Rorschach Advisors LLC Beneficial Ownership Filing for Hyperliquid Strategies Inc

Rorschach Advisors LLC, a Delaware limited liability company, has filed a Schedule 13G, reporting beneficial ownership of 9.99% of Hyperliquid Strategies Inc. common stock, amounting to 13,236,800 shares. This ownership includes 7,761,860 shares acquired at the closing of a business combination on December 2, 2025, and up to 5,474,940 shares issuable upon exercise of advisor warrants. These warrants are exercisable for five years post-closing, with a blocker provision limiting beneficial ownership to 9.99%. The filing, dated December 23, 2025, certifies that the securities were not acquired or held to influence or change the control of the issuer.