According to its fiscal third-quarter filing Thursday, Hyperliquid Strategies Inc. posted a $165.4 million net loss for the nine months ended March 31. The loss was primarily attributable to $64 million in unrealized losses on HYPE tokens, a $35.6 million write-off related to legacy Sonnet operations, and a $60.5 million deferred tax expense increase.
The Nasdaq-listed firm now holds approximately 20 million HYPE tokens, having deployed $216 million to acquire 7.3 million tokens since inception in December 2025. Staking revenue reached $2.6 million in the quarter, with interest income contributing an additional $1 million.
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