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Shares ofHyperliquid Strategies (NASDAQ: PURR) gained about 94% in August 2026, easily outperforming Bitcoin (CRYPTO: BTC). However, investors should first understand what soared.
Hyperliquid Strategies is not the same as Hyperliquid (CRYPTO: HYPE), the native token of the Hyperliquid blockchain network. It is a publicly traded company that owns HYPE tokens and earns additional ones by committing some of them to help secure and operate the Hyperliquid network. HYPE itself rose about 60% in August 2026, while Bitcoin gained roughly 25%.
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But Hyperliquid Strategies’ much stronger performance was not driven only by rising Hyperliquid token prices. Investors were also willing to pay more for the publicly traded company holding those tokens. The decision to buy Hyperliquid Strategies instead of Bitcoin is more complicated than simply comparing their August returns.
Hyperliquid Strategies’ stock rose much more than the Hyperliquid token
Shares of Hyperliquid Strategies gained far more than the Hyperliquid token in August 2026. PurrmNAV, an independent tracker of the company’s market value relative to its underlying assets, estimated that Hyperliquid Strategies traded at about 82% of its net asset value (NAV) on Aug. 18. The company was trading at roughly 1.07 times NAV by Aug. 20. FalconX later reported that the company was trading at about 1.2 times NAV on Aug. 27.
Investors may be willing to pay a premium because Hyperliquid Strategies can earn additional HYPE by using some of its tokens to help support the Hyperliquid network. The company can also issue shares when its stock trades above NAV and use the proceeds to buy more Hyperliquid tokens. If done well, this strategy can increase the value backing each share over time.
The optimistic regulatory environment also seems to be boosting investor sentiment. On Aug. 19, President Donald Trump said U.S. regulators were working on a legal path for the Hyperliquid decentralized perpetual futures trading platform to operate in the country. The comments helped send both the Hyperliquid token and Hyperliquid Strategies shares sharply higher.
The Hyperliquid token’s growth is backed by real activity
The Hyperliquid platform already has a strong position in crypto trading. It accounted for about 63% of the open positions in decentralized perpetual futures as of Aug. 23. That’s the value of outstanding positions in derivative contracts that allow investors to bet on crypto prices without an expiration date.
Source: finance.yahoo.com