Hyperliquid Strategies Inc ($PURR) just filed for an IPO. The company holds ~$580M in HYPE tokens and $310M in cash — a crypto treasury vehicle wrapped in a biotech shell.

The structure is unusual: HSI was formed via a merger with Rorschach and Sonnet. Sonnet is a clinical-stage oncology biotech, but its tumor delivery assets were sold to Guidant Biotherapeutics in March 2026. What remains is a HYPE treasury play. On proceeds: the company plans potential purchases of HYPE Tokens and general corporate purposes. Simple mandate, but it means the balance sheet is only as strong as the token price. Key risks: HYPE is highly volatile and price swings could hit financial results and the stock. No dividends are expected, so returns depend entirely on appreciation. Dilution from Advisor Warrants and CVRs is also a factor. Bottom line: $PURR is a leveraged bet on HYPE with a biotech legacy attached. If you want token exposure with a public-market wrapper, this is it — but volatility cuts both ways.

The structure is unusual: HSI was formed via a merger with Rorschach and Sonnet. Sonnet is a clinical-stage oncology biotech, but its tumor delivery assets were sold to Guidant Biotherapeutics in Marc