Hyperliquid Strategies Shares Rise More Than 17% as mNAV Tops 1

Hyperliquid Strategies (PURR), a HYPE treasury company, saw its shares rise more than 17% intraday Thursday as its market value moved 7.8% above net asset value.

PURR traded at about $11.66 per share Thursday, compared with net asset value of about $10.81. The mNAV reading reached about 1.078, up from an earlier same-day mNAV reading of 1.011, which put shares about 1.1% above net asset value.

An mNAV compares a company’s market value with its net asset value. A reading above 1 means market value exceeds net asset value; at 1.078, PURR’s market value was about 1.078 times its net asset value.

The net asset value per PURR share corresponded to a HYPE price of about $85.96. HYPE traded above $94 during Thursday’s session and was $93.42 as of 11:37 a.m. ET (15:37 UTC).