HYPERLIQUID STRATEGIES Business Summary

Hyperliquid Strategies Inc. (NASDAQ: PURR) operates as a specialized digital asset treasury company focused on maximizing shareholder value through the strategic accumulation and staking of HYPE, the native utility token of the Hyperliquid blockchain. The company generates revenue primarily through staking yields from its HYPE holdings and interest income on its cash reserves, which are deployed to increase per-share exposure to the Hyperliquid ecosystem. Its primary business segments include digital asset treasury management and yield optimization, providing institutional investors with a regulated, publicly traded vehicle for decentralized finance (DeFi) exposure. Direct competitors include MicroStrategy Inc. (MSTR), Metaplanet Inc., and Semler Scientific (SMLR); however, PURR distinguishes itself as the premier public proxy for a high-performance decentralized exchange (DEX) protocol, offering a specialized alternative to traditional Bitcoin-centric treasury strategies. The company is led by Chief Executive Officer David Ira Schamis, a founding partner of Atlas Merchant Capital with extensive experience in private equity and financial services, alongside Chief Financial Officer Brett Beldner and COO Jeroen Nieuwkoop. The Board of Directors features a high-profile roster of financial veterans, including Chairman Bob Diamond (former CEO of Barclays), Lawrence E. Leibowitz (former COO of the NYSE), and Eric Rosengren (former President of the Federal Reserve Bank of Boston). While the underlying Hyperliquid protocol was architected by Jeff Yan—a Harvard-educated quantitative trader with a pedigree from Hudson River Trading—the public entity PURR was established through a business combination with Sonnet BioTherapeutics and is supported by prominent institutional sponsors including Atlas Merchant Capital and Paradigm.