |
| 2026-09-30 | Record date: 278,271,288 common | DEF 14A |
| 2026-10-06 | 3.75M HYPE contributor tranche sold OTC to an undisclosed institution | CryptoTimes UNVERIFIED |
| 2026-10-08 | Dashboard: 38.52M HYPE; 300.04M basic shares; $263.53M cash | hypestrat.xyz |
| 2026-10-14 | PURR $9.47 (−7.4%), 7 straight down sessions, −35.8% from the high | Yahoo |
| 2026-11-04 | Annual meeting: Nasdaq Proposal; Sonnenfeld for Dyrness | DEF 14A |
| ~2026-11-12 to 11-16 | Q1 FY27 results UNVERIFIED (StockAnalysis 11-12, Yahoo 11-16) | — |
| 2026-12-02 | First anniversary of close: first RSU tranches vest; the company may terminate the equity line from now on; nominal advisor lockup end (may have lapsed already, §13) | 10-K |
| ~2026-12-05 to 12-08 | $30M buyback authorization expires; ~$2.2M left | 10-K; press release CONFLICT (on exact date) |
PURR's "market" is really Hyperliquid's market. If Hyperliquid takes more of the world's crypto-futures trading, it earns more fees, buys back more HYPE, and HYPE (and PURR) should be worth more. TAM (total addressable market) means the most revenue the whole market could produce.
Base inputs (qual lane, dated):
Protocol revenue path EST (qual lane model). Assumes global perps grow 10% a year and the take rate drifts down. Excludes upside from real-world-asset (RWA) markets, outcome markets and USDC reserve yield.
| Horizon | Global perps volume | Hyperliquid share | Take rate | Protocol revenue |
|---|---|---|---|---|
| 2026 | ~$30T | 9.4% | ~2.4 bps | $0.69B |
| 3-yr (2029) | $39.9T | 12% | 2.2 bps | ~$1.05B |
| 5-yr (2031) | $48.3T | 15% | 2.1 bps | ~$1.52B |
| 10-yr (2036) | $77.8T | 20% | 2.0 bps | ~$3.1B |
| Bear, 10-yr | $77.8T | 5% | 1.5 bps | ~$0.58B |
PURR's own revenue is not protocol revenue. It is HYPE owned × ~2% staking × HYPE price:
A flywheel is a loop where each step feeds the next. PURR's loop works only when its stock trades above the value of its HYPE. Right now it doesn't, so the loop has stopped.
When mNAV is below ~0.9x, PURR buys back stock from cash. Per the 05-07 call, it may even sell HYPE to fund buybacks if cash is at its $25M floor and the discount is serious.
Forward gear (sell stock) needs mNAV above 1.1x. Reverse gear (buy back) needs mNAV below about 0.9x, with only ~$2.2M of authorization left. Today, 0.91x, sits in the dead zone between them.
The "Friction" card restates points made in §6, §9 and §13 PM.
These are the eight questions that decide whether PURR is worth more or less a year from now. Each gives the current answer and what would change it.
Now: The stated policy is to issue only when net proceeds exceed 1.1x mNAV. That is policy, not contract. The 10-K's "established target ratio" is not given as a number. Proposal 2 would remove the 42.64M-share cap on sales below $12.02. With no outside owner above 5%, passage is likely EST. Today's mNAV is 0.91x.
What changes it: (a) the vote fails, or (b) a written, enforceable floor of 1.0x tax-adjusted NAV, or (c) the Q1 FY27 10-Q or the next 424B3 shows any tranche sold below 1.015x.
Now: No. CONFLICT (resolved) Quant's raw-token count is 124.9 → 128.4 HYPE per 1,000 shares since 03-31 (+2.8%). Red Team's after-tax HYPE-equivalent (tokens + cash − tax bill, all in HYPE units) is 134.4 → 127.5 (−5.1%). Both are arithmetically right.
The PM uses the after-tax measure as the master metric. It is what an owner would get if the company were liquidated. The tax bill grows as HYPE rises, a real cost that direct HYPE owners don't bear in the same way.
What changes it: two quarters of after-tax HYPE-equivalent per share rising faster than staking alone (~0.5% a quarter).
Now: mNAV ranged 0.763x–1.265x since listing, mean 1.011x, median 1.007x (quant weekly estimate). Premium phases coincided with HYPE rallies. BHYP had $105M of assets 11 days after launch. October fund assets are unknown.
What changes it: HYPE above $97.19 (its 52-week high), or a long stretch of HYPE ETF outflows while PURR's mNAV stays above 1.1x.
Now: Trailing 30 days $69.0M (~$830M annualized). September $74.2M. The April-2026 trough was $42.4M (−56% from the $97.2M October-2025 peak).
What changes it: monthly revenue back below ~$45M (bearish, scenario 8), or above $90M (bull trigger).
Now: RED. Fed hiking, 10-year yield 5.19%, CCC spreads +182 bps in 20 days, US dollar index (DXY) +2.2 points in 20 days.
What changes it: the flip conditions in §1b.
Now: The 5% + 15% kicker is waived but revocable on two weeks' notice, and CEO Schamis manages the Advisor. 27.39M sponsor warrants sit at $9.375 / $12.50 / $18.75.
What changes it: an irrevocable waiver (positive), or a revocation notice (breaker).
Now: ~$2.2M left, expiring ~12-05 to 12-08.
What changes it: a new authorization of $100M or more, actually used at 0.85x or below.
Now: The CLARITY Act failed cloture 49–50 on 09-15. Polymarket odds of 2026 enactment fell from 29.5% to 6.5%. Talk of a US pathway for Hyperliquid is double-edged: if US users can trade HYPE directly, PURR's access premium shrinks.
What changes it: a CFTC or Justice Department action (scenario 5), a security ruling on HYPE, or a CLARITY re-vote (January 2027).
These are the 16 pass/fail tests every stock in the framework faces. PURR passes 4, is borderline on 5 and fails 7. Most fails come from the fact that PURR is a pile of tokens, not a business: no cash flow, no founder, no moat, no earnings record. The passes are about its clean balance sheet. Expected fails for a token wrapper are still fails.
| # | Gate | Prior | v1.0 | Evidence (one line) |
|---|---|---|---|---|
| 1 | Revenue growth 30–50%+ | — ("meaningless here") | FAIL | The right growth measure for a treasury is HYPE per share: +2.8% raw tokens, −5.1% after tax since 03-31. Staking revenue $0.50M → $2.63M → $6.33M (Q2–Q4 FY26) grows only with tokens × price. What this means: there is no business growing underneath; the share just tracks HYPE. |
| 2 | Free cash flow (cash left after spending on equipment) positive | FAIL implied | FAIL | −$19.1M in FY26; −$8.3M / −$7.0M / −$3.8M by quarter. Staking rewards are paid in HYPE, not cash. Fails by construction. |
| 3 | Visible flywheel | — | WATCH | Drawn in §5. It spun hard 08-27 to 10-01 (HYPE 29.4M → 38.5M). Stalled now at 0.91x: outside both the "issue" gear (>1.1x) and the "buy back" gear (<0.9x, with only $2.2M of authorization left). |
| 4 | Moat 9/10 or better (Tier-1 gate) | — | FAIL (4/10 wrapper; 7/10 protocol) | Edges: scale (largest listed HYPE pile, ~19x Hyperion DeFi), a $2.5B equity line, index membership. No switching costs or network effects. Spot HYPE ETFs offer the same exposure without dilution. |
| 5 | Founder-led | "no founder-product story" | FAIL | Built by a sponsor (Atlas Merchant Capital / Rorschach, with a Paradigm affiliate). The real founder-operator, Hyperliquid Labs, has no tie to PURR. |
| 6 | Skin in the game 5x or more (insider stock value ÷ yearly pay) | — | FAIL | CEO Schamis: $7.58M ÷ $3.7M forward pay = 2.0x (6.4x on FY26 pay). Directors and officers as a group: ~2.1x. Only Chair Diamond clears 50x (~51x on director pay). |
| 7 | Insider net activity (12 months) | — | WATCH (negative lean) | $0 open-market buys and $0 sells. All 47 Form 3/4 filings are distributions (code J) or grants (code A). No insider bought at the $3.01–3.42 lows. |
| 8 | Institutional adds and trims | "institutions 35.6% (index)" | WATCH | MarketBeat: 49 buyers vs 3 sellers, $175.9M in vs $2.1M out. Druckenmiller's Duquesne opened 2.94M shares. But ownership is CONFLICT 9.45% (MarketBeat) vs 45.3% (Yahoo). Q3 13Fs land 11-14. |
| 9 | Earnings beats, 8 straight | — | FAIL (unusable) | Only 3 public prints. No real consensus. Yahoo's history is wrong: it shows Q4 at −$0.86 when Q4 net income was +$470.9M, and Q2 at −$6.56 vs −$7.43 in the 10-Q. |
| 10 | Explainable to an 8-year-old | — | PASS | A piggy bank with only one kind of coin in it (§4). |
| 11 | Price-to-sales band | "rubric N/A" | WATCH (mNAV band substitute) | Price-to-sales (P/S) is 278.6x ($2,635M ÷ $9.46M), meaningless here. On the substitute mNAV band, 0.91x = "aware." Not the 0.65–0.75x "left for dead" hunting ground. |
| 12 | No shareholder dilution | "dilution-by-design" | FAIL | As-converted shares +99% (Dec-2025 to Oct-2026); +38.8% in Q1 FY27 alone. The cap may be lifted 11-04; the sponsor kicker is revocable. |
| 13 | Current ratio 2:1 or better (short-term assets ÷ short-term bills) | — | PASS | 41.6x ($152.4M ÷ $3.66M at 06-30). |
| 14 | Net margin positive | — | WATCH (paper profit) | GAAP net income +$305.5M in FY26, but $709.9M of it is unrealized HYPE gains. Excluding mark-to-market items, the company loses about $10–19M a year. |
| 15 | Cash greater than debt | "zero debt" | PASS | $263.5M cash vs $0 debt. Caveat: the $279.2M tax bill EST behaves like debt if HYPE is ever sold. |
| 16 | Operational efficiency rising | — | PASS (caveated) | 5 employees run a ~$3.1B balance sheet. Running costs fell from $7.25M (Q3) to $3.22M (Q4); the guide is ~$4M a quarter. Staking covers costs about 3–4x on run-rate, but in HYPE, not cash. |
The "Where the fails cluster" grouping is a PM summary of the gates above PM.
PURR's accounts are dominated by swings in the HYPE price. Profits on paper can be hundreds of millions in a quarter, while actual cash going out is a few million. The numbers that matter are: how much HYPE it owns per share, how much cash it has, and how many shares exist. Cash flow is negative by design, because its income arrives as HYPE, not dollars.
| Item | Value | Source / note |
|---|---|---|
| Price | $9.47 (2026-10-14 close, low of day; prior close $10.23) | Yahoo |
| 52-week range | $3.01 (2025-12-29) to $14.76 (2026-09-21); −35.8% from the high | Yahoo |
| Shares, common | 278,271,288 (2026-09-30) | DEF 14A record date |
| Shares, basic incl. preferred | 300.04M (dashboard, ~10-01) vs 304.86M (278.27M + 26.59M preferred) | CONFLICT The ~4.8M gap may be ~5.8M treasury shares counted gross in the proxy. Unreconciled; ±2% on NAV |
| Shares, fully diluted (company formula) | 300.55M | hypestrat.xyz |
| Market value (market cap) | $2.635B on common only (the Yahoo figure) · $2.846B fully diluted · $2.887B on 304.86M | Quant RT-FIX (Sentiment's $2.635B is common only) |
| Cash | $263.53M (~10-01) · $132.6M (08-19) · $149.9M incl. $12.0M USDC (06-30) | Dashboard; press release; 10-K. CONFLICT TokenPost's $292.6M (10-03) is third-party with no stated source; not used |
| Debt | $0. No converts, notes or loans | 10-K |
| Quasi-debt: deferred tax liability (DTL: tax owed if the HYPE were sold) | $183.5M at 06-30; ~$279.2M at HYPE $81.56 = 21.05% × ($3,141.6M − $1,815.09M tax basis). Includes $63.7M federal Subpart F on Cayman earnings | 10-K; quant EST |
| Enterprise value (EV: market value minus cash plus debt) | ~$2.58B ($2,846M − $263.5M); $2.86B counting the tax bill | Quant |
| EV ÷ HYPE value | 0.82x ($2,582M ÷ $3,141.6M) | Quant |
| Short interest | 24.15M shares (2026-09-30 settlement), down from 28.65M (08-31 peak). ~8.7% of common | MarketBeat / FINRA. RT-FIX Quant's 12.4% (of a 195.4M float) and Sentiment's 9.5% use stale floats |
| Days to cover (short shares ÷ average daily volume) | 0.96. No squeeze fuel | Yahoo / MarketBeat |
| Ownership | Institutions CONFLICT 45.3% (Yahoo) vs 9.45% (MarketBeat). Insiders 3.65% (Yahoo). Directors and officers 8.62M (3.0%), of which ~6.21M are warrants, so ~2.41M actual shares (~$23M) | Yahoo; MarketBeat; DEF 14A |
Only three real public-company quarters exist. Q1 FY26 is the pre-merger shell, derived by subtraction. The 8-quarter requirement is met with the post-quarter treasury snapshots in 7f. The sector-right leading indicator is HYPE per share, not revenue.
| $M | Q1 FY26 (Sep-25) shell | Q2 FY26 (Dec-25) | Q3 FY26 (Mar-26) | Q4 FY26 (Jun-26) | FY26 | Q1 FY27 (Sep-26) |
|---|---|---|---|---|---|---|
| Staking + validator revenue (the only revenue segment) | 0 | 0.50 | 2.63 | 6.33 | 9.46 | Pending ~11-12/16 UNVERIFIED |
| Unrealized HYPE gain (loss) | 0 | (93.2) | 198.4 | 604.6 | 709.9 | Pending |
| Loss on HYPE contribution | (13.4) [unverifiable mechanism, RT] | (155.8) | 0 | 0 | (169.2) | — |
| IPR&D write-off (Sonnet) | 0 | (35.6) | 0 | 0 | (35.6) | — |
| SG&A + R&D (running costs) | (0.02) | (3.47) | (7.25) | (3.22) | (13.95) | Guide ~(4.0) |
| Other (equity-line derivative, mostly non-cash) | – | – | +0.32 | (14.6) | (14.3) | Pending |
| Interest income | 0 | 0.88 | 1.04 | 0.79 | 2.71 | Pending |
| Tax (deferred) | 0 | (17.8) | (42.7) | (123.0) | (183.5) | Pending |
| GAAP net income | (13.4) | (304.5) | 152.5 | 470.9 | 305.5 | Pending |
| Earnings per share, diluted (GAAP) | n/a | (7.43) per 10-Q CONFLICT (Yahoo −6.56) | 1.01 | n/a [Yahoo's −0.86 is wrong] | 3.21 | Pending |
| Earnings per share, consensus | n/a | n/a | n/a | n/a | n/a | No reliable consensus |
| Gross margin | n/a | 100% | 100% | 100% | 100% | — |
| Operating margin | Meaningless: mark-to-market dominates | |||||
| Adjusted EBITDA (cash-profit proxy) | Not reported | |||||
| Operating cash flow | ~0 | (8.3) | (7.0) | (3.8) | (19.1) | Pending |
| Capital spending (capex) | 0 | 0 | 0 | 0 | 0 | — |
| Free cash flow | ~0 | (8.3) | (7.0) | (3.8) | (19.1) | Pending |
| HYPE bought (the real "capex") | 0 | 9.0 | 160.4 | 308.8 + ~303 via USDC | 478.2 + 307.3 USDC | ~$0.94B of stock sold since 06-30 EST |
| Buybacks | 0 | 9.4 | 1.1 | 0 | 10.5 | July: $17.3M |
| Weighted diluted shares | – | 41.0M | 124.04M | n/a | 79.80M | Pending |
| Period-end shares (common + preferred) | – | 150.68M | 150.81M | 227.14M | ~300.04–304.86M | |
| HYPE owned, period end | – | 12.86M | 18.83M | 29.28M | 38.52M (~10-01) | |
| HYPE price, period end | – | $25.48 | $36.60 | $65.04 | ~$81.56 (10-14) |
Sources: 10-Qs filed 2026-02-11 and 2026-05-08; 10-K filed 2026-08-27. Q1 and Q4 are derived by subtraction. Numbers in parentheses are negative. On a phone, swipe the table sideways.
| Item | $M |
|---|---|
| Net income | 305.5 |
| Unrealized gain on HYPE | −709.9 |
| Loss on contribution | +169.2 |
| IPR&D write-off | +35.6 |
| Non-cash other expense (equity-line derivative) | +12.4 |
| Equity-method loss (Guidant) | +0.4 |
| Non-cash staking revenue (received in HYPE) | −9.5 |
| Stock-based compensation (SBC: pay in shares) | +0.9 |
| Board fee shares | +0.1 |
| Deferred tax | +183.5 |
| Working capital | −7.4 |
| Operating cash flow | −19.1 |
| Capital spending | 0 |
| Free cash flow | −19.1 |
Stock pay.
Operating leverage means revenue growing faster than costs, so profits rise faster than sales. For PURR it holds on paper but never becomes cash.
| Date | HYPE owned | Shares (as-converted) | HYPE per 1,000 shares | Cash ($M) | mNAV (tax-adjusted, quant est.) | Source |
|---|---|---|---|---|---|---|
| 2025-12-02 close | 12.518M | 153.62M | 81.5 | $299.9 | 0.86 (12-03) | 10-K |
| 2025-12-31 | 12.86M | 150.68M | 85.3 | 0.91 | 10-Q | |
| 2026-03-31 | 18.83M | 150.81M | 124.9 | $113.1 | 1.04 | 10-Q |
| 2026-04-29 | 20.0M | ~156.9M EST | 127.5 | $103 | 1.01 | Press release |
| 2026-06-30 | 29.28M | 227.14M | 128.9 | $149.9 | 0.96 | 10-K |
| 2026-08-21/23 | 29.4M | 224.43M | 131.0 | $132.6 | 1.13 | 10-K cover; press release |
| 2026-09-08 | 33.2M | 264.51M | 125.5 (proceeds not yet deployed) | n/a | n/a | 424B3 |
| 2026-10-01 | 38.52M | 300.04M | 128.4 | $263.53 | 1.09 | Dashboard |
| 2026-10-14 | 38.52M | 300.04M | 128.4 | $263.53 | 0.91 | Dashboard + price |
After-tax HYPE-equivalent NAV per 1,000 shares (Red Team, from the quant lane's NAV snapshots): 134.4 (03-31) → 127.5 (now), −5.1%.
Other indicators:
| Gate | Result |
|---|---|
| Current ratio ≥ 2:1 | PASS. 41.6x ($152.4M ÷ $3.66M, 06-30) |
| Net debt ÷ cash profit (EBITDA) | n/a; net cash |
| Liquidity runway vs committed spending | PASS. $263.5M vs ~$16–18M a year = ~14.6 years. No committed capex |
| Covenant / convert risk | None |
Contingent items:
There are no bonds, notes, convertibles or loans. The "capital stack" that matters is everything that can turn into more shares, because more shares split the same pile of HYPE.
| Instrument | Size | Terms | Per-share effect |
|---|---|---|---|
| Common stock | 278,271,288 (09-30) | — | Base |
| Series A preferred | 166,173 shares → 26,587,647 common | $1,000 ÷ $6.25 conversion; no dividend; not redeemable; 4.99% / 9.99% ownership blockers | Included in as-converted counts |
| Advisor warrants | 27,394,800 | 9.13M each at $9.375 / $12.50 / $18.75; 5-year term from 2025-12-02 | The $9.375 tranche is ~$0.10 in the money. Dilutive only on exercise |
| Bridge + PIPE warrants | ~1.24M | $6.25 | Ties to the 10-K total of 28,658,614 warrants, weighted average strike $14.24 |
| RSUs (restricted stock units: shares granted that vest over time) | 1,169,558 | Vest 2027–29 | Small |
| Plan reserve | 5,148,024 | — | Small |
| Equity line (Chardan) | $2.5B facility; ~$0.91B left EST | 97.5% of the day's average price (98.5% after 160M shares); 95–97% after hours | Accretive only above ~1.015x mNAV |
| Sponsor kicker | 5% shares + 15% warrants on each raise | Waived; revocable on 2 weeks' notice | ~20% "tax" on future raises if revoked |
| Tax bill | ~$279.2M EST | Payable only on sale | −$0.93 per share in NAV |
Treasury-stock-method dilution at $9.47 (warrants assumed exercised, proceeds used to buy back stock): +0.51M shares, negligible.
| Date | Common shares | As-converted | Change driver | Source |
|---|---|---|---|---|
| 2025-12-31 | 124.09M | 150.68M | Close | 10-Q |
| 2026-03-31 | 124.22M | 150.81M | Buybacks offset issuance | 10-Q |
| 2026-06-30 | 200.55M (203.62M issued, 3.07M treasury) | 227.14M | ~76.06M shares sold on the equity line for $646.6M | 10-K |
| 2026-08-23 | 197.84M | 224.43M | ~2.7M bought back in July (and ~10.7M issued per 10-K Note 12; timing unreconciled) | 10-K cover |
| ~2026-09-01 | ~213.3M (implied) | — | Exchange Cap of 42,641,847 = 19.99% | 8-K |
| 2026-09-08 | 237.92M | 264.51M | Equity line | 424B3 |
| 2026-09-30 | 278.27M | 304.86M | Equity line (+40.35M in 22 days) | DEF 14A |
Historical data only. Every estimate is labeled. This is the data behind the first chart on this tab.
X-axis: Dec-2-25, Dec-31-25, Mar-31-26, Apr-29-26, Jun-30-26, Aug-21-26, Sep-8-26, Oct-1-26, Oct-14-26.
| Series | Values (in date order) |
|---|---|
| A. Shares, as-converted (M), bars | 153.6, 150.7, 150.8, 156.9e, 227.1, 224.4, 264.5, 300.0, 300.0 ("e" = estimate) |
| B. HYPE owned (M), bars, second color | 12.52, 12.86, 18.83, 20.0, 29.28, 29.4, 33.2, 38.52, 38.52 |
| C. HYPE per 1,000 shares, line (master metric) | 81.5, 85.3, 124.9, 127.5, 128.9, 131.0, 125.5, 128.4, 128.4 |
| D. mNAV, line on right axis, with a 1.0x reference line | 0.86 (Dec-3), 0.91, 1.04, 1.01, 0.96, 1.13, n/a, 1.09, 0.91 |
The message: the share count doubled, HYPE owned tripled, HYPE per share has been flat at about 125–131 since the cash was deployed, and mNAV oscillates around 1.0x. Secondary charts (all on this page):
PURR is run by Wall Street dealmakers, not technologists or founders. They have bought and sold stock sensibly so far. But they own little stock themselves, they are paid mostly in warrants that reward volatility, and the people who set up the company keep the right to take a cut of future fundraising.
Technical work is outsourced:
That is partly forgivable for a company whose only job is to own tokens. Still, nobody inside can independently judge protocol risk.
| Executive | Background | FY26 pay | Forward |
|---|---|---|---|
| David Schamis, CEO (52) | Atlas Merchant Capital CIO; J.C. Flowers 2000–14; Salomon; Yale BA | $1,186,126 ($86,668 salary, $900,000 bonus, $199,458 stock) | $600K salary, 100% target bonus, $2–3M yearly equity = ~$3.2–4.2M |
| Brett Beldner, CFO (55) | DCG controller 2021–22; Hard Yaka; Macquarie; Barclays; Lehman; PwC; CPA. The only exec with crypto-native finance experience | $3,447,553 ($2.82M of RSU grant value) | — |
| Jeroen Nieuwkoop, COO (55) | Group Chief Strategy Officer, Triller Group / AGBA, 2020–25 | $4,263,122, paid via SBR Ltd (Hong Kong) | Diligence flag: Triller/AGBA governance record not verified |
| Rob Diamond | Director of Corporate Affairs; moderates earnings calls | n/a | Related party: the Chair's son |
Formula: insider stock value ÷ annual pay. Priced at $9.47; share counts from the DEF 14A (09-30). Framework bar on a log scale: below 5x weak, 50x+ strong, 1,000x ideal.
| Insider | Common shares (excl. warrants) | Value | Annual pay | Ratio | Verdict |
|---|---|---|---|---|---|
| Schamis, vested | 511,533 (2,124,288 beneficial − 1,612,755 warrants) | $4.84M | $1.19M (FY26) | 4.1x | Weak |
| Schamis, incl. unvested RSUs | 800,666 | $7.58M | $1.19M | 6.4x | Weak |
| Schamis vs forward package | 800,666 | $7.58M | ~$3.7M midpoint | ~2.0x | Weak |
| Diamond (Chair) | 1,469,550 (5,231,130 − 3,761,580 warrants) | $13.9M | $274,458 director pay | ~51x | Strong |
| Beldner, vested | 31,840 | $0.30M | $3.45M | 0.09x | Fail |
| Beldner, incl. unvested | 536,244 | $5.1M | $3.45M | 1.5x | Fail |
| Nieuwkoop | Same as Beldner | — | $4.26M | ~1.2x | Fail |
| Directors + officers | ~2.41M | ~$22.8M | ~$10.8M (execs $8.9M + directors $1.85M) | ~2.1x | Weak |
Bar length is log-scaled from 1x (empty) to 1,000x (full).
Warrants:
Verdict: FAIL against the log-scale bar. Only the Chair clears 50x. Sponsor alignment runs through warrants, which pay off on upside and cost nothing on downside. That rewards volatility and premium issuance more than per-share discipline.
| Area | Qual lane | PM | Evidence |
|---|---|---|---|
| Management (capital allocation, ethics, long-term) | 7 | 6 PM | For: ~5.8M shares bought back at $4.80 average against ~$646.6M raised at $8.50. ~16.5M HYPE bought at $46.77 average (42% below today's $80.65 RT-FIX (qual wrote "72% below")). $25M cash floor and multi-year-cost promises kept. No debt; no calls written against HYPE. Against: the sponsor took ~21% at close; the revocable kicker; the Chair's son on payroll; the COO paid via Hong Kong; a $900K CEO bonus on $87K of salary in a partial year; the equity line tripled; and a request to sell below $12.02. PM cut by 1 point: asking to remove the only hard brake while the stock is at 0.91x, with no written floor offered, is a capital-allocation red flag until resolved. |
| Operations (customer focus, innovation, failure tolerance) | 6 | 6 | For: 5 people run ~$3B. Third-largest validator on Hyperliquid; own stake 21.3M → 25.1M HYPE (08-23 to 09-08); third-party delegation 1.3M → 2.3M. Weekly dashboard. Biotech exit done. Against: validator economics are immaterial (CEO 08-27: "doesn't generate a ton of revenue"); single custodian; no non-staking yield. |
| Structure (talent density, meritocracy, decentralization) | 4 | 4 | Talent density is high for finance, near zero for technology. A 3-person Treasury Committee (CEO, CFO, COO) makes the treasury decisions. Board captured by the sponsor; staggered board. "Meritocracy" can't be assessed with 5 people. |
| Director | Role / ties | Status |
|---|---|---|
| Bob Diamond (75) | Chair; Atlas founder/CEO; ex-Barclays CEO | Not independent |
| David Schamis | CEO; Atlas | Not independent |
| Jeff Tuder | Atlas Operating Partner; CEO of Concord II; co-chair/CFO of Digital Asset Acquisition Corp (DAAQ), a possible competing-vehicle conflict | Not independent |
| Thomas C. King | Atlas Operating Partner; ex-Barclays investment-bank CEO; ex-SVB director 2022–23 | Deemed independent Compensation Chair |
| Larry Leibowitz | Atlas Operating Partner; ex-NYSE Euronext COO | Deemed independent Nominating Chair |
| Eric Rosengren | Ex-Boston Fed President; Colby College trustee (Diamond is a Colby Life Trustee and former Chair) | Independent Audit Chair; financial expert |
| Nailesh Bhatt | Pharma; legacy Sonnet | Filler for a crypto treasury |
| Albert Dyrness | Legacy Sonnet | Filler; retires 2026-11-04 |
| Jeffrey Sonnenfeld (nominee, 72) | Yale CELI; a prestige governance name, no crypto | Would be independent |
Read:
"These people are daddy": the sponsor is at the table, and the sponsor gets paid on raises.
A moat is what stops competitors from taking your business. PURR's moat is weak: anyone can now buy HYPE through an ETF without paying for PURR's share sales or sponsor warrants. Hyperliquid itself has a real but contestable moat. Neither clears the 9/10 bar for Tier-1 sizing.
Real edges:
What's missing: no switching costs, no network effects, no process power. Contestability:
Bottom line: the HYPE-treasury race is won. The real threat is the wrapper becoming unnecessary.
| PURR | HYPE ETFs (BHYP / THYP / HYPG) | Hyperion DeFi (HYPD) | |
|---|---|---|---|
| HYPE owned | 38.52M (~10-01, company) | BHYP $105M of assets at day 11; October n/a | ~2.04M (06-30) |
| Price vs assets | 0.91x tax-adjusted; 0.84x on simple basis RT-FIX | ~1.0x by design | ~0.26–0.28x [unusable: share count likely misses preferred / pre-funded warrants] |
| Dilution risk | High (equity line, cap vote, kicker) | None | Likely preferred overhang UNVERIFIED |
| Cost to own | ~0.58% of NAV + sponsor warrants | 0.30% (THYP) | n/a |
| Staking | Yes, ~2% | Yes (both) | Yes (Kinetiq validator) |
| Extras | Index, options, buybacks, 2x ETF (KATT) on top | Clean, simple | Operating-business strategy |
| Read | Wins the treasury race | Winning the allocator channel | Losing; can't issue accretively at that discount |
Peer mNAV = market value ÷ (tokens × spot + cash). Peer token counts are secondary and partly stale.
| PURR | MSTR | BMNR | SBET | HYPD | |
|---|---|---|---|---|---|
| Price | $9.47 | $143.24 | $22.25 | $7.90 | $3.09 |
| Market value | $2.85B fully diluted | $60.65B | $13.42B | $1.72B | $0.047B |
| Token owned | HYPE 38.52M (10-01, company) | BTC 840,447 (08-23) | ETH 6,016,414 (early Oct) | ETH 888,938 (08-03) | HYPE 2.04M (06-30) |
| Cash / debt | $263.5M / 0 | $2,448M / $6,771M + preferreds | $340M / $1.3M | $56M / 0 | $9.6M / $8.9M |
| mNAV | 0.91x tax-adj · 0.84x simple RT-FIX | 0.89x (market value) / 0.95x (EV, ex-preferreds) | 0.90x | 0.78x | ~0.28x (suspect) |
| Share dilution, 12 months | +99% (Dec→Oct) | +58.5% | +1,421% | +3,047% | +198% |
| Short % of float | 8.7% of common RT-FIX | 7.3% | 5.8% | 18.9% | 7.6% |
| Insiders / institutions | 3.65% / 45.3% CONFLICT | 0.2% / 55.0% | 0.66% / 41.5% | 7.4% / 51.6% | 5.3% / 18.7% |
| Off 52-week high | −35.8% | −53.6% | −60.3% | −51.2% | −66.2% |
| Debt | None | Converts + preferreds | ~None | None | Small |
Full bar = 1.0x (price equals assets). HYPD's figure is unusable (share count likely incomplete).
Read:
| Venue | Snapshot (dated) | Read |
|---|---|---|
| Hyperliquid | 62–65% of on-chain perps open interest; 38% of 24-hour on-chain volume (09-08); 9.4% of global perps incl. centralized exchanges (06-30) | Quality leader on open interest |
| Lighter | $1.62B 24-hour volume (09-25, Cipher); open interest $0.52B + $0.21B (Robinhood) | Gaining volume, largely via incentives |
| Aster | $1.54B 24-hour volume (09-25); $1.30B open interest; 9.7% of perps-DEX open interest (through 09-24) | Gaining volume via incentives; weaker open-interest quality |
| Binance and other centralized exchanges | ~90% of global perps volume | Still the giant |
PURR has reported three times as a public company. It gives no profit or revenue guidance, so the useful test is whether management did what it said. On that score, it has kept nearly every promise so far. The big untested one is "we only sell stock above 1.1x."
| Quarter (reported) | Earnings per share, estimate | Earnings per share, actual | Revenue estimate | Revenue actual | Guidance | Grade |
|---|---|---|---|---|---|---|
| Q2 FY26 (2026-02-11) | −$4.12 or $0.55 (Yahoo, two rows; unreliable) | −$7.43 (10-Q) CONFLICT (Yahoo −$6.56) | n/a | $0.50M | None | Unusable |
| Q3 FY26 (2026-05-07/08) | $0.21 (Yahoo) | $1.01 | n/a | $2.63M | None | "Beat" driven by HYPE price |
| Q4 FY26 / FY26 (2026-08-27) | $0.78 (Yahoo) | Q4 EPS n/a; Yahoo's −$0.86 is wrong (Q4 net income +$470.9M); FY EPS $3.21 | n/a | $6.33M (FY $9.46M) | Running costs ~$4M a quarter (first guide) | Unusable |
| Q1 FY27 (~11-12/16) | n/a | Pending | n/a | Pending | Track the ~$4M cost guide | — |
Fewer than 8 quarters exist, so "8 straight beats" can't be graded. Beats and misses here only measure HYPE's price move during the quarter.
| Date / venue | Promise | Status |
|---|---|---|
| ~2025-12-08 press release | $30M buyback over 12 months | KEPT. $27.8M used by 08-19; expires ~12-05/08. Renewal not yet announced |
| 2026-02-11 call | Dashboard live that day | KEPT |
| 2026-02-11 call | Keep 100% of HYPE staked | KEPT |
| 2026-02-11 call | Evaluate running a validator | KEPT (05-13) |
| 2026-02-11 call | "No intent to sell" HYPE | KEPT |
| 2026-02-11 call | Issue stock at high mNAV, buy back at low | KEPT |
| 2026-02-11 call | Won't become a venture-style vehicle | KEPT so far (the Guidant stake is legacy) |
| 2026-02-11 call | CLARITY won't explicitly allow perps/DEXs | Watch (the bill stalled 09-15) |
| 2026-05-07 call | Validator live 05-11 | KEPT, 2 days late (05-13) |
| 2026-05-07 call | $25M cash is the "bare minimum" | KEPT |
| 2026-05-07 call | Hold multiple years of running costs in cash | KEPT ($263.5M vs ~$16–18M a year) |
| 2026-05-07 call | Never issue equity under stress to keep the lights on | Untested |
| 2026-05-07 call | 0.9–1.1x band, "both numbers will be going up over time" | KEPT. Issued at ~1.15x average through 06-30 |
| 2026-05-07 call | Would sell HYPE to buy back stock at a serious discount if cash is at minimum | Untested |
| 2026-05-07 call | Live tokens-outstanding math on the website | KEPT |
| 2026-05-07 call | Keep buying HYPE "pretty consistently" | KEPT |
| 2026-08-27 call | Running costs about $4M a quarter (CFO) | Track at Q1 FY27 |
| 2026-08-27 call | Average HYPE cost will rise above $46.77 | Track (September buys at ~$85–95 EST) |
| 2026-08-27 call | Issue only when net proceeds exceed 1.1x mNAV (1.0x with the tax bill added back) | CRITICAL TEST after the 11-04 vote and in the Q1 FY27 10-Q |
| 2026-08-27 call | High bar on ecosystem investments, "say no to 95%+" | Track |
| 2026-08-27 call | Help Hyperliquid with US access (no details) | Open |
| 2026-08-27 call | HYPE's correlation to Bitcoin will fall over time | Watch. 90-day HYPE→BTC beta is 1.19, correlation 0.64, both rising |
Score: 14 kept, 0 missed, 3 untested, 6 open or tracking.
You value PURR by what it owns, not by its earnings or sales. Today one share owns $10.41 of HYPE and cash after tax, and costs $9.47. Where the stock goes depends almost entirely on two things: HYPE's price, and how much investors will pay for the wrapper (historically 0.65x to 1.3x what it owns).
Dots are scenario values from this tab and the Red Team tab. The shaded box is where puts are sold ($7–8 strikes; the preferred Dec-18 $8 put has a $7.375 cost basis). Today's price sits just below net asset value ($10.41) and below the probability-weighted value ($10.83).
| Lens | Value | Worked example | Read |
|---|---|---|---|
| mNAV (price ÷ net asset value per share) | 0.91x | $9.47 ÷ $10.41 | The correct lens. "Aware" band |
| mNAV, tax bill excluded | 0.835x | $9.47 ÷ $11.34 | How some trackers quote it |
| mNAV on 304.86M shares | 0.92–0.93x | NAV $10.21–10.26 | Share-count uncertainty, ±2% |
| purrmnav.com (10-14) | 0.97x | NAV $9.81 | CONFLICT Third-party basis; not used |
| Price-implied HYPE | $72.29 | The HYPE price that makes NAV = $9.47 | ~11% below spot |
| EV ÷ HYPE value | 0.82x | $2,582M ÷ $3,141.6M | |
| Price-to-sales (P/S: market value ÷ yearly revenue) | 278.6x | $2,635M ÷ $9.46M | Meaningless for a treasury |
| Price-to-earnings, trailing / forward | 2.95x / 25.6x | Yahoo | Noise from mark-to-market |
| Price-to-book (P/B) | 1.15x on the 06-30 book of $8.25 per share as-converted | $9.47 ÷ $8.25 | Stale |
| PEG, price-to-free-cash-flow, EV ÷ EBITDA | n/a | — | No earnings growth, no cash flow |
| Component | $M | Per share |
|---|---|---|
| HYPE: 38.52M × $81.56 | 3,141.6 | $10.47 |
| Cash | +263.5 | $0.88 |
| Tax bill: 21.05% × ($3,141.6M − $1,815.09M) | −279.2 | −$0.93 |
| Reconciling plug | +2.2 | — |
| Adjusted NAV | 3,128.2 | $10.41 (on 300.55M shares) |
Upside capture [Red Team].
| Period | Shares issued | Gross | Average price | Context | Verdict |
|---|---|---|---|---|---|
| Apr-1 to Apr-29 | ~6.09M | $38.4M | $6.31 | mNAV ~1.0–1.05x | About neutral |
| Apr-29 to Jun-30 | ~70.0M | ~$608M | ~$8.69 | NAV per share ran $5.75 → $8.24; mNAV ~1.07–1.23x EST | Accretive |
| Jul-1 to Sep-8 | 36.89M | $424.9M | $11.52 | NAV per share ~$9.4–10.7; ~1.13–1.19x EST | Accretive |
| Sep-8 to Oct-1 | ~35.5–40.4M EST | ~$515M EST | ~$12.7–14.5 EST | NAV per share ~$11; ~1.13–1.25x | Accretive EST (the exact figures arrive in the 10-Q) |
| Buybacks | −3.07M (Dec–Mar) and −2.7M (July) | $10.5M + $17.3M | $3.42 and ~$6.41 | RT-FIX 0.70–0.87x (Dec–Mar) and ~0.83–0.95x (July); the macro lane's "0.65–0.77x" was too low | Accretive |
Accretion breakeven ≈ 1.015x (Chardan pays 98.5% of the day's average price; 1 ÷ 0.985 = 1.015). Effect on HYPE per 1,000 shares of selling $100M of stock:
Assumptions (quant):
| Scenario | HYPE | mNAV | mNAV band | Capital actions | Shares | HYPE owned | Tax bill | NAV/share | HYPE per 1,000 shares | PURR | vs $9.47 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deep bear (Q1-2026 replay) | $25 | 0.65x | Left for dead | $50M buyback | 281.7M | 39.68M | $0 | $4.18 | 140.8 | $2.72 | −71% |
| Bear | $40 | 0.75x | Left for dead | $50M buyback, no issuance | 289.6M | 39.68M | $0 | $6.12 | 137.0 | $4.59 | −51% |
| Base | $90 | 1.0x | Aware | $500M of stock sold at 1.1x | 340.9M | 45.23M | $370M | $11.55 | 132.7 | $11.55 | +22% |
| Bull | $150 | 1.3x | Excited / euphoric | Remaining ~$0.9B sold at 1.3x + all 27.4M sponsor warrants exercised | 367.7M | 48.15M | $871M | $17.92 | 131.0 | $23.29 | +146% |
| HYPE | NAV/share | 0.75x | 0.9x | 1.0x | 1.1x | 1.3x |
|---|---|---|---|---|---|---|
| $40 | 6.01 | 4.51 | 5.41 | 6.01 | 6.61 | 7.82 |
| $50 | 7.22 | 5.41 | 6.49 | 7.22 | 7.94 | 9.38 |
| $60 | 8.23 | 6.17 | 7.41 | 8.23 | 9.05 | 10.70 |
| $70 | 9.24 | 6.93 | 8.32 | 9.24 | 10.16 | 12.01 |
| $81.56 | 10.41 | 7.81 | 9.37 | 10.41 | 11.45 | 13.53 |
| $90 | 11.26 | 8.45 | 10.14 | 11.26 | 12.39 | 14.64 |
| $100 | 12.28 | 9.21 | 11.05 | 12.28 | 13.50 | 15.96 |
| $120 | 14.30 | 10.73 | 12.87 | 14.30 | 15.73 | 18.59 |
How to read it: pick a HYPE price (row) and a multiple (column). At today's HYPE ($81.56) and today's 0.9x, the grid gives $9.37, close to the actual $9.47. On a phone, swipe the table sideways.
See §9 (Management & Moat tab, DAT peer table): PURR 0.84x simple, MSTR 0.89x, BMNR 0.90x, SBET 0.78x, HYPD unusable. Peer standard multiples (P/S, P/E, PEG) are equally meaningless across the complex.
Wall Street analysts all say Buy. Retail traders have turned sharply bearish after the stock fell 36% in three weeks, about three times as much as HYPE. Neither side shows the "everyone has given up" signal that marks a contrarian bottom. No edge today.
| Story | Dominant | Evidence | Implied mNAV |
|---|---|---|---|
| A. "Cleanest US-listed HYPE proxy, Druckenmiller-blessed, with CFTC onshore optionality" | 08-14 → 09-21 | Duquesne 13F; Brick Accretive ("the name in the space right now"); Cantor $34.20; KATT 2x ETF launch | 1.1x or higher |
| B. "Dilution machine" | Since ~09-25 | Equity line $1B → $2.5B (09-01, −7.3% that day); 160M-share resale S-1 (09-15, effective 09-23; −7.7% on 09-25); proxy asks to lift the cap (10-02) | Below 1x, sticky |
| C. "The treasury model is broken / HYPE supply overhang" | Background | Sector-wide treasury discounts (Fortune 10-05 "death spiral"); HYPE "sell the news" on its Binance spot listing; the 10-06 unlock (3.75M OTC vs ~9.9M, unreconciled) | HYPE lower and multiple lower |
Price is discounting B (primary) plus some of C. At 0.91x, B is about half priced. A full B outcome (cap lifted, issuance at a discount) is ~0.78–0.85x.
Short interest (MarketBeat / FINRA):
| Settlement date | Shares short | % of float (as reported) | Days to cover |
|---|---|---|---|
| 2025-12-31 | 0.30M | 0.2% | 0.3 |
| 2026-03-31 | 9.23M | 7.0% | 1.4 |
| 2026-06-30 | 19.99M | 15.1% | 1.15 |
| 2026-07-31 (peak %) | 24.75M | 18.7% | 2.8 |
| 2026-08-14 | 23.94M | 18.1% | 4.06 |
| 2026-08-31 (peak shares) | 28.65M | 15.8% | 0.89 |
| 2026-09-15 | 24.59M | 11.3% | 1.09 |
| 2026-09-30 | 24.15M | 9.5% reported; ~8.7% of common RT-FIX | 0.96 |
Institutions:
Insiders: zero open-market trades (§8). Options:
NEUTRAL / NO CONTRARIAN EDGE.
An independent analyst argued the short case as hard as possible and audited the other lanes. The case: PURR has delivered exactly HYPE's return while charging more than a HYPE fund, paying its sponsor first, and preparing to sell stock below its asset value. Most bad outcomes land 17–55% lower. Three of them don't need HYPE to fall at all.
Verdict: no long at $9.47. 0.91x is not a margin of safety.
The bear's 12-month number is $5.80–7.35 (−22% to −39%), centered near $6.40:
Each scenario asks "what if this one thing goes wrong?" and works out the share price that would follow. The probabilities overlap, so they don't add up to 100%. The plan is built so that even the bad ones are survivable at the position size used.
Method (Red Team): PURR price = NAV per share × mNAV.
D1–D10 are the ten downside cases; U is the upside case at $22.12, off this scale to the right. The simple average of the ten downside prices is $5.71 (−40%). Scenarios D2, D3 and D10 don't need HYPE to fall.
| # | Scenario and trigger | Prob. | Mechanics | HYPE | Shares (M) | NAV/share | mNAV | Price | vs $9.47 | PM response |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Crypto bear replay. BTC loses $80K; HYPE revisits its Jan-2026 range | 20% | Staking ≈ 39.3M × 2% × $40 = $15.7M a year; line shut | $40 | 300.6 | $6.05 | 0.70 | $4.23 | −55% | ACCEPT. The central risk with macro RED. Handled by no stock purchases, put strikes of $8 or lower, and sizing so a fall to $4 costs ≤0.7% of the portfolio at starter size. |
| 2 | Stock sold below NAV after 11-04. Cap lifted; $400M sold at 0.88x × 98.5% | 15% | Issue price 0.88 × $10.40 × 0.985 = $9.01; $400M ÷ $9.01 = 44.3M new shares (+15%); NAV −4.5%; the "dilution machine" story sets 0.78x | $81.56 | 344.9 | $9.93 | 0.78 | $7.74 | −18% | ACCEPT + BREAKER. Any disclosed tranche below 1.015x NAV = stop selling puts (§16). Mitigant: management's 1.1x record and its own buyback-vs-issue switch. |
| 3 | Sponsor revokes the waiver. Two weeks' notice, then 5% + 15% on the last ~$0.9B at ~$11 | 7% | +81.8M line shares, +4.1M free sponsor shares, +12.3M warrants | $81.56 | 388.3 | $9.83 | 0.80 | $7.87 | −17% | ACCEPT + BREAKER. Any revocation notice = halt. Probability is low while the stock is below 1.0x (no raises to tax). |
| 4 | Exchange exploit or manipulation. A JELLY-style (March 2025) liquidity-vault loss, or a validator/bridge failure | 5% | Fees collapse; buyback bid shrinks | $30 | 300.6 | $4.66 | 0.60 | $2.80 | −70% | ACCEPT as the tail. At ≤2.5% of the portfolio assigned, −70% = −1.75%. Survivable. This is why sizing stays small. |
| 5 | US enforcement or fund-law problem. CFTC/Justice Department action, or HYPE ruled a security forcing Investment Company Act registration | 5% | Index and fund demand leaves; possible restructuring | $45 | 300.6 | $6.58 | 0.60 | $3.95 | −58% | ACCEPT. Unhedgeable. Sizing handles it. Monitor CFTC news. |
| 6 | Custody or slashing loss (10% of tokens). Validator operator fault (liability cap undisclosed) or an Anchorage incident | 3% | 38.5M → 34.7M HYPE | $70 | 300.6 | $8.46 | 0.70 | $5.92 | −37% | MITIGATE. "No slashing incidents" as of 09-08. Any incident = breaker. Liability cap is a known-unknown. |
| 7 | Contributor unlock selling. ~9.9M HYPE a month on the linear model; claims speed up and get sold | 20% | Staking ≈ $22M a year | $57 | 300.6 | $7.97 | 0.80 | $6.38 | −33% | MITIGATE: partly reject the size. Actual claims ran far below the model (~3.19M by March 2026; the 10-06 tranche 3.75M OTC). Keep the probability, track monthly claims. |
| 8 | Volume and fee decay. Monthly revenue back to ~$40M as incentive-paying rivals win; buyback bid halves | 15% | Staking ≈ $20M a year | $50 | 300.6 | $7.25 | 0.80 | $5.80 | −39% | ACCEPT. The April-2026 precedent is real. KPI #5 tracks it monthly. Below $45M a month = halt adds. |
| 9 | Liquidity squeeze or credit event. Fed hikes 10-28 or in December; low-grade credit blows out (CCC already +182 bps in 20 days) | 15% | Line shut; buyback needs a new authorization | $41 | 300.6 | $6.18 | 0.70 | $4.32 | −54% | ACCEPT. This is the macro RED rationale and why no stock is bought. Puts are sized for it. |
| 10 | Permanent closed-end-fund discount. HYPE ETFs absorb demand; PURR trades like a closed-end fund | 25% | Shares flat; the line is useless | $81.56 | 300.6 | $10.51 | 0.70 | $7.35 | −22% | MITIGATE. The most likely bad case. A put seller at the Dec $8 strike (basis $7.375) is assigned at ~0.70x, right at this scenario's price. That is the point of the strike choice. Reject "permanent": a $100M+ buyback at 0.70x would add ~4% NAV per share per $100M EST. |
| U | Upside. HYPE $150; remaining ~$0.9B sold at 1.3x; all 27.4M sponsor warrants exercised | 15% | +$370.9M of warrant cash; ~388M shares | $150 | ~388 | $17.02 | 1.30 | $22.12 | +134% | Consistent with the quant bull case ($23.29). The CAMT cash-tax trap applies here (§7g). |
The simple average of the ten downside prices is $5.71 (−40%). Scenarios 2, 3 and 10 don't need HYPE to fall.
The bear is right that 0.91x is not cheap enough to own the stock. The bear is wrong that nothing works. Selling puts at $8 or lower is paid to wait for scenario 10's price ($7.35). The no-debt balance sheet removes the forced-seller spiral that makes levered treasuries go to zero.
The Red Team also checked everyone else's math. These are the 25 fixes. Every corrected number is already used everywhere else on this page.
These are the things we know we don't know, ranked by how much each could move the stock. The thesis is done when every one that can be surfaced has been.
| Rank | Unknown | Why it matters | Resolves by |
|---|---|---|---|
| 1 | Equity-line sales since 09-08: shares, prices received, how much of the 42.64M capped allowance is used, and whether anything sold during the 10-05 → 10-14 slide ($12.92 → $9.47) at or below NAV | Decides whether "accretive issuance" survived September | Q1 FY27 10-Q (~11-12/16) or the next 424B3 |
| 2 | Nov-4 vote outcome, and whether management commits in writing to no issuance below 1.0x tax-adjusted NAV. The "established target ratio" is unstated | Removes or keeps the hard brake | 2026-11-04 |
| 3 | Sponsor waiver: does it cover the $2.5B upsize? What triggers revocation? Who decides, given Schamis manages the Advisor? | ~20% tax on future raises | Proxy Q&A / 8-K |
| 4 | Advisor lockup status. The acquisition price behind the 150% test; if ~$6.25, it ended 05-29 | 7.76M shares + warrants possibly already free | 10-Q / Form 4s |
| 5 | Buyback re-authorization before ~12-05/08, and its size and exact expiry | The only below-NAV defense | 8-K by ~12-08 |
| 6 | Share-count gap: 300.04M (dashboard) vs 304.86M (proxy). Treasury shares, preferred, or timing? | ±2% on NAV | Q1 FY27 10-Q cover |
| 7 | HYPE and cash after 10-01, buybacks since 08-19, and the cost of September purchases (~$0.8B bought at $85–95 may be underwater at $81.56 EST) | NAV and average cost | Dashboard (weekly; next 10-15); 10-Q |
| 8 | Contributor unlocks: actual monthly claims and sales; who bought the 3.75M OTC tranche on 10-06 (was it PURR?); 3.75M vs ~9.9M disputed | Supply overhang on HYPE | Tokenomist; on-chain |
| 9 | US legal status of Hyperliquid perps; investment-company risk if HYPE is ruled a security | Forced restructuring tail | No date |
| 10 | CAMT and staking-reward tax: do unrealized gains count toward the $1B test? Timing of any cash tax | Cash tax with no cash income | IRS guidance; 10-Q |
| 11 | Validator operator's liability cap ("customary," no number) with 75.7% of HYPE on that validator | Sizes the slashing tail | Not disclosed |
| 12 | Hyperliquid's true volume share (31% vs 38% vs 58% vs 68%, depending on source and window), and whether HIP-3 builder fees reach the buyback | Moat trend | DefiLlama Pro (paywalled) |
| 13 | HYPE ETF assets and flows (BHYP, THYP, HYPG launch status) | Speed of wrapper substitution | Issuer sites |
| 14 | Who owns the equity-line paper; institutional ownership 9.45% vs 45.3% | Marginal buyer quality | Q3 13Fs, 11-14 |
| 15 | What the 24M short is (basis trade vs directional); borrow fee | Squeeze or pressure | Fintel (blocked) |
| 16 | Chardan's resale pace and venue | Daily supply | 424B3s |
| 17 | Corporate minimum tax relief status (Notice 2025-49 not final) | Upside cash tax | IRS |
| 18 | COO's Triller/AGBA record; Hong Kong pay arrangement via SBR Ltd | Governance | Diligence |
| 19 | Q1 FY27 report date (11-12 vs 11-16); any HYPE sold under the "price exceeds fundamental value" clause ("fundamental value" is undefined) | Event timing; a hidden HYPE-sale right | Company IR |
| 20 | Q4 FY26 weighted shares and EPS; no reliable consensus; Compass Point model not seen | Earnings tracker | 10-K details |
| 21 | Peer data: HYPD fully diluted shares; MSTR current BTC and preferred stack; SBET and BMNR primary filings | Comparable set | Primary filings |
| 22 | Options data: IV rank and history; borrow; what sits behind 30,819 open interest on the Nov-20 $11 call; KATT assets | Wheel pricing | MarketChameleon / Barchart |
| 23 | Post-CPI Fed odds for 10-28; October crypto ETF flows | Macro flip | CME FedWatch |
| 24 | Hyperliquid circulating supply definition (235.2M vs ~222M) | PURR's share of float | Trackers |
| 25 | Transcripts not fully read: 2026-02-11 call (summary only); Talking Tokens and HL Radio mNAV remarks | Promise tracker completeness | Retrieval |
Don't buy the stock. Macro says no, the crowd hasn't given up, and the price isn't cheap enough versus what PURR owns. Get paid to wait by selling puts at $8 or lower. If assigned, you would own PURR at about 0.71x its assets. Then sell calls at 1.04–1.42x and treat the shares as a trading position, never a long-term hold.
| Measure | Value | Price vs it |
|---|---|---|
| 20-day simple moving average (SMA20) | $12.257 | −22.7% |
| 50-day simple moving average (SMA50) | $10.854 | −12.8% |
| 100-day simple moving average (SMA100) | $9.445 | sitting on it |
| 200-day simple moving average (SMA200) | $7.287 | +30.0%, rising; only 18 valid days |
| Bollinger upper (20,2) | $14.843 | |
| Bollinger lower (20,2) | $9.672 | close is below it |
Glossary for this block: SMA = simple moving average, the average close over N days. RSI = a 0–100 momentum gauge; below 30 is oversold. MACD = a trend-momentum indicator. ATR = average daily price swing. Bollinger Bands = an envelope two standard deviations around the 20-day average. Fib = Fibonacci retracement checkpoints. Beta = how much PURR moves per 1% move in HYPE.
| Zone | Allocation | Price | Why | mNAV |
|---|---|---|---|---|
| Z1 | 30% | $8.75-8.90 | 0.5 fib $8.89, biggest volume node $8.30-8.59 just below | 0.89-0.90x |
| Z2 | 40% | $7.40-7.90 | 0.618 fib $7.50, 200-day $7.29 (rising about $0.02/day), 40-week $7.47, node $7.71-8.00 | 0.75-0.80x (historical low end 0.77x) |
| Z3 | 30% | $5.50-6.90 | 0.786 fib $5.52, Q1-base nodes $6.62-7.12 | 0.56-0.70x (Q1 2026 trough printed about 0.65x, buybacks at $3.42) |
PM correction (mNAV at NAV $10.41) RT-FIX:
| Band | Price | Basis | mNAV | Trim |
|---|---|---|---|---|
| T1 | $10.85-11.00 | 50-day, 1.1x, node | 1.10-1.12x | 25% |
| T2 | $12.0-12.4 | 0.236 fib $11.99, 20-day $12.26, node cluster, $12.50 warrant strike | 1.22-1.26x | 35% |
| T3 | $13.3-14.8 | 1.35x (the 2026-08-27 mNAV level), ATH $14.76 = 1.5x | 1.35-1.50x | remaining 40% |
PM correction (mNAV at NAV $10.41) RT-FIX:
The wheel means: sell a put (get paid now, agree to buy at the strike), and if the shares get put to you, sell calls against them (get paid again, agree to sell higher). The preferred trade is the December 18 $8 put: you collect about $0.625 a share now, and if PURR is below $8 on that date you buy it at an effective $7.375, about 0.71x what it owns.
Liquidity:
Implied vol:
Yield = premium ÷ strike. Basis = strike − premium. Basis mNAV = basis ÷ $9.86 (the technicals NAV; corrected values below).
| Zone | Expiry | Strike | Days to expiry | Bid / ask | Mid | Yield | Annualized | Cost basis | Basis mNAV | Out of the money | Open interest |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Z1 | Nov 20 | 9P | 37 | 0.70/0.90 | 0.80 | 8.9% | 88% | $8.20 | 0.83x | 5.0% | 989 |
| Z1 (preferred) | Dec 18 | 9P | 65 | 1.00/1.15 | 1.075 | 11.9% | 67% | $7.925 | 0.80x | 5.0% | 6,027 |
| Z2 | Dec 18 | 8P | 65 | 0.55/0.70 | 0.625 | 7.8% | 44% | $7.375 | 0.75x | 15.5% | 7,329 |
| Z2 | Jan 15 | 8P | 93 | 0.70/0.90 | 0.80 | 10.0% | 39% | $7.20 | 0.73x | 15.5% | 207 |
| Z3 | Dec 18 | 7P | 65 | 0.25/0.35 | 0.30 | 4.3% | 24% | $6.70 | 0.68x | 26.1% | 9,068 |
| Z3 | Mar 19 | 7P | 156 | 0.65/0.90 | 0.775 | 11.1% | 26% | $6.225 | 0.63x | 26.1% | 200 |
Yield on $9.47. mNAV at the strike uses the technicals NAV ($9.86); corrected values below.
| Band | Expiry | Strike | Days to expiry | Bid / ask | Mid | Yield | Annualized | Strike mNAV | Open interest |
|---|---|---|---|---|---|---|---|---|---|
| T1 | Nov 20 | 11C | 37 | 0.50/0.60 | 0.55 | 5.8% | 57% | 1.12x | 30,819 |
| T1 | Dec 18 | 11C | 65 | 0.85/1.00 | 0.925 | 9.8% | 55% | 1.12x | 12,526 |
| T2 | Dec 18 | 12C | 65 | 0.60/0.75 | 0.675 | 7.1% | 40% | 1.22x | 9,390 |
| T2 | Dec 18 | 13C | 65 | 0.50/0.60 | 0.55 | 5.8% | 33% | 1.32x | 13,827 |
| T2 | Jan 15 | 12C | 93 | 0.90/1.15 | 1.025 | 10.8% | 43% | 1.22x | 646 |
| T3 | Dec 18 | 14C | 65 | 0.35/0.45 | 0.40 | 4.2% | 24% | 1.42x | 8,305 |
| T3 | Jan 15 | 15C | 93 | 0.45/0.50 | 0.475 | 5.0% | 20% | 1.52x | 8,456 |
| T3 | Mar 19 | 15C | 156 | 0.90/1.05 | 0.975 | 10.3% | 24% | 1.52x | 1,732 |
Warrant overhang:
PM correction (mNAV at NAV $10.41) RT-FIX:
Below are the risks ranked by what would actually kill the case for PURR, the dated checkpoints that prove it right or wrong, and six numbers we will track that Wall Street mostly doesn't.
| Validator | Check by | Passes if |
|---|---|---|
| Fed meeting | 2026-10-28 | Hold, and CCC spreads stabilize for 2–3 weeks (macro flip #1) |
| Annual meeting | 2026-11-04 | Proposal 2 fails, OR a written, enforceable floor of 1.0x tax-adjusted NAV is published |
| Q1 FY27 10-Q | ~2026-11-12/16 UNVERIFIED | September tranches averaged ≥1.1x NAV; after-tax HYPE-equivalent per 1,000 shares ≥127.5 at 09-30 marks; share count reconciles (300.04M vs 304.86M); costs ≤$4.5M |
| Q3 13Fs | 2026-11-14 | Quality funds kept or added through the September spike |
| Buyback renewal | ~2026-12-05/08 | New authorization of $100M or more |
| HYPE / Hyperliquid | Monthly (next 2026-11-01) | Monthly protocol revenue ≥$70M; HYPE above $90 (macro flip #2) |
| Sponsor waiver | Rolling | Made irrevocable |
| Q2 FY27 10-Q | ~2027-02 | Two straight quarters of rising after-tax HYPE-equivalent per share |
| Breaker | Check by |
|---|---|
| Any disclosed equity-line tranche below 1.015x NAV, or a share-count jump without matching HYPE | Each 424B3 / 10-Q (next ~11-12/16) |
| Sponsor delivers a waiver revocation notice | Continuous (8-K) |
| Nov-4 passes with no written floor → halve size (not a full breaker by itself) | 2026-11-04 |
| HYPE weekly close below $60 (NAV $8.23) | Weekly |
| PURR weekly close below ~$7.3 with mNAV below 0.75x and no buyback response | Weekly |
| A staking, slashing or custody incident | Continuous |
| PURR implied vol below 70% | Each roll |
| Hyperliquid monthly protocol revenue below $45M | Monthly |
| CFTC / Justice Department action against Hyperliquid, or a ruling that HYPE is a security | Continuous |
| Insiders sell distributed advisor shares in size (>1M shares in a quarter) | Form 4s |
Each bar shows where the current value sits against the target (white tick). Red = far from target, amber = close, green = on target.
| # | KPI | How to compute | Current | Target | Next check |
|---|---|---|---|---|---|
| 1 | After-tax HYPE-equivalent per 1,000 shares (the master metric) | (HYPE + cash ÷ HYPE price − tax bill ÷ HYPE price) ÷ shares × 1,000 | 127.5 (was 134.4 at 03-31) | Rising ≥0.5% a quarter (faster than staking alone); ≥130 by the Q2 FY27 10-Q | Q1 FY27 10-Q, ~11-12/16 |
| 2 | Raw HYPE per 1,000 shares | HYPE owned ÷ as-converted shares × 1,000 | 128.4 | ≥131.0 (the August high) by the Q2 FY27 10-Q | Dashboard weekly; 10-Q |
| 3 | Realized issuance multiple | Average price received ÷ NAV per share at sale date, per tranche | ~1.13–1.25x EST for Sep; ~1.15x through 06-30 (CEO) | ≥1.1x every tranche; never below 1.015x | Q1 FY27 10-Q |
| 4 | Buyback firepower | Remaining authorization ÷ market value | $2.2M = 0.08% | ≥$100M (≥3.5%) authorized before ~12-08 | 8-K by ~12-08 |
| 5 | Hyperliquid 30-day protocol revenue | DefiLlama daily revenue, summed | $69.0M (Sep $74.2M) | ≥$70M (macro flip); ≥$90M (bull trigger) | 2026-11-01 |
| 6 | Wrapper share of listed HYPE demand | PURR HYPE ÷ (PURR HYPE + HYPE ETF assets in tokens) | n/a (ETF October data missing) | Stable or rising | ETF issuer data, 2026-11 |
v1.0 — 2026-10-14 (Liquid Wheel Research · deep-dive team)
First full deep dive on Hyperliquid Strategies (PURR). Seven research lanes merged (Quant, Qualitative/management/moat, Macro, Sentiment, Technicals and wheel, Tracker grading the July dossier, and an independent Red Team that audited all of them); 25 audit corrections applied. 16-gate checklist (4 PASS / 5 WATCH / 7 FAIL), capital-structure six-pack, quarterly and leading-indicator tables, cash bridge, net-asset-value build, mNAV history, issuance accretion test, bull/base/bear with probability weights, price grid, ten downside scenarios plus one upside, known-unknowns ledger, entry ladder, trim bands, wheel note with PM corrections, breakers and six first-principles KPIs. Score 3.5/10, thesis ON WATCH, macro RED, sentiment NEUTRAL: no stock; cash-secured puts at $8 or lower only.
Baseline before v1.0: the 2026-07-12 triage (2/12, rubric "not applicable") and the 2026-07-12 PURR Wheel-Instrument Dossier. No earlier PURR deep dive exists.
Next scheduled checks: Fed meeting 2026-10-27/28; annual meeting and Proposal 2 vote 2026-11-04; Q1 FY27 results about 2026-11-12 to 11-16 (date not confirmed: StockAnalysis says 11-12, Yahoo 11-16); 13F filings 2026-11-14; buyback authorization expiry about 2026-12-05 to 12-08.
Liquid Wheel Research, Deep-Dive Framework, Stages 0 to 12. Data as of the 2026-10-14 close. The 16 gates are the same checklist used for the IREN v3 and ORCL v1.0 deep dives, so grades compare across names.
PURR's fiscal year ends June 30. FY26 runs 2025-07-01 to 2026-06-30. Q1 FY27 (July to September 2026) has not been reported yet. All dollar figures are in millions unless marked "per share" or "B" (billions).
Seven research lanes were merged:
| Tag | Meaning |
|---|---|
| CONFLICT | Two lanes disagree. The better-sourced number is used and the other is shown. |
| UNVERIFIED | Single secondary source, or no source. |
| RT-FIX | A Red Team correction that has been applied. |
| EST | An estimate or model output, not a reported figure. |
| PM | A portfolio-manager judgment, or an addition not found in the lanes. |
Every number above traces back to one of these documents. SEC filings and the company's own dashboard are the primary sources. News, aggregator and social-media items are secondary and are tagged in the text where they carry a claim alone.
Every term, abbreviation and ratio used in this report, each defined in one sentence. Where it applies, PURR's actual number is given. Anywhere on the page, a word with a dotted underline is in this list: hover over it, or tap it on a phone, to see the definition.
| Term | Plain-English definition | PURR's number |
|---|---|---|
| 0–9 | ||
| 10-K / 10-Q / 8-K | Annual report / quarterly report / current-event report filed with the SEC. | — |
| 10Y / 2Y | 10-year and 2-year Treasury yields. | 5.19% / 4.79% |
| 13F / 13G | Quarterly report of institutional positions / large-owner disclosure. | — |
| 16-gate checklist | The standard pass/watch/fail tests. | PURR 4 / 5 / 7 |
| 200-week MA | The long-term average the framework uses for add-zones. | n/a (46 weeks of history) |
| A | ||
| Accretion breakeven | The mNAV above which selling stock raises NAV per share. | 1.015x (1 ÷ 0.985) |
| Accretive / accretion | A share sale or buyback that raises NAV per share. | — |
| Advisory Agreement / kicker | The sponsor's right to 5% shares + 15% warrants on every equity raise. | waived, revocable on two weeks' notice |
| After-tax HYPE-equivalent per 1,000 shares | NAV per share expressed in HYPE. | 127.5 (was 134.4 at 03-31) |
| As-converted | Counting preferred as if converted to common. | ~304.86M |
| Assignment | Being required to buy (put) or sell (call) the shares. | — |
| Assistance Fund | Hyperliquid's on-chain fund that receives ~99% of fees and buys back HYPE. | it has removed 47.1M HYPE (4.7% of supply) |
| ATR (average true range) | The average daily price swing. | $0.90 (9.5%) |
| AUM (assets under management) | Money in a fund. | BHYP had $105M after 11 days |
| B | ||
| Basic shares | Common plus preferred on the dashboard. | 300.04M |
| Basis trade | Shorting PURR while owning HYPE to profit from the gap closing. | — |
| BCA (business combination agreement) | The merger contract (signed 2025-07-11). | — |
| Beta | Move per 1% move in a benchmark. | PURR→HYPE 1.15 (60-day) |
| BHYP / THYP / HYPG | Bitwise, 21Shares and Grayscale spot HYPE ETFs. | — |
| Bid / ask / mid | Best buy and sell quotes and their midpoint. | Dec $8P 0.55 / 0.70 / 0.625 |
| Black-Scholes | An option-pricing formula. | used to value the sponsor warrants at $134.7M (123% volatility) |
| Bollinger Bands | An envelope two standard deviations around the 20-day average. | lower $9.672 |
| Book value / P/B (price-to-book) | Accounting equity per share. | $8.25 as-converted at 06-30, so P/B 1.15x |
| Borrow fee | The cost to borrow shares to short. | n/a |
| bps (basis points) | Hundredths of a percent. | 100 bps = 1% |
| Breakeven | The inflation rate implied by bond prices. | 10-year 2.33% |
| "BTC yield" | MSTR's metric for Bitcoin per share growth. | PURR's equivalent (HYPE per share) is +2.8% raw since 03-31 |
| Buyback (repurchase) | The company buying its own stock. | $27.8M of the $30M authorization used |
| C | ||
| CAMT (corporate alternative minimum tax) | A 15% minimum tax on book income above a $1B three-year average. | — |
| Capex (capital expenditures) | Spending on equipment. | $0 |
| CEX / DEX (centralized / decentralized exchange) | A company-run exchange (Binance) vs an on-chain one (Hyperliquid). | — |
| CFNAI | The Chicago Fed's activity index. | −0.04 |
| CFTC | The US Commodity Futures Trading Commission, which regulates futures. | — |
| ChEF | Chardan's name for its committed equity facility (the ELOC). | — |
| Circulating supply | Tokens currently tradable. | ~235.2M per filings (~222M per CoinGecko) |
| CLARITY Act (H.R. 3633) | A crypto market-structure bill. | Senate cloture failed 49–50 on 2026-09-15 |
| Closed-end fund discount | A fund trading persistently below its assets. | scenario 10 (0.70x) |
| Common shares | Ordinary shares. | 278,271,288 at 09-30 |
| Core-contributor unlocks / vesting | Scheduled release of 238M HYPE (23.8% of supply) to Hyperliquid's team through 2027–28. | "vested" means allowed, not necessarily sold |
| Correlation | How closely two prices move together (−1 to 1). | PURR/HYPE 0.80 |
| Cost basis | Strike minus premium. | $7.375 = 0.71x NAV |
| Covered call | Selling a call against shares you own. | — |
| CPI / PCE / PPI | Consumer price, personal consumption expenditures and producer price inflation measures. | September CPI 3.7% |
| CSP (cash-secured put) | Selling a put with cash set aside to buy the shares if assigned. | preferred Dec-18 $8P |
| Current ratio | Short-term assets ÷ short-term bills. | $152.4M ÷ $3.66M = 41.6x |
| Custody / custodian | The firm that keeps the tokens safe. | Anchorage has substantially all of PURR's HYPE |
| CVR (contingent value right) | A payout right tied to selling legacy Sonnet assets. | "nominal." |
| D | ||
| DAT (digital-asset treasury) | A listed company whose main business is owning a crypto token. | PURR, MSTR, BMNR, SBET and HYPD are DATs |
| Days to cover | Short shares ÷ average daily volume. | 0.96 |
| De-peg | When a "$1 token" trades away from $1. | — |
| DEF 14A | The proxy statement for the shareholder meeting (2026-10-02). | — |
| Delegation | Other owners staking their tokens through someone else's validator. | 2.3M HYPE delegated to PURR's |
| Dilution | More shares splitting the same pie. | as-converted shares +99% since December 2025 |
| DTL (deferred tax liability) | Tax owed if gains were realized. | ~$279.2M = 21.05% × ($3,141.6M − $1,815.09M) |
| DXY | The US dollar index. | 102.52 |
| E | ||
| EBITDA | Earnings before interest, taxes, depreciation and amortization, a rough cash-profit measure. | not reported |
| ELOC (equity line of credit) | A deal under which Chardan must buy new shares on request. | $2.5B facility, ~$0.91B left EST |
| EPS (earnings per share) | Net income ÷ shares. | FY26 diluted $3.21 |
| Equity-method loss | PURR's share of Guidant's losses. | $0.4M |
| ETF (exchange-traded fund) | A fund that trades like a stock. | — |
| Euphoria / capitulation | Peak optimism / mass giving-up. | — |
| EV (enterprise value) | Market value + debt − cash. | ~$2.58B |
| Exchange Cap | Nasdaq's 19.99% limit on discounted share sales without a vote. | 42,641,847 shares |
| F | ||
| FCF (free cash flow) | OCF minus capex. | −$19.1M |
| Fed / FOMC | The Federal Reserve / its rate-setting committee. | next meeting 10-27/28 |
| Fed funds rate | The Fed's policy rate. | 3.75–4.00% |
| Fibonacci retracement (fib) | Pullback checkpoints at 23.6/38.2/50/61.8/78.6% of a move. | 0.618 = $7.50 |
| Float | Shares available to trade. | stale aggregator figure 195.4M |
| Flywheel | A self-reinforcing loop. | stalled at 0.91x |
| Form 3 / Form 4 | Insider initial ownership / insider trade reports. | code J = other acquisition or distribution; code A = grant |
| Fully diluted | Counting all shares that could exist under the company's formula. | 300.55M |
| G | ||
| GAAP (generally accepted accounting principles) | US accounting rules. | FY26 GAAP net income $305.5M |
| Gas burn | HYPE destroyed as transaction fees. | ~1.4% of supply so far |
| GDPNow | The Atlanta Fed's real-time growth estimate. | +3.6% |
| Gross margin | Revenue minus direct costs, as a % of revenue. | 100% |
| H | ||
| HIP-3 | Hyperliquid's system that lets builders launch their own futures markets on its rails (e.g., tradeXYZ). | — |
| HY / CCC / IG OAS | Extra yield over Treasuries for junk, lowest-grade and investment-grade bonds. | 3.16% / 12.67% / 0.83% |
| HYPE | The token of the Hyperliquid blockchain and exchange. | ~$81.56; PURR owns 38.52M |
| HYPE per 1,000 shares | HYPE held ÷ shares × 1,000. | 128.4 |
| Hyperliquid | A decentralized exchange for crypto futures that runs on its own blockchain and spends 97–99% of fees buying back HYPE. | — |
| I | ||
| Implied volatility (IV) | The swing priced into options. | at the money ~80–91% |
| Institutional ownership | Shares owned by funds. | 9.45% vs 45.3% CONFLICT |
| Investment Company Act (40-Act) | The law for funds. | a risk if HYPE is ruled a security |
| IPR&D (in-process research and development) | Acquired research value. | written off ($35.6M) |
| ISM | Purchasing-manager surveys of business activity. | Manufacturing 54.5, Services 54.9 |
| IV rank | Where today's IV sits in its own history. | not derivable |
| K | ||
| KATT | A 2x-leveraged ETF on PURR stock, launched 2026-09-09. | — |
| Known-unknowns ledger | A ranked list of open questions. | — |
| L | ||
| Liquidity cycle / business cycle | Money conditions / economic activity. | late and tightening / still expanding |
| Lockup | A period when insiders can't sell. | the advisor lockup may have lapsed at a 150% price trigger |
| Loss on contribution | The gap between the credit given for contributed HYPE ($46.372) and its market price at close. | $169.2M |
| LUC | The J-Griff research method that is the spine of the framework. | — |
| M | ||
| M2 | The broad money supply. | +5.7% YoY |
| MACD | A trend-momentum indicator from two moving averages. | −0.268 vs signal 0.176 |
| Macro stamp | The Stage-1 veto color. | 🔴 RED |
| Mark-to-market / unrealized gain | Booking an asset at today's price without selling. | $709.9M in FY26 |
| Market cap (market value) | Price × shares. | $2.846B fully diluted |
| Max supply | The most HYPE that will ever exist. | 1B |
| Mean-reverting | Tending to return toward an average. | mNAV ~1.0x |
| Minimum Price | The price below which the cap applies. | $12.02 |
| mNAV | Share price ÷ NAV per share. | $9.47 ÷ $10.41 = 0.91x |
| mNAV bands | This report's stand-ins for the P/S ladder. 0.65–0.75x "left for dead," 0.9–1.0x "aware," 1.2–1.3x "excited/euphoric." | — |
| Moat | A durable competitive edge. | wrapper 4/10, protocol 7/10 |
| MSTR / BMNR / SBET / HYPD | Strategy (Bitcoin), BitMine (Ether), SharpLink (Ether) and Hyperion DeFi (HYPE) treasuries. | — |
| N | ||
| Nasdaq Proposal (Proposal 2) | The 2026-11-04 vote to remove the cap. | — |
| NAV (net asset value) per share | (HYPE value + cash − tax bill) ÷ shares. | $10.41 |
| Negative carry | Owning an asset that yields less than cash. | HYPE ~2% vs T-bills 4.09% |
| Net debt | Debt minus cash. | negative (net cash $263.5M) |
| Net liquidity | Fed balance sheet minus TGA minus RRP. | $5.87T |
| NFP (nonfarm payrolls) | Monthly US jobs added. | +29K |
| No-chase line | The price above which the plan does not buy. | $10.85 |
| O | ||
| OCF (operating cash flow) | Cash produced by operations. | −$19.1M |
| Open interest (exchange) | The total value of futures positions still open. | Hyperliquid ~62–65% of on-chain perps |
| Open interest (options) | The number of option contracts outstanding at a strike. | Dec-18 $8 put = 7,329 |
| Operating leverage | Revenue growing faster than costs. | here, staking ÷ cash costs is 0.7x (FY26) → ~3.5–4x run-rate, non-cash |
| Operating margin / net margin | Operating profit, or net income, as a % of revenue. | meaningless here |
| Organic vs acquired growth | Growth from operations vs from buying assets. | PURR's HYPE growth is 100% bought with new equity |
| OTC (over the counter) | A private trade off an exchange. | the 10-06 3.75M HYPE tranche went OTC |
| OTM / ATM / ITM | Out of / at / in the money relative to the current price. | — |
| P | ||
| P/E (price-to-earnings) | Price ÷ EPS. | trailing 2.95x, forward 25.6x (noise) |
| P/FCF | Market value ÷ free cash flow. | n/a (negative) |
| P/S (price-to-sales) | Market value ÷ yearly revenue. | 278.6x |
| PEG | P/E ÷ earnings growth rate. | n/a |
| Perpetual futures (perps) | Futures contracts with no expiry date, the main product on Hyperliquid. | — |
| PIPE (private investment in public equity) | The private sale of shares at the merger close. | — |
| Plan reserve | Shares set aside for future employee grants. | 5,148,024 |
| Price-implied HYPE | The HYPE price at which NAV equals the share price. | $72.29 |
| Protocol revenue | Fees the exchange keeps. | Hyperliquid $689.4M over the trailing 12 months, $74.2M in September |
| PURR | The stock ticker of Hyperliquid Strategies Inc. on Nasdaq. | $9.47 on 2026-10-14 |
| Put / call | The right to sell / buy at a strike by expiry. | — |
| R | ||
| Real yield | A yield after inflation. | 10-year 2.88% |
| Realized volatility | How much the price actually swung, annualized. | PURR 20-day 89.8% |
| Record date | The date that sets who can vote. | 2026-09-30 |
| Red Team | An independent analyst arguing the bear case and auditing the other lanes. | — |
| Related party | A person with ties to insiders. | e.g., the Chair's son on payroll |
| Revenue | Staking and validator income. | $9.46M in FY26 |
| RSI (relative strength index) | A 0–100 momentum gauge. | daily 35.2 |
| RSU (restricted stock unit) | A share grant that vests over time. | CEO 248,344 granted 09-28 |
| Rule of 40 | Revenue growth % + FCF margin % should be ≥40 for a healthy growth company. | n/a |
| Runway | Years of costs covered by cash. | $263.5M ÷ $18M ≈ 14.6 |
| Russell 2000 / 3000 | US small-cap / broad stock indexes. | PURR added 2026-06-29 |
| RWA (real-world asset) | Stocks, commodities and similar assets traded as tokens or perps. | — |
| S | ||
| S-1 / 424B3 | A registration statement / a prospectus supplement for selling or reselling shares. | — |
| SBC (stock-based compensation) | Pay in shares. | $0.89M |
| SEC | The US Securities and Exchange Commission. | — |
| Sell-side / price target (PT) | Brokerage analysts / their 12-month price forecast. | average $19.80 |
| Series A preferred | 166,173 shares, each convertible into 160 common (26,587,647 total). | no dividend; ownership blockers of 4.99% / 9.99% |
| SG&A / R&D | Selling, general and administrative costs, and research and development. | $13.95M in FY26 |
| Short interest | Shares sold short. | 24.15M (~8.7% of common) |
| Short squeeze | Forced buying by shorts that spikes the price. | no fuel here |
| Simple mNAV | Market value ÷ (tokens × price + cash), ignoring tax. | PURR 0.84x |
| Skew | IV differences across strikes. | calls priced higher (93–100% at $14–20) |
| Skin in the game | Insider stock value ÷ yearly pay. | CEO ~2.0x |
| Slashing | A penalty that destroys part of a validator's staked tokens for misbehavior. | none so far |
| SMA (simple moving average) | The average close over N days. | SMA50 $10.854 |
| SOFR − IORB | The overnight funding rate minus interest paid on bank reserves, a funding-stress gauge. | −1.0 bp |
| Sponsor / Advisor | Atlas Merchant Capital and Rorschach Advisors, which built PURR and earn equity on it. | — |
| Staggered board | Directors elected in waves, which slows takeovers. | — |
| Staking | Locking tokens to help run a blockchain in exchange for rewards. | PURR earns ~2% a year in HYPE |
| Strike / expiry / DTE | The contract price / end date / days to expiry. | $8 / Dec-18 / 65 |
| Subpart F | A US rule taxing certain foreign-subsidiary income. | $63.7M on the Cayman unit |
| T | ||
| T-bill | A short-term Treasury bill. | 13-week at 4.09% |
| Take rate | Fee kept per dollar traded. | Hyperliquid ~2.4 bps |
| TAM (total addressable market) | The most revenue the whole market could produce. | global perps ~$30T a year of volume |
| Tax basis | What the HYPE cost for tax purposes. | $1,815.09M = $47.12 per HYPE |
| Tier-1 vs conviction-spec | A moat of 9+ allows up to 10% sizing. | below that, the PM house cap is 5% (2.5% for PURR) |
| Treasury Committee | The CEO, CFO and COO, who make token and capital decisions. | — |
| Treasury shares | Shares the company bought back and keeps. | ~5.8M |
| Treasury stock method | A way to count dilution from warrants that assumes exercise money buys back stock. | +0.51M shares at $9.47 |
| TTM (trailing twelve months) | The last four quarters combined. | — |
| U | ||
| Upside capture | The share of HYPE's gain that reaches PURR's NAV after tax. | ~79% ($0.101 per $1 of HYPE vs $0.128) |
| USDC | A token designed to stay worth $1. | PURR had $12.0M at 06-30 |
| V | ||
| Validator | A computer that confirms transactions on a blockchain. | PURR's (run by Unit / Nexus Research Labs) has 75.7% of its HYPE |
| Validator (thesis) / breaker | A checkpoint that confirms the thesis / one that ends it. | — |
| VIX / MOVE | Stock and bond volatility indexes. | 16.87 / 99.1 |
| Volume profile / node | Where the most shares traded by price. | biggest node $8.30–8.59 |
| VWAP (volume-weighted average price) | The day's average trade price weighted by volume. | Chardan pays 97.5–98.5% of it |
| W | ||
| Waiver | A voluntary, revocable giving-up of a right. | — |
| WALCL / TGA / RRP | Fed total assets / Treasury's cash account / reverse-repo facility. | $6.75T / $880B / $0.2B |
| Warrant | A right to buy a share at a fixed price. | 27.39M sponsor warrants at $9.375 / $12.50 / $18.75 |
| Weighted diluted shares | The average share count over a period, including dilution. | 79.80M for FY26 |
| Wheel | Sell puts, take assignment, sell calls, repeat. | — |
| Working capital | Short-term assets minus short-term bills. | −$7.4M of cash-flow drag in FY26 |
| Wrapper | A vehicle (a stock or ETF) that gives you exposure to an asset without owning it directly. | — |
| Y | ||
| Yield / annualized | Premium ÷ strike, and that scaled to a year. | 7.8% / 44% |
| YoY (year over year) | A change versus the same period a year earlier. | — |
| Z | ||
| Z1 / Z2 / Z3 and T1 / T2 / T3 | The entry zones and trim bands in §15. | — |
187 terms, alphabetical (numbers first).