Hyperliquid Strategies
PURR on Nasdaq. Finance services. Market value $2.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to June 2026.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
What to watch out for
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
We don't have this figure for this company.
What you pay for each dollar of net assets: $1.32.
Profit per $100 you pay: $12.36.
Quality score: not known. Price score: 91 of 100. Our list needs 70 on quality and 60 on price.
$12.50 a share, 315% above its 1-year low
Over the past year the price has ranged from $3.01 to $14.76.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $9m |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.20bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 August 2026
- Next quarterly (estimated, 10-Q)
- 7 August 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 177 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $3m | <0.1% | Added |
Largest holders overall
- BlackRock$80mAdded
- State Street$71mAdded
- Morgan Stanley$70mAdded
- D1 Capital Partners L.P.$50mCut
- Paradigm Operations LP$45m
- BIT Capital GmbH$45mAdded
- Invesco$45mNew
- Citadel Advisors$37mAdded
- Nearwater Capital Markets$31mNew
- Geode Capital Management$26mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.3%Since 30 June 2026
- D1 Capital Partners L.P.Passive investorat least 3.2%−3.1 pts(filed with 1 related holder)Since 30 June 2026
- Rorschach Advisors LLCPassive investorSold down below 5%Since 4 August 2026
- Rorschach Capital LLCPassive investorSold down below 5%Since 2 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.3% | 30 June 2026 | |
D1 Capital Partners L.P. Passive investor | at least 3.2%−3.1 pts (filed with 1 related holder) | 30 June 2026 | |
Rorschach Advisors LLC Passive investor | Sold down below 5% | 4 August 2026 | |
Rorschach Capital LLC Passive investor | Sold down below 5% | 2 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, plus 3 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.