Hyperliquid Posts $152.5M Q1 Profit on HYPE Rally

Hyperliquid Strategies reported a $152.5 million net profit for the quarter ended March 31, 2026, driven by $198.4 million in unrealized gains on its Hyperliquid (HYPE) token holdings after a 44% price increase in the quarter.

The company recorded $2.6 million in staking revenue during the period, held $103 million in cash and reported total assets of $809.4 million as of March 31, 2026. For the nine months ending March 31, the firm showed a net loss of $165.4 million reflecting earlier declines before the recent HYPE rebound.

Since December 2025, Hyperliquid deployed $216 million to acquire roughly 7.3 million HYPE tokens and increased its treasury to 20 million HYPE by April 29, 2026. The firm also repurchased 3 million PURR shares for $10.5 million.

In a statement, Chief Executive Officer David Schamis wrote, “We materially scaled our HYPE treasury, announced our validator partnership with Unit, and completed the disposition of the majority of our legacy bio-tech operations. We remain highly optimistic about Hyperliquid’s trajectory as HIP-3 RWA perps, portfolio margin, and outcome markets drive the potential for sustained growth and fee generation.”

Market data showed Hyperliquid sitting on about $595.1 million in unrealized profit in March. Only one other HYPE-focused treasury was in positive territory at that time. Following a recovery in Bitcoin, three decentralized asset treasury vehicles were the only ones reporting unrealized profits, while the largest corporate Ethereum holder reported roughly $6.8 billion in paper losses.

The company reported that the unrealized gains on its HYPE holdings accounted for the quarter’s profit and identified HIP-3 RWA perps, portfolio margin and outcome markets, along with staking and fee-generating activities, as potential drivers of future revenue.