PURR-fect Leverage: Hyperliquid's Stock Gets the Options Treatment on Nasdaq

Hyperliquid Strategies Inc. dropped the news on Tuesday that its common stock, ticker PURR, is now available for options trading on the Nasdaq Options Market. Because sometimes buying the stock just isn't enough leverage for your degen portfolio.

"This is a major milestone for the company," declared CEO David Schamis. "PURR options let our investors better manage risk and ride the rapid growth of Hyperliquid's high‑performance ecosystem." Or, in simpler terms, it lets them hedge their bets while still going full degen on the underlying.

The rollout comes as Hyperliquid surfs a tsunami of record growth, primarily powered by mooning volumes in oil perpetuals and other tokenized real‑world assets. Its HIP‑3 markets for perpetual futures tied to tokenized traditional assets have already bagged $1.74 billion in aggregated open interest—a peak hit just six months after launch, proving TradFi can indeed ape in fast when the incentives are right.

Hyperliquid Strategies took the public market plunge last December via a reverse merger with Sonnet BioTherapeutics. By early February 2026, the firm was sitting on a hefty bag of 17.6 million HYPE tokens, about 1.83% of the total supply, after deploying extra capital to double down on its own ecosystem. A classic case of "we're so back" corporate treasury management.

The company's year-end 2025 report showed total assets of $616.7 million, but also revealed a net loss of $317.9 million for the second half of the year. The red ink was mostly fueled by $262.4 million in unrealized losses on its HYPE holdings, a painful reminder that even the house feels the volatility when the token price does a -20% rug pull simulation.