PURR mNAV
Hyperliquid Strategies (PURR) next to the HYPE it holds: adjusted NAV, mNAV, its warrants and how both move with HYPE.
Updated 3 Nov 2026, 11:26 UTC
HYPE
PURR
Adjusted NAV
Type a price to see every table below at it.
| Line | Basic | Fully diluted |
|---|---|---|
| HYPE held | 29.35M HYPE | 29.35M HYPE |
| × HYPE price | $84.19 | $84.19 |
| = HYPE value | $2.47B | $2.47B |
| + Cash | $132.6M | $132.6M |
| − Tax on HYPE's gain (21.05%) | −$304.8M | −$304.8M |
| + Cash from warrants | — | $93.4M |
| = Adjusted NAV | $2.30B | $2.39B |
| Shares | 224.43M | 234.80M |
| NAV per share | $10.24 | $10.19 |
| HYPE per share | 0.1308 HYPE | 0.1250 HYPE |
| Market cap at the PURR price | $2.18B | $2.28B |
| mNAV | 0.95x | 0.95x |
| Premium (+) or discount (−) to NAV | −5.2% | −4.7% |
Adjusted NAV = HYPE at the price above + cash − 21.05% tax on HYPE's gain over its estimated $1.02B tax basis (+ the in-the-money warrants' cash, fully diluted). mNAV = market cap ÷ adjusted NAV. As filed: book NAV $743.5M, digital assets $689.0M, deferred tax $60.5M.
Warrant dilution schedule
| Warrant | Shares | Strike | Cash if exercised | Shares once this and every lower strike is exercised | At the PURR price |
|---|---|---|---|---|---|
| 2025 Bridge Financing Warrants - 200% Coverage | 0.64M | $6.25 | $4.0M | 225.07M | In the money |
| 2025 PIPE Financing Warrants | 0.60M | $6.25 | $3.8M | 225.67M | In the money |
| Sponsor 1.5x Warrants | 9.13M | $9.38 | $85.6M | 234.80M | In the money |
| Sponsor 2.0x Warrants | 9.13M | $12.50 | $114.1M | 243.93M | Out of the money |
| Sponsor 3.0x Warrants | 9.13M | $18.75 | $171.2M | 253.06M | Out of the money |
| In the money now | 10.37M | $93.4M | 234.80M |
Every warrant in the filing, lowest strike first. A warrant is in the money when its strike is under PURR's price.
HYPE sensitivity
| HYPE price | PURR price | PURR price | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| $4.86 | $7.28 | $9.71 | $12.14 | $14.57 | $19.42 | |||||
| $42.10 | 0.82x | 1.23x | 1.61x | 2.01x | 2.32x | 2.89x | ||||
| $63.15 | 0.60x | 0.90x | 1.20x | 1.50x | 1.76x | 2.24x | ||||
| $84.19 | 0.47x | 0.71x | 0.95x | 1.19x | 1.42x | 1.84x | ||||
| $105.24 | 0.39x | 0.59x | 0.79x | 0.99x | 1.19x | 1.55x | ||||
| $126.29 | 0.33x | 0.50x | 0.68x | 0.85x | 1.02x | 1.35x | ||||
| $168.39 | 0.26x | 0.39x | 0.52x | 0.66x | 0.80x | 1.06x | ||||
Fully diluted mNAV at each pair of prices, from half to twice the prices in the boxes. Today's prices are in bold.
Sources: Hyperliquid Strategies Inc (PURR) SEC filings and weekly treasury disclosure (as of 2026-08-20 UTC). Weekly items lag the report date by one week; HYPE token and PURR share prices update every 6 hours. HYPE: DefiLlama. PURR: Yahoo Finance.
Need help? Email kyle@grandlineresearch.com. Not financial advice. Read our privacy policy and terms.