Hyperliquid Strategies announced a net loss of $165.4 million for the nine months ended March 31. The main causes were an unrealized loss of $64 million from HYPE tokens, a one-time write-down of $35.6 million related to the acquisition of Sonnet BioTherapeutics, and deferred income taxes of $60.5 million. For the three-month period, staking revenue was $2.6 million and interest income was $1 million, while operating expenses were $7.2 million. Cash reserves stand at $103 million. Since its establishment in December 2025, it currently holds approximately 20 million HYPE.
