Hyperliquid Strategies (PURR) shares hit a record high above $12 on Tuesday, fueled by its primary treasury token, Hyperliquid (HYPE), climbing back above $80. PURR stock gained more than 7% in midday trade, reaching an intraday high above $12 before paring some of the advance.

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The rally in both assets followed $5.74 million of net inflows into U.S. spot HYPE ETFs on Monday, the second-highest daily inflow on record, according to SoSoValue data. Meanwhile, HYPE’s price gained over 1.5% in the last 24 hours, outperforming Bitcoin (BTC), which edged 0.2% lower.

Retail traders are now turning their attention to Hyperliquid Strategies’ upcoming earnings report, scheduled for Thursday before the market opens. Wall Street expects the company to report earnings per share of $0.78 on revenue of $3.57 million, according to FiscalAI.

The rally also comes after President Donald Trump recently indicated that Hyperliquid could seek a more formal presence in the U.S. “I understand that is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” he said during a press conference last week.

Hyperliquid Strategies’ core function is to hold and grow a position in HYPE, the native token of the Hyperliquid blockchain. The network is built primarily to support onchain perpetual futures trading.

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