Artemis Report: PURR is the Only Crypto Treasury Stock with Profitable Underlying Assets

According to BroadChain, at 13:16 on April 20, as reported by TechFlow, Artemis analyst Zheng Jie pointed out that amid the overall valuation correction in the DAT (Digital Asset Treasury) sector, Hyperliquid Strategies Inc (NASDAQ: PURR) should not be equated with companies like MicroStrategy. The latter incurs a daily debt cost of $2.3 million, and its mNAV has dropped from a peak of over 6 times to 1.15 times. PURR holds 18.8 million HYPE, the native token of the Hyperliquid protocol. In 2025, the protocol generated $857 million in fee revenue (with $797 million from perpetual contracts) and allocated 99% (approximately $837 million) to repurchase and burn HYPE, achieving structural deflation. PURR has a clean balance sheet with $112.6 million in cash and zero debt. Its current stock price is 1.12 times mNAV. Under the base case scenario, assuming HYPE reaches $76 by 2030, corresponding to a 20x P/E ratio, and PURR maintains a 1.1x mNAV, the stock price would be $10.59, representing an upside potential of approximately 63% over five years. Under optimistic and pessimistic scenarios, the stock prices would be $20.84 (+220%) and -49%, respectively. The report emphasizes that PURR is the only DAT company with underlying assets generating positive cash flow, profitable on the books, and zero debt. Its HYPE holdings currently have an unrealized gain of about $600 million. The core difference lies in the fact that the Hyperliquid protocol is a profit-generating machine, while Bitcoin does not generate yield, and Ethereum and Solana actually yield negative returns after deducting staking costs. PURR's growth logic is also based on expansion factors such as the HIP-3 listing platform, HIP-4 options, Builder Codes for negative-cost customer acquisition, and the USDH stable币, all of which do not require significant increases in team size. Additionally, PURR has a $30 million stock buyback plan. When the stock price is below NAV, repurchases can increase the HYPE content per share, a mechanism superior to its peers. For U.S. investors subject to high tax rates, holding PURR stock is also more tax-efficient than directly holding HYPE.