According to its fiscal third-quarter SEC filing released on May 7, Hyperliquid Strategies Inc. posted a $165.4 million net loss for the nine months ended March 31, primarily due to $64 million in unrealized losses on HYPE tokens and a $35.6 million write-off related to legacy Sonnet operations. The Nasdaq-listed firm’s HYPE token treasury grew to approximately 20 million tokens, with $216 million deployed for acquisitions since inception in December 2025. The company also announced a validator partnership with Unit and maintains a $103 million cash position for future deployments.
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