Article published Sep 29, 2026. Prices below use latest available snapshots.
no live data (1) — unresolved, delisted, or non-US symbols
Hyperliquid Strategies is doing well, not cratering: the HYPE-token treasury is up 130% since late March and trades above its 50- and 200-day averages, and the past week's slide left it 19.2% below its September 21–22 high. The trouble is the number that prices a treasury company: the HYPE behind each share. The SEC 10-Q and 10-K count 18,826,355 HYPE against 124.2 million common shares at March 31, and 29,275,085 HYPE against 200.6 million shares at June 30. That is 0.1516 HYPE per common share in March and 0.1460 in June, so the June quarter's stock sales did not add HYPE per share. A Chardan equity line was amended on September 14, and a new S-1 with a $1.84 billion fee table went effective on September 23. The company states no NAV or mNAV figure. The call is wait, low conviction, with no levels. The fiscal first-quarter 10-Q, expected by mid-November, has to show HYPE per share above June's, and the stock has to close above $14.76.
Data as of 2026-09-29 close: PURR $11.92, RSI 50.7, −3.87% vs SMA20, 7D −14.55%, −19.2% from the 52-week high, above its 50- and 200-day averages (desk price data, Schwab daily bars).
Balance-sheet figures come from the June 30 10-K and the March 31 10-Q. HYPE per share is script-computed from the filed token counts divided by filed common shares outstanding on the same date; it ignores the convertible preferred and warrants. The 10-K defines mNAV but states no NAV or mNAV value, and the August 27 results release and the September 15 S-1 are not on file. Views from X (@ConnorJBates_, @TheShortBear, @wallstengine) are attributed, not verified.
Quick Snapshot (as of 2026-09-29)
| Question | Answer |
|---|---|
| The call | 🟡 Wait: no entry until HYPE per share is on file and the stock clears its September high. No entry zone · no stop · no target · low conviction. |
| What it is | A Nasdaq-listed Delaware company whose business is buying and staking HYPE, the native token of the Hyperliquid blockchain (10-Q). It formed on December 2, 2025, when Sonnet BioTherapeutics combined with Rorschach I LLC. Sonnet's drug-development assets went to Guidant Bio Therapeutics on March 31, 2026. |
| Why now | Duquesne Family Office's June 30 13F (filed August 14) shows a new 2,941,500-share position: about $23.2 million, 0.44% of the filing's reported value, rank 46 of 95. It is three months stale and was public six weeks before a September 26 X post relayed it; the third-quarter 13F is due around mid-November. |
| Proof | At June 30 the 10-K counts 29,275,085 HYPE at a fair value of $1.904 billion (cost $1.363 billion) and cash of $137.9 million. Total liabilities were $187.1 million, almost all a deferred tax liability. Net staking revenue was $9.46 million for the fiscal year. |
| Objection | Per-share math. HYPE per common share fell from 0.1516 (March 31) to 0.1460 (June 30) as shares rose from 124.2 million to 200.6 million, and a new S-1 went effective on September 23. The 10-Q counted 29.8 million warrants at March 31, almost all struck between $6.25 and $18.75. |
| Stock setup | Up 130% over six months and above its 50-day ($9.76) and 200-day ($6.84) averages. It sits 19.2% under the $14.76 high of September 21–22, in a flag with RSI 50.7. |
Action Matrix (as of 2026-09-29)
| Signal | If | Then |
|---|---|---|
| 🟢 Buy | Both: the fiscal first-quarter 10-Q or a company release shows more HYPE per common share than June 30's 0.1460, and PURR closes above $14.76 | Set levels then: entry on the breakout, stop under the flag low. The filing decides whether the equity line is adding value per share. |
| 🟡 Wait | Now: price between $10.55 and $14.76 with no per-share HYPE figure on file | No position. The pullback from the September high is a flag inside an intact uptrend; let it resolve. |
| 🔴 Out | A daily close below $10.55, the past month's low | The flag failed. Stand aside until a new base forms; the 50-day average ($9.76 on September 29) is the next support. |
| 🟠 Target | None set | The call has no entry, so it sets no target. |
| 🔴 Thesis breaks | HYPE per share falls again in the September quarter, or the advisor revokes its waiver of the 5% share and 15% warrant grants on equity raises | Issuance is diluting holders. For HYPE exposure, the spot HYPE ETFs hold the token without either cost. |
The Story Right Now (as of 2026-09-29)
Hyperliquid Strategies is doing well: up 130% since March 30, above its 50- and 200-day averages, and in a 19.2% pullback from its September 21–22 high that has not broken the trend.
The captured news on the path is about Hyperliquid, not the company. Sherwood News reported on May 19 that the stock spiked on a report that the SEC would soon allow an "innovation exemption" for tokenized stocks. On June 1 Sherwood noted that HYPE had hit an all-time high and that the two HYPE treasury companies were the only digital-asset treasuries showing gains. On August 19 President Trump said the SEC and CFTC were working on a legal path for Hyperliquid to operate in the U.S. (@wallstengine, relayed on X; Semafor reported the same on August 20). The stock printed its $14.76 high on September 21–22, the sessions in which Yahoo Finance reported bitcoin above $86,000. It then lost 14.55% in seven days. On September 23 @TheShortBear wrote that one session had "fully reset" the crypto open interest built up during the prior week's breakout. The same day, the SEC declared the company's new S-1 effective. No source on file ties the slide to either event. The desk's summaries show the Bitwise and Grayscale HYPE ETFs down about 6% in the seven days to September 28, a day earlier than PURR's window. PURR has fallen harder than the HYPE ETFs.
HYPE per share fell in the June quarter. The 10-K counts 29,275,085 HYPE at June 30, at a fair value of $1.904 billion (priced at $65.04 a token) against a cost of $1.363 billion. The 10-Q counted 18,826,355 at March 31. Divided by common shares outstanding on the same dates, that is 0.1516 HYPE per share at March 31 and 0.1460 at June 30. At June 30 the 10-K also shows cash of $137.9 million and total liabilities of $187.1 million. The liabilities are almost all a $183.5 million deferred tax liability on unrealized token gains. Stockholders' equity was $1.873 billion. Common shares were 200,550,458 at June 30 and 197,837,597 on August 23, the date on the 10-K cover. The 10-K's subsequent-events note explains the move: after June 30 the company spent $17.3 million to buy back about 2.7 million shares, then sold about 10.7 million shares under the equity facility for $117.1 million. Other claims on the equity sit ahead of or beside the common. There are 166,173 Series A preferred shares, each with a $1,000 stated value and convertible at $6.25. The 10-Q counts 29.8 million warrants at March 31, including the advisor's 27.4 million in three equal tranches at $9.375, $12.50 and $18.75. At $11.92 the first tranche is in the money. The 10-K defines mNAV as market capitalization over NAV, with NAV equal to reported stockholders' equity adjusted for HYPE at market and for raises and purchases after the balance-sheet date. It states no value for either.
The company is built to issue stock. Chardan agreed in October 2025 to buy up to $1.0 billion of common stock at the company's option (10-Q). After March 31 the company sold 10,381,000 shares under that facility for $64.6 million net, "predominantly used to purchase HYPE tokens." The facility was amended on September 1 and twice on September 14. The final amendment prices Chardan's purchases at 98.5% of VWAP (volume-weighted average price), or 97.0% for off-hours purchases, "following the sale of the first 160,000,000 shares" under it (8-K). The next day the company filed an S-1 whose SEC fee table records a maximum aggregate offering of $1.8352 billion; it went effective on September 23. The advisory agreement with Rorschach Advisors, an affiliate, entitles it to shares equal to 5% of any equity raised plus warrants for 15%. The 10-K says the advisor "has waived its right to receive such additional equity grants" on financings after the closing, "unless and until it revokes such waiver." The company's stated policy is to sell stock only when mNAV is above a target ratio, to buy back stock at a meaningful discount, and not to sell stock while a buyback is active (10-K). Selling stock above the value of the HYPE behind each share adds HYPE per share; selling below it subtracts. The June quarter's per-share decline says the sales that quarter did not add.
The call: wait, low conviction, no levels. The setup is bottom, pop, flag, breakout, and PURR is in the flag. What decides the trade is HYPE per share, and the only quarter on file shows it falling. Price levels without it would be an entry on strength with a stop too far away to bound the loss. The stock moved 14.55% in one week, and the company's own warrant model assumed 123% annual HYPE volatility. A stop tight enough to limit the loss would sit inside an ordinary week. A buy needs both conditions: a filing or release showing more HYPE per share than at June 30, and a close above $14.76. A close below $10.55 ends the flag.
What would move this to medium:
- the fiscal first-quarter 10-Q (quarter ending September 30, expected by mid-November) reports the token count, and HYPE per share is higher than at June 30
- the company publishes its own NAV and mNAV figures, so the policy's target ratio can be checked
- staking revenue keeps growing with the token count
A second quarter of falling HYPE per share, or the advisor revoking its waiver, would kill it.
Extended analysis
Summary
Hyperliquid is a blockchain built around a perpetual-futures exchange. HYPE is its native token, used for staking and network security. Hyperliquid Strategies exists to hold HYPE for stock-market investors. In the 10-Q's words, the aim is "capital-efficient and productive access to the HYPE token for U.S. and institutional investors," with returns from staking and "active ecosystem engagement" that individual holders may not replicate.
The company has no operating business beyond the treasury. Revenue is net staking rewards: $9.46 million for the fiscal year to June 30 (10-K data). Reported profit is mostly the mark-to-market on HYPE: fiscal-year net income was $305.5 million, but operating cash flow was negative $19.1 million (10-K data).
The 10-K data book $709.9 million of unrealized HYPE gains for the year. The stock is a claim on a pile of tokens, with an equity line that grows the pile and the share count together.
The decisive uncertainty is whether that growth is accretive, meaning whether each share holds more HYPE after a sale than before. It depends on the price paid for new stock relative to the HYPE behind existing shares, and on whether the advisor keeps waiving its share and warrant grants. The one quarter with token counts at both ends, March 31 to June 30, shows HYPE per share falling.
Why This Moment Is Different
- The financing got larger and cheaper for the buyer. The Chardan facility began at $1.0 billion (10-Q). The September 14 amendment set pricing for purchases after the first 160 million shares, which puts the facility's scale at a size comparable to the 197.8 million shares outstanding on August 23. The S-1 filed September 15 carries a $1.8352 billion fee table and was declared effective on September 23.
- The balance sheet more than doubled in one quarter, but not per share. HYPE at fair value went from $689.0 million at March 31 (10-Q) to $1.904 billion at June 30 (10-K), and tokens from 18,826,355 to 29,275,085. Equity went from $743.5 million to $1.873 billion. Shares grew faster than tokens, so HYPE per common share fell from 0.1516 to 0.1460.
- A U.S. policy path opened, but it is not a law. The president's August 19 comments (relayed by @wallstengine; Semafor, August 20) pointed to a legal route for Hyperliquid in the U.S. On September 22 CNBC reported that the Clarity Act had stalled in the Senate and that regulators were rushing to write crypto rules without it.
- Leveraged trading on the stock arrived. REX Shares launched a 2x daily leveraged ETF on PURR on September 9 (REX Shares release).
How the Business Makes Money
The 10-Q describes the company as a "U.S. publicly listed digital asset treasury company" whose "primary business is accumulating HYPE."
- Accumulation. Cash from stock sales buys HYPE. At the December 2, 2025 closing, investors contributed $299.9 million of cash and 12,517,592 HYPE tokens (10-Q). The company bought 321,224 more tokens in December and 5,884,940 in the March quarter for about $160.4 million.
- Staking. The company delegates HYPE to validators run by counterparties, which keep a fee. It books its share of rewards as revenue on a net basis. The protocol's reward rate is "inversely proportional to the square root of the total HYPE tokens staked across the network" (10-Q), so the yield falls as more of the network stakes.
- DeFi, secondary. The 10-Q lists decentralized-finance activity as a possible secondary initiative. No revenue from it is reported.
- Custody and staking. The tokens sit with a single qualified custodian, Anchorage Digital, which also executes some HYPE purchases; the 10-K flags that as a conflict. On August 23 the company staked about 21.3 million HYPE to its own validator and delegated about 8.1 million to Anchorage (10-K).
- The advisor. Rorschach Advisors, an affiliate, provides "technical advisory services" for five years. It has waived, revocably, its 5% share and 15% warrant grants on post-closing raises (10-K). While it holds at least 10% of its closing shares, it nominates directors in proportion to its as-converted, as-exercised ownership, at least one of whom is the chairman. Its shares and warrants are locked up until the first anniversary of closing, December 2, 2026, unless a price test or a sale of the company releases them earlier (10-Q).
What the filings say is at risk: the company's condition "is substantially dependent on the market price and liquidity of HYPE tokens," which trade on "limited trading venues." Its value also depends on "the success and adoption of the Hyperliquid Layer 1 blockchain" (10-Q).
What the Street and the Public Conversation Say
- Headlines, not analysis. The captured press on the name is mostly headlines. Sherwood News covered the May 19 spike, the June 1 HYPE all-time high and HYPE's June 16 return to that high. Yahoo Finance ran "HYPE's 50% Revenue Drop Exposes the Limits of Hyperliquid Treasury-Fueled Momentum" on August 4. Only the headline was captured, so the desk cannot say which revenue measure fell.
- Traders on X. @ConnorJBates_ listed PURR on September 8 among crypto names "flagging quite constructively after that strong move." On September 23 he wrote that HYPE "continues to hold up great and showing RS," meaning relative strength, within crypto. @TheShortBear has posted about building a Hyperliquid position since July 14; the captured posts do not name the instrument. These are attributed trader views, not evidence about the company.
- A conviction document titled "The Exchange That Buys Itself Back" was posted in the Dumb Money Discord on August 27. Only the link was captured.
- The news and social pulls were thin. The September 29 news pull returned only quote and portal pages, plus a Simply Wall St summary restating the $30 million buyback authorized in December. The social search timed out on X and YouTube and returned only unrelated Hacker News posts about cat purring. That is a failed search, not proof that nobody is discussing the stock.
The Conviction Chain
| Link | Evidence | Confirms | Breaks |
|---|---|---|---|
| HYPE keeps its uptrend | The Bitwise and Grayscale HYPE ETFs were about 10% under their highs and about 22% above their 50-day averages on September 28 (desk summaries) | New highs in the HYPE ETFs | Both HYPE ETFs close below their 50-day averages |
| Issuance adds HYPE per share | Fell from 0.1516 to 0.1460 HYPE per common share, March 31 to June 30 (10-Q, 10-K; script-computed) | The fiscal first-quarter 10-Q token count, divided by shares, rises above 0.1460 | A second quarterly decline |
| Advisor costs stay contained | The 10-K: the advisor waived its 5% share and 15% warrant grants on post-closing raises, revocably | The waiver stands in the fiscal first-quarter 10-Q | The advisor revokes the waiver |
| Staking income grows | $9.46 million net for the fiscal year (10-K data) | Higher quarterly staking revenue as the token count rises | Staking revenue flat while tokens grow, meaning yield compression |
| The stock resumes its trend | Above the 50- and 200-day averages; flag from $14.76 | A close above $14.76 | A close below $10.55 |
The weakest link is the second: whether issuance adds HYPE per share. It is the whole investment case, and the one quarter on file went the wrong way.
Financial Proof
The income statement measures token marks, not a business. The balance sheet is the proof.
| Line (SEC filings) | Mar 31, 2026 (10-Q) | Jun 30, 2026 (10-K) |
|---|---|---|
| HYPE digital assets, fair value | $689.0M | $1,904.1M |
| HYPE tokens held | 18,826,355 | 29,275,085 |
| HYPE per common share (script-computed) | 0.1516 | 0.1460 |
| Cash and equivalents | $113.1M | $137.9M |
| Total liabilities | $66.9M | $187.1M |
| of which deferred tax liability | $60.5M | $183.5M |
| Stockholders' equity | $743.5M | $1,872.9M |
| Common shares outstanding | 124,220,108 | 200,550,458 |
| Treasury shares (buyback) | 3,067,097 | 3,067,097 |
| Series A preferred shares | 166,173 | 166,173 |
Series by quarter (Massive financials and SEC XBRL; the June quarter is not separately tagged in the 10-K data):
| Period | Net staking revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| Quarter ended Dec 31, 2025 | $0.5M | −$287.5M | −$304.5M | −$7.43 |
| Quarter ended Mar 31, 2026 | $2.6M | $193.8M | $152.5M | $1.01 |
| Fiscal year ended Jun 30, 2026 | $9.46M | $500.6M | $305.5M | $3.21 |
- The December quarter's loss included a $169.2 million "loss on HYPE contribution commitment" and a $93.2 million unrealized loss on HYPE. The 12.5 million contributed tokens were valued at $411.3 million at closing, below the value at which shares had been issued for them (10-Q).
- The March quarter's profit came from $198.4 million of unrealized HYPE gains (10-Q).
- Fiscal-year operating cash flow was −$19.1 million (SEC XBRL). Staking rewards arrive as tokens, not cash.
- Buybacks are small against issuance. The $30 million program, authorized in December 2025 for 12 months, had repurchased 3,067,097 shares for about $10.6 million by March 31 (10-Q). The treasury count was unchanged at June 30; after June 30 the company bought back about 2.7 million shares for $17.3 million, then sold about 10.7 million under the equity facility (10-K). Fiscal-year proceeds from issuing equity were $947.3 million (SEC XBRL).
- Insider filings. Insiders filed Forms 4 on July 6, September 2 and September 18. Their text is not on file, so the direction of those trades is unknown.
Setup
- Entry zone: none. The call waits for the per-share HYPE figure and a close above $14.76.
- Stop: none.
- Target: none.
Price data as of the 2026-09-29 close (desk price data, Schwab daily bars): PURR $11.92. The 20-day average is $12.40 and the stock sits 3.87% below it. The 50-day average is $9.76 and the 200-day is $6.84. The past month's range runs from $10.55 to $14.76. The six-month range runs from $4.51 to $14.76. Bars before the December 2, 2025 closing belong to the predecessor listing, so one-year figures mix two different companies and are not used here.
Catalysts
- Fiscal first-quarter 10-Q (quarter ending September 30), expected by mid-November. It should give the first token count after March 31 on file here and the share count after the equity-line amendments.
- Special or annual meeting on November 4. A preliminary proxy was filed on September 15; its agenda is not on file.
- Advisor lock-up expiry, December 2, 2026 (the first anniversary of closing), unless the price test releases it earlier (10-Q).
Risks and Kill Tests
- Dilution below value. Equity-line sales at 98.5% of VWAP are accretive only while the stock trades above the HYPE behind each share. The kill test is a fiscal first-quarter token count per share below June 30's.
- Advisor economics. A 5% share grant plus 15% warrants per raise, if applied to equity-line sales, is a standing transfer to an affiliate.
- HYPE itself. The company's condition is "substantially dependent" on HYPE's price and liquidity (10-Q). The token proxy to watch is the two HYPE ETFs relative to their 50-day averages.
- Taxes. The $183.5 million deferred tax liability at June 30 is a claim on the gains if tokens are sold (10-K data).
- Custody and venue. A single custodian and "limited trading venues" (10-Q).
- Regulation. Hyperliquid's U.S. status rests on regulators, not statute. The Clarity Act stalled in the Senate (CNBC, September 22).
Cross-references
- Trigger: the September 26 X post relaying the 13F noted in the Quick Snapshot.
- HYPE proxies on the desk's crypto list: $BHYP (Bitwise Hyperliquid ETF) and $HYPG (Grayscale Hyperliquid Staking ETF). $PURR is not yet on a desk watchlist.
- Related names: Sherwood's June 1 piece names Hyperion DeFi as the other HYPE treasury company. It is not covered here.
Refresh History
| Date | Price | RSI | vs SMA20 | 30D | What changed |
|---|---|---|---|---|---|
| 2026-09-29 | $11.92 | 50.7 | −3.87% | — | First dive. Wait, low conviction, no levels. HYPE per common share fell from 0.1516 to 0.1460 in the June quarter; a $1.84 billion S-1 went effective September 23. |
Sources
- SEC 10-K, fiscal year ended June 30, 2026 (filed 2026-08-27): https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm
- SEC 10-Q, quarter ended March 31, 2026 (filed 2026-05-08): https://www.sec.gov/Archives/edgar/data/2078856/000119312526212519/purr-20260331.htm
- SEC 8-K, Amendment No. 3 to the Chardan ChEF Purchase Agreement (filed 2026-09-15): https://www.sec.gov/Archives/edgar/data/2078856/000119312526391090/purr-20260914.htm
- SEC S-1 (filed 2026-09-15; text not on file, fee-table XBRL used): https://www.sec.gov/Archives/edgar/data/2078856/000119312526391097/d168095ds1.htm
- SEC 424B3 prospectus (filed 2026-09-23; not on file): https://www.sec.gov/Archives/edgar/data/2078856/000119312526399511/d168095d424b3.htm
- SEC PRE 14A (filed 2026-09-15; not on file): https://www.sec.gov/Archives/edgar/data/2078856/000119312526392149/d290166dpre14a.htm
- SEC 8-K, results (Items 2.02, 7.01; filed 2026-08-27; not on file): https://www.sec.gov/Archives/edgar/data/2078856/000119312526369668/purr-20260827.htm
- Duquesne Family Office 13F-HR, period 2026-06-30, accession 0001536411-26-000006: https://www.sec.gov/Archives/edgar/data/1536411/000153641126000006/ · information table: https://www.sec.gov/Archives/edgar/data/1536411/000153641126000006/form13f_20260630.xml · prior quarter (PURR absent): https://www.sec.gov/Archives/edgar/data/1536411/000153641126000004/form13f_20260331.xml
- @drayinvests, September 26: https://x.com/drayinvests/status/2103933135339545055
- @ConnorJBates_, September 8: https://x.com/ConnorJBates_/status/2097434664810037663 · September 23: https://x.com/ConnorJBates_/status/2102899051700048038
- @TheShortBear, September 23: https://x.com/TheShortBear/status/2102844315064021304
- @wallstengine via @Vmaxpax, August 19: https://x.com/wallstengine/status/2090156187719508067 · https://x.com/Vmaxpax/status/2090200541247008939
- Sherwood News, May 19: https://sherwood.news/markets/hyperliquid-jumps-sec-crypto-tokenized-stocks-innovation-exemption/ · May 20: https://sherwood.news/crypto/hyperliquid-etfs-top-inflows-as-hype-soars/ · June 1: https://sherwood.news/crypto/hype-notches-all-time-high-and-its-treasury-companies-are-the-only-profitable-ones/ · June 16: https://sherwood.news/crypto/hyperliquid-reclaims-all-time-high/
- Semafor, August 20: https://www.semafor.com/article/08/20/2026/trump-embraces-divisive-crypto-exchange
- Yahoo Finance, August 4: https://finance.yahoo.com/markets/crypto/articles/hype-50-revenue-drop-exposes-140854286.html · September 22: https://finance.yahoo.com/markets/article/crypto-winter-is-over-analyst-says-as-bitcoin-tops-86000-chart-of-the-day-124006079.html
- CNBC, September 22: https://www.cnbc.com/2026/09/22/clarity-act-crypto-rules-regulators.html
- REX Shares, September 9: https://www.rexshares.com/rex-shares-launches-t-rex-2x-purr-katt-etf/
- Dumb Money Discord, #conviction-doc, August 27: https://discord.com/channels/703824217585614868/727978582013378630/1542565975529095229
Internal receipts:
- Financials: income-statements, balance-sheets, cash-flow-statements; SEC XBRL company-facts; filings list submissions; 10-Q text 10Q-2026-05-08.html; 8-K text 8K-2026-09-15.html; 10-K text 10K-2026-08-27.html. HYPE per share:
python3 -c "print(18826355/124220108, 29275085/200550458)"= 0.1516 (2026-03-31), 0.1460 (2026-06-30); tokens from 10-Q Note 3 and 10-K Note 3, common shares outstanding from each balance sheet. - Price: the desk's own tooling,
calc change PURR,show PURR 7d|10d|30d|3m|6m|12m(2026-09-29 close, Schwab bars); SMA50/SMA200 and 52-week-high distance from 2026-09-29. No summary row exists for PURR yet. - HYPE proxies: crypto (BHYP, HYPG; as of the 2026-09-28 close).
- News: latest (fetched 2026-09-29T20:54Z, ok, 5 items, quote/portal pages only). Social: 2026-09-29-social-search-purr (X and YouTube timed out).
- 13F: holdings.normalized; input 2026-09-26-druckenmiller-duquesne-q2-13f-new-positions.
- Captures: 2026-05-19-sherwood-hyperliquid-strategies-spikes-on-report-that-the-sec-will-so, 2026-06-01-sherwood-hype-notches-all-time-high-and-its-treasury-companies-are-th, 2026-08-04-yahoofinance-hype-s-50-revenue-drop-exposes-the-limits-of-hyperliquid-tre-s-140854286-html, 2026-08-20-semafor-trump-embraces-divisive-crypto-exchange--crypto-exchange, 2026-09-09-rexshares-rex-shares-launches-t-rex-2x-purr-katt-etf-hares-com-p-3543, 2026-09-22-cnbc-u-s-regulators-rush-to-write-crypto-rulebook-after-clarity-a-108365078, 2026-09-22-yahoofinance-crypto-winter-is-over-analyst-says-as-bitcoin-tops-86-000-ch-y-124006079-html, 2026-08-27-dumb-money-conviction-doc-29095229-hype-hyperliquid-conviction-doc-the-exchange-that-, 2026-09-08-ConnorJBates_-crypto-flagging-quite-constructively-after-that--10037663, 2026-09-23-ConnorJBates_-hype-continues-to-hold-up-great-and-showing-rs-i-00048038, 2026-09-23-TheShortBear-all-it-took-was-today-to-fully-reset-the-crypto--64021304, 2026-08-19-Vmaxpax-well-well-47008939.