Hyperliquid Strategies launches options trading on PURR common stock

Digital asset treasury firm Hyperliquid Strategies Inc. announced the launch of options trading for its common stock, PURR, on the Nasdaq Options Market. This move is intended to improve liquidity and price discovery for PURR shares, which provide capital-efficient exposure to Hyperliquid's native HYPE token. CEO David Schamis stated this is a major milestone, allowing investors to better manage risk amid the company's record growth, which is fueled by surging trading volumes in oil perpetuals and tokenized real-world assets on the Hyperliquid platform. Hyperliquid Strategies went public via a merger with Sonnet BioTherapeutics last December and, despite reporting a net loss of $317.9 million for the second half of 2025 largely due to unrealized losses on its HYPE holdings, the HYPE token has recently seen significant price appreciation.

(Source：The Block)