Hyperliquid Strategies launches options trading on PURR common stock

Digital asset treasury firm Hyperliquid Strategies Inc announced Tuesday that it has launched options trading on its common stock PURR on the Nasdaq Options Market.

According to a company press release, the launch aims to improve liquidity and price discovery for PURR shares, which offer capital-efficient exposure to Hyperliquid's native HYPE token. Hyperliquid Strategies primarily focuses on accumulating HYPE tokens to maximize shareholder value through staking, yield optimization, and ecosystem participation. 

"This is a major milestone for the company," said David Schamis, CEO of Hyperliquid Strategies. "PURR options allow our investors to better manage risk and participate in the rapid growth of Hyperliquid's high-performance ecosystem."

Schamis noted that the options launch coincides with Hyperliquid's record growth, driven by surging trading volumes in oil perpetuals and other tokenized real-world assets. Hyperliquid's HIP-3 markets for perp futures tied to tokenized traditional assets hit a new peak of $1.74 billion in aggregated open interest after launching just six months ago.

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Hyperliquid Strategies went public last December through a merger with Sonnet BioTherapeutics. As of early February 2026, it held 17.6 million HYPE tokens — roughly 1.83% of the total supply — after deploying additional capital to increase its position. 

At the end of 2025, the company reported total assets of $616.7 million, though it posted a net loss of $317.9 million for the second half of 2025. The net loss was driven largely by $262.4 million in unrealized losses on its HYPE holdings amid token price volatility.

According to The Block's crypto price page, HYPE climbed 7.37% in the past 24 hours to trade at $40.25, and up nearly 40% in the past 30 days. PURR closed flat on Tuesday at $5.29.