My Update On PURR and The Future Of Hyperliquid

LIVESTREAM/PROPIETARY REPORT

The free section of today’s livestream put Hyperliquid Strategies leadership on the record, with CEO David answering the hard questions on performance, warrants, and WHY the largest HYPE treasury in the world anchors the entire PURR thesis.

Main takeaways from the free section:

• PURR’s mNAV has averaged 1.04 since the December close but traded in a wide band between 0.77 and 1.3. Management issues shares above roughly 1.1 and buys back stock below roughly 0.9, so the volatility of the premium is the mechanism that compounds NAV, not a flaw in the structure.

• The warrant and lockup concerns are smaller than the market believes. All warrants remain out of the money, the recent S-1 was a contractually required registration rather than a sale, and the sponsor shares remain locked with not a single one sold.

• Compared to the ETFs, PURR stakes 100% of its tokens, runs four employees, and spreads a fixed expense base over a growing market cap while ETF fees stay constant. At an mNAV near 0.95, the ecosystem call option on the largest HYPE holding in the world is priced at zero.

• The company holds roughly $2 billion of HYPE plus $150 million of cash, and HIP3 deployment requires a lot of HYPE tokens. PURR can fund WHAT almost nobody else in the ecosystem can, and that capacity is the core of the thesis, not the quarter to quarter mNAV noise.

• Leadership took the communication feedback directly and committed to more public storytelling, which has been the weakest part of the execution so far.

You can find the free recording on the Hyperliquid Playbook here in the YouTube video.

The member section connects this framework to the live regime and positioning, with the recording linked at the bottom of this report.

Macro Decks From today’s stream:

• All slide decks by Jaymes: LINK

Tomorrow’s Livestream: I Am Going To Lay Out My Trading And Investing Framework

Tomorrow’s stream lays out the complete trading and investing framework behind every position we take. The stream will map HOW regime analysis, positioning, and asymmetric risk reward come together into one repeatable process.

Paid subscribers can join the livestream with this link (the first half will be free and streamed to Twitter and YouTube, where the second half will only be available on Substack for paid subscribers):

Proprietary Report On The Hyperliquid Utility Thesis