Jeffrey Tuder - 02 Dec 2025 Form 4 Insider Report for Hyperliquid Strategies Inc (HYPS)

Role: Director
Signature: /s/ Jason T. Simon, Attorney-in-Fact
Issuer symbol: HYPS
Transactions as of: 02 Dec 2025
Net transactions value: $0
Form type: 4
Filing time: 12 Dec 2025, 11:52:13 UTC
Previous filing: 03 Oct 2025
Next filing: 05 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
TUDER JEFFREY	Director	C/O HYPERLIQUID STRATEGIES INC, 477 MADISON AVENUE, 22ND FLOOR, NEW YORK	/s/ Jason T. Simon, Attorney-in-Fact	12 Dec 2025	0001671976

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PURR	Common Stock	Other		+8,188			8,188	02 Dec 2025	See Footnote	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PURR	Warrants	Other		+16,000			16,000	02 Dec 2025	Common Stock	16,000	$6.25	See Footnote	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the "BCA"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. ("Sonnet"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Tremson Capital Management, LLC ("Tremson") received 8,188 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"), in exchange of certain securities of Sonnet Tremson held prior to the Closing.
F2	The securities are held directly by Tremson and indirectly by Jeffrey Tuder, managing member of Tremson. Mr. Tuder disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
F3	In connection with the Closing, Tremson received warrants to purchase an aggregate of 16,000 shares of Common Stock, at an initial exercise price of $6.25 per share, in exchange of certain warrants of Sonnet Tremson held prior to the Closing.