Hyperliquid Strategies Revenue Reaches $12.3 Million in Third Quarter

Key Facts

Hyperliquid Strategies, the listed company that buys, holds and stakes HYPE tokens, reported revenue of $12.3 million for the quarter ended September 30, 2026, according to its quarterly filing with the U.S. Securities and Exchange Commission. The company said revenue came mainly from staking, linking the increase to the fact that it stakes most of the HYPE tokens it owns. The figure is for the listed company, not the Hyperliquid platform itself; its quarterly revenue could not be verified from a reliable public source. PURR is the company’s listed stock ticker, while HYPE is the platform’s native token. That distinction puts the company’s results in the context of its digital asset treasury business, rather than treating them as a direct measure of platform revenue.

The company reported net income of $620.6 million for the quarter ended September 30, 2026, compared with a net loss of $13.4 million in the corresponding period of 2025, according to the quarterly filing. The shift in net income reflects the company’s reported quarterly results alongside staking revenue. The company said the increase in revenue was linked to staking most of its HYPE holdings, while it held no tokens in the corresponding quarter of 2025. The comparison between the two periods is therefore tied to changes in the company’s holdings and staking activity. These figures are not revenue for the Hyperliquid protocol, but the results of the separate, listed Hyperliquid Strategies.

The company expanded its token holdings during the quarter, spending $785 million to buy 9.1 million HYPE tokens, bringing its treasury from 29.3 million tokens at the end of June to 38.5 million at the end of September, according to its results statement. The company said staking most of these tokens explains the increase in revenue. The growth in holdings shows how the company combined buying, holding and staking the token during the period. At the same time, the company repurchased 2.7 million PURR shares for $17 million in the same quarter. The transactions reflect two distinct balance-sheet moves: increasing its holdings of the platform’s native token and buying back shares in the listed company.

On ecosystem activity, the company said about $834 million accrued to the Hyperliquid ecosystem during the twelve months ended September 30, 2026. That figure refers to the value the company says accrued to the ecosystem over the twelve-month period and is not the same as Hyperliquid Strategies’ quarterly revenue of $12.3 million. The distinction comes as the company seeks to bring some trading activity into the United States through an affiliate’s registration application. The Hyperliquid platform remains closed to U.S. customers, according to CoinDesk. The company’s application therefore does not mean the platform is available in the United States or that trading activity has already moved there.

HypeStrat Markets, an affiliate of Hyperliquid Strategies, applied to register as a futures commission merchant with the National Futures Association, and its August application was still pending in the association’s records, as reported by CoinDesk. The company is seeking through the application to move some trading activity to the United States, while the platform remains closed to U.S. customers. President Donald Trump said in August that his administration was trying to bring Hyperliquid into the United States. But the company said the timing and outcome of the application, as well as regulatory approval for its authorized HIP-3 markets, are not guaranteed. The application remains an ongoing regulatory process, with no confirmed timetable or guaranteed outcome.

In market data available for the period close to the report, HYPE closed at $72.10 on November 11, 2026, according to EL7 data. That closing price relates to the native HYPE token and does not establish PURR’s movement in the November 12 session. A 5% decline in PURR that day could not be verified from a reliable public source. The reported quarterly results remain separate from any conclusion about the stock’s price movement. The next development is tied to regulators’ decision on the registration application, but the company said its timing and outcome are not guaranteed.