Institutional Investors Are Buying Hyperliquid Strategies. Should You?

While institutional holdings in Hyperliquid Strategies (PURR) surged 122% to 202 institutions in Q3, much of this buying is driven by index inclusion requirements rather than conviction. The stock trades at a 0.84 net asset value multiple discount to its underlying Hyperliquid token holdings, but faces dilution risk from the company's $353M remaining equity facility. The article recommends buying the underlying Hyperliquid token directly instead of the treasury company stock.