Hyperliquid Strategies, a digital asset treasury firm, has introduced options trading for its common stock, PURR, on the Nasdaq Options Market. This move aims to enhance liquidity and price discovery for PURR stock. The company, which went public last December via a merger with Sonnet BioTherapeutics, focuses on accumulating HYPE tokens through staking and yield optimization to benefit shareholders.As of February 2026, Hyperliquid Strategies held 17.6 million HYPE tokens, accounting for 1.83% of the total supply. Despite reporting total assets of $616.7 million at the end of 2025, the company faced an unrealized loss of $262.4 million due to HYPE token price fluctuations, leading to a net loss of $317.9 million.