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. Where the money came from 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. Unrealized means the tokens went up in value on paper, but nothing was sold. The gain shows up in net income anyway, because accounting rules require these assets to be marked to their current price. Hyperliquid Strategies absorbed $15.3 million in non-cash expenses tied to an equity facility. It also recorded a tax provision of $172.3 million, which ...