Amendment to Purchase Agreement

On September 1, 2026, Hyperliquid Strategies Inc. entered into Amendment No. 1 to the ChEF Purchase Agreement with Chardan Capital Markets LLC. This amendment increases the total commitment for the purchase of the Company's common stock from $1.0 billion to $2.5 billion. The amendment also introduces a provision that limits the issuance of shares at a price less than $12.02 if the total number of shares issued exceeds 42,641,847, representing 19.99% of the outstanding shares, unless stockholder approval is obtained. This limit is subject to adjustments for stock splits and other similar transactions. The Company also agreed to reimburse costs associated with the amendment, not exceeding $15,000.