Duquesne Family Office has disclosed a $23 million position in Hyperliquid Strategies, giving Stanley Druckenmiller’s investment office indirect exposure to HYPE through the Nasdaq-listed digital asset treasury company. A second-quarter SEC filing showed that Duquesne held shares of Hyperliquid Strategies, which trades under the ticker PURR, as of June 30. The position appeared in Duquesne’s portfolio for the first time and represented roughly 0.44% of its reported portfolio, according to Fintel data.
The investment gives Duquesne exposure to HYPE without directly purchasing the cryptocurrency. Hyperliquid Strategies operates as a digital asset treasury company focused on accumulating and managing HYPE, the native token of the Hyperliquid ecosystem.
Source: sec.gov
This approach allows institutional investors to gain exposure to a crypto asset through a publicly traded US equity. For investors that cannot or do not want to hold digital tokens directly, treasury companies can provide an alternative route into the sector.
Hyperliquid Strategies has built one of the larger corporate HYPE holdings since establishing its treasury strategy. In February, the company purchased another 5 million HYPE for about $129.5 million, paying an average of $25.90 per token. That acquisition took its holdings at the time to 17.6 million HYPE and left the company with around $125 million in cash.
Its holdings later grew substantially. Data from Artemis cited in a June treasury report showed that Hyperliquid Strategies controlled about 23.7 million HYPE and had more than $1.1 billion in unrealised gains at the time.
The report also found that HYPE-focused treasury companies were among the few major digital asset treasury groups still showing sizeable paper profits during the June market downturn. Companies holding Bitcoin, Ether and Solana, by comparison, were recording significant unrealised losses as prices declined.
Duquesne’s $23 million PURR position therefore provides exposure to a treasury strategy that has benefited from strong HYPE performance. However, the 13F filing does not reveal exactly when or how the shares were purchased. It only shows the firm’s holdings as of June 30.
Institutional investors managing at least $100 million in certain securities are required to file Form 13F reports. These filings provide a quarterly snapshot of reportable holdings but do not show transactions completed after the reporting date.
HYPE experienced significant price movements during the second quarter. The token reached a record of around $73.70 on June 1 after rising more than 70% over the previous month.
Interest in HYPE has also expanded through investment and derivatives products. In June, Kalshi launched CFTC-regulated HYPE perpetual futures for US traders. HYPE futures open interest subsequently rose to $2.48 billion and briefly moved above XRP’s open interest.
Institutional interest has not been limited to treasury companies. Bitwise Chief Investment Officer Matt Hougan said in May that HYPE had gained 77% since the beginning of 2026 while Hyperliquid processed about $170 billion in monthly trading volume.
Bitwise also announced that it would use 10% of management fees from its BHYP Hyperliquid exchange-traded fund to purchase and hold HYPE on its own balance sheet.
The Hyperliquid ecosystem has another source of demand through its token model. A significant portion of protocol trading fees is directed towards HYPE purchases through the Assistance Fund, creating an additional mechanism supporting the token alongside treasury companies and investment products.
Duquesne’s investment also has a notable connection to Federal Reserve Chairman Kevin Warsh, who previously worked with the family office. Warsh served as a partner at Duquesne Family Office after leaving the Federal Reserve Board in 2011.
He later returned to the central bank and became Federal Reserve chairman on May 22, 2026. Before his appointment, financial disclosures showed his previous financial relationship with Druckenmiller’s investment office.
The latest Duquesne filing does not indicate that the investment was made by Warsh personally. Instead, it shows that the family office has taken a position in a publicly traded company built around HYPE.
For the wider crypto market, the investment is another example of institutional money finding indirect routes into digital assets. If more investment firms follow the same path, publicly traded crypto treasury companies could become an increasingly important bridge between traditional finance and digital assets.
BREAKING: Druckenmiller’s Duquesene has updated its 13F.
New positions:
-$GOOGL: $120.2 million$FOXA: $115.0 million$CDW: $104.6 million$BTDR: $64.7 million$DAL: $56.5 million$AMD: $42.3 millionLargest holdings:$TSM: $281 million$STM: $232 million$AMZN: $129 million pic.twitter.com/1QblRfozic
— unusual_whales (@unusual_whales) August 14, 2026
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