Hyperliquid Strategies posts $13.3M revenue and $620.6M net income

The Nasdaq-listed HYPE treasury beat revenue estimates, but unrealized token gains did most of the heavy lifting on profit Hyperliquid Strategies Inc (NASDAQ: PURR) just reported a quarter where its profit was roughly fifty times its revenue. That isn’t a business model miracle. It is mark-to-market accounting. The company, which holds HYPE tokens as its core treasury asset, booked $13.3 million in revenue for the quarter ended September 30, 2026. Net income landed at $620.6 million , powered largely by unrealized gains on its token pile. Of the $13.3 million in revenue, $12.3 million came from staking rewards and validator commissions earned on its HYPE holdings. The remaining $1.0 million was interest income. The company recorded $803.0 million in net unrealized gains on its HYPE position during the quarter.

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