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Corporate Overview | February 2026
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2 Disclaimer Information contained in this presentation has been obtained from published and non-published sources. Such information has not been independently verified by Hyperliquid Strategies Inc (“HSI,” the “Company,” “we” or “us”), and the Company does not assume responsibility for the accuracy of such information. Without limiting the generality of the foregoing, information in this presentation regarding Hyperliquid and its operations is based on information that has been publicly disseminated by Hyperliquid, and has not been independently verified by HSI. In addition, this presentation provides references to certain third-party websites. These sites and their providers are not controlled by us, and we are not responsible for the contents or the proper operation of any linked sites. The inclusion of any reference does not imply our endorsement or our adoption of the statements therein. Except where otherwise indicated, the information in this presentation is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. This document is neither an offer to sell nor a solicitation to purchase any of the Company’s securities. The information and metrics included in this presentation , including, but not limited to, data on the Company’s common stock, current HYPE token holdings, HYPE token price, Adjusted Net Asset Value and other reported figures—are provided solely for informational and illustrative purposes. They do not constitute investment, financial, tax, legal, or other professional advice, nor do they represent a recommendation, solicitation, or offer to buy, sell, or hold any securities, including PURR shares or HYPE tokens. Readers should not rely on the information herein when making investment or financial decisions. All investments, particularly in volatile digital assets like HYPE, involve significant risk of loss, including the potential for total loss of principal. There is no assurance of positive returns, preservation of capital, or achievement of any particular outcome over any time period. Historical performance of HYPE tokens, the Company’s stock (PURR), or any related metrics is not indicative of future results. Market trends, token prices, and asset values can fluctuate dramatically due to factors such as volatility, regulatory changes, macroeconomic conditions, technological developments, or shifts in market sentiment. Future performance may differ materially from past results or any implied expectations. Certain metrics, such as Adjusted Net Asset Value, are non-GAAP key performance indicators (KPIs) used internally to support the Company’s Treasury Strategy; they have inherent limitations (e.g., they do not fully account for existing or future liabilities) and should not be viewed as measures of financial performance, valuation, liquidity, or investment suitability. Investors should rely exclusively on the Company’s audited financial statements and comprehensive disclosures in its SEC filings. Investing in the Company or exposure to HYPE tokens carries substantial risks, including extreme price volatility, regulatory uncertainty, liquidity constraints, counterparty risks, and other factors detailed in the Company’s public filings with the U.S. Securities and Exchange Commission (SEC). Viewers are strongly encouraged to carefully review all risk factors, forward- looking statements, and other disclosures in those SEC filings (available at www.sec.gov) before making any investment decisions.
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3 Disclaimer - Continued Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to investors and other interested person. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company’s performance and the consolidated financial results. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of the Company’s operating performance. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, the Company’s non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. The Company cautions investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non- GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The most directly comparable GAAP financial measures, together with a reconciliation to the non-GAAP measures, if applicable, are included with any non-GAAP financial measures or ratios used in this document.
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4 Forward Looking Statements This presentation contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company and its business that may cause its actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward- looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “potential,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding the Company’s strategy, the Company’s ability to repurchase shares of common stock in the open market through its stock repurchase program, potential use of the Company’s equity line, the price and volatility of HYPE tokens, the macro and political conditions surrounding HYPE tokens and cryptocurrency generally, use of the Company’s cash and cash equivalents, objectives of management for future operations of HSI, the upside potential and opportunity for investors, HSI’s plans for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, the Company’s future financial condition and performance, and other expectations, intentions, strategies, assumptions or beliefs of the Company about future events, results of operations or performance or that do not solely relate to historical or current facts, as well as all other statements other than statements of historical fact included in this presentation. Factors that might cause or contribute to such a discrepancy include, but are not limited to, changes in business, market, financial, political and regulatory conditions; risks relating to HSI’s operations and business, including the highly volatile nature of the price of HYPE tokens; the risk that HSI’s stock price will be highly correlated to the price of HYPE tokens and the price of HYPE tokens may decrease; risks related to increased competition in the industries in which HSI operates; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding HYPE tokens; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that HSI experiences difficulties managing its growth and expanding operations; challenges in implementing HSI’s business plan including HYPE token-related financial and advisory services, due to operational challenges, significant competition and regulation; and those factors discussed in the final prospectus/proxy statement (File No. 333- 290034) filed by HSI with the Securities and Exchange Commission (the “SEC”) on October 27, 2025, and in subsequent filings and reports made by HSI with the SEC from time to time. The Company urges you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this presentation. All written or oral forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this presentation are made only as of the date on which they are made. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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Hyperliquid: the Blockchain to House All Finance Hyperliquid Strategies: The Premier Digital Asset Treasury Platform Focused on Hyperliquid 5 Hyperliquid Strategies Inc: Introduction Following the successful completion of its business combination, shares of Hyperliquid Strategies Inc started trading on NASDAQ under its new ticker (“PURR”) on December 3, 2025 • Public Listing Completed: through business combination with Sonnet BioTherapeutics Holdings, Inc. on December 2, 2025. • Strong Capital Base: investors contributed 12.5M HYPE tokens and $300M in cash. • Active Treasury Strategy: capital deployment to increase shareholders’ per-share exposure to HYPE in most efficient way possible. • Public Capital Plans in Place: programs in place for the sale and repurchase of PURR shares on an ongoing basis • Global Financial System Moving On-Chain: momentum accelerated supported by macro-economic, regulatory and political tailwinds. • Hyperliquid Proven Infrastructure: highly performant blockchain, dominant perps DEX, ~$800M in annual fees, billions of daily volume. • Rapid Increase in Addressable Market: through wider distribution (builder codes) and product innovation (non-crypto perps, x-margin).
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6 Investment Highlights The global financial system is rapidly moving on-chain, supported by macro-economic, political and regulatory tailwinds 1 2 3 4 5 6 7 8 9 The supportive macro environment has propelled the emergence of a new wave of digital asset winners with compelling fundamental value drivers Hyperliquid has emerged as the dominant perp DEX, rapidly gaining traction and generating large and fast-growing free cash flows The broader Hyperliquid Blockchain infrastructure is custom-built to become the “Blockchain to House All Finance”, setting the stage for further rapid growth Exposure to the Hyperliquid story through its native utility token, HYPE, is difficult due to limited access options, especially for institutional investors and those located in the U.S. Hyperliquid Strategies Inc (HSI) is currently the largest digital asset treasury (DAT) platform focused on accumulating HYPE tokens HSI seeks to provide regulated and capital efficient access to HYPE tokens and create shareholder value and generate superior returns through a differentiated DAT strategy The HSI team is led by a distinguished leadership team and leverage exceptional strategic partners Decentralized Exchanges (DEX) for perpetual futures (perps) are among the biggest digital asset winners, displaying unprecedented revenue growth
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Treasury Strategy to Create Shareholder Value • Difficult for retail and sophisticated investors to buy HYPE tokens (restrictions & availability) • HSI, as a publicly traded, regulated entity, intends to accumulate HYPE tokens Provide Access • Access to deep pools of capital, sophisticated financial instruments • HSI aims to provide compounding returns individual investors may not be able replicate Capital Efficient • Not just a ‘buy and hold’ HYPE token strategy • HSI will stake substantial portions of its HYPE tokens to provide stable yield (exploring validator options) Yield Generation • Currently the largest public DAT vehicle for the accumulation of HYPE tokens • HSI received initial capital from investors consisting of 12.5M HYPE tokens and $300M in cash Market Leader • Fostered through substantial HYPE token holdings, an active governance role, and DeFi initiatives • HSI is closely aligned with Hyperliquid’s long-term growth and development Deep Engagement 8 Hyperliquid Strategies Inc: Premier Digital Asset Treasury Platform HSI is currently the largest HYPE DAT, providing capital efficient and productive access to the HYPE token
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9 Hyperliquid Strategies Inc: Experienced Team and Strategic Partners Distinguished Leadership Eric Rosengren Board Member Former President of the Boston Fed David Schamis is the Founding Partner and CIO of Atlas Merchant Capital Larry Leibowitz Board Member Former Member of Management Committee Tom King Board Member Former Member of Executive Committee Bob Diamond is the Founding Partner and CEO of Atlas Merchant Capital, previously serving as the CEO of Barclays David Schamis Chief Executive Officer Board Member Bob Diamond Chairman Strategic Partners Distinguished Leadership
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10 Hyperliquid Strategies Inc: Executing on Our Strategy • Research coverage initiated. • Investor roadshows, conferences, podcasts, media appearances. Investor Engagement • Share buy-back program in place. • Share issuance program in place (ELOC). Capital Management • Clearly formulated HYPE accumulation treasury framework. • Disciplined execution. Treasury Strategy • Actively staking ~100% of HYPE tokens held. • Exploring validator opportunities. DeFi Activities • Focus on institutional engagement. • Exploring partnership opportunities. Ecosystem
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12 Global Financial System Moving On-Chain Supported by strong macro-economic, regulatory and political tailwinds • >700M+ digital asset retail owners. • Institutions embracing digital assets. • Digital assets ETFs, DATs. • Stablecoins adoption. • Perpetual futures market growth. • DeFi increasing market share capture. • RWA tokenization taking off. Global No borders Decentralized No intermediaries Faster, Cheaper Pennies instead of dollars Seconds instead of days Access Open to anyone Control “Your keys, your assets” Transparent Visible, auditable Accelerating Adoption Superior Infrastructure Source: a16z, CoinMarketCap
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Proven Product-Market Fit 13 Emergence of Compelling Digital Asset Winners Digital asset investors are flocking to platforms & products that demonstrate fundamental value Source: The Block, DeFiLlama, Dune Analytics, ARK Invest Decentralized Exchanges >$1T monthly perpetual futures volume Stablecoins >$300B total supply Prediction Markets >$10B monthly betting volume DeFi Lending ~$40B in active loans Product Market Fit Focus on End Customers Real World Value ( Fees) Scalable Business Model Compelling Narrative Large Committed User Bases Large Cash Flows Large Addressable Markets Verifiable Performance Metrics
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Hyperliquid: Proven Blockchain Infrastructure 14 Dominant Perps DEX for FY 2025 - #1 in trading volume. -# 1 i n o p e n i n t e r e s t . - #1 in trading fees. Highly performant blockchain - >$3T trading volume across perps and spot markets. - >$900M in fees, #5 DeFi protocol in fee generation. - >900k cumulative new users. Successful product launches - Builder codes: >$50M in fees during 2025. - Non-crypto perps: rapid growth (>25% of overall Hyperliquid trading volume in Jan 2026). - Native stable coin: USDH. Hyperliquid Highlights 2025 Highly performant blockchain infrastructure, pursuing its vision as the Blockchain to House All Finance
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DEX to CEX – Futures Trade Volume (%) 15 Decentralized Exchanges: A Winning Market Structure DEX: Non-custodial exchanges that allow users to retain control while trading assets on-chain in a transparent manner While centralized exchanges (CEXs ) have historically handled the vast majority of trading volume, momentum has shifted towards DEXs since 2023 Source: The Block • DEXs provide a global, transparent, permissionless, and trustless trading experience, while also delivering on speed, liquidity, low fees and user experience • While many CEXs experienced serious outages during October 2025’s ‘flash crash’, DEXs largely remained resilient by avoiding single points of failure and systemic fragilities • DEXs optimize performance and user experience, while generating ‘sticky’ liquidity and developing customized infrastructures that are uniquely scalable 0% 2% 4% 6% 8% 10% 12% 14% 16% 1-Jan 1-Mar 1-May 1-Jul 1-Sep 1-Nov 1-Jan 1-Mar 1-May 1-Jul 1-Sep 1-Nov 1-Jan 1-Mar 1-May 1-Jul 1-Sep 1-Nov 1-Jan 1-Mar 1-May 1-Jul 1-Sep 1-Nov
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• Perps are the most successful product in digital assets • Perps are derivative contracts without an expiration date • Main engine for crypto trading, with perps representing more than 80% of all digital asset trading activity • On an annualized basis, perps have $75T+ in trading volume (as of October 2025) • On most days, trading volume of perps well exceeds the trading volume of well-established traditional finance venues Perpetual Features Perpetual Futures: A Winning Product Perps $6.3T Spot $1.4T Monthly Digital Asset Trading Volume (as of October 2025) Source: CoinMarketCap 16
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1H 2024 – 1H 2025 Revenue Growth Rate 17 Perp DEXs: Fastest Growth Digital Asset Revenue Pool Perpetual futures on decentralized exchanges are one of the fastest growing revenue pools in digital assets 15% 41% 350% Digital Assets On-Chain Perp DEXs Perps trading moving on-chain has propelled perp DEXs to be the fastest growing revenue pool within the on-chain category, with revenue accelerating at unprecedented speeds Source: 1kx
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18 Hyperliquid: Already the Dominant Perp DEX Hyperliquid consistently ranks as one of the highest daily fee generators across all protocols Note: Hyperliquid volume, open interest and revenue figures are for the full year 2025. Weekly Active Addresses as of February 2026. Source: Artemis, CoinMarketCap, DeFiLlama, Token Terminal. First on-chain perps DEX to compete efficiently with centralized exchanges, combining a fully-transparent order book, high speed execution (>200K TPS), and low fees with a strong, community-focused user experience Hyperliquid Quarterly Revenue ($M) Rapid Scaling & Adoption #1 Perps DEX Volume >$3T All-time Perps Volume #1 Perps DEX Open Interest >150K Weekly Active Addresses >$800M 2025 Revenue $11 $143 $185 $307 $258 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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Proven Growth Engines Distribution Non-Crypto Perps Prediction Markets 19 Hyperliquid: Rapid Increase in Addressable Market The Hyperliquid Blockchain is a highly scalable, fully on-chain, permissionless financial system Expanding distribution through external platforms, which earn fees at minimal cost by leveraging Hyperliquid as their execution back-end, delivering a unique and simple plug-and- play experience. External builders create and operate new perp markets for any asset using the Hyperliquid infrastructure, bringing a wide range of new real-world assets on chain with immediate and significant liquidity. Native protocol (being implemented) that will allow users to supply assets for yield, borrow against holdings and share collateral across positions, maximizing capital efficiency and unifying liquidity. Portfolio Margin Native protocol (being developed) that will introduce outcome- based markets for events, bringing prediction markets and options on-chain in a collateralized, non- leveraged way without liquidation risk. Emerging Growth Engines “Builder Codes” “BLP” “HIP-3” “HIP-4”
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20 Today, Hyperliquid users can trade crypto, equity, commodities and broad indices with deep liquidity at low cost Top Perpetual Futures Trading under HIP-3 * 100+ non-crypto perps launched to date 24/7 self-custodied, globally accessible, and low-cost trading Any RWA can be turned into a permissionless perp market Hyperliquid: The Blockchain to House All Finance * As of February 2, 2026 Source: Hyperliquid
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21 Hyperliquid: Builder Codes Already Achieving Substantial Success Tens of millions of trading fees generated, attracting new users to Hyperliquid • Allows for a permissionless way to connect “front-end” applications to Hyperliquid’s “back-end” and earn fees from the traffic generated • Enables trading platforms, on-ramps and social apps, to leverage the Hyperliquid Blockchain as their execution back-end • Offers a transparent, open, and permissionless integration process without having to seek approval from a centralized party Source: CoinLaw, Consensys, X Well known platforms with large user bases are already generating tens of millions of quarterly revenue for Hyperliquid ~15M monthly active users ~30M monthly active users
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22 Hyperliquid: Increasing Awareness and Recognition by “TradFi”
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• Currently, ~99% of Hyperliquid revenues are used to buy back HYPE and DeFi • ~40M HYPE tokens have been bought back to date • Hyperliquid is the leading protocol for buy-backs by far Deflationary Buy-Backs Market Statistics 23 Hyperliquid: Attractive Native Utility Token – HYPE Versatile, but difficult to access, foundational token that powers the decentralized Hyperliquid ecosystem $645 $150 $138 $100 $79 $58 $41 $28 $27 $24 $21 $19 HYPE ZRO PUMP RAY SKY JUP ENA RLB BONK AAVE GMX MOVE Protocol Buy-Backs ($M) (January 1 – October 5, 2025) ~$15B Outstanding Token Value 1.0B Initial Token Supply #12 Rank By Market Cap ~469M Outstanding Token Supply ~231M Circulating Token Supply Source: Artemis, Blockworks, CoinMarketCap, Dune Analytics as of 11/09/2025. HYPE token price as of February 3, 2025. Market Cap based on estimated outstanding supply of HYPE tokens. See Appendix for definitions of outstanding tokens and circulating tokens.
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25 Hyperliquid: Blockchain and Decentralized Exchange Decentralized, permissionless, and community-driven high performance blockchain built to house all of finance Performant L1 blockchain • Custom built and optimized from first principles • Decentralized, fully on-chain performant financial system • Vertically integrates consensus, execution, and smart contracts unified under one validator set • Highly scalable, reliable execution that is fast, liquid, and transparent Seamless Interoperability • HyperCore (special purpose) and HyperEVM (general purpose) exist as a shared state, secured by HyperBFT • Seamless interoperability allows for boundless innovation catering to a wide range of use cases Decentralized Exchange Built on the Hyperliquid Blockchain Decentralized Trading • Fully on-chain orderbook with sub-second execution and deep liquidity • Combining speed of execution with on-chain transparency Accessible through Various User Interfaces and Front-Ends • Including the Hyperliquid user interface (app.hyperliquid.xyz) • User interfaces have no involvement in the execution of transactions Non-Custodial Wallet Access Unique custom-built interdependent blockchain architecture HyperBFT • Consensus algorithm • Decentralized validators produce blocks proportionally to staked HYPE (proof of stake) • Provides the consistency and sub-second transaction finality needed for seamless and rapid trading HyperCore • Execution layer • The fundamental building blocks and core functionalities (primitives) designed from the ground up • Houses the fully transparent on-chain order book and liquidity engine HyperEVM • Smart contract layer • Allows developers to build more complex applications to interact with the building blocks on HyperCore • Turns the Hyperliquid Blockchain into a general purpose and programmable DeFi platform
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26 Hyperliquid Labs and the Hyper Foundation • A team of core contributors • Led by Jeff Yan and iliensinc • Focused on helping to build and develop the Hyperliquid Blockchain • Actively engages with and listens to the Hyperliquid community • Self-funded and has not taken any external capital • Established to support the growth of the Hyperliquid Blockchain and ecosystem • Engages services providers, such as Hyperliquid Labs, to achieve its mission • As a validator, it takes part in the governance of the Hyperliquid Blockchain Hyperliquid Labs The Hyper Foundation
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27 HYPE: The Hyperliquid Blockchain’s Native Token A versatile foundational asset that powers the decentralized Hyperliquid ecosystem Liquidity Provision HYPE tokens can be deposited into the Hyperliquid Liquidity Provider vault, earning holders a share of trading fees and aligning their interests with network liquidity Fees The HYPE token is used to pay for transactions and advanced operations on the Hyperliquid Blockchain, with deflationary burn provisions in-place Staking Rewards Holders can stake HYPE to earn rewards and secure the Hyperliquid Blockchain, aligning their interests with the platform’s stability, security, and growth Governance Holders participate in decentralized governance, by voting on protocol upgrades, feature enhancements, and other platform decisions
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28 HYPE Tokenomics HYPE Token Initial Allocation 23.80% 31.00% 38.80% 6.00% Core Contributors Genesis Distribution Future Emissions / Community Rewards Hyper Foundation Community Grants HIP-2 Allocation Source: Artemis Analytics, Galaxy Research • Maximum supply of ~1 billion HYPE tokens • The HYPE token is the native gas token for HyperEVM, with base fees and priority fees being burned for every transaction • As of December 2025, transaction fees have burned ~0.07% of HYPE’s total supply • Currently, 99% of fees generated by the protocol are allocated to the Assistance Fund, which automatically purchases HYPE tokens from the open market • A portion of the HYPE tokens acquired by the Assistance Fund may be sent to a burn wallet to be permanently removed from circulation • The fixed total supply and the protocol’s burning mechanisms are generally expected to result in a decline in the supply of HYPE tokens over time, contributing to a deflationary trend Perpetual Features
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29 HYPE: Summary of Token Supply Value based on HYPE token price as of February 3, 2026 of $32.89. Tokens Categories # (M) % Value ($B) Notes Initial Supply 1,000.0 Maximum token amount. Future Emissions & Community Rewards (428.1) May become part of OTS in the future. Hyper Foundation (59.5) May become part of OTS in the future. Assistance Fund (40.2) Permanently burnt. Community Grants (3.0) May become part of OTS in the future. HyperCore & HyperEVM Fees (0.9) Permanently burnt. Outstanding Token Supply (OTS) 468.3 100.0% $15.4 Of Which: Core Contributors 235.0 50.2 7.7 Excludes tokens distributed to team members. Circulating Token Supply 233.4 49.8 7.7 Includes tokens distributed to team members. Note: Value based on February 3, 2026 HYPE token price.
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Hyperliquid Share Q3 2025 (%) 30 Valuation: On-Chain Market Cap Vs Fees Hyperliquid’s differentiated offering results in a disproportionately large share of on-chain fees 1.1% 5.8% Share of On-Chain Market Cap Share of On-Chain Fees During Q3 2025, on-chain protocols generated ~$5.2B in fees (excluding stablecoins) Hyperliquid was the third largest on-chain protocol in terms of fees for Q3 2025, representing close to ~6% of total on-chain fees The average on-chain market capitalization during Q3 2025 was ~$1.2T, implying an overall “market cap. to annualized fees” ratio of ~58x Hyperliquid’s average market cap during Q3 2025 was ~$13.4B, implying a market cap. to annualized fees ratio of ~11x These differences in valuation metrics are reflected in Hyperliquid’s share of on-chain market cap. (~1.1%) versus its share of on-chain fees (~5.8%) Source: 1kx; On-Chain Market cap and fees exclude Bitcoin and stablecoins
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31 Valuation: Hyperliquid vs Robinhood vs Coinbase vs Nasdaq Hyperliquid across the board high growth metrics: Revenue = “EBITDA” = “Net Income” = Buybacks Hyperliquid’s “net income” is approaching Robinhood and Coinbase’s ranges in substantially shorter time Hyperliquid’s overall growth rates are substantially above Robinhood and Coinbase Hyperliquid is trading at substantial discount to “earnings” valuation multiple Note: Hyperliquid Market cap based on outstanding token supply. Multiples based on annualized Q3 2025 figures. Share and token prices as of February 1, 2025 ($M) Revenue $ 2,090 $ 1,420 $ 989 $ 172 Q2 2025 1,958 1,793 1,274 303 Q3 2025 -6% 26% 29% 76% % Change EBITDA $ 762 $ 512 $ 549 $ 172 Q2 2025 670 801 742 303 Q3 2025 -12% 56% 35% 76% % Change Net Income $ 452 $ 33 $ 386 $ 172 Q2 2025 423 433 556 303 Q3 2025 -6% NM 44% 76% % Change $55 $51 $89 $14 Market Cap ($B) Multiple: 8.1 x 7.1 x 17.5 x 12.9 x Revenue 23.8 x 15.4 x 29.0 x 12.9 x EBITDA 32.7 x 29.6 x 40.2 x 12.9 x Net Income
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32 HIP-3: Universal Access to Huge Global Markets Any real-world asset can be turned into a permissionless Perp market Prediction Markets Pre-IPO Stock Indices Commodities Forex Equities $9.3B monthly betting volume Improved liquidity, speed & ease of access $900B - $1T daily trading volume $1.5T - $2.0T notional equivalent per day ~$9.6T daily trading volume (derivatives) $500B - $600B in daily trading volume (underlying) STOCK XXXX Source: Bank for International Settlements, CME Group, Fortune, ICE, World Federation of Exchanges, Dune Analytics
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33 HIP-3: Translating Into Massive New Revenue Pools At modest market share capture, there is potential to multiple Hyperliquid revenue 2.4x – 6.0x At 0.5% Market Share At 0.2% Market Share Illustrative ~$424M ~$169M Equities ~$5,443M ~$2,177M Forex ~$992M ~$397M Commodities ~$528M ~$211M Stock Indices ~$7,387M ~$2,955M Total ~$1,213M ~$1,213M Hyperliquid Annualized Revenue ~$8,599M ~$4,167M Potential Future Revenue ~609% ~244% % Potential Increase Note: Assumes 0.045% taker fees for Hyperliquid perps. Annualized revenue for Hyperliquid based on Q3 2025 revenue
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34 HyperEVM: A Thriving Ecosystem Selection of teams building on Hyperliquid (DeFi / Yields only) Source: HypurrCollective
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Hyperliquid Strategies: Treasury Strategy Framework 35 Subject to various factors including: - Working capital balance and requirements. - General market conditions. - Liquidity, volatility and trading volumes. - Specific factors (announcements, black-out periods, and other factors). General Condition Treasury Action Buy PURR Buy HYPE Sell PURR Sell HYPE mNAV < Target Ratio Fundamental Value > Current Price mNAV > Target Ratio Fundamental Value < Current Price Note: mNAV is defined as market capitalization as a multiple of net asset value (stockholders’ equity).
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Q4 2025 Financial Performance: Summary Performance Statement 37 • Staking revenue: staking rewards on (100% of) HYPE tokens staked. • Unrealized Loss: loss on HYPE tokens held from transaction completion (December 2, 2025) up to period-end (December 31, 2025). • Loss on HYPE Commitment: loss related to the decline in HYPE tokens value from initial commitment (July 2025) up to transaction completion (December 2, 2025). • IPR&D Write Off: 100% write-off of “excess purchase price” created in asset acquisition of legacy business. • Deferred Tax Expense: net increase in Deferred Tax Liability for the period. (a) This item is a non-GAAP measure. Please refer to “Non-GAAP Information” on slide 3 for further information. 6 Mts Ended $M 12/31/25 Interest Income $0.9 Staking Revenue 0.5 Unrealized Gain / Loss on HYPE (93.2) Loss on HYPE Contributed (169.2) Treasury Strategy Income / (Loss) (a) (261.0) SG&A & R&D (3.5) IPR&D Write Off (35.6) Income / (Loss) Before Income Taxes (300.1) Deferred Tax Expense (17.8) Net Income / (Loss) $(317.9)
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Q4 2025 Financial Performance: Summary Balance Sheet 38 • Cash: balance post deployment of treasury strategy for the period. • HYPE Tokens: 12.9M tokens held at $25.48 per HYPE token. • Zero debt. • Deferred Tax Liability: based on $25.48 per HYPE token. % of $M 12/31/25 Total Cash and Cash Equivalents $281.9 45.7% Other Current Assets 5.2 0.8 Total Current Assets 287.1 46.6 HYPE Digital Assets 327.6 53.1 Other Assets 1.9 0.3 Total Assets $616.7 100.0% Accounts Payable $2.4 0.4% Other Current Liabilities 6.7 1.1 Total Current Liabilities 9.1 1.5 Deferred Tax Liability 17.8 2.9% Total Liabilities 26.9 4.4 Stockholders' Equity 589.8 95.6 Total Liabilities and Equity $616.7 100.0%
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Adjusted Net Asset Value (February 3, 2026) 39 • Please refer to our website for the most updated version: hypestrat.xyz. • Two calculations of Adjusted Net Assets (yielding the same result), based on: • Adjustments to the latest reported stockholders’ equity (Net Asset Value) (table on the left). • Key components making up Adjusted Net Asset Value (table on the right). Note: Please read to disclaimer on page 2 carefully before relying on any of the information presented here. HYPE Latest Token Price $32.66 Latest price. HYPE Tokens Held (M) 17.6 Value of Digital Assets ($ in M) $573.2 Based on latest price. PURR Latest Share Price $5.15 Latest price. ` Fully Diluted Shares (M) 150.6 Fully Diluted Market Cap ($ in M) $775.4 Based on latest price. Adjusted Net Asset Value ($ in M) Adjusted Net Asset Value ($ in M) Net Asset Value $589.8 Reported as of 12/31/25. Value of Digital Assets $573.2 Based on latest price. Less: Cash From Operations - - - Since date of reporting Cash Holdings 155.9 Latest cash balance. Plus: Cash From Financing - - - Since date of reporting Estimated DTL (44.8) Based on latest price. Less: Treasury Deployment (120.9) Since date of reporting Other 3.3 Less: Reported Value of Digital Assets (327.6) Reported as of 12/31/25. Plus: Current Value of Digital Assets 573.2 Based on latest price. Less: Reported Estimated DTL 18.0 Reported as of 12/31/25. Plus: Current Estimated DTL (44.8) Based on latest price. Adjusted Net Asset Value $687.6 Adjusted Net Asset Value $687.6 Per Fully Diluted Share $4.57 Per Fully Diluted Share $4.57 Multiple to Adjusted Net Asset Value 1.13x 1.13x