Nasdaq-listed HYPE treasury company Hyperliquid Strategies (PURR) reported $621 million in quarterly net income for the period ended September 30, 2026. The result was driven primarily by $803 million in unrealized gains on its HYPE token holdings, offset by a $172 million income tax expense. Staking revenue and validator commissions contributed $12.3 million, while interest income added $1 million. Total revenue of $13.3 million exceeded analyst expectations of $10.6 million to $12 million. During the quarter, the company acquired an additional 9.1 million HYPE tokens for $785 million. As of October 28, PURR held 38.9 million HYPE at an average cost of $56.35, alongside $245 million in cash and equivalents with no outstanding debt. Separately, a subsidiary has applied to become a futures commission merchant (FCM). If approved, it will custody U.S. client accounts for licensed HIP-3 markets operating on the Hyperliquid platform.