TLDR
- Hyperliquid Strategies launched options trading for PURR on the Nasdaq Options Market.
- PURR gives investors capital-efficient exposure to Hyperliquid’s native HYPE token.
- The company held 17.6 million HYPE tokens as of early February 2026.
- HIP-3 linked markets reached $1.74 billion in aggregated open interest.
- PURR closed unchanged at $5.29 while HYPE traded at $40.25.
Hyperliquid Strategies has launched options trading on its common stock PURR. The move adds a new way to trade shares tied to HYPE exposure.
The company said PURR options began trading on the Nasdaq Options Market on Tuesday. It said the launch should support liquidity and price discovery for the stock.
PURR options begin trading on Nasdaq
Hyperliquid Strategies announced the new listing in a press release on March 24. The company said PURR options now trade on the Nasdaq Options Market.
PURR is the firm’s common stock, and it offers exposure to Hyperliquid’s native HYPE token. The company said the options market should help investors manage risk and build trading strategies around the stock.
David Schamis, chief executive of Hyperliquid Strategies, said the launch marks a new step 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 said.
The company added that an options market can improve share trading conditions. It said the product may support better price discovery as activity in PURR grows.
Company strategy remains tied to HYPE accumulation
Hyperliquid Strategies focuses on building its HYPE position and using that exposure to support shareholder value. Its strategy includes staking, yield optimization, and participation in the wider ecosystem.
The firm went public in December 2025 through a merger with Sonnet BioTherapeutics. As of early February 2026, it held 17.6 million HYPE tokens. That figure represented about 1.83% of total HYPE supply.
The company said it deployed more capital to expand that position. PURR has become the main public equity vehicle tied to that treasury strategy.
At the end of 2025, Hyperliquid Strategies reported total assets of $616.7 million. It also reported a net loss of $317.9 million for the second half of 2025.
Most of that loss came from unrealized losses on HYPE holdings. The company reported $262.4 million in unrealized losses during a period of token price volatility.
Growth in tokenized asset markets supports interest
The options launch comes as Hyperliquid reports strong growth across its trading ecosystem. Schamis said record activity in oil perpetuals and other tokenized real-world assets supported recent momentum.
He also pointed to the growth of Hyperliquid’s HIP-3 markets. Those markets offer perpetual futures tied to tokenized traditional assets.
According to the company, aggregated open interest in HIP-3 markets reached a record $1.74 billion. That peak came about six months after those products launched.
Market data in the report showed HYPE rose 7.37% in the past 24 hours to $40.25. The token was also up nearly 40% over the past 30 days.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
