Hyperliquid Strategies Inc., a Nasdaq-listed company, reported a net loss of $165.4 million over the past nine months, as per its fiscal report ending March 31. The loss includes a $64 million unrealized loss on HYPE tokens, a $35.6 million write-off from acquiring Sonnet BioTherapeutics, and a $60.5 million increase in deferred tax liabilities. Since December 2025, Hyperliquid has invested $216 million to acquire 7.3 million HYPE tokens, now holding a total of 20 million tokens. The company also spent $10.5 million repurchasing 3 million shares of its stock, PURR, and retains $103 million in cash. Quarterly staking income was $2.6 million, with interest income at $1 million and operating expenses at $7.2 million.