Hyperliquid Strategies Inc., a digital asset treasury firm, announced on Tuesday, March 25, 2026, the launch of options trading for its common stock (PURR) on the Nasdaq Options Market. According to a company press release, this initiative aims to enhance liquidity and price discovery for PURR shares, which provide capital-efficient exposure to Hyperliquid's native HYPE token.
David Schamis, CEO of Hyperliquid Strategies, stated, "This is a major milestone for the company. PURR options allow our investors to better manage risk and participate in the rapid growth of Hyperliquid's high-performance ecosystem." He noted the timing coincides with record growth for Hyperliquid, driven by surging trading volumes in oil perpetuals and other tokenized real-world assets. The company's HIP-3 markets for perpetual futures tied to tokenized traditional assets recently reached a new peak of $1.74 billion in aggregated open interest, just six months after launch.
Hyperliquid Strategies went public in December 2025 through a merger with Sonnet BioTherapeutics. As of early February 2026, the company held 17.6 million HYPE tokens, representing approximately 1.83% of the total supply, after deploying additional capital to increase its position. Financial reports from the end of 2025 showed total assets of $616.7 million, alongside a net loss of $317.9 million for the second half of the year. This loss was largely attributed to $262.4 million in unrealized losses on its HYPE holdings due to token price volatility.
Market data indicates that the HYPE token climbed 7.37% in the past 24 hours to trade at $40.25, marking a nearly 40% increase over the past 30 days. Meanwhile, PURR stock closed flat on Tuesday at $5.29.
