Rob Diamond, Director of Corporate Affairs, Hyperliquid Strategies Inc.: Good morning, and welcome to Hyperliquid Strategies earnings conference call for fiscal year ending June 30, 2026. I am Rob Diamond, Director of Corporate Affairs for Hyperliquid Strategies Inc. Participating in today’s call are David Schamis, Chief Executive Officer, and Brett Beldner, Chief Financial Officer. After the presentation, there will be an opportunity for questions and answers from the audience. Before we begin, please note that the comments during today’s call and the accompanying presentation contain forward-looking information. All statements other than statements of historical facts are considered forward-looking statements. All forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results discussed in the forward-looking statements. Some of these risks and uncertainties are identified and discussed in the company’s filings with the SEC.

In addition, information in this call and the presentation regarding Hyperliquid and its operations is based on information that has been publicly disseminated by Hyperliquid and has not been independently verified by the company. We ask you take a moment to read the disclaimers at the beginning of the slides that accompany this presentation, as they contain important information.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Great. Thank you, Rob. As I think most people know, but it is worth repeating, Hyperliquid Strategies is the largest publicly traded digital asset treasury company for the HYPE token. We are listed on Nasdaq. The HYPE token obviously is the native Hyperliquid token on the blockchain. We have a strong balance sheet. As of August 18, we have 29.4 million HYPE tokens, $133 million in cash and cash-like instruments, and we have no debt. I say this all the time, but we really only have four meaningful balance sheet items. We have cash, we have tokens, we have a deferred tax liability, and we have equity, and it is really that simple. We, as a company, are a DATT, but that means that we are not an ETF. We have the ability to participate in the ecosystem in ways that we can as an operating company rather than an investment vehicle.

The first thing we have done is become a validator on the Hyperliquid blockchain. We are one of the largest non-foundation validators on the blockchain, and we are working hard to explore other things that we can be doing, other initiatives we can be doing in the ecosystem to create value both for the broader ecosystem and for our shareholders. We are a top 10 DATT. I think as of the writing of this document, we are number six DATT in the world. We are obviously the largest I should not say obviously. We are the largest DATT vehicle for any digital asset other than Bitcoin and Ethereum. I will say a word about Hyperliquid generally. I think, again, from the first time we started doing these calls until today, Hyperliquid has gotten quite a bit more recognition in the world.

Hyperliquid is extremely well-positioned, and one of the most successful blockchain use cases out there. Perp stablecoins, real-world assets, prediction markets. We are going to go into that as we go through this discussion. Unlike a lot of other blockchains, Hyperliquid generates real revenue. That real revenue turns into buybacks of the token, so effectively, that revenue generation is instantly or almost instantly returned to the token holders. From a valuation point of view, it is actually quite easy to understand how that works, and quite comparable to a lot of other things that people in this world value when it comes to businesses. HYPE is now a top 10 token, number sixth, excuse me, number seventh largest token, and it is by far the largest token to have merged within the last five years. Hyperliquid is incredibly well-positioned across all the most successful blockchain use cases out there.

Perps have generated over $5 trillion of volume across all the various venues for perps. In a lot of ways today, it is hard to say Hyperliquid without the word perp, and it is hard to say perp without the word Hyperliquid. It has become such an important part of the perp world, and I think in a lot of ways, Hyperliquid has done a tremendous amount to bring perps to the forefront of the minds and thoughts of the investing world. The stablecoin world, which we all know, there is $305 billion of stablecoin market cap out there. Hyperliquid has made a major move in stablecoin revenue, as we will talk about. RWAs, I say this all the time, but it is worth repeating. Lots of people in the crypto world for a long time have been talking about how real-world assets are going to come on chain.

I think that there has been a lot of theorizing and pontificating about it. There has not been a lot of actual action. That is not the case in the Hyperliquid world. Since last November, there has been a tremendous amount of actual real-world assets traded in perp form on Hyperliquid. Prediction markets, as many people know, are a large and emerging opportunity in the world that has been dominated really by two players so far. Hyperliquid has launched and will soon be launching their permissionless platform for prediction markets. It is called Outcome Markets in the Hyperliquid world, that we think will make a major impact versus the other two incumbents, mostly because of costs and trading experience. Go to the next page, please. We will dive a little deeper into each one of these things. Perps, as we said, Hyperliquid continues to dominate the decentralized perpetual futures trading.

It really has been the core of what Hyperliquid was built on from the beginning. I think when we started on this venture over a year ago, I was doing a lot of explaining to people about what a perp is. I still do some explaining to people about what a perp is, but today, the knowledge base of the general investing public is so much higher on perps. People understand it. People understand why it is valuable. Rather than reading through every line on this page, I am going to focus on one, which is no fragmentation. I think that is an incredibly important part of what perps can bring to the levered investing world. For many, many years, the best way to invest in, let us just say, equities, has been through call options. Call options are widely used by lots of people in lots of places.

I think I saw recently that a pretty high percentage of Robinhood’s revenue these days are call options, which is totally understandable. The problem with call options are, for every name, for every Nvidia, for every Tesla, for every Microsoft, for every single individual ticker that exists, there are many, many, many different CUSIPs of call options. You have multiple strike prices. You have multiple expiration dates. You then have puts and calls. For something like Nvidia, to use that as an example, there could be hundreds or thousands of different CUSIPs for one particular ticker. The problem is the entire world of people choosing to invest in Nvidia in a levered fashion with call options, all of that liquidity, all of that open interest is spread over every one of those CUSIPs.

Even for the super highly liquid names, you have that liquidity spread over many, many different CUSIPs. What that does is it widens bid-ask spreads. There’s a reason that many of the venues out there are paid for customer flow. They’re paid for customer flow, not because people like showing big numbers, because the bid-ask spreads are wide. And with wide bid-ask spreads, market makers can make a lot of money. On the perp side, for every one ticker, there is one perp. There’s an Nvidia ticker, obviously, in the Nasdaq. There’s one Nvidia perp on trade[XYZ]. Whether you want to trade 20 times leverage and you want to hold that position for 20 minutes, or whether you want to trade one times leverage and hold that position for six months, it’s the same contract. It’s the same liquidity pool. Bid-ask spreads are much, much tighter.

And in the end, the cost to trade to the end user, to the customer is materially different. And that is a very, very big difference, and that is a perfect example of technological advancements in the financial world, like perps, actually benefiting the end user in a big way. There are market makers out there who enjoy those wide spreads that do not like these as much as you would expect. On page 8, we talk about stablecoins. Stablecoins have already made a very large splash in this world. Circle’s IPO last year was incredibly successful and brought what stablecoins are to the forefront of the investment community. USDC, which is Circle’s stablecoin, has been a hallmark of the Hyperliquid exchange from the beginning. I don’t think 100% of the pairs traded on Hyperliquid are USDC, but a very high percentage of them are.

Initially, 100% of that revenue that was generated from those stablecoins sitting on the Hyperliquid ecosystem went back to Circle. During 2026, it was announced that Hyperliquid had recut a deal where 90% of that reserve yield is actually going back into the Hyperliquid ecosystem, which basically directly falls to the bottom line and is used to increase the buybacks of the HYPE token. I actually think that either officially went into place either yesterday or today or sometime around now. So that is not just announced. I believe that is in place now, and it is quite exciting. That has the potential, as you see in some of these numbers here, to move the needle quite meaningfully for the Hyperliquid ecosystem, and for the value of the tokens going forward. Go to the next page, 9. Real-world assets.

Again, a year ago, there was not one penny of real-world assets traded on Hyperliquid. Today, it has very much become the full story. I talk about this a lot, but when the Iran war began in February, late on a Friday, New York time, I believe the only place that oil traded for about 48 hours following that was on Hyperliquid. Amazingly, here we are in 2026, one of the most important, one of the most liquid, no pun intended, markets in the world is oil. A major geopolitical event happens late on a Friday, and this trading venue that had only offered oil for a small number of weeks leading up to that day was the only place that any real volume was traded for a full 48 hours. It is quite amazing, actually. Go to the next page 10. This is one of my favorite charts.

This is actually a conglomeration of a number of charts that I put on Twitter over the last number of months. Hyperliquid has become a place not only where existing real-world assets like Tesla or Nvidia have been trading, but pre-IPO listings have come about on Hyperliquid, where we saw some real volume leading into the IPO. I am not going to deconstruct this whole chart because it is a bit confusing, but basically the lines on the left are where these various names were trading on Hyperliquid pre-IPO. The lines on the right are where the underlying spot trading happened post-IPO. The four dots in the middle are where these four IPOs were priced.

I would point out that the price on Hyperliquid leading into the IPO was, A, an excellent predictor of where these stocks would trade post-IPO, and also, with all due respect, did a much better job of predicting where these things will trade than the investment banks that priced these IPOs at those four dots right there. This is a little bit of a soapbox that I have been on. I have been on this soapbox many years before I even knew what Hyperliquid was, many years before Hyperliquid was invented or founded. I think the IPO discount that gets charged to companies when they go IPO has been very high. It has been too high for too many years. There is a real-world impact on that high IPO discount.

Every time a venture capitalist invests in a new company, on the back end of that model, they assume an IPO price, they assume realization for their investment. That IPO discount has an actual effect on capital they are willing to allocate, on people those new ventures are willing to hire, employment, et cetera. It is real, it is important, and if Hyperliquid could have an impact on reducing that IPO discount for companies going forward, I will personally find a lot of satisfaction out of that after years of me talking about this. Again, we love this chart. We love this page, and I think it is actually worth staring at for a few minutes, even after this call. Let us go to the next page. As we talked about a minute ago, outcome markets on page 11 is Hyperliquid’s way of talking about prediction markets.

This is something that went live on Mainnet on Hyperliquid on May 2nd, though it was only their own markets that they implemented. It is expected to go permissionless shortly. What it means to go permissionless in this case is the way HIP 3 allows others to build their own markets, their own perp markets on Hyperliquid. That will be the same case for Outcome Markets. I do not think anyone thought that the Hyperliquid team in Singapore was going to be the right people to be deploying markets for who might win the Senate race in Michigan this November, or whether congressional salaries will be increased or the other hundreds of different things that people take positions on Polymarket and on Kalshi.

The idea is for third-party builders, third-party deployers who have an expertise, who can draw liquidity and volume and market makers in these things to be deploying them, and to use the underlying Hyperliquid technology. We also expect when these markets are up and running, to be both significantly less expensive than the two incumbents and to also have a significantly better trading experience than those are for the actual people doing the trading. Let us go to page 12. This is, again, no secret to anybody, but Hyperliquid has consistently been amongst the highest on-chain revenue generators of all the blockchains out there. The chart in the middle is quite amazing. I talk about this all the time, but in the fourth quarter of 2024, there was $14 million of revenue. By the third quarter of 2025, we see $324 million. Quite an amazing growth.

Over time, you see the different components of that revenue here. We have seen it come down since the third quarter of 2025, but it is worth talking about that. There is no doubt since then, up until quite frankly this week, we have seen a bit of a crypto winter, and crypto has been in a bit of a bear market when it comes to trading volumes in general. Obviously, Bitcoin is down quite a bit since its peaks in October of last year. What has happened on Hyperliquid is what has replaced the volumes of crypto has been a lot of Real-World Asset trading. So Real-World Asset trading right now is in something known as growth mode, where the fee levels for the Real-World Assets are running at about a 90% discount to where the crypto fee levels are. It is expected to stay there for a while.

We are not expecting growth mode to end anytime soon. So what has happened is lower fee volume has replaced higher fee volume over the last number of quarters. We expect over time two things to happen. One, crypto volumes to return, and this week and last week, late last week, has been a good example of that. That is already happening. And we obviously expect Real-World Asset volumes to continue to grow in a big way and to see these numbers moving in the right direction. Go to page 13. This is, again, something we talk about a lot, but from the economic value numbers on the page earlier turning into specific revenue dollars for Hyperliquid. You can see, obviously, these numbers are highly correlated to the page earlier. 99% of these revenue dollars are used to repurchase the token.

Those token repurchases happen live daily on a programmatic basis. I talk about all the time how if you were to compare this to a public company, a public company might generate earnings one quarter. They have a board meeting sometime after the end of the quarter. The board sits around in a fancy hotel or somewhere and debates whether they should use those earnings to buy back stock, or to pay a dividend, or to buy the CEO a new airplane, or whatever. Here, there is none of that discussion or debate. It literally happens every day. It is programmatic, it is live, and it is 99% being used to repurchase the token. It is really one of my favorite features of the whole Hyperliquid system. If you go to page 14, we are constantly thinking about the HYPE token versus other cryptos out there.

One of our theses when we got into this over a year ago, one of the things we have talked about a lot, both before and after close, is we expect the correlation between Hyperliquid and the large incumbent cryptos to go down over time. If you look at the chart on the left, this is the correlation of HYPE, ETH, and Solana to Bitcoin. You can see HYPE has been, and almost at every point in this chart, is much lower correlation than the other two. That is what we have expected. That is what we continue to see happening. The HYPE token is trading much more based on the value creation from the Hyperliquid ecosystem, and much less as just a pack of crypto that is highly correlated to Bitcoin. On the right, we show the chart of the Hyperliquid token value relative to Bitcoin, ETH, and so.

It is really interesting that that silver spike in January of last year, late January of last year, there was quite a bit of volatility and trading activity in silver. Hyperliquid had recently listed silver the way it had recently listed oil not long before that. A lot of that volume, a fair amount of that volume was on Hyperliquid. In a lot of ways, that was the world’s first view of what this Hyperliquid thing was and what was going on in the real-world assets side of Hyperliquid. You saw a breakout moment there. Oil, we talked about already. You saw a breakout moment there. Then when the pre-IPOs started trading in a major way on Hyperliquid, we saw another breakout there.

Obviously, last week, for anyone that missed it, when the president commented on Hyperliquid in his press conference, that also was obviously a breakout moment that it will be hard for us to forget. Page 15, it is worth pointing out here that the HYPE token is firmly established as a top 10 token. It shows a $17 billion of circulating value, that is an apples-to-apples comparison to these other tokens that are out there trading. The footnote here is actually worth reading. We do our own version of what we think the, quote, "market cap" of Hyperliquid is. We add a significant amount of the currently locked tokens that are owned by the founding group. We do not think, we are fairly certain over time those tokens will unlock.

We think the right way to think about this, both from a circulating supply point of view, but also from a market cap and evaluation point of view, would be to add those back. That gets to a materially higher number, although interestingly, it would only move Hyperliquid from number 7 to number 6 on this chart. If you flip to page 17, we now get into some of the fiscal year 2026 highlights. To refresh everyone’s memory, our fiscal year is June 30th, just to keep everybody on their toes. We closed our transaction on December 2, 2025. Since then, we have raised close to $650 million in net proceeds through issuances of stock in the open market. About 76 million shares have been issued. The average price of our issuance has been $8.50, and the average NAV at the time of issuance is 1.15x.

We have deployed a significant amount of cash into buying tokens over this period. The average price was about $46.77, which somewhat coincidentally equates very close to the tokens we originally acquired as part of the initial deal that was announced last July. They were both at around the $46 level. To state the obvious, every single day that goes by, that average will be ticking up as long as we’re buying more tokens because the token price is a lot higher. I don’t want anyone to be too surprised at our next earnings call when that 46 number is higher. Frankly, I hope it’s higher because if it’s lower, that would mean the token price would go down a lot between now and the end of the next quarter. The NAV has been quite volatile over the period.

I often say that I was expecting the underlying token to be quite volatile, and it has been. But I was not expecting the NAV to be as volatile as it has been. It’s been as high as at or around 1.3x. It’s been as low as at around 0.75x. That, while on one hand has caused me materially more gray hairs than when I started in this, it is also something we should not be upset about, we should be quite happy about as a DAT, because when that multiple is high, we’re able to issue stock in an NAV accretive way and buy more tokens. And when that multiple is low, we’re able to use our cash reserves to buy back the stock that is also NAV accretive.

While a steady 1.0 or 1.1 mNAV would be a nice relaxing way to live a life, it would actually not create the same amount of value accretion opportunities that we’ve had when we’ve done this. If you go to page 18, we’ve talked about this a lot already, but obviously, over the period of the last quarter, the NAV has moved quite a bit. Over time, our cash value has gone up, our HYPE treasury has gone up an awful lot, by $1.2 billion. And, the deferred tax liability has increased along with that. By the way, it’s important to point out, any time we talk about NAV, we generally are talking about it including the deferred tax liability, meaning deducting the deferred tax liability from the NAV.

I think that is both accurate from a GAAP point of view, and it is also the right way to think about it from a value point of view. If and when the time ever came where we were selling tokens and liquidating the debt, we would be paying that tax. So that is a real liability that may come about one day. On the other hand, until we were selling tokens, until we were in that mode, that is not a liability that we have to pay today. That is not a liability that accrues any interest. It is not unreasonable for someone to also look at our NAV, while adding the deferred tax liability back to the NAV, which would obviously increase the value of the NAV and reduce our mNAV at any given point.

If you go to page 19, again, we like thinking about correlations around here. We look at how our stock is correlated to HYPE. Interestingly, very early on, there was much less correlation than one would expect. That had a lot to do, I think, with just getting our deal closed the month of December, some fair amount of probably share turnover in that month, and also it was a pretty grim month in general for crypto. HYPE, I think, was in the 20s and 30s for much of that month versus where it was today. HYPE was quite a bit higher before December. So it was kind of a funny time to close this deal, but those correlations have come up a lot. As you see, I don’t think 100% is necessarily our goal.

As I said before, we’re not an ETF, and we don’t hope to be an ETF. But generally speaking, this number, the correlation being higher rather than lower is the right thing to us. Generally speaking, the direction of the line on this chart feels very good to us. The chart on the right shows how our stock has performed relative to the other large DATs out there. On one hand, it’s nice to see this. On the other hand, I remind our team and our board all the time that we shouldn’t break our arm patting ourselves on the back on this one. I think that this is almost, maybe not 100%, but mostly close to entirely, because of the underlying token performance.

Needless to say, we made a good choice with choosing the HYPE token going in, but most of this outperformance has been the HYPE token’s outperformance. But we hope to add a little bit to it, by our good work and our hard work around here. Page 20. I’ve alluded to this earlier, but, because of the growth we’ve had, both in the underlying stock price performance and the equity we’ve issued, the net equity we’ve issued since closing, we are now the sixth-largest DAT in the world. We are by far the biggest non-ETH and Bitcoin DAT. I certainly hope over time we continue to move up these ranks.

I think as Hyperliquid itself becomes more and more relevant and more and more important in the not just crypto world, but the asset trading world in general, I would assume, as its market cap grows, we will see our name moving higher on this list over time. Maybe one day we will be giving Michael Saylor a run for his money on the total value of our treasury. With that wild statement, I will pass this over to Brett to talk about some of the financial aspects of the quarter.

Brett Beldner, Chief Financial Officer, Hyperliquid Strategies Inc.: Thanks, David, and good morning, everyone. It is my pleasure to present to you our financial results for our fiscal year-ending June 30th, 2026. The context of my discussion and our performance for the year tracks the transition from HSI agreeing to issue a PIPE last year, to the acquisition of a biotech company in December, to becoming the largest digital asset treasury company focusing solely on supporting the HYPE token and the Hyperliquid ecosystem. For the year, we generated approximately $553 million of income related to our treasury assets, being our tokens and cash and cash equivalents that we refer to as our treasury strategy. The income was primarily driven by unrealized gains on our HYPE tokens, both from the appreciation of the tokens that we received at the acquisition closing, but also from our effective acquisition strategy of purchasing approximately 16.5 million HYPE tokens at optimal prices.

All of our HYPE tokens are staked, which, combined with any revenues we received from our validator, resulted in $9.5 million of staking and validator revenues that were primarily recognized in the fourth quarter as our holdings grew. Our operating costs for the year were approximately $14 million, with a significant decrease between the third and fourth quarter after we divested the legacy biotech business and became solely focused on the Hyperliquid treasury strategy business. In addition, for the year, we recognized $35.6 million of IPR&D write-off expense related to the business combination and other expense of $14.3 million, $12.2 million of which related to an accounting charge required to be recognized based on the structure of our equity facility. This expense was a non-cash charge with an offset to stockholders’ equity and had no impact on our NAV.

The final component is a deferred tax expense of approximately $184 million, which related to the embedded unrealized taxable gain of our HYPE tokens as required under GAAP. This is not a current obligation, as David said, rather it only arises in the future if we decide to sell all of our tokens, which we currently have no desire to do. Moving on to the next page, our balance sheet, we continue to keep it simple. As of June 30th, 2026, we have a little over $2 billion of assets and no debt. As of June 30th, our assets were comprised of approximately 29.3 million HYPE tokens, valued at around $1.9 billion, and approximately $150 million of cash-like instruments, which included cash, short-term treasuries, and USDC.

We believe it’s important to retain cash to be able to take advantage of treasury opportunities as they arise, whether that is buying tokens at depressed prices or repurchasing our own stock when we trade below certain NAV multiples. We continue to recognize a deferred tax liability, approximately $184 million, as required under GAAP for the embedded taxable gain, which, as discussed, is not a current obligation and only becomes one if we decide to sell our tokens. The net result is an extremely strong capital position. Stockholders’ equity of approximately $1.9 billion, up over 150% from last quarter due to both the appreciation of HYPE and the net capital raised from issuing equity. I will now turn the presentation back over to David for some closing remarks.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Thanks, Brett. I’ll make a couple minor comments before we go over to Q&A. In the eight or so months since we have closed our deal and have been public, as I said before, we’ve seen tremendous volatility, both in the underlying token and in our mNAV. I have to say, it’s been awfully interesting because at different moments over this period, we’ve had people publicly calling us geniuses, thinking we’re doing an unbelievably great job at what we’re doing, and we’ve also had people calling us idiots, thinking we’re doing a terrible job doing what we’re doing. I would put forward that we are neither geniuses nor idiots. I think that what we’ve done from the beginning, what we’ve set out to do and what we try to continue to do is to run this in a very disciplined fashion.

We do not want to get overly ebullient when things look great. We don’t want to get overly negative or overly depressed when things don’t look as great. Again, the word we try to repeat around here over and over again is discipline. One of those disciplines, as I’m sure you’ll see and you’ve noticed, is that we keep a fair amount of cash on the balance sheet. I think that we have never had to sell any call options against our tokens. We’ve never been painted into a corner where we need to generate cash and do unnatural things with our treasury, and we think that is awfully important when it comes to running a DAT in a disciplined and successful way.

Having a lot of cash gives us the opportunity to buy our stock when the token value goes very low, and it gives us the opportunity to potentially find other things in the ecosystem to do that we think can generate revenue that would, over time, justify a long-term NAV well above one. I think that’s all I would say as far as closing remarks, and I am eager to have some questions from the community.

Moderator: Thank you. At this time, if you would like to ask a question, please click on the Raise Hand button, which can be found on the black bar at the bottom of your screen. When it is your turn, you will receive a message on your screen from the host allowing you to talk, and then you will hear your name called. Please accept, unmute your audio, and ask your question. We will wait one moment to allow the queue to form. Our first question will come from Gareth Gacetta with Cantor. Please unmute your line and ask your question.

Gareth Gacetta, Analyst, Cantor: Hi, guys. Thanks for taking the questions. There were some reports out that your team is working with the Hyperliquid Policy Center on a path to the U.S., so I am wondering if you could talk about what that partnership involves and maybe how we should think about a potential U.S. product here. Do you think Hyperliquid’s front end might be just turned on for U.S. persons or maybe the back end being distributed through regulated front ends? Ultimately, if the exchange has to KYC to gain access to the U.S., do you think it will have to do that globally for everyone?

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Hey, Gareth. Thanks for the question. Certainly a good question. Didn’t take long to get to this, so I appreciate it. Look, really, all I could say on this topic right now, all I want to say on this topic right now is it’s clearly no secret that Hyperliquid is working to get into the U.S. If there was any confusion, the president cleared that up last week for everybody. As you’d expect, we are willing and eager to be as helpful as we can in any way we can, and we’re also perfectly happy to not be helpful and not be involved if that’s how it ends up playing out. Look, I don’t want to say anything more than that. I don’t want to preempt anything more. But again, it’s no secret they’re working on it.

As I said, we’re eager to be as helpful as we can in any way we can, for obvious reasons. I both appreciate the question, and I hope you understand that’s all the detail I can really get into right now.

Gareth Gacetta, Analyst, Cantor: Totally. No, that is very helpful. Then maybe a more technical one on AQAv2. I am wondering if the fact that all HIP 3 and HIP-4 markets now are having to be backed by USDC, would that end up impacting the overall stablecoin growth of the platform? For example, if more HIP 3 and HIP-4 markets are launched, would we assume that the stablecoin supply should grow with those new markets as well?

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Yeah, look, I think that is a reasonable assumption, right? The more things that are traded on Hyperliquid, the more different markets, the more open interest, generally speaking, the higher the USDC reserve level is going to be. So I think that is a perfectly reasonable assumption. You can probably go back historically and look at the different levels at Hyperliquid and where those USDC levels were and extrapolate some assumptions going forward.

Brett Beldner, Chief Financial Officer, Hyperliquid Strategies Inc.: The one benefit, though, of Hyperliquid as well is you are allowed to cross-collateralize positions. So it may not necessarily be a one for one, but it certainly should increase the overall buy-ins.

Gareth Gacetta, Analyst, Cantor: Okay, great. Really helpful. Then maybe one last one. I know we have had these two catalysts here with the U.S. announcement or potential announcement and then also AQAv2, but do you think that these two opportunities are being priced into the token even after the recent gains over the past two weeks?

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Look, it’s really hard to know, obviously. After President Trump’s announcement at the press conference, obviously, the token jumped up quite a bit. Clearly, the market noticed. It’s not like the market missed that. But look, we’re obviously very bullish long term. We generally think the token is great value long term, and we think it’s going to be worth a lot more in the future than today. It’s really hard to sit here and break out the components of value and what’s contributed what to get to the $82.14 that it’s trading at right now. Look, it’s an awfully good question. And I think generally the market’s taking all the information that’s out there, but we think the conglomeration of all that is a token with a lot of upside.

Gareth Gacetta, Analyst, Cantor: Great. That’s really helpful. Thanks for the questions and great results.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Thank you.

Moderator: Our next question will come from James McIlree with Chardan. Please unmute your line and ask your question.

James McIlree, Analyst, Chardan: Yeah, thank you. Good morning. A couple of questions. David, you’ve spoken, I think you mentioned twice, expanding your investments into the ecosystem. I was hoping you could elaborate further on timing and what that might look like. Secondly, for Brett, with the OpEx down quarter-to-quarter, are we at a new steady state, or is there anything that we should expect on the trajectory of OpEx going forward? Thank you.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Yeah. When it comes to investments in the ecosystem, we’ve really only done one thing so far, and that’s become a validator on the Hyperliquid ecosystem. I think we’ve talked about that in the past. It generates revenue. It doesn’t generate a ton of revenue, so I don’t want to overplay what that means for our shareholders, but it’s something we’re happy to be doing. We’ve looked at a lot of things. We’re looking at a lot of different things. But I have to say, we have a pretty high bar here. To do something that is complicated, that drains a lot of time and energy for management, that it will be difficult to digest potentially for the investment community, and that might not generate a whole lot of value or has a lot of risk attached to it is not something we’re particularly excited about, right?

Our core business is in the DAT treasury business. We are eager to find additional paths of revenue over time, but we’re not crazy about it, right? We’re not going to say yes to everything that comes along. For the last 25 years, I’ve been in the investing business where I say no to 95+% of the things that come along. So we’re probably running at about that ratio, to be honest, and that’s not a bad thing. If you say yes to everyone that asks something, you’re going to find lots of ways to lose money. Brett?

Brett Beldner, Chief Financial Officer, Hyperliquid Strategies Inc.: Yep. On part two of your question, the answer to that is yes. We are at a more steady state that fourth quarter should be more representative of our operating expenses going forward. With that being said, as David was just discussing, as opportunities and investments and other things that we consider arise, that number may obviously change based on whatever costs relate to that. But regarding steady state of operating, yes, we should be at a $4 million for the quarter seems reasonable. We continue to focus on costs, and we’ll continue to do so.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: To beat a dead horse here, I do not mean to beat a dead horse, but the things we are looking to put our money to beyond just our DAT activities are things where we see real asymmetric upside, things we can maybe spend a little bit of money on and have huge potential upside, either directly for our shareholders or for the ecosystem in general, or both, well, most likely, are things we are excited about. Things we can put a little bit of money out and get a 15% return on a small amount of money, to be honest, does not excite us that much. It is just not worth it.

James McIlree, Analyst, Chardan: It is very helpful. Thanks, guys.

Moderator: Our next question will come from Matthew Galinko with Maxim Group. Please unmute your line and ask your question.

Matthew Galinko, Analyst, Maxim Group: Hey, good morning, guys. Thanks for taking my questions, and congrats on all the good work. Maybe if we could focus a little bit on the single margin account concept. Is that having an impact today as far as adoption, or do you think that has a bigger impact after we get permissionless outcomes?

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: I’m sure we can find evidence of this. I don’t have it at the tip of my tongue, but we think it is already having an impact and will continue to. When it comes to the perp world, such an important part is for market makers to be able to sort of easily and efficiently make those markets for these different asset classes that might be on different assets, that might be on the exchange, the HYPE exchange, Hyperliquid exchange in perp form. The easier you can make it for people to do that, the more efficiently they can do it, the more people you’ll attract, the more capital you’ll attract, the lower the bid-ask spreads will be, the higher the liquidity will be. I think it’s already having an impact and will continue to, and I think that that’s sort of one important example.

But there are others as well about how good of a system the team in Singapore has built and how quick they are to make improvements to it over time. When you think about what they’ve done in a short period of time with 12 people working there and how quickly they’re able to turn out things like that, you compare that to any of the major incumbents. On one hand, the New York Stock Exchange has been around for 234 years. On the other hand, the New York Stock Exchange has been around for 234 years. And adding any sort of improvements in the trading experience like this for these large incumbents is such a technical lift. It’s such a timing sync. It’s such a cost relative to what the Hyperliquid team is able to do.

It’s really, really impressive to see what a team with sort of a fresh slate and a white piece of paper can do in a short period of time. So that’s a long answer to your question. I think the answer is yes.

Matthew Galinko, Analyst, Maxim Group: Well, very good. Thanks for the color. And maybe just a quick follow-up. You touched on the two ways you might think about mNAV, including or excluding the deferred tax liability. Curious for your treasury operations, which version do you use, if one at all? Thanks.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Yeah, I would say, and I’ve said this a few times, and it’s always important to repeat and also to go into more detail as time goes on as we think harder about this stuff. First of all, our primary thing we look at is mNAV. It’s the straight NAV, not with adding back the DTL. On the other hand, I would say NAV with adding back the DTL is very much a secondary thing we look at. If we were optimizing for things when we were issuing stock, I would say two things we like to see. One is that our net proceeds from that issuance is above 1.1 times mNAV and above one times mNAV with the DTL add back. This is both an art and a science. We’re in these markets. We’re seeing how things are trading. We’re making decisions on the fly.

We think we’re making good decisions way more than we’re making bad decisions. We’re looking at both. Primarily it’s the straight mNAV, but we are definitely not forgetting about the mNAV plus DTL, and we’re focused on that as well. Look, over time, those numbers will diverge further, hopefully, as the value of the HYPE token goes up and our gains in the things we’ve already bought increases. We’re constantly looking at that.

Matthew Galinko, Analyst, Maxim Group: Appreciate it.

Moderator: Once again, if you would like to ask a question, please click on the raise hand button, which can be found on the black bar at the bottom of your screen. Our next question will come from Brian Vieten with Siebert. Please unmute your line and ask your question. Brian, you are unmuted. Please ask your question.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Might have lost Brian.

Moderator: Brian, your microphone is currently muted. Please unmute and ask your question.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: Brian, if we miss you today, feel free to reach out. We are happy to do this privately. Still happy to wait a few more seconds. Looks like we have missed Brian. Might be missing in action.

Moderator: Yes, no problem.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: As I said, we are around. Any other questions?

Moderator: We currently have no other questions, so I can go ahead and pass the call back to Hyperliquid Strategies for any closing remarks.

David Schamis, Chief Executive Officer, Hyperliquid Strategies Inc.: I do not think I have anything more to say than we have said already. I certainly appreciate everyone joining these calls. We report so much of our material information on a weekly basis. It is a little funny to sit here on August 27 and talk about data as of June 30, when in fact, we have had many weekly updates since June 30. I especially appreciate everyone listening to this, and hopefully, you found it interesting. As we have said many times, a big part of our job is interacting directly with shareholders. I encourage everyone to reach out if they have stuff they want to talk about privately, anytime. Thank you all for joining.