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On December 4, 2025, Rorschach Capital LLC distributed 23,880 shares of Common Stock to Mr. King, a member of Rorschach Capital LLC."}],"balance_after":23880,"source":{"system":"sec-edgar","filing":"0001193125-25-317213","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1774975/000119312525317213/ownership.xml","form_type":"4"}},{"id":971285,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":32154,"kind":"person","name":"Bhatt Nailesh","position":1,"cik":"0001806525","reported_name":"Bhatt Nailesh","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2025-12-12T16:55:44.000Z","date":"2025-12-02","kind":"other","planned":false,"acquired":true,"shares":2082,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"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."}],"balance_after":2082,"source":{"system":"sec-edgar","filing":"0001193125-25-317206","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1806525/000119312525317206/ownership.xml","form_type":"4"}},{"id":970931,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":32060,"kind":"person","name":"LEIBOWITZ LAWRENCE E","position":1,"cik":"0001276505","reported_name":"LEIBOWITZ LAWRENCE E","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2025-12-12T16:55:00.000Z","date":"2025-12-04","kind":"other","planned":false,"acquired":true,"shares":39800,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"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, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the \"Common Stock\"). On December 4, 2025, Rorschach Capital LLC distributed 39,800 shares of Common Stock to Mr. Leibowitz, a member of Rorschach Capital LLC."}],"balance_after":39800,"source":{"system":"sec-edgar","filing":"0001193125-25-317202","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1276505/000119312525317202/ownership.xml","form_type":"4"}},{"id":971185,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":689,"kind":"person","name":"TUDER JEFFREY","position":1,"cik":"0001671976","reported_name":"TUDER JEFFREY","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Warrants","published_at":"2025-12-12T16:52:13.000Z","date":"2025-12-02","kind":"other","planned":false,"acquired":true,"shares":16000,"ownership":{"direct":false,"nature":"See Footnote"},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F3","text":"In connection with the Closing, Tremson received warrants to purchase an aggregate of 16,000 shares of Common Stock, at an initial exercise price of $6.25 per share, in exchange of certain warrants of Sonnet Tremson held prior to the Closing."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"The securities are held directly by Tremson and indirectly by Jeffrey Tuder, managing member of Tremson. Mr. Tuder disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein."}],"balance_after":16000,"derivative":{"exercise_price":6.25,"exercise_date":"2025-12-02","expiration_date":"2025-07-14","underlying":"Common Stock","underlying_shares":16000},"source":{"system":"sec-edgar","filing":"0001193125-25-317191","document":"ownership.xml","document_sequence":1,"table":"derivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/1671976/000119312525317191/ownership.xml","form_type":"4"}},{"id":971184,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":689,"kind":"person","name":"TUDER JEFFREY","position":1,"cik":"0001671976","reported_name":"TUDER JEFFREY","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2025-12-12T16:52:13.000Z","date":"2025-12-02","kind":"other","planned":false,"acquired":true,"shares":8188,"ownership":{"direct":false,"nature":"See Footnote"},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"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, Tremson Capital Management, LLC (\"Tremson\") received 8,188 shares of common stock, par value $0.01 per share, of the Company (the \"Common Stock\"), in exchange of certain securities of Sonnet Tremson held prior to the Closing."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"The securities are held directly by Tremson and indirectly by Jeffrey Tuder, managing member of Tremson. Mr. Tuder disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein."}],"balance_after":8188,"source":{"system":"sec-edgar","filing":"0001193125-25-317191","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1671976/000119312525317191/ownership.xml","form_type":"4"}},{"id":970544,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":49021,"kind":"person","name":"Beldner Brett Douglas","position":1,"cik":"0002098931","reported_name":"Beldner Brett Douglas","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"Chief Financial Officer"}}],"security":"Common Stock","published_at":"2025-12-12T16:51:53.000Z","date":"2025-12-04","kind":"other","planned":false,"acquired":true,"shares":31840,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"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, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the \"Common Stock\"). On December 4, 2025, Rorschach Capital LLC distributed 31,840 shares of Common Stock to Mr. Beldner, a member of Rorschach Capital LLC."}],"balance_after":31840,"source":{"system":"sec-edgar","filing":"0001193125-25-317190","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/2078856/000119312525317190/ownership.xml","form_type":"4"}},{"id":971133,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":686,"kind":"person","name":"Diamond Robert E. Jr.","position":1,"cik":"0001477048","reported_name":"Diamond Robert E. 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On December 4, 2025, Rorschach Capital LLC distributed 636,800 shares of Common Stock to Mr. Diamond, a member of Rorschach Capital LLC."}],"balance_after":636800,"source":{"system":"sec-edgar","filing":"0001193125-25-317229","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1477048/000119312525317229/ownership.xml","form_type":"4"}},{"id":971063,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":682,"kind":"person","name":"Schamis David Ira","position":1,"cik":"0001377409","reported_name":"Schamis David Ira","relationship":{"director":true,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"Chief Executive Officer"}}],"security":"Common Stock","published_at":"2025-12-12T11:54:44.000Z","date":"2025-12-04","kind":"other","planned":false,"acquired":true,"shares":95520,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"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, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the \"Common Stock\"). On December 4, 2025, Rorschach Capital LLC distributed 95,520 shares of Common Stock to Mr. Schamis, a member of Rorschach Capital LLC."}],"balance_after":95520,"source":{"system":"sec-edgar","filing":"0001193125-25-317198","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1377409/000119312525317198/ownership.xml","form_type":"4"}}]}