Hyperliquid Strategies (PURR): October Update

Update with model · 0.95x adjusted NAV, share count doubled · BUY, $12.79 12-mo weighted

Rating

BUY

12-mo weighted

$12.79

Price at publication

$9.74

Base

$8.73

Bear

$2.61

Bull

$18.44

Published

27 Oct 2026

Length

4 pp.

Author holds a position.

PURR trades at 0.95x adjusted NAV and is buying back stock with $72m of authority left. Using the HYPE values from my October HYPE report, the weighted 12-month target is $12.79. The base case is below spot. The BUY depends on the NAV multiple rising when HYPE does.

• 38.8m HYPE and $255m of cash against 301.1m fully diluted shares: adjusted NAV is $10.28 a share and gross NAV is $12.10 a basic share.
• The share count doubled since May. HYPE per basic share fell 6.2% from August to October as the equity line was used near NAV.
• The weighted target is $12.79 (+31%) and the base case is $8.73.