{ "ticker": "PURR", "reference_close": "2026-09-25", "analysis_path": "data/analyses-data/PURR.json", "analysis_sha256": "0067e0b7c91288007adb43c14e0974449bb78ef557ea5ab1d28b14cd60168d0d", "claims": [ { "path": "meta.date", "value": "2026-09-25", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.date" }, { "path": "meta.dateDisplay", "value": "25 septembre 2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.dateDisplay" }, { "path": "meta.version", "value": 3, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/meta/version" }, { "path": "meta.levelsCloseDate", "value": "2026-09-25", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.levelsCloseDate" }, { "path": "meta.description", "value": "Hyperliquid Strategies (PURR) : véhicule de trésorerie en token HYPE (~33 M d’unités), financé par une facilité d’émission d’actions de 2,5 Md$. Valorisation par la valeur nette d’inventaire (0,95× au 30 juin). Cours du 25 septembre 12,85 $ (−8,8 %), statut surveiller.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.description" }, { "path": "meta.ogDescription", "value": "PURR : une trésorerie en HYPE valorisée par sa valeur nette d’inventaire (0,95× au 30 juin), payée en dilution. Cours 12,85 $, statut surveiller.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.ogDescription" }, { "path": "meta.lastMcpRefresh", "value": "2026-09-28T11:46:25.391407689Z", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.lastMcpRefresh" }, { "path": "meta.levelsVerifiedAt", "value": "2026-09-28T11:46:25.391407689Z", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.levelsVerifiedAt" }, { "path": "meta.statusHistory.0.at", "value": "2026-09-28T11:46:25.391407689Z", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.statusHistory.0.at" }, { "path": "meta.statusHistory.0.note", "value": "refonte v3 harnachée du 25 septembre : véhicule de trésorerie HYPE valorisé par la valeur nette d’inventaire (0,95× au 30 juin), 17 comparables crypto propres, statut surveiller après un repli propre de 8,8 %", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/meta.statusHistory.0.note" }, { "path": "meta.statusHistory.0.close", "value": 12.85, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/meta/statusHistory/0/close" }, { "path": "header.price", "value": 12.85, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/header/price" }, { "path": "header.changePct", "value": -8.800567778566359, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/header/changePct" }, { "path": "header.metrics.marketCap", "value": "3057 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/header.metrics.marketCap" }, { "path": "header.metrics.volume", "value": "31,40 M", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/header.metrics.volume" }, { "path": "header.metrics.navSpot", "value": "0,95× VNI (30/06)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/header.metrics.navSpot" }, { "path": "verdict.score", "value": 34, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/verdict/score" }, { "path": "verdict.confidence", "value": "Score éditorial non prédictif. Les chiffres d’entreprise sont lus dans le 10-K de l’exercice clos le 30 juin 2026 et le prospectus 424B3 du 23 septembre ; les niveaux, sur le close certifié du 25 septembre.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.confidence" }, { "path": "verdict.summary", "value": "Hyperliquid Strategies n’est pas une entreprise ordinaire : c’est un coffre. Son actif, ce sont des jetons HYPE du réseau Hyperliquid — 29,3 millions d’unités valorisées 1904,1 M$ au 30 juin, plus 137,9 M$ de trésorerie, aucune dette. La bonne question n’est pas « combien vaut le business » (le staking ne rapporte que 9,46 M$) mais « le cours paie-t-il une prime ou une décote sur cet actif net ». Au 30 juin, la valeur nette d’inventaire ressort à 8,25 $ par action, le cours à 7,87 $ : 0,95 fois l’actif net, une décote de 4,6 %. Depuis, le HYPE a monté et le titre avec lui, jusqu’à 14,76 $ le 21 septembre. Au close du 25 septembre, 12,85 $ (−8,8 %), le marché price le HYPE autour de 103,32 $ l’unité, contre 65,04 $ à la juste valeur auditée du 30 juin. Le vrai risque n’est pas le business, c’est la dilution : une facilité d’émission de 2,5 Md$ avec Chardan, environ 1,4 Md$ disponibles, un vote le 4 novembre pour lever le plafond de 19,99 %. Statut surveiller : pas d’entrée actionnable au comptant.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.summary" }, { "path": "verdict.whyBuy.0", "value": "Un actif net tangible et liquide : 29,3 millions d’unités HYPE à 1904,1 M$ de juste valeur au 30 juin, 137,9 M$ de trésorerie et aucune dette financière.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.whyBuy.0" }, { "path": "verdict.whyBuy.2", "value": "Au 30 juin, le titre se payait 0,95 fois son actif net (décote de 4,6 %) : l’enveloppe n’était pas survalorisée par rapport à son contenu.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.whyBuy.2" }, { "path": "verdict.whyBuy.3", "value": "Trésorerie renforcée en continu : 113,0 millions d’actions déjà vendues via la facilité pour environ 1,1 Md$, réinvestis en HYPE.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.whyBuy.3" }, { "path": "verdict.whyAvoid.1", "value": "Dilution active et massive : facilité de 2,5 Md$, environ 1,4 Md$ restants ≈ 47 % d’actions nouvelles au cours actuel ; vote du 4 novembre pour dépasser 19,99 %.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.1" }, { "path": "verdict.whyAvoid.2", "value": "Le résultat net de 305,5 M$ est un mirage comptable : 709,9 M$ de plus-values latentes non réalisées sur le HYPE, symétriques à la baisse ; l’exploitation, elle, perd de l’argent.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.2" }, { "path": "verdict.whyAvoid.3", "value": "Un impôt différé de 183,5 M$ (98 % des passifs) pèse sur ces gains latents et grandit avec le HYPE ; le repli propre de 8,8 % du 25 septembre rappelle la nervosité du dossier.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.whyAvoid.3" }, { "path": "verdict.controlChecklist.0.statusLabel", "value": "204 séances depuis décembre 2025", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.0.statusLabel" }, { "path": "verdict.controlChecklist.0.evidence", "value": "Société cotée par fusion fin 2025 : série certifiée de 204 séances, plus courte que le standard de 250 ; la moyenne à 200 séances est à peine amorcée.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.0.evidence" }, { "path": "verdict.controlChecklist.1.evidence", "value": "Aucun multiple d’EBITDA ou de revenus n’a de sens pour un coffre à jetons : la grille est l’actif net (8,25 $ par action au 30 juin). Aucune clôture HYPE certifiée point-in-time au 25 septembre.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.1.evidence" }, { "path": "verdict.controlChecklist.2.statusLabel", "value": "Facilité de 2,5 Md$ active", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.2.statusLabel" }, { "path": "verdict.controlChecklist.2.evidence", "value": "Environ 1,4 Md$ de capacité d’émission restante, vote du 4 novembre pour lever le plafond de 19,99 %. L’émission dilue la VNI par action si elle se fait sous l’actif net.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/verdict.controlChecklist.2.evidence" }, { "path": "business.overview", "value": "

Hyperliquid Strategies Inc n’exploite pas une activité classique : c’est un véhicule de trésorerie d’actifs numériques (digital-asset treasury). Née de la coquille cotée Sonnet BioTherapeutics — dont l’activité biotechnologique a été cédée à Guidant Biotherapeutics le 31 mars 2026 —, la société a une seule mission : accumuler et détenir le token HYPE du réseau Hyperliquid, une plateforme d’échange de produits dérivés décentralisée.

Au 30 juin 2026, elle détenait 29,28 millions d’unités HYPE, portées à une juste valeur de 1904,1 M$ (pour un coût d’acquisition de 1363,3 M$), auxquelles s’ajoutent 137,9 M$ de trésorerie. Elle n’a aucune dette financière. Ses seuls revenus — 9,46 M$ sur l’exercice — proviennent du staking et des commissions de validateur perçues en mettant ses jetons au service du réseau.

Le modèle est simple et brutal : la société émet des actions, avec ce produit elle achète du HYPE, et la valeur de l’action suit celle du token, à la dilution près. Le financement passe par un accord d’émission d’actions au fil de l’eau (facilité « ChEF ») avec Chardan, porté à 2,5 Md$. Au 8 septembre, la société détenait environ 33,2 millions d’unités HYPE et comptait 237,9 millions d’actions en circulation.

", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.overview" }, { "path": "business.segments.0.revenue", "value": "1904,1 M$ de juste valeur au 30/06", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.segments.0.revenue" }, { "path": "business.segments.0.description", "value": "29,28 millions d’unités HYPE détenues, portées de 12,5 à 29,3 millions sur l’exercice ; la valeur du titre suit celle du jeton.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.segments.0.description" }, { "path": "business.segments.1.revenue", "value": "9,46 M$ sur l’exercice", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.segments.1.revenue" }, { "path": "business.sourceRefs.0.name", "value": "Hyperliquid Strategies 10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.0.name" }, { "path": "business.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.0.url" }, { "path": "business.sourceRefs.0.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.0.date" }, { "path": "business.sourceRefs.1.name", "value": "Hyperliquid Strategies 424B3", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.1.name" }, { "path": "business.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526399511/d168095d424b3.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.1.url" }, { "path": "business.sourceRefs.1.date", "value": "2026-09-23", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.1.date" }, { "path": "business.sourceRefs.2.name", "value": "Hyperliquid Strategies 8-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.2.name" }, { "path": "business.sourceRefs.2.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526369668/purr-20260827.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.2.url" }, { "path": "business.sourceRefs.2.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.sourceRefs.2.date" }, { "path": "business.coverageMatrix.0.decision", "value": "204 séances certifiées depuis la cotation par fusion de décembre 2025 ; base des niveaux et des repères récents.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.coverageMatrix.0.decision" }, { "path": "business.coverageMatrix.1.decision", "value": "Juste valeur du HYPE, trésorerie, passifs et impôt différé lus dans le 10-K au 30 juin 2026 ; base de la valeur nette d’inventaire.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.coverageMatrix.1.decision" }, { "path": "business.coverageMatrix.2.decision", "value": "Facilité Chardan de 2,5 Md$, plafond de 19,99 %, capacité restante et prix de vente lus dans les 8-K et le 424B3 ; vote du 4 novembre dans la PRE 14A.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.coverageMatrix.2.decision" }, { "path": "business.coverageMatrix.3.decision", "value": "Corrélations recalculées sur barres certifiées ; 17 comparables crypto propres (véhicules de trésorerie, plateformes, mineurs, ETF), tous au calendrier actions américain.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.coverageMatrix.3.decision" }, { "path": "business.coverageMatrix.4.decision", "value": "Aucune clôture HYPE certifiée au 25 septembre : la VNI gouvernante est la juste valeur auditée du 30 juin ; le prix HYPE implicite au cours actuel est un scénario borné.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.coverageMatrix.4.decision" }, { "path": "business.coverageMatrix.5.decision", "value": "Chaîne d’options non servie (statut 429), coût d’emprunt indisponible (statut 444), ni Reddit ni Google Trends pour ce titre.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/business.coverageMatrix.5.decision" }, { "path": "news.0.date", "value": "2026-09-25", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.0.date" }, { "path": "news.0.title", "value": "Repli propre de 8,8 % à 12,85 $, bien au-delà du complexe crypto", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.0.title" }, { "path": "news.0.detail", "value": "Après un rebond à 14,09 $ le 24, le titre ouvre à 13,98 $ et clôture à 12,85 $ (−8,80 %). Le même jour, la plateforme de référence COIN fait −2,06 %, l’ETF bitcoin IBIT −0,50 % et la trésorerie Ethereum BMNR −1,68 % : le repli est très largement propre au titre, cohérent avec le prospectus de revente de 160 M d’actions et le vote de dilution à venir.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.0.detail" }, { "path": "news.1.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.1.date" }, { "path": "news.1.title", "value": "Résultats de l’exercice : 29,3 M d’unités HYPE, actif net de 1872,9 M$, aucune dette", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.1.title" }, { "path": "news.1.detail", "value": "Le 10-K de l’exercice clos le 30 juin présente 29,28 millions d’unités HYPE à 1904,1 M$ de juste valeur, 137,9 M$ de trésorerie et aucune dette. Le résultat net de 305,5 M$ est presque entièrement une plus-value latente non réalisée (709,9 M$), pas un flux d’exploitation : les revenus de staking ne pèsent que 9,46 M$.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.1.detail" }, { "path": "news.1.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.1.sourceUrl" }, { "path": "news.2.date", "value": "2026-09-01", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.2.date" }, { "path": "news.2.title", "value": "Facilité d’émission d’actions portée de 1,0 à 2,5 Md$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.2.title" }, { "path": "news.2.detail", "value": "L’amendement n°1 de l’accord ChEF avec Chardan porte l’engagement de 1,0 à 2,5 Md$. Tant que l’assemblée n’a pas approuvé, les ventes sous 12,02 $ sont plafonnées à 42 641 847 actions (19,99 % du capital). Le moteur de valeur du titre — acheter du HYPE — est aussi son moteur de dilution.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.2.detail" }, { "path": "news.2.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526378589/purr-20260901.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.2.sourceUrl" }, { "path": "news.3.date", "value": "2026-09-15", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.3.date" }, { "path": "news.3.title", "value": "Vote des actionnaires le 4 novembre pour dépasser le plafond de 19,99 %", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.3.title" }, { "path": "news.3.detail", "value": "La circulaire préliminaire fixe l’assemblée au 4 novembre 2026 (date d’enregistrement le 30 septembre) : la proposition n°2 autoriserait l’émission d’actions au-delà de 19,99 % dans le cadre de la facilité Chardan. Un feu vert lèverait le dernier frein mécanique à la dilution.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.3.detail" }, { "path": "news.3.sourceUrl", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526392149/d290166dpre14a.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/news.3.sourceUrl" }, { "path": "fundamentals.rows.0.metric", "value": "Valeur nette d’inventaire (NAV / VNI) — actif net au 30/06/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.metric" }, { "path": "fundamentals.rows.0.value", "value": "1872,9 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.value" }, { "path": "fundamentals.rows.0.signal", "value": "Actif total 2060,0 M$ − passifs 187,1 M$ (dont impôt différé 183,5 M$), 10-K au 30 juin 2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.signal" }, { "path": "fundamentals.rows.0.source", "value": "Dépôt primaire 10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.0.source" }, { "path": "fundamentals.rows.1.metric", "value": "NAV / VNI par action au 30/06/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.metric" }, { "path": "fundamentals.rows.1.value", "value": "8,25 $", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.value" }, { "path": "fundamentals.rows.1.signal", "value": "Actif net ÷ 227,1 M d’actions (ordinaires + préférentielles converties), 10-K au 30 juin 2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.signal" }, { "path": "fundamentals.rows.1.source", "value": "Dépôt primaire 10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.source" }, { "path": "fundamentals.rows.1.comparison", "value": "Cours du 30 juin 7,87 $ = 0,95× la NAV, soit une décote de 4,6 % ; le cours actuel se lit comme une prime/décote (scenario vs actif net)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.1.comparison" }, { "path": "fundamentals.rows.2.metric", "value": "Juste valeur du HYPE au 30/06/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.2.metric" }, { "path": "fundamentals.rows.2.value", "value": "1904,1 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.2.value" }, { "path": "fundamentals.rows.2.signal", "value": "29,28 M d’unités ; coût d’acquisition 1363,3 M$ ; prix implicite au bilan 65,04 $/unité (10-K, 30 juin 2026)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.2.signal" }, { "path": "fundamentals.rows.3.metric", "value": "Prix du HYPE implicite au cours du 25/09/2026 (scénario)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.metric" }, { "path": "fundamentals.rows.3.value", "value": "≈ 103,32 $/unité", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.value" }, { "path": "fundamentals.rows.3.signal", "value": "Cours 12,85 $ × 264,5 M d’actions − actif net hors HYPE du 30 juin, ÷ 33,2 M d’unités (8 sept.)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.signal" }, { "path": "fundamentals.rows.3.comparison", "value": "Contre 65,04 $/unité à la juste valeur auditée du 30 juin : le marché escompte une nette appréciation du token ; scénario, faute de clôture HYPE certifiée", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.3.comparison" }, { "path": "fundamentals.rows.4.metric", "value": "Trésorerie au 30/06/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.4.metric" }, { "path": "fundamentals.rows.4.value", "value": "137,9 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.4.value" }, { "path": "fundamentals.rows.5.metric", "value": "Impôt différé passif au 30/06/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.5.metric" }, { "path": "fundamentals.rows.5.value", "value": "183,5 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.5.value" }, { "path": "fundamentals.rows.5.signal", "value": "98 % des passifs ; impôt latent sur les plus-values non réalisées de HYPE ; grandit avec le token", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.5.signal" }, { "path": "fundamentals.rows.6.value", "value": "9,46 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.6.value" }, { "path": "fundamentals.rows.6.signal", "value": "Seuls revenus opérationnels ; marginaux au regard de l’actif de 1904,1 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.6.signal" }, { "path": "fundamentals.rows.7.value", "value": "305,5 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.7.value" }, { "path": "fundamentals.rows.7.signal", "value": "Dominé par 709,9 M$ de plus-value latente non réalisée sur HYPE et −169,2 M$ de perte sur engagement de contribution ; charge d’exploitation de 13,95 M$ ; non un flux de trésorerie", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.7.signal" }, { "path": "fundamentals.rows.8.value", "value": "237,9 M (8 sept. 2026)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.8.value" }, { "path": "fundamentals.rows.8.signal", "value": "Contre 200,6 M au 30 juin ; pleinement dilué 291,9 M avec préférentielles et bons", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.8.signal" }, { "path": "fundamentals.rows.9.value", "value": "≈ 1,4 Md$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.9.value" }, { "path": "fundamentals.rows.9.signal", "value": "Sur une facilité de 2,5 Md$ ; environ 47 % d’actions nouvelles au cours du 25 sept., 50 % au plancher de 12,02 $ (424B3, 8 sept. 2026)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.9.signal" }, { "path": "fundamentals.rows.9.source", "value": "Dépôt primaire 424B3", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.9.source" }, { "path": "fundamentals.rows.9.comparison", "value": "Plafond de 42 641 847 actions (19,99 %) sous 12,02 $ jusqu’au vote du 4 novembre", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.9.comparison" }, { "path": "fundamentals.rows.10.metric", "value": "Capitalisation boursière au 25/09/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.10.metric" }, { "path": "fundamentals.rows.10.value", "value": "3057 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.10.value" }, { "path": "fundamentals.rows.10.signal", "value": "Cours 12,85 $ × 237,9 M d’actions ordinaires (8 sept.)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.10.signal" }, { "path": "fundamentals.rows.11.metric", "value": "Coût d’acquisition du HYPE au 30/06/2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.11.metric" }, { "path": "fundamentals.rows.11.value", "value": "1363,3 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.11.value" }, { "path": "fundamentals.rows.11.signal", "value": "Contre une juste valeur de 1904,1 M$ : plus-value latente de 540,7 M$ (10-K, 30 juin 2026)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.11.signal" }, { "path": "fundamentals.rows.12.value", "value": "709,9 M$", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.12.value" }, { "path": "fundamentals.rows.12.signal", "value": "Principale composante du résultat net ; non réalisée, symétrique à la baisse (10-K)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.12.signal" }, { "path": "fundamentals.rows.13.metric", "value": "Actions vendues via la facilité au 8 sept. 2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.13.metric" }, { "path": "fundamentals.rows.13.value", "value": "113,0 M actions", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.13.value" }, { "path": "fundamentals.rows.13.signal", "value": "≈ 1,1 Md$ de produit brut, réinvestis en HYPE ; sur 160 M enregistrées (424B3)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.13.signal" }, { "path": "fundamentals.rows.14.metric", "value": "Structure diluée au 8 sept. 2026", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.14.metric" }, { "path": "fundamentals.rows.14.value", "value": "≈ 291,9 M actions", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.14.value" }, { "path": "fundamentals.rows.14.signal", "value": "237,9 M ordinaires + 26 587 647 issues des préférentielles + 27 394 800 bons de souscription (10-K / 424B3)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.rows.14.signal" }, { "path": "fundamentals.sourceRefs.0.name", "value": "Hyperliquid Strategies 10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.0.name" }, { "path": "fundamentals.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.0.url" }, { "path": "fundamentals.sourceRefs.0.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.0.date" }, { "path": "fundamentals.sourceRefs.1.name", "value": "Hyperliquid Strategies 424B3", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.1.name" }, { "path": "fundamentals.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526399511/d168095d424b3.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.1.url" }, { "path": "fundamentals.sourceRefs.1.date", "value": "2026-09-23", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.1.date" }, { "path": "fundamentals.sourceRefs.2.date", "value": "2026-09-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/fundamentals.sourceRefs.2.date" }, { "path": "earnings.beatNote", "value": "Exercice clos le 30 juin 2026 (10-K du 27 août) : revenus de staking et de commission de validateur de 9,46 M$, résultat net de 305,5 M$ dominé par 709,9 M$ de plus-value latente non réalisée sur le HYPE. Véhicule de trésorerie : pas de guidance chiffrée d’exploitation ; la trajectoire dépend du prix du HYPE et du rythme d’émission d’actions. Aucune date de prochaine publication n’est confirmée par l’émetteur.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/earnings.beatNote" }, { "path": "earnings.sourceRefs.0.name", "value": "Hyperliquid Strategies 10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.0.name" }, { "path": "earnings.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.0.url" }, { "path": "earnings.sourceRefs.0.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/earnings.sourceRefs.0.date" }, { "path": "capitalStructure.sharesOutstanding", "value": "237,9 millions d’actions ordinaires au 8 septembre 2026 (424B3), contre 200,6 millions au 30 juin (10-K) ; 166 173 actions préférentielles convertibles en 26 587 647 ordinaires et 27 394 800 bons de souscription.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sharesOutstanding" }, { "path": "capitalStructure.sharesAuthorized", "value": "Facilité d’émission d’actions (ChEF) avec Chardan portée à 2,5 Md$ ; environ 1,4 Md$ de capacité restante au 8 septembre.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sharesAuthorized" }, { "path": "capitalStructure.shareHistory", "value": "Le nombre d’actions ordinaires est passé de 200,6 millions au 30 juin 2026 à 237,9 millions au 8 septembre : au 8 septembre, 113,0 millions d’actions avaient déjà été vendues via la facilité Chardan pour environ 1,1 Md$ de produit brut, réinvestis en HYPE. Le prospectus de revente couvre jusqu’à 160 millions d’actions. Passage au pleinement dilué : aux 237,9 millions d’actions ordinaires s’ajoutent 26 587 647 actions issues de la conversion des préférentielles et 27 394 800 bons de souscription (strikes de 9,375 $, 12,50 $ et 18,75 $), soit un total pleinement dilué d’environ 291,9 millions. La facilité conserve environ 1,4 Md$ de capacité, à 97,5 % du cours moyen pondéré : au cours du 25 septembre, cela représenterait environ 47 % d’actions nouvelles. Le risque de dilution est critique et c’est le cœur du dossier : chaque action émise sert à acheter du HYPE, mais dilue la valeur nette d’inventaire par action dès qu’elle est vendue sous l’actif net.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.shareHistory" }, { "path": "capitalStructure.atm.authorized", "value": "Facilité ChEF avec Chardan jusqu’à 2,5 Md$ (accord d’émission d’actions au fil de l’eau)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.atm.authorized" }, { "path": "capitalStructure.atm.used", "value": "Environ 1,1 Md$ de produit brut au 8 septembre (112 952 100 actions)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.atm.used" }, { "path": "capitalStructure.atm.remaining", "value": "Environ 1,4 Md$ de capacité restante", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.atm.remaining" }, { "path": "capitalStructure.sourceRefs.0.name", "value": "Hyperliquid Strategies 10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.0.name" }, { "path": "capitalStructure.sourceRefs.0.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.0.url" }, { "path": "capitalStructure.sourceRefs.0.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.0.date" }, { "path": "capitalStructure.sourceRefs.1.name", "value": "Hyperliquid Strategies 424B3", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.1.name" }, { "path": "capitalStructure.sourceRefs.1.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526399511/d168095d424b3.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.1.url" }, { "path": "capitalStructure.sourceRefs.1.date", "value": "2026-09-23", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.1.date" }, { "path": "capitalStructure.sourceRefs.2.name", "value": "Hyperliquid Strategies 8-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.2.name" }, { "path": "capitalStructure.sourceRefs.2.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526378589/purr-20260901.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.2.url" }, { "path": "capitalStructure.sourceRefs.2.date", "value": "2026-09-01", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/capitalStructure.sourceRefs.2.date" }, { "path": "filingsReview.summary", "value": "Six dépôts décisionnels ouverts et hachés : le 10-K de l’exercice clos le 30 juin 2026 (actif net, HYPE, absence de dette, impôt différé, capital), les amendements 1 et 3 de la facilité Chardan, la circulaire du vote du 4 novembre, le prospectus de revente 424B3 du 23 septembre et le communiqué du 27 août. Ils dessinent un véhicule de trésorerie sans dette, valorisé par son actif net, dont le financement — et la dilution — passent par une facilité d’émission d’actions de 2,5 Md$.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.summary" }, { "path": "filingsReview.filings.0.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.date" }, { "path": "filingsReview.filings.0.form", "value": "10-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.form" }, { "path": "filingsReview.filings.0.accession", "value": "0001193125-26-370281", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.accession" }, { "path": "filingsReview.filings.0.finding", "value": "Rapport annuel de l’exercice clos le 30 juin 2026 : 29 275 085 unités HYPE à une juste valeur de 1 904,1 M$ (coût 1 363,3 M$), trésorerie de 137,9 M$, actif total de 2 060,0 M$, passifs de 187,1 M$ dont 183,5 M$ d’impôt différé, aucune dette financière ; revenus de staking et de commission de validateur de 9,46 M$ ; résultat net de 305,5 M$ (dont 709,9 M$ de plus-value latente sur HYPE et −169,2 M$ de perte sur engagement de contribution) ; 200 550 458 actions ordinaires, 166 173 actions préférentielles convertibles en 26 587 647 ordinaires, 27 394 800 bons de souscription.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.finding" }, { "path": "filingsReview.filings.0.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526370281/purr-20260630.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.0.url" }, { "path": "filingsReview.filings.1.date", "value": "2026-09-01", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.date" }, { "path": "filingsReview.filings.1.form", "value": "8-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.form" }, { "path": "filingsReview.filings.1.accession", "value": "0001193125-26-378589", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.accession" }, { "path": "filingsReview.filings.1.finding", "value": "Amendement n°1 de l’accord d’émission d’actions (ChEF) avec Chardan : engagement porté de 1,0 à 2,5 Md$ ; plafond de 42 641 847 actions (19,99 % du capital) pour les ventes sous 12,02 $ tant que l’assemblée n’a pas approuvé le dépassement.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.finding" }, { "path": "filingsReview.filings.1.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526378589/purr-20260901.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.1.url" }, { "path": "filingsReview.filings.2.date", "value": "2026-09-15", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.date" }, { "path": "filingsReview.filings.2.form", "value": "8-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.form" }, { "path": "filingsReview.filings.2.accession", "value": "0001193125-26-391090", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.accession" }, { "path": "filingsReview.filings.2.finding", "value": "Amendement n°3 de l’accord ChEF : prix de vente à 98,5 % du cours moyen pondéré (VWAP) en séance et 97,0 % hors séance uniquement au-delà des 160 premiers millions d’actions ; aujourd’hui 97,5 % / 95,0 %.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.finding" }, { "path": "filingsReview.filings.2.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526391090/purr-20260914.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.2.url" }, { "path": "filingsReview.filings.3.date", "value": "2026-09-15", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.date" }, { "path": "filingsReview.filings.3.form", "value": "PRE 14A", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.form" }, { "path": "filingsReview.filings.3.accession", "value": "0001193125-26-392149", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.accession" }, { "path": "filingsReview.filings.3.finding", "value": "Circulaire préliminaire : proposition n°2 (proposition Nasdaq) autorisant l’émission d’actions au-delà de 19,99 % dans le cadre de la facilité Chardan. Assemblée prévue le 4 novembre 2026 ; date d’enregistrement le 30 septembre 2026.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.finding" }, { "path": "filingsReview.filings.3.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526392149/d290166dpre14a.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.3.url" }, { "path": "filingsReview.filings.4.date", "value": "2026-09-23", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.date" }, { "path": "filingsReview.filings.4.form", "value": "424B3", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.form" }, { "path": "filingsReview.filings.4.accession", "value": "0001193125-26-399511", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.accession" }, { "path": "filingsReview.filings.4.finding", "value": "Prospectus de revente couvrant jusqu’à 160 000 000 d’actions : au 8 septembre 2026, 112 952 100 actions vendues via la facilité pour environ 1,1 Md$ de produit brut, environ 1,4 Md$ de capacité restante, 237 919 288 actions en circulation et environ 33,2 millions d’unités HYPE détenues ; prix Chardan à 97,5 % du VWAP, plafond de 42 641 847 actions sous 12,02 $.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.finding" }, { "path": "filingsReview.filings.4.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526399511/d168095d424b3.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.4.url" }, { "path": "filingsReview.filings.5.date", "value": "2026-08-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.date" }, { "path": "filingsReview.filings.5.form", "value": "8-K", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.form" }, { "path": "filingsReview.filings.5.accession", "value": "0001193125-26-369668", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.accession" }, { "path": "filingsReview.filings.5.finding", "value": "Communiqué de résultats (annexe 99.1) : trésorerie en HYPE portée de 12,5 à 29,3 millions d’unités sur l’exercice, 647 M$ de capitaux levés via la facilité, 149,9 M$ de liquidités et aucune dette.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.finding" }, { "path": "filingsReview.filings.5.url", "value": "https://www.sec.gov/Archives/edgar/data/2078856/000119312526369668/purr-20260827.htm", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.filings.5.url" }, { "path": "filingsReview.contrarianRisks.1", "value": "La dilution est structurelle : la facilité de 2,5 Md$ existe précisément pour émettre des actions ; le vote du 4 novembre lèverait le plafond de 19,99 %.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.contrarianRisks.1" }, { "path": "filingsReview.contrarianRisks.3", "value": "L’impôt différé de 183,5 M$ sur les gains latents est une dette qui grandit avec le token et pèsera si les positions sont un jour vendues.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/filingsReview.contrarianRisks.3" }, { "path": "technicals.rsi14", "value": 56.93, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/rsi14" }, { "path": "technicals.macd", "value": 1.08, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/macd" }, { "path": "technicals.macdSignal", "value": 1.09, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/macdSignal" }, { "path": "technicals.ema20", "value": 12.3, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/ema20" }, { "path": "technicals.ema50", "value": 10.55, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/ema50" }, { "path": "technicals.ema200", "value": 6.84, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/ema200" }, { "path": "technicals.atr14", "value": 1.15, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/atr14" }, { "path": "technicals.badges.0", "value": "12,9 % sous le sommet du 21 septembre", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/technicals.badges.0" }, { "path": "technicals.badges.1", "value": "ATR de 1,15 $", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/technicals.badges.1" }, { "path": "technicals.badges.2", "value": "Historique court : moyenne à 200 séances non fiable", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/technicals.badges.2" }, { "path": "technicals.supports.0", "value": 12.65, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/supports/0" }, { "path": "technicals.supports.1", "value": 11.12, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/supports/1" }, { "path": "technicals.supports.2", "value": 10.96, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/supports/2" }, { "path": "technicals.resistances.0", "value": 14.2, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/resistances/0" }, { "path": "technicals.resistances.1", "value": 14.76, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/resistances/1" }, { "path": "technicals.resistances.2", "value": 14.36, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/technicals/resistances/2" }, { "path": "technicals.setupNote", "value": "Le titre clôture à 12,85 $, 4,5 % par rapport à sa moyenne à vingt séances, après un repli de 8,8 % le 25 septembre depuis 14,09 $. Il reste 12,9 % sous son sommet du 21 septembre (14,76 $) et loin au-dessus de son plus bas de la période (3,01 $). L’historique certifié ne couvre que 204 séances : la moyenne à deux cents séances est à peine amorcée et n’est pas retenue. Supports : 12,65 $, 11,12 $ et 10,96 $. Résistances : 14,20 $, 14,76 $ et le déclencheur 14,36 $. Une clôture sous 11,12 $ romprait la structure de septembre. Repères du plan : déclencheur $14.36, stop sous $12.65.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/technicals.setupNote" }, { "path": "technicals.sourceRefs.0.date", "value": "2026-09-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/technicals.sourceRefs.0.date" }, { "path": "options.sourceRefs.0.date", "value": "2026-09-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/options.sourceRefs.0.date" }, { "path": "shortInterest.ctb", "value": "Coût d’emprunt indisponible (fournisseur en échec, statut 444)", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/shortInterest.ctb" }, { "path": "shortInterest.sourceRefs.0.date", "value": "2026-09-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/shortInterest.sourceRefs.0.date" }, { "path": "insiders.sourceRefs.0.date", "value": "2026-09-27", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/insiders.sourceRefs.0.date" }, { "path": "macro.indicators.0.value", "value": "2026-09-25", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/macro.indicators.0.value" }, { "path": "macro.indicators.0.signal", "value": "12,85 $, séance complète", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/macro.indicators.0.signal" }, { "path": "macro.indicators.1.value", "value": "−8,80 %", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/macro.indicators.1.value" }, { "path": "macro.indicators.2.value", "value": "+11,16 %", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/macro.indicators.2.value" }, { "path": "macro.impact", "value": "Le titre vit du prix du HYPE et de l’appétit du marché pour les actifs numériques. Une baisse du token, une hausse du coût du capital ou un resserrement du financement en actions frapperaient directement un véhicule dont la valeur est l’actif détenu et dont le carburant est l’émission d’actions. Le repli de 8,8 % du 25 septembre, propre au titre, illustre cette sensibilité.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/macro.impact" }, { "path": "risks.riskScore", "value": 8, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/risks/riskScore" }, { "path": "risks.riskSummary", "value": "Le risque de PURR n’est pas l’exploitation, quasi inexistante, mais la concentration sur un seul token volatil et une dilution active massive. Le titre se paie près de sa valeur nette d’inventaire du 30 juin (0,95×), mais l’enveloppe grossit sans cesse par émission d’actions, et le vote du 4 novembre lèverait le dernier plafond. Le résultat net est un mirage de plus-values latentes ; l’impôt différé sur ces gains est bien réel.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskSummary" }, { "path": "risks.riskCards.0.points.0", "value": "La quasi-totalité de l’actif est en HYPE (1904,1 M$ au 30 juin).", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.0.points.0" }, { "path": "risks.riskCards.1.points.0", "value": "Facilité Chardan de 2,5 Md$, ≈ 1,4 Md$ restants (≈ 47 % du capital).", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.1.points.0" }, { "path": "risks.riskCards.1.points.1", "value": "Vote du 4 novembre pour dépasser le plafond de 19,99 %.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.1.points.1" }, { "path": "risks.riskCards.2.points.0", "value": "Résultat net de 305,5 M$ dont 709,9 M$ de plus-value latente non réalisée.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.2.points.0" }, { "path": "risks.riskCards.2.points.1", "value": "Revenus d’exploitation de seulement 9,46 M$.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.2.points.1" }, { "path": "risks.riskCards.3.points.0", "value": "Impôt différé de 183,5 M$ sur les gains latents (98 % des passifs).", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.3.points.0" }, { "path": "risks.riskCards.3.points.1", "value": "Repli propre de 8,8 % le 25 septembre, ATR de 1,15 $.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.riskCards.3.points.1" }, { "path": "risks.pedagogy", "value": "Pour un véhicule de trésorerie, la bonne grille n’est ni le résultat net ni un multiple de revenus : c’est la valeur nette d’inventaire — ce que valent les jetons et la trésorerie, moins les dettes, par action. Au 30 juin, cette valeur ressort à 8,25 $ et le cours à 7,87 $, soit 0,95× (décote de 4,6 %). Depuis, le HYPE et le titre ont monté ; au cours du 25 septembre, le marché price le token autour de 103,32 $, bien au-dessus de la juste valeur auditée du 30 juin (65,04 $). Deux forces s’opposent : la hausse du HYPE, qui gonfle l’actif net, et l’émission continue d’actions, qui le dilue. Dimensionner comme un pari sur un token volatil, pas comme une action d’entreprise. Sur un titre dont l’amplitude quotidienne dépasse 1,15 $, les écarts d’ouverture (gap) sont fréquents et le slippage peut être réel les jours de faible liquidité. Ne pas courir après le titre : attendre une décote nette sur la valeur nette d’inventaire, ou la levée de l’incertitude du vote du 4 novembre.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/risks.pedagogy" }, { "path": "tradeIdea.statusNote", "value": "Surveiller. Pas d’entrée actionnable au comptant à 12,85 $ : le titre se paie près de son actif net, sous l’ombre du vote de dilution du 4 novembre et d’un prospectus de revente de 160 M d’actions. Avant toute reprise, une clôture sous 11,12 $ romprait la structure de septembre. Activation seulement sur une clôture au-dessus de 14,36 $, puis achat à l’ouverture suivante sous 14,63 $. Le repli du 25 septembre laisse le titre sous le déclencheur : le plan n’est pas activé.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.statusNote" }, { "path": "tradeIdea.entry", "value": 14.36, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/tradeIdea/entry" }, { "path": "tradeIdea.stop", "value": 12.65, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/tradeIdea/stop" }, { "path": "tradeIdea.tp1", "value": 17.6, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/tradeIdea/tp1" }, { "path": "tradeIdea.tp2", "value": 19.22, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/tradeIdea/tp2" }, { "path": "tradeIdea.stopPct", "value": "-11.9%", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.stopPct" }, { "path": "tradeIdea.tp1Pct", "value": "+22.6%", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.tp1Pct" }, { "path": "tradeIdea.tp2Pct", "value": "+33.8%", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.tp2Pct" }, { "path": "tradeIdea.rr", "value": "1:1.89 TP1 / 1:2.84 TP2", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.rr" }, { "path": "tradeIdea.entryNote", "value": "Aucune entrée tant que le titre n’a pas repris 14,36 $ en clôture. En cas d’activation, achat à l’ouverture suivante uniquement sous 14,63 $ : au-delà, le R/R vers TP1 tomberait sous 1,5 avec le même stop. Le stop se place sous 12,65 $, le plus bas du 25 septembre, soit 1,48 ATR sous le déclencheur. Exemple de taille, non personnalisé : avec un budget de perte de 100 $, le risque au plafond (1,98 $ par action) donne 50 actions. Liquidité : environ 295 M$ échangés par séance (médiane vingt séances). Ce plan est conditionnel : sur un véhicule dont l’actif net est dilué en continu, la reprise doit s’accompagner d’une clarification du rythme d’émission après le vote du 4 novembre.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.entryNote" }, { "path": "tradeIdea.thesis", "value": "PURR est un coffre à jetons HYPE, pas une entreprise : sa valeur suit le token, à la dilution près. Au 30 juin, il se payait 0,95× son actif net (décote de 4,6 %) ; depuis, le HYPE a monté et le titre avec lui. Le dossier n’est pas actionnable à l’achat au comptant : le cours est proche de l’actif net, la facilité de 2,5 Md$ dilue en continu, et le vote du 4 novembre pèse. Une clôture au-dessus de 14,36 $ montrerait que les acheteurs reprennent la main après le repli du 25 septembre ; une clôture sous 11,12 $ romprait la structure. Après activation, le stop sous 12,65 $ limite le coût d’une fausse sortie. TP1 à 17,60 $, TP2 à 19,22 $. Repères chiffrés du plan : entrée $14.36, stop $12.65.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.thesis" }, { "path": "tradeIdea.catalysts.0", "value": "Le vote du 4 novembre : un feu vert lèverait le plafond de 19,99 % et accélérerait la dilution ; un refus la brimerait.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.catalysts.0" }, { "path": "tradeIdea.invalidation.0", "value": "Avant activation : une clôture sous 11,12 $ rompt la structure de septembre et repousse tout scénario de reprise.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.invalidation.0" }, { "path": "tradeIdea.invalidation.1", "value": "Après activation : une clôture sous 12,65 $ invalide le trade.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/tradeIdea.invalidation.1" }, { "path": "globalScore.keyTakeawaysPositive.0", "value": "Actif net tangible : 29,3 M d’unités HYPE, 137,9 M$ de trésorerie, aucune dette.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysPositive.0" }, { "path": "globalScore.keyTakeawaysPositive.1", "value": "Au 30 juin, cours à 0,95× l’actif net (décote de 4,6 %).", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysPositive.1" }, { "path": "globalScore.keyTakeawaysNegative.1", "value": "Dilution active de 2,5 Md$, vote du 4 novembre pour lever le plafond.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/globalScore.keyTakeawaysNegative.1" }, { "path": "globalScore.keyTakeawaysNegative.2", "value": "Résultat net gonflé par des plus-values latentes ; impôt différé de 183,5 M$.", "as_of": 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"analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/0/return21d" }, { "path": "blastRadius.groups.4.symbols.1.correlation", "value": 0.4311, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/1/correlation" }, { "path": "blastRadius.groups.4.symbols.1.beta", "value": 0.5037, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/1/beta" }, { "path": "blastRadius.groups.4.symbols.1.r2", "value": 0.1859, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/1/r2" }, { "path": "blastRadius.groups.4.symbols.1.observations", "value": 179, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/1/observations" }, { "path": "blastRadius.groups.4.symbols.1.return5d", "value": -3.16, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/1/return5d" }, { "path": "blastRadius.groups.4.symbols.1.return21d", "value": 11.6, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/1/return21d" }, { "path": "blastRadius.groups.4.symbols.2.correlation", "value": 0.4505, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/2/correlation" }, { "path": "blastRadius.groups.4.symbols.2.beta", "value": 0.4467, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/2/beta" }, { "path": "blastRadius.groups.4.symbols.2.r2", "value": 0.2029, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/2/r2" }, { "path": "blastRadius.groups.4.symbols.2.observations", "value": 179, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/2/observations" }, { "path": "blastRadius.groups.4.symbols.2.return5d", "value": -5.47, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/2/return5d" }, { "path": "blastRadius.groups.4.symbols.2.return21d", "value": 11.48, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/2/return21d" }, { "path": "blastRadius.groups.4.symbols.3.correlation", "value": 0.3821, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/3/correlation" }, { "path": "blastRadius.groups.4.symbols.3.beta", "value": 0.3657, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/3/beta" }, { "path": "blastRadius.groups.4.symbols.3.r2", "value": 0.146, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/3/r2" }, { "path": "blastRadius.groups.4.symbols.3.observations", "value": 179, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/3/observations" }, { "path": "blastRadius.groups.4.symbols.3.return5d", "value": -3.33, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/3/return5d" }, { "path": "blastRadius.groups.4.symbols.3.return21d", "value": 10.67, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/3/return21d" }, { "path": "blastRadius.groups.4.symbols.4.correlation", "value": 0.3922, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/4/correlation" }, { "path": "blastRadius.groups.4.symbols.4.beta", "value": 0.4544, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/4/beta" }, { "path": "blastRadius.groups.4.symbols.4.r2", "value": 0.1538, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/4/r2" }, { "path": "blastRadius.groups.4.symbols.4.observations", "value": 179, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/4/observations" }, { "path": "blastRadius.groups.4.symbols.4.return5d", "value": -7.47, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/4/return5d" }, { "path": "blastRadius.groups.4.symbols.4.return21d", "value": -1.44, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/4/symbols/4/return21d" }, { "path": "blastRadius.groups.5.order", "value": 1, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/order" }, { "path": "blastRadius.groups.5.symbols.0.correlation", "value": 0.5223, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/symbols/0/correlation" }, { "path": "blastRadius.groups.5.symbols.0.beta", "value": 1.1806, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/symbols/0/beta" }, { "path": "blastRadius.groups.5.symbols.0.r2", "value": 0.2727, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/symbols/0/r2" }, { "path": "blastRadius.groups.5.symbols.0.observations", "value": 179, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/symbols/0/observations" }, { "path": "blastRadius.groups.5.symbols.0.return5d", "value": 3.33, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/symbols/0/return5d" }, { "path": "blastRadius.groups.5.symbols.0.return21d", "value": 6.87, "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/values/blastRadius/groups/5/symbols/0/return21d" }, { "path": "blastRadius.scenarios.0.trigger", "value": "Le HYPE poursuit sa hausse et le vote du 4 novembre est perçu comme accréditant, pas seulement dilutif.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.0.trigger" }, { "path": "blastRadius.scenarios.0.firstOrder", "value": "Le titre reprend le déclencheur du 24 septembre et vise la zone du sommet du 21.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.0.firstOrder" }, { "path": "blastRadius.scenarios.0.confirmation", "value": "Une clôture au-dessus de 14,36 $ avec BMNR et COIN en hausse le même jour.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.0.confirmation" }, { "path": "blastRadius.scenarios.1.firstOrder", "value": "Le titre oscille entre le plancher du 11 septembre et le déclencheur du 24.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.1.firstOrder" }, { "path": "blastRadius.scenarios.1.confirmation", "value": "Des clôtures entre 11,12 $ et 14,36 $ pendant plusieurs séances.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.1.confirmation" }, { "path": "blastRadius.scenarios.2.firstOrder", "value": "Le titre repasse sous le plancher du 11 septembre et se rapproche de son actif net, voire d’une décote.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.2.firstOrder" }, { "path": "blastRadius.scenarios.2.confirmation", "value": "Une clôture sous 11,12 $ avec BMNR et COIN en baisse.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.scenarios.2.confirmation" }, { "path": "blastRadius.contradictions.0", "value": "Le résultat net de 305,5 M$ est positif alors que l’exploitation est marginale (9,46 M$ de revenus) : il vient de 709,9 M$ de plus-values latentes non réalisées, pas du métier, et s’inverserait si le HYPE recule.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.contradictions.0" }, { "path": "blastRadius.contradictions.1", "value": "Le titre se paie près de son actif net du 30 juin (0,95×), mais l’émission continue d’actions dilue la valeur nette d’inventaire par action dès qu’elle se fait sous l’actif net.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.contradictions.1" }, { "path": "blastRadius.missingData.0", "value": "Aucune clôture HYPE certifiée point-in-time au 25 septembre : la valeur nette d’inventaire gouvernante est la juste valeur auditée du 30 juin ; le prix HYPE implicite au cours actuel est un scénario borné.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.missingData.0" }, { "path": "blastRadius.missingData.1", "value": "Bilan daté du 30 juin 2026 : la trésorerie, le nombre d’actions et les unités HYPE ont évolué depuis (émission continue) ; la structure du 8 septembre est reprise du 424B3.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": "/string_numeric_claims/blastRadius.missingData.1" }, { "path": "blastRadius.missingData.3", "value": "Chaîne d’options non servie (statut 429), coût d’emprunt indisponible (statut 444), position vendeuse, flottant et bêta non renvoyés pour ce titre récemment coté ; ni Reddit ni Google Trends.", "as_of": "2026-09-25", "source_artifact": "analyses/PURR/_runs/20260927/revision/numeric-evidence.json", "source_sha256": "84e2023220b988b23fcf1222dd10246901003dcc434dc634967fd965c6b8ab76", "source_pointer": 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