Hyperliquid posts $152.5M Q1 profit as HYPE rally lifts treasury

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

The HYPE revaluation offset other losses at the firm. Hyperliquid also recorded $2.6 million in staking revenue during the period. Its balance sheet showed total assets of $809.4 million as of March 31 and about $103 million in cash on hand as of April 29. The company reported holding 20 million HYPE tokens at the end of April.

For the nine months ending March 31, 2026, Hyperliquid reported a net loss of $165.4 million. David Schamis, Hyperliquid’s chief executive, noted, “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.”

Since December 2025 the firm deployed $216 million to acquire roughly 7.3 million HYPE tokens and spent $10.5 million to repurchase about 3 million PURR shares. Those purchases contributed to the larger HYPE treasury reported at the end of April.

Token-asset treasuries faced downward pressure beginning in late 2025. Hyperliquid sat on approximately $595.1 million in unrealized profit in March, placing it among a small number of decentralized treasury-style vehicles in positive territory following bitcoin’s recovery. By comparison, a large corporate holder of Ethereum carried about $6.8 billion in paper losses at the same time.

The company highlighted its validator partnership with Unit and plans for HIP-3 real-world-asset perps, portfolio margining and outcome markets as avenues for future fee generation. Management did not disclose significant realized trading gains for the quarter beyond the HYPE revaluation and indicated it will continue to scale the HYPE position and pursue monetization of the token’s use cases.