BlackRock now reports 5.2% of Hyperliquid Strategies ($PURR), the Nasdaq-listed HYPE treasury company known as @HypeStrat. Less than a year after the stock started trading, the world's largest asset manager is its biggest institutional holder on record.

1. What BlackRock filed

Two SEC filings tell the story. On October 27, 2026, BlackRock filed a Schedule 13G/A, the form required from passive investors above the 5% threshold. It reports 14,430,697 shares, or 5.2% of the company, as of September 30.

On November 13, its quarterly Form 13F listed 14,849,144 shares worth $182.2M at the September 30 share price. The two forms count shares under different rules, which explains the small gap.

💡 Key fact: BlackRock held 4,387 shares of $PURR at the end of 2025. Nine months later it held 14.85 million.

2. From zero to 5% in four quarters

$PURR's Nasdaq listing was certified on December 2, 2025, so there was nothing to own before that. BlackRock's 13F filings show how fast the position grew afterwards:

  • December 31, 2025: 4,387 shares ($15.6K)
  • March 31, 2026: 2,077,514 shares ($10.6M)
  • June 30, 2026: 10,145,166 shares ($79.8M)
  • September 30, 2026: 14,849,144 shares ($182.2M)

3. Whose money is it?

Not BlackRock's own. A 13F covers the assets a manager runs for its clients, and the 13G/A says it plainly: various persons have the right to the dividends and sale proceeds, and none of them holds more than 5% alone.

The 13F splits the position across eight BlackRock entities. Two of them carry 92% of it: BlackRock Fund Advisors, the adviser behind the iShares ETFs, with 7,773,068 shares, and BlackRock Institutional Trust Company with 5,874,482 shares.

That profile points to index and ETF products buying a stock as it enters their benchmarks, rather than a portfolio manager making a directional call on Hyperliquid. The outcome is the same either way: $PURR now sits inside mainstream funds held by ordinary investors.

4. Who else owns $PURR

Top 10 institutional holders of Hyperliquid Strategies ($PURR) as of September 30, 2026

174 institutions reported a $PURR position for the third quarter in the filings received through November 13. Behind BlackRock come Morgan Stanley ($132.1M), State Street ($123.1M), Invesco ($87.3M) and Geode Capital Management ($60.1M).

The list is not only index giants. Arrowstreet Capital holds $57.8M, the Healthcare of Ontario Pension Plan $35.3M, Renaissance Technologies $17.8M and Jane Street $15.7M. Vanguard appears through three separate entities that together report about $58M.

The spot Hyperliquid ETFs are far behind for now: 25 institutions reported the Bitwise Hyperliquid ETF ($BHYP) for a combined $18.7M, 9 the Grayscale fund ($HYPG) and 8 the 21Shares fund ($THYP).

5. How to read these numbers

  • They are a snapshot. Every position is dated September 30, 2026 and valued at that day's share price.
  • They cannot be added up. Some positions are reported twice, by a fund and by its sub-adviser. Summed as filed they reach about $1.13B, which overstates the real total.
  • The list is not final. The filing deadline for the quarter is November 14, and late filers can still change the ranking.
💡 Tip: You can trade it on Hyperliquid as a perp, deployed by Trade[XYZ], under the ticker PURRDAT.