AFTER THE NEW HYPE, "HYPE MICRO-STRATEGIES" $PURR IS WORTH BUYING

by Deepwater TechFlow

24 may, one on & nbsp;Hyperliquid Strategies (NASDAQ: PURR)THE TWEETS HAVE GENERATED MUCH DISCUSSION IN ENGLISH ON CT:

THIS COMPANY BUYS HYPE FOR ABOUT $22 BILLIONThe current surplus is close to $1 billion, exceeding even the profit efficiency of Michael Saylor’s Strategy on BTC。

THE TOPIC IS NOW SPREADING TO THE CHINESE BLOGOSPHERE. HYPE HAS RECENTLY REACHED A RECORD HIGH OF OVER $62, WITH AN INCREASE OF MORE THAN 150 PER CENT DURING THE YEAR, ONE OF THE STRONGEST MAJOR ENCRYPTION ASSETS THIS YEAR。

PURR, CURRENTLY THE SOLE HYPE LISTED COMPANY, HAS ALSO INCREASED BY MORE THAN 100% SINCE THE BEGINNING OF THE YEAR AND WILL NATURALLY BECOME THE TARGET OF FOMO WHEN US STOCK IS INVESTED。

But there are a few questions that need to be clear before you follow the wind:

What is this company

WHAT'S THE DIFFERENCE BETWEEN IT AND BUYING HYPE DIRECTLY

3. What is the term "capital efficiency exceeds micro-strategies" that can afford dismantling

PURR, PURE DAT

FIRST, THE CONCLUSION IS THAT PURR IS NOT A COMPANY WITH A REAL BUSINESS AND IS EQUIVALENT TO A PURELY HYPE STOCK PACKAGING PRODUCT。

It's a business model with only one sentenceBUY HYPE, PLEDGE HYPE, HOLD HYPE。AS OF APRIL 2026, PUBLICLY AVAILABLE INFORMATION INDICATED THAT THE COMPANY HELD APPROXIMATELY 20 MILLION HYPES AND APPROXIMATELY $113 MILLION IN CASH AND ZERO LIABILITIES。

THIS MEANS THAT THE FULL VALUE OF THE STOCK DEPENDS ON ONE THING, THE PRICE OF HYPE。

Since there is no business to analyse, there are only two dimensions to such companies: the bottom asset itself and who is operating the shell。

The latter determines the ability of the capital to operate, such as when to increase the purchase price, when to repurchase the deposit, how to manage the premium discount between the equity price and the net asset... It also determines whether institutional funds are willing to enter through this tool。

Historically, PURR was preceded by Sonet BioTherapeutics, a small biotech company listed in NASDAQ. In July 2025, the merger with Rorschach I was announced and the transactions were completed in December of the same year, with an overall valuation of $888 million, renamed Hyperliquid Strates, code changed to PURR。

It's worth noting that this deal was initiated by..& nbsp; Paradigm And Atlas Merchant Capital。

Paradigm is one of the top-end investments in the encryption industry, with projects like Uniswap, Bluur, Friend.tech, a very deep layout in Hyperliquid, and this time directly involved in the formation of the SPAC。

Atlas Mercant Capital, a New York- and London-based financial services investment company, has two founders at the heart of PURR: Board Chairman Bob Diamond, former CEO of Barclays Bank, CEO David Schamis, former JC Flowers Partner。

The board also sits with Eric Rosengren, former chairman of the Boston Federal Reserve, and COO Larry Leibowitz, former New York House. Other participants include Galaxy, D1 and Pantera, all front-line institutions in the field of encryption and macros。

MOST OF THE DAT COMPANIES ARE MANAGED FROM ENCRYPTED RAW CIRCLES, WHILE PURRS ARE ALMOST EXCLUSIVELY TRADITIONAL FINANCIAL VETERANS。

$HYPE POWER, $PURR RISE

PURR WAS NOTICED IN THE CHINESE CIRCLE AS A DIRECT RESULT OF THE POWER OF THE HYPE ITSELF。

HYPE HAS RISEN ALL THE WAY FROM AROUND $25 AT THE BEGINNING OF THE YEAR, BREAKING 62 IN MAY HAS REACHED A RECORD HIGH OF MORE THAN 150 PERCENT IN THE YEAR. HYPE IS THE BRIGHTEST OF THE MAINSTREAM ENCRYPTION ASSETS THIS YEAR, AGAINST THE BACKGROUND OF THE LOW PERFORMANCE OF THE BTC, ETH AND SOL YEARS。

Our previous articles have removed the basic closed loops of Hyperliquid: perp DEX, about 70% of the market share, tens of millions of dollars in weekly revenue, 97% of the agreement costs for the buyback to destroy hype, which is still accelerating。

(Refer to reading:MARKET WATCH: FROM HYPE TO ZEC, CAPTURES THE 4 NARRATIVE LINES BEHIND THE RECENT SILO HEATI'm not sure

HYPE UP, PURR NATURE UP。

AS THE ONLY HYPE PROXY CURRENTLY LISTED IN THE US STOCK MARKET, PURR HAS INCREASED BY MORE THAN 100% SINCE THE BEGINNING OF THE YEAR, FROM $3 TO A RECENT HIGH OF $8.79。

PURR IS ALMOST THE ONLY OPTION FOR INVESTORS WITH ONLY US EQUITY ACCOUNTS AND NO DIRECT CONTACT WITH THE ENCRYPTION MARKET TO GET HYPE EXPOSURE. BUT THE CHANGE IN PURR FROM "MINOR BILLBOARDS" TO "SOCIAL MEDIA" IS A FEW INSTITUTIONAL SIGNALS THAT HAVE BEEN COMING IN INTENSELY SINCE MAY。

Goldman Sachs disclosed the purchase of about 650,000 shares of PURR in Q1 ' s 13F file, which, although modest (approximately $3.3 million), was itself endorsed by Goldman Sachs ' name. During the same period, 21 Shares and Bitwise HYPE spot ETF were listed in NASDAQ and NYSE, and Cantor Fitzgerald increased the target price of PURR from $6 to $8。

THESE EVENTS WERE SUPERIMPOSED IN THE HIGH-TIME WINDOW OF THE HYPE INNOVATION, PUSHING PURR INTO MORE PEOPLE'S VIEW。

AND THEN THERE'S THE TWEET AT THE BEGINNING OF THE ARTICLE, THAT PURR BUYS HYPE AT THE PRINCIPAL OF $220 MILLION, WHICH IS NOW CLOSE TO $1 BILLION, AND IN THE SHORT TERM, CAPITAL EFFICIENCY IS DEFINITELY ABOVE MICRO-STRATEGY。

The surge is bound to attract considerable attention. Just be careful if you want to run this stock。

THE MOST CAPITAL-EFFICIENT DAT, REALLY

Strategy (formerly MicroStrategy) invested more than $60 billion to buy BTC at an average cost of about $75,000; PURR spent only about $220 million to buy hype, which was close to or even above the former. The conclusion is that the "capital efficiency" of PURR is much higher than the micro-strategy

This comparison is numerically fine, but logically misleading。

The average cost of the PURR ' s early HYPE holder is about $7, and the current price is $62, which is nearly nine times higher. Strategy's BTC average cost is about $75,000, and the BTC is now near that price, barely rising。

SO PURR IS HIGHER, NOT BECAUSE THE COMPANY HAS DONE SOMETHING SMARTER, BUT BECAUSE THE BOTTOM ASSET INCREASE IS COMPLETELY OFF THE SCALE. AT THE SAME TIME, ANYONE WHO BUYS HYPE CASH DIRECTLY WITH THE SAME MONEY CAN GET THE SAME RATE OF RETURN WITHOUT TAKING THE RISK OF DILUTING THE EQUITY。

IN OTHER WORDS, IT'S A VICTORY FOR "CHOSEN CURRENCY." IF THE TIME WHEN PURR WAS SET UP IS PUSHED BACK BY SIX MONTHS AND COMES IN FOR $40, THE "CAPITAL EFFICIENCY" STORY IS COMPLETELY OUT。

THE MORE PRACTICAL QUESTION FOR EQUITY INVESTORS WHO HAVE ONLY BEEN INTERESTED IN PURR TODAY IS:NOW BUY THE PURR, DO YOU PAY A PREMIUM OR A DISCOUNT RELATIVE TO THE HYPE VALUE HELD BY THE COMPANY

This relates to DAT's core valuation indicator, mNAV (a revised net asset per share)。

We pulled PURR official dashboard and SEC files and made a simple mNAV quick calculation。

THE COMPANY CURRENTLY HOLDS 20.8 MILLION HYPES (APPROXIMATELY $1296 MILLION AT CURRENT PRICES), PLUS $114 MILLION IN CASH, NET ASSETS OF APPROXIMATELY $1.34 BILLION AFTER DEDUCTION OF DEFERRED TAX AND OTHER LIABILITIES。

If only 134.6 million shares are issued, approximately $9.98 per share of NAV, the current share price is $7.67, or a discount of about 23 per cent. If about 29.8 million copies of the existing warrant are taken into account, it is completely diluted to about 155 million shares, approximately $8.66 per share of NAV, at a discount of about 11 per cent. However, the company has just registered 3,5.16 million new shares, and if all of these are implemented, the denominator will be expanded to approximately 190 million shares, with each share of NAV falling to $7.07, and the equity price will be a slight premium of 1.08 times。

SO, WHETHER PURR IS CHEAP OR EXPENSIVE DEPENDS ON HOW MUCH YOU THINK IT WILL BE DILUTED。

INCREASED GROWTH IS NOT NECESSARILY BAD IN ITSELF. IF MANAGEMENT RAISES SHARES AND RAISES FUNDS TO BUY MORE HYPE AT HIGH PREMIUMS, THE AMOUNT OF MONEY HELD PER SHARE INCREASES. BUT IF MARKET SENTIMENT COOLS AND STOCK PRICES FALL BELOW NAV, IT'S DILUTING OLD SHAREHOLDERS。

The company is only half a year old and has not experienced a full down cycle, how management will operate in extreme circumstances and there is no historical record to refer to。

IT IS ALSO NOTED THAT THE DEFERRED TAX LIABILITY USED FOR THE ABOVE CALCULATION IS $6.05 MILLION AT THE Q3 FINANCIAL CLOSING DATE (31 MARCH). BUT HYPE HAS GONE UP A LOT FROM THE END OF MARCH TO THE PRESENT, AND THE DEFAULT VALUE ADDED TAX LIABILITY RATE HAS INCREASED FURTHER, AND THE ACTUAL NAV MAY BE LOWER THAN WE THOUGHT。

BUY PURR AND BUY HYPE DIRECTLY

THIS IS THE MOST PRACTICAL ISSUE. SINCE THE TOTAL VALUE OF PURR COMES FROM HYPE, WHY DON'T I SKIP THE MIDDLE FLOOR AND BUY HYPE

The answer is simple: for some investors, it cannot be bought directly. United States pension accounts (IRA, 401k), traditional voucher accounts, and some strictly compliant institutional funds do not have direct possession of encrypted assets。

Moreover, at the front end of the Hyperliquid platform there are clear restrictions on the use of United States residents。

As a result, PURR provided a packaging of shares listed in NASDAQ, allowing these funds to obtain HYPE exposure through standard stock exchanges. Paradigm built this shell, which essentially sells it。

If you belong to this type of investor, the PURR is really almost the only option available. Although 21 Shares and Bitwise's HYPE spot ETFs were listed in mid-May, these products have been on the line for very short periods of time, and the liquidity and tracking errors remain to be observed。

But if you can buy HYPE directly, then the PURR stock packaging becomes a pure friction cost with negative effects; it cannot be called a HYPE Beta gain supercharge。

This cost is reflected at several levels:

First, dilute risk。  holds HYPE directly and your share will not be diluted. However, holding PURR shares allows companies to increase their share to buy more HYPE。

Second, revenue transfer is incomplete。  holds HYPE directly so that he can pledge his own stocking gains and future air drops and eco-incentives can be paid directly. Through PURR, the pledge proceeds are placed on the books of advanced companies and are indirectly reflected in the net value of each share after the deduction of operating fees and taxes。

Third, trade time and pricing friction。 HYPE is a 7x24-hour transaction, and PURR only circulates in United States stock trading times. If HYPE fluctuates significantly over the weekend or after the drive, the PURR holder will have to wait until the opening。

Fourth, counterparty risk。The & nbsp; SEC file discloses that all SYPE hold in PURR is stored in a single custodian. Through PURR, your asset security depends on the custodian ' s ability to perform and the company ' s business continuity。

ACCORDING TO THE AUTHOR, PURR IS MORE LIKE A "CHANNEL PRODUCT" THAN AN "INVESTMENT PRODUCT". ITS VALUE IS TO ACCESS TRADITIONAL FINANCIAL ACCOUNTS TO HYPE, THAT IS ALL. IF YOU DO NOT NEED THIS ROUTE, EACH OF THE ADDITIONAL RISKS POSED BY THE MIDDLE LAYER IS UNNECESSARY。

Thus, the conclusions are more straightforward for Chinese-speaking encrypted and American equity investors:

THE JUDGMENT YOU'RE GOING TO MAKE IS NOT TO LOOK AT HYPE, NOT AT PURR'S SHELL。