Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies Inc., according to SEC filing data for the second quarter of 2026. The Nasdaq-listed company trades under the ticker PURR and holds millions of HYPE tokens as part of its digital asset treasury strategy. According to Fintel data based on the filing, the PURR position accounts for roughly 0.44% of the investment manager's reported portfolio as of June 30, marking the first appearance of this holding in Duquesne's portfolio.
Hyperliquid Strategies has built one of the largest corporate HYPE holdings since establishing its digital asset treasury business. As reported by crypto.news in February, the company purchased 5 million HYPE for about $129.5 million at an average price of $25.90 per token, increasing its holdings to 17.6 million HYPE while leaving approximately $125 million in cash. Artemis data cited in a June treasury report showed the company controlled about 23.7 million HYPE and was sitting on more than $1.1 billion in unrealized gains at the time. The report found HYPE-focused treasury companies were among the few major digital asset treasury groups still carrying sizeable paper profits during the June market downturn.
HYPE recorded significant price movements during the second quarter, with the token reaching a record of about $73.7 on June 1 after gaining more than 70% over the preceding month. According to Bitwise Chief Investment Officer Matt Hougan, HYPE had gained 77% since the start of 2026 while Hyperliquid processed about $170 billion in monthly trading volume. Institutional exposure expanded through regulated investment products, with Kalshi launching CFTC-regulated HYPE perpetual futures in June, causing HYPE futures open interest to rise to $2.48 billion and briefly surpass XRP open interest.
The investment disclosure carries significance given Duquesne's connection to Federal Reserve Chairman Kevin Warsh, who previously worked with the family office before returning to the central bank. According to the Federal Reserve's official biography, Warsh served as a partner at Duquesne Family Office after leaving the Fed's Board of Governors in 2011, and returned to the central bank as chairman on May 22, 2026. Before his confirmation, Warsh disclosed assets worth well over $100 million in his April financial disclosure, with two positions in the Juggernaut Fund LP each listed at more than $50 million. The disclosure also showed he received $10.2 million in consulting fees from Druckenmiller's investment office during the covered period.
