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$PURR ’s report explains why $HYPE is attracting attention. PURR holds ~29.3M HYPE worth ~$1.9B, with no debt, but its $30.55M profit includes unrealized gains; actual staking and validator income was ~$9.5M. The bigger story is the flywheel: Hyperliquid fees → HYPE buybacks → higher HYPE value → stronger PURR NAV → more financing → more HYPE purchases. PURR could become a “stock-ification” vehicle for HYPE. But with mNAV near 1.35x and bullish sentiment rising, crowding is the key risk.