Duquesne Family Office Bets $23M on Hyperliquid Treasury Strategy

The position, disclosed in a second-quarter 13F filing, represents roughly 0.44% of the investment manager’s reported portfolio. Hyperliquid Strategies, trading under the ticker PURR, has aggressively accumulated HYPE tokens to anchor its treasury. As of June, the company controlled approximately 23.7 million HYPE tokens, a position that maintained significant unrealized gains even during the broader market volatility observed in the second quarter.

Institutional Ties and Federal Oversight

This investment highlights the growing institutional appetite for HYPE-focused treasury structures, which have increasingly functioned as a proxy for direct token exposure through regulated U.S. equities. The timing of the disclosure coincides with the transition of Kevin Warsh to the role of Federal Reserve chairman in May 2026. Warsh, who previously served as a partner at Duquesne, disclosed over $100 million in assets during his confirmation process, including substantial consulting income from the family office. While Warsh committed to divesting specific holdings to comply with Federal Reserve ethics rules—which strictly limit crypto-related assets for senior officials—the connection underscores the deep intersection between traditional institutional finance and the evolving digital asset ecosystem.