PURR Stock: Compass Point Calls For 63% Upside, HYPE Treasury Bet Nears $2.5B

Analysts cited Hyperliquid's $38 billion market capitalization and roughly $85 million in monthly revenue.

• Compass Point started coverage of Hyperliquid Strategies with a ‘Buy’ rating and a $18 price target, implying about 63% upside.
• Hyperliquid now holds about 33.2 million HYPE tokens, up from 12.5 million in December.
• Chardan Capital and Cantor Fitzgerald also remained bullish, with price targets of $17 and $34.20, respectively.

Shares of Hyperliquid Strategies Inc. (PURR) edged lower in pre-market trading on Tuesday, even as Compass Point started covering Hyperliquid Strategies with a ‘buy’ rating and an $18 price target. The target implies about 63% upside from PURR stock’s last close at $11.

The bullish call comes as the company continues to build its HYPE treasury, now holding tokens worth roughly $2.5 billion. 

PURR stock was down more than 1% in pre-market trading amid broader market weakness. On Stocktwits, retail sentiment around PURR remained in the ‘bearish’ zone, accompanied by ‘extremely low’ chatter levels over the past day.

Compass Sees 63% Upside For PURR

According to Fly, Compass Point analysts said Hyperliquid was one of the “most successful blockchain” applications, with the brokerage firm mentioning its $38 billion market cap, sitting between circulating value and fully diluted value.

Hyperliquid Strategies is a digital asset treasury (DAT) company that builds on HYPE, Hyperliquid blockchain’s native token. The company added that Hyperliquid brings about $85 million in revenue each month. The firm also expects the per-share rate to rise as HYPE's valuation discount to centralized crypto companies narrows.

Hyperliquid Strategies Nearly Triples HYPE Holdings

Hyperliquid Strategies’ HYPE holdings now stand at about 33.2 million tokens, according to an S-1 filing. That's compared with about 12.5 million when the company went public on Nasdaq in December. As of Sept. 8, the company has raised approximately $1.1 billion in gross proceeds from its equity line with Chardan Capital Markets. That leaves some $1.4 billion left under the expanded $2.5 billion facility. 

According to the filing, it had previously registered and sold 160 million shares under an earlier registration statement. The company also said the offering covers an additional 160 million shares that Chardan may resell. The company said it will use the proceeds for general corporate purposes, including a possible acquisition of HYPE.

In late August, Chardan Capital also lifted its price target to $17 from $9.75 and kept a ‘Buy’ rating for PURR stock. Previously, Cantor Fitzgerald raised its price target to $34.20 from $22.60 in September while keeping an ‘Overweight’ rating.

Why PURR Bets On HYPE?

Hyperliquid Strategies’ HYPE stack is worth roughly $2.53 billion. The company’s HYPE bet comes as Hyperliquid’s total value locked (TVL) was around $1.4 billion on Tuesday, according to DefiLlama data. That’s about half its peak of about $2.75 billion in late 2025. TVL dipped to roughly $1.2 billion in early 2026, but rose back to around $1.8 billion by the spring. It fell back to about $1.2 billion this summer, then rose to about $1.6 billion in late August.

HYPE's price fell 0.8% in the last 24 hours, in tandem with broader crypto market weakness. On stocks, retail sentiment around hype remained in the bearish zone, while chatter around it remained at ‘low’ levels over the past day.

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