PURR JUMPS 15% AS HYPERLIQUID STRATEGIES UPDATES TREASURY

Summary from the TLDR Crypto newsletter

Hyperliquid Strategies disclosed a $1.9 billion HYPE treasury (29.3 million tokens) after deploying $773 million to acquire 16.5 million additional tokens at an average cost of $46.77, sending PURR shares up 18% to $13.59 and pushing market cap to $1.8 billion. The company holds $149.9 million in cash with zero debt and $709.9 million in unrealized gains on staked HYPE positions, completing what CEO David Schamis called a "fortress balance sheet." PURR's mNAV climbed to 1.35x, its highest since May, supported by HYPE's 77% gain during Q2 and over 50% rise in the prior month. Schamis framed the firm as a long-term accumulation vehicle for a protocol he described as "winning the parts of onchain finance that generate real fees," a positioning that mirrors MicroStrategy's Bitcoin treasury model applied to a DeFi-native asset.