HOOPP Discloses $35.3 Million Hyperliquid Strategies Stake

By Marcus Bennett

Healthcare of Ontario Pension Plan Trust Fund disclosed a $35.33 million position in Hyperliquid Strategies as of Sept. 30, according to its third-quarter Form 13F filed Nov. 13.

The filing lists 2,879,300 common shares in the Nasdaq-listed company, valued at $35,329,011 on Sept. 30. HOOPP's Form 13F for the quarter ended June 30, filed Aug. 13, did not list Hyperliquid Strategies.

The comparison establishes a newly reported position. It does not show when HOOPP acquired the shares, what the fund paid, or whether the position changed after Sept. 30.

The reported position

HOOPP is a Canadian pension manager. Its holding gives it equity exposure to a Nasdaq-listed company building a treasury around Hyperliquid's HYPE token.

The documented asset was common stock. The filing did not report a purchase of HYPE itself. It also does not disclose whether HOOPP holds the token directly.

That distinction matters because the filing contains two separate forms of exposure: HOOPP's ownership of a listed company and that company's own holding of HYPE.

At quarter-end, Hyperliquid Strategies held 38.5 million HYPE, according to earlier coverage of its token holdings. The $35.33 million figure measures HOOPP's listed shares. The 38.5 million figure measures the company's token balance.

The structure matters for anyone comparing pension allocations with token balances. The filing supplies a dollar value for listed shares. The 38.5 million HYPE figure belongs to the company and does not establish a HOOPP token balance.

What the filing does not establish

A newly reported 13F position is not the same as a newly completed investment. Here, the June 30 filing omitted the company, while the Sept. 30 filing included it.

That is the full extent of the public change HOOPP disclosed. The documents provide quarter-end snapshots rather than a record of individual trades, so they do not identify the acquisition date or purchase cost.

Because the reporting dates fall three months apart, the comparison identifies a change in the reported portfolio between those snapshots. It does not show whether HOOPP bought, sold, or transferred anything during that interval. Nor does it reveal whether a direct HYPE position existed alongside the shares.

The Nov. 13 filing also stops at Sept. 30. It says nothing about purchases, sales, or other adjustments after that reporting date. Any claim that HOOPP still held the full position later would go beyond the filing.

What does this change for investors tracking HOOPP?

The disclosure gives investors a dollar figure and a specific asset: common shares. It does not turn HOOPP into a disclosed direct HYPE holder. For anyone measuring institutional exposure, those are materially different claims.

That route can matter when an institution reviews where its capital sits. HOOPP's stake links its portfolio to the market value of Hyperliquid Strategies shares, while the company's HYPE balance remains a separate corporate holding.

The practical distinction is straightforward. Investors can measure HOOPP's equity position at the filing date. They cannot use the same document to calculate the pension fund's HYPE exposure, token cost basis, or current stake.

The 38.5 million tokens should not be attributed to the pension fund. HOOPP's filing documents shares and does not disclose token quantities for the fund. It also supplies no acquisition date, purchase cost, or direct HYPE disclosure.

The next public checkpoint

The next Form 13F for the quarter following Sept. 30 will offer the next public snapshot of HOOPP's reported holdings. It will show whether the company appeared in the later filing and, if so, the shares and value reported at that date.

Until then, treat the stake as a Sept. 30 position rather than a confirmed current holding. The next quarterly filing is the next regulatory checkpoint for the position's reported status.