Hyperliquid Strategies Reports $165.4 Million Net Loss Amid HYPE Treasury Growth

Hyperliquid Strategies has announced a net loss of $165.4 million for the nine months ending March 31. According to NS3.AI, the Nasdaq-listed company reported that its HYPE treasury expanded to approximately 20 million tokens during this period. Since December 2025, Hyperliquid Strategies has invested $216 million to acquire around 7.3 million HYPE tokens and retains $103 million in cash for future investments, repurchases, and corporate expenses. The company attributed the net loss primarily to $64 million in unrealized losses related to HYPE, a $35.6 million write-off associated with the legacy Sonnet business, and a $60.5 million increase in deferred tax expenses. Additionally, Hyperliquid Strategies generated $2.6 million in staking revenue for the three months ending March 31, complemented by $1 million in interest income.