Hyperliquid Strategies Launches PURR Stock Options on Nasdaq to Expand Market Access

Highlights:

• Hyperliquid Strategies has launched PURR options to give investors better tools to manage stock exposure.
• PURR reflects a large HYPE treasury holding, so stock performance closely follows token price movement.
• The rising trading volumes and volatility increase demand for options to hedge and adjust positions.

Hyperliquid Strategies, a digital asset treasury company, has launched options trading for its PURR common stock on the Nasdaq Options Market. The company disclosed the launch through a formal statement released on Tuesday. This development allows investors to trade listed derivatives tied directly to PURR shares. It also introduces new tools for managing exposure to the company’s equity.

Advertisement

🔥 BIG: $HYPE treasury company Hyperliquid Strategies launches options trading on PURR common stock via Nasdaq Options Market. pic.twitter.com/h5CBC04Lju

— CandelaCharts (@CandelaCharts) March 25, 2026

The company stated that the options market will improve liquidity and support more accurate pricing for PURR shares. PURR trades on Nasdaq and represents equity exposure to a crypto-focused treasury strategy. Investors can now use call and put options to hedge risk or position for price movement. This structure removes the need to interact with on-chain platforms.

David Schamis, CEO of Hyperliquid Strategies, addressed the development and outlined its purpose. He said, “This is a major milestone for the company. PURR options allow our investors to better manage risk.”

Hyperliquid Strategies Launches Within Structured Equity Derivatives Framework

Hyperliquid Strategies builds its treasury by acquiring HYPE tokens and deploying them across multiple strategies. The company uses staking and yield optimization to grow its holdings over time. It also participates directly in the Hyperliquid ecosystem to strengthen its position. This approach ties the company’s performance to network activity.

The company currently holds approximately 17.6 million HYPE tokens. This amount represents about 1.83% of the total token supply. The price movements in HYPE directly influence the value of the company’s treasury. Investors monitor this relationship when trading PURR shares.

Hyperliquid Strategies became a publicly listed company after completing a merger with Sonnet BioTherapeutics in December. Since that transaction, the company has increased its HYPE holdings using additional capital.

Sonnet BioTherapeutics announced that it has agreed to merge with Rorschach I LLC to become Hyperliquid Strategies, Inc. and launch a HYPE treasury strategy.

Shares of $SONN are currently up about 180%.

At closing, the newly-created entity will be named Hyperliquid Strategies… pic.twitter.com/PNvxid2eMK

— Schwab Network (@SchwabNetwork) July 14, 2025

Options trading will expand how investors interact with this model. Traders can hedge downside risk or take bullish positions using standard derivatives contracts. They can adjust exposure without transferring assets between crypto platforms. This setup connects traditional equity markets with a crypto treasury strategy in a direct and practical way.

Hyperliquid operates as a Layer 1 blockchain that focuses on perpetual futures trading. The network supports more than 100 markets and uses a fully on-chain order book. Trading activity on the network drives demand for HYPE tokens. This demand feeds into the value of the company’s treasury holdings.

PURR also exists as a token within the Hyperliquid ecosystem. It launched as the first HIP-1 token with a fixed supply of one billion units. The protocol permanently locks half of the supply into a PURR and USDC liquidity pool. This mechanism ensures continuous liquidity for trading activity.

Rising Perpetual Volumes and Token Volatility Drive Hedging Demand

Trading activity on Hyperliquid has increased across several product categories. Oil perpetual contracts have attracted strong participation from traders. Tokenized real-world assets have also contributed to higher volumes. These products have expanded the platform’s overall activity.

HIP-3 markets reached $1.74 billion in aggregated open interest within six months of launch. This figure reflects rapid growth in trading demand on the platform. Increased activity creates a need for tools that help manage market risk.

Hyperliquid Strategies reported total assets of $616.7 million at the end of last year. The company also recorded a net loss of $317.9 million during the second half of the year. It attributed most of this loss to unrealized declines in the value of HYPE tokens. These unrealized losses totaled $262.4 million.

Meanwhile, HYPE is currently trading at around $40.63, with a 5.63% increase in the past day. Its trading volume has decreased by 20.63% to $355.9 million, while the market cap stands at $10.42 billion. Analysts expect the HYPE token to hit $43 as the volume on the platform increases.

Advertisement