Hyperliquid Strategies (PURR) Investor presentation summary

Transaction overview and structure

• Business combination involves Hyperliquid Strategies Inc, Sonnet BioTherapeutics Holdings, and Rorschach LLC, with shares to trade under ticker "PURR" post-closing.

• SONN shareholders vote on the transaction on November 18, 2025; closing follows upon approval and satisfaction of conditions.

• PIPE commitments total ~$888M, split between ~$583M in HYPE tokens and ~$305M in cash.

• Post-closing, ~$305M in cash will be used to accumulate HYPE tokens, minus working capital needs.

Market environment and opportunity

• Regulatory clarity and supportive macro trends are accelerating blockchain and digital asset adoption.

• Decentralized exchanges (DEXs) for perpetual futures are experiencing rapid revenue growth and user adoption.

• Over 700M global crypto owners and increasing institutional flows are driving digital assets as a $3.4T+ investable class.

• DEXs have gained market share from centralized exchanges, especially after CEX outages.

Hyperliquid platform and performance

• Hyperliquid is the leading perp DEX, generating over $1.2B in annualized revenue and ranking #1 in perps DEX volume and open interest.

• The Hyperliquid Blockchain is custom-built for scalability, with a smart contract layer (HyperEVM) enabling complex DeFi applications.

• HIP-3 enables permissionless launch of new perp markets, including real-world assets, with strong early traction.

• Builder codes allow third-party platforms to integrate and drive additional trading volume and fees.