The Healthcare of Ontario Pension Plan (HOOPP), one of Canada’s largest defined benefit pension plans, has disclosed a new position in Hyperliquid Strategies Inc. (NASDAQ: PURR). The Nasdaq-listed company holds HYPE, the native token of the Hyperliquid blockchain, as its main treasury asset. The stake was worth $35.3 million at the end of September. It gives the Toronto-based fund indirect exposure to the Hyperliquid ecosystem through a regulated stock rather than the token itself.
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What HOOPP’s 13F Filing Shows
HOOPP filed its Form 13F-HR with the U.S. Securities and Exchange Commission (SEC) on November 13, 2026. The filing shows the fund held 2,879,300 common shares of Hyperliquid Strategies as of September 30, 2026. The holdings information table values the position at $35,329,011, which works out to $12.27 per share.
A Form 13F is a quarterly report. Institutional investment managers with at least $100 million in qualifying U.S. securities must file one, listing their long equity positions as of the last day of each quarter.
The stock did not appear in HOOPP’s 13F report for the quarter ended June 30, 2026, so this is a newly disclosed holding. Hyperliquid Strategies reported 277,008,716 shares outstanding as of November 4, 2026, in its quarterly report on Form 10-Q. On that basis, HOOPP’s stake equals about 1.04% of the company. That share count is from a later date than the 13F, so HOOPP’s exact ownership on September 30 may have been slightly different.
The filing does not say when HOOPP bought the shares, what it paid, or whether it still holds them. A 13F is a snapshot of one day. It does not cover direct cryptocurrency holdings.
Why a Pension Fund Would Choose PURR Over HYPE
For a regulated pension plan, an exchange-listed stock is easier to hold in custody, value, and report than a native crypto token. PURR shares give HOOPP economic exposure to HYPE’s price, staking income, and the company’s operations through a standard brokerage account.
That route has its own risks. These include share dilution from equity raises, company expenses, and the gap between PURR’s share price and the value of the tokens and cash behind each share. Investors track that gap through a ratio called mNAV, the multiple of net asset value.
U.S. investors also have other regulated routes to HYPE. The 21Shares Hyperliquid ETF began trading on Nasdaq on May 12, 2026, and the Bitwise Hyperliquid ETF followed on the New York Stock Exchange. Both are spot exchange-traded funds (ETFs) that hold the token directly.
The allocation is small compared with the size of the plan. HOOPP reported net assets of about C$132 billion at the end of 2025, a 7.7% net return for the year, and a funded status of 109%. It has more than 504,000 members and over 870 participating employers. HOOPP reports in Canadian dollars, while 13F values are in U.S. dollars.
Inside Hyperliquid Strategies’ September Quarter
Hyperliquid Strategies is a digital asset treasury (DAT) company: a public company whose main strategy is to buy and hold a specific cryptocurrency. It became a public company through a business combination with Sonnet BioTherapeutics that closed in December 2025. On November 5, it reported results for the quarter ended September 30, 2026, the first quarter of its 2027 fiscal year.
During the quarter, the company:
- raised $911 million through its committed equity facility
- spent $785 million on 9.1 million HYPE, increasing its holdings from 29.3 million to 38.5 million tokens
- spent $17 million to buy back 2.7 million PURR shares
As of September 30, total assets were $3.76 billion. That included $3.51 billion in HYPE, about 38.52 million tokens at a quarter-end price of $90.99, and $254.6 million in cash and cash-like instruments. Stockholders’ equity was $3.40 billion, and the company had no debt.
Net income for the quarter was $620.6 million. Most of it came from $803.0 million in unrealized gains on HYPE. That was partly offset by a $172.3 million income tax provision and $15.3 million in mostly non-cash costs tied to the equity facility. Staking revenue and validator commissions were $12.3 million and interest income was $1.0 million, against $7.6 million in general, administrative, and research expenses.
Most of the profit is a paper gain that depends on HYPE’s price at quarter-end. A fall in the token would produce unrealized losses in the same way. As of October 28, the company held 38.9 million HYPE at an average cost of $56.35 per token, plus $245.3 million in cash.
FCM Application Targets U.S. Access to Hyperliquid Markets
A subsidiary of Hyperliquid Strategies has applied to register as a futures commission merchant (FCM). An FCM is a broker that accepts customer orders and funds for futures trading under the oversight of the U.S. Commodity Futures Trading Commission (CFTC).
If approved, the subsidiary would carry U.S. client accounts for permissioned markets on Hyperliquid built under HIP-3 (Hyperliquid Improvement Proposal 3). HIP-3 is an optional feature that lets independent operators launch their own markets on Hyperliquid’s onchain infrastructure. The company said there is no assurance about the timing or outcome of the application.
Chief Executive David Schamis linked the HYPE purchases to the FCM filing, saying, “Those two moves are the same bet.”
The application comes as U.S. regulators work out how to treat perpetual futures, which are derivatives contracts with no expiry date. CME Group has sued the CFTC over its approval of crypto perpetual futures, and Hyperliquid has publicly opposed that lawsuit.
Institutional Interest in PURR Is Growing
HOOPP joins other well-known investors that have reported PURR holdings this year. Stanley Druckenmiller’s Duquesne Family Office reported 2.94 million shares worth $23.15 million as of June 30, 2026.
HOOPP holds slightly fewer shares, but its position is worth about 53% more. The difference comes from the share price: based on the two filings, PURR rose from roughly $7.87 at the end of June to $12.27 at the end of September.
Investors have been drawn to the model because the protocol uses its fees to buy back HYPE. Crypto Times has examined that revenue-backed treasury model and how it differs from Bitcoin and Ether treasury companies.
What to Watch Next
HOOPP’s next 13F, covering holdings as of December 31, 2026, is due by mid-February 2027. It will show whether the fund added to, cut, or kept its position.
For Hyperliquid Strategies, the main things to watch are:
- the CFTC’s decision on its FCM application
- how much more it raises through its equity facility
- whether PURR keeps trading above the value of the HYPE and cash behind each share
Also Read: Michael Saylor’s Strategy (MSTR) Faces $6.85B Paper Loss as Bitcoin Slides Below Its $75K Cost