Digital asset treasury firm Hyperliquid Strategies Inc announced Tuesday that it has launched options trading on its common stock PURR on the Nasdaq Options Market.

According to a company press release, the launch aims to improve liquidity and price discovery for PURR shares, which offer capital-efficient exposure to Hyperliquid's native HYPE token. Hyperliquid Strategies primarily focuses on accumulating HYPE tokens to maximize shareholder value through staking, yield optimization, and ecosystem participation. 

"This is a major milestone for the company," said David Schamis, CEO of Hyperliquid Strategies. "PURR options allow our investors to better manage risk and participate in the rapid growth of Hyperliquid's high-performance ecosystem."

Schamis noted that the options launch coincides with Hyperliquid's record growth, driven by surging trading volumes in oil perpetuals and other tokenized real-world assets. Hyperliquid's HIP-3 markets for perp futures tied to tokenized traditional assets hit a new peak of $1.74 billion in aggregated open interest after launching just six months ago.

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Hyperliquid Strategies went public last December through a merger with Sonnet BioTherapeutics. As of early February 2026, it held 17.6 million HYPE tokens — roughly 1.83% of the total supply — after deploying additional capital to increase its position. 

At the end of 2025, the company reported total assets of $616.7 million, though it posted a net loss of $317.9 million for the second half of 2025. The net loss was driven largely by $262.4 million in unrealized losses on its HYPE holdings amid token price volatility.

According to The Block's crypto price page, HYPE climbed 7.37% in the past 24 hours to trade at $40.25, and up nearly 40% in the past 30 days. PURR closed flat on Tuesday at $5.29.