Hyperliquid Strategies Inc. entered both the Russell 3000 and Russell 2000 indexes on June 30, placing the PURR-listed company in portfolios that track major U.S. equity benchmarks as new regulatory filings disclosed positions from several large hedge funds and asset managers. The combination gives traditional-market funds another route to gain indirect exposure to Hyperliquid’s HYPE token through a publicly traded stock.
The index additions followed Hyperliquid Strategies’ earlier inclusion in the S&P Global Broad Market Index, according to the company’s index-related disclosures. Russell membership can trigger purchases by funds designed to replicate the Russell indexes, while active managers may treat inclusion as a signal that a company has reached a larger level of market visibility and liquidity.
Second-quarter Form 13F filings, which show the U.S.-listed equity holdings of qualifying institutional managers as of June 30, point to a growing shareholder base around PURR. The disclosures do not reveal whether the firms retain the positions today, but they provide a snapshot of institutional ownership at the end of the quarter that coincided with the Russell reconstitution.
Duquesne and Renaissance disclose new or expanded holdings
Duquesne Family Office disclosed a PURR position valued at approximately $23 million as of June 30, its first reported holding in Hyperliquid Strategies. The firm reported roughly $5.2 billion in assets under management.
Renaissance Technologies reported a larger stake after adding about 2.4 million PURR shares, valued at roughly $18.7 million in its second-quarter filing. Renaissance, which reported more than $96 billion in assets under management, is among the largest quantitative trading firms to appear in the disclosed shareholder group.
Slate Path Capital reported owning about 2.7 million shares valued at approximately $21.4 million. Discovery Capital Management disclosed roughly 1.3 million shares worth $10.3 million. Based on the assets-under-management figures cited alongside the filings, Slate Path managed about $12 billion and Discovery about $3.5 billion.
Balyasny Asset Management reported a smaller position of about 386,000 shares, valued at roughly $3 million. The firm had approximately $38 billion in assets under management as of August 2026, according to the information provided with the disclosure.
Wealth High Governance Asset Management LTDA also reported a substantial PURR position, valued at about $17.1 million. The holding represented approximately 1.82% of its disclosed portfolio, with the firm reporting about $940 million in invested capital and a U.S. 13F equity portfolio of roughly $640 million.
The individual positions vary widely in scale, but their appearance across quantitatively driven firms, multi-strategy managers, and family-office capital suggests that PURR is being assessed through more than one investment framework. Some managers may be trading a newly index-eligible small-cap stock, while others may be seeking an equity-market vehicle tied to Hyperliquid’s token economy.
Index funds added to second-quarter demand
Passive index tracking added another source of purchases during the quarter. Vanguard increased its PURR position by about 843,000 shares, valued at approximately $6.6 million, according to the 13F data cited in the supplied material. Nuveen, the investment manager affiliated with TIAA, added approximately 1.07 million shares worth around $8.4 million.
Those purchases fit the timing of the Russell index changes. Funds tracking the Russell 2000 and Russell 3000 generally adjust their holdings around annual reconstitution dates to reduce tracking error against the benchmark. Such buying reflects an index mandate rather than a discretionary judgment on Hyperliquid’s protocol, HYPE’s price, or future revenue.
MarketBeat estimated total institutional buying in PURR during the second quarter at about $142 million. Other disclosed holders included Paradigm and Bank of America, with reported position values ranging from hundreds of thousands of dollars to several million dollars.
The ownership data should be read with the usual limits of 13F reporting. Filings show long U.S.-listed securities positions at the quarter-end reporting date and are submitted weeks later. They do not show short positions, derivatives, holdings outside the filing requirement, or trades made after June 30.
Revenue-sharing plan puts focus on HYPE buybacks
Attention is also turning to Hyperliquid’s planned AQAv2 revenue-sharing mechanism, scheduled to begin on Aug. 26. The company’s plan projects that the mechanism could direct $200 million per year toward HYPE buybacks and states that Circle and Coinbase support the initiative.
A revenue-sharing mechanism would link activity on the platform more directly to purchases of HYPE, making protocol fee generation a central metric for token holders and traders following PURR’s indirect exposure. The supplied material describes the plan as using revenue for market purchases and token supply reduction, although the eventual effect would depend on actual platform revenue, the mechanism’s final implementation, market liquidity, and governance decisions.
The proposal was approved earlier in the summer by 19 of 26 network nodes, according to the information provided. That vote gives the Aug. 26 launch a defined governance basis, though projected annual buyback figures remain forecasts rather than reported results.
Grayscale projected in a market report that Hyperliquid could reach roughly $1 billion in annual revenue by 2027. The report also cited about $5 billion in digital assets held on the platform. Those estimates have drawn attention because a revenue-linked buyback design could make trading activity and stablecoin balances more relevant to the HYPE supply-and-demand picture than a conventional token narrative alone.
For PURR shareholders, the near-term story combines two separate forces: index-driven demand for the equity and an approaching protocol change tied to the underlying token ecosystem. The June filings show institutional managers were already building exposure before the revenue-sharing mechanism begins, while the Aug. 26 rollout will put Hyperliquid’s fee generation and buyback execution under closer scrutiny.
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