Amendment to ChEF Purchase Agreement

On September 14, 2026, Hyperliquid Strategies Inc. entered into Amendment No. 3 to the ChEF Purchase Agreement with Chardan Capital Markets LLC. This amendment modifies the definition of "VWAP Purchase Price." Following the sale of the initial 160,000,000 shares of common stock, the purchase price for subsequent shares sold to the investor will be 98.5% of the VWAP for VWAP or Intraday VWAP Purchases, and 97.0% of the VWAP for Off-Hour VWAP Purchases. These prices are subject to adjustments for specific corporate actions and transaction types. This amendment supersedes a previous amendment dated September 14, 2026, and remains in effect with the original agreement, except as modified.