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regulatory posture toward crypto in August 2026 fed directly into the premium that investors were willing to pay for publicly traded digital-asset vehicles.
Against that backdrop, shares of Hyperliquid Strategies (NASDAQ: PURR) gained about 94% during the month, outpacing both Bitcoin ($BTC), which rose roughly 25%, and the Hyperliquid token (CRYPTO: HYPE), which gained about 60%.
The spread between those returns reflects a re-rating of the equity wrapper, a shift captured in the NAV premium data.
From discount to premium PurrmNAV, an independent net-asset-value tracker, estimated that Hyperliquid Strategies was trading at about 82% of its underlying asset value on Aug.
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