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Hyperliquid Strategies posts $165.4M loss as HYPE treasury reaches 20M tokens
Hyperliquid Strategies reported a $165.4 million net loss for the nine months ended March 31, while its HYPE treasury grew to about 20 million tokens. The Nasdaq-listed firm said it has deployed $216 million to buy about 7.3 million HYPE since December 2025 and still held $103 million in cash for future deployments, repurchases, and corporate expenses. The filing attributed the loss mainly to $64 million in unrealized HYPE losses, a $35.6 million write-off tied to the legacy Sonnet business, and a $60.5 million increase in deferred tax expense. Staking revenue reached $2.6 million for the three months ended March 31, while interest income added another $1 million.