Hyperliquid Strategies posts $165.4M net loss over nine months

Hyperliquid Strategies disclosed a net loss of $165.4 million for the nine months ending March 31. The company attributed the result primarily to $64 million in unrealized losses on its HYPE token holdings, a $35.6 million one-time write-off related to its acquisition of Sonnet BioTherapeutics, and $60.5 million in deferred income taxes. For the three-month period, the firm recorded $2.6 million in staking revenue and $1 million in interest income, against operating expenses of $7.2 million. Its current cash holdings stand at $103 million. Founded in December 2025, Hyperliquid Strategies currently holds approximately 20 million HYPE tokens.