Hyperliquid deployed approximately $140 million since closing: $10 million repurchased over 3 million shares at an average $3.42, and $130 million acquired about 5 million HYPE tokens at just under $26 each. Total HYPE holdings reached 17.5 million tokens, with $125 million in capital remaining for treasury deployment or share buybacks, supported by an available equity line of credit.

The company posted a $318 million loss for the six months ended Dec. 31, 2025, driven by a $169 million accounting loss on HYPE contributions as token price fell from $46.37 to $32.86, a $93 million unrealized post-closing decline and $35.6 million of in-process R&D write-offs from the Sonnet transaction.

As of Dec. 31, cash and cash equivalents totaled $282 million of the $300 million received at closing, with an additional $10 million from the Sonnet acquisition. HYPE digital assets were valued at $327 million on the balance sheet, underpinning the firm’s digital asset treasury strategy.

Management highlighted that 99% of blockchain revenues are used to repurchase and burn tokens and outlined new initiatives: HIP-4 for options and prediction markets and Builder Codes for third-party integration. The platform also captured 2% of global silver trading volume on a recent trading day, demonstrating rapid growth in real-world asset trading.