Nailesh Bhatt - 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, 11:55:44 UTC
Previous filing: 15 Jul 2025
Next filing: 11 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bhatt Nailesh	Director	C/O HYPERLIQUID STRATEGIES INC, 477 MADISON AVENUE, 22ND FLOOR, NEW YORK	/s/ Jason T. Simon, Attorney-in-Fact	12 Dec 2025	0001806525

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PURR	Common Stock	Other		+2,082			2,082	02 Dec 2025	Direct	F1

* 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, Ms. Nailesh Bhatt received 2,082 shares of common stock, par value $0.01 per share, of the Company, in exchange of certain securities of Sonnet Ms. Bhatt held prior to the Closing.

Content

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, Ms. Nailesh Bhatt received 2,082 shares of common stock, par value $0.01 per share, of the Company, in exchange of certain securities of Sonnet Ms. Bhatt held prior to the Closing.