SCHEDULE 13G

CUSIP Number(s):

44916Y106

1

Names of Reporting Persons

Rorschach Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 7,761,860.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 7,761,860.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,761,860.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

3.87 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The Reporting Person is a Delaware limited liability company. With respect to row 11, the percentage is calculated based on 200,563,860 shares of common stock of the Issuer issued and outstanding as of July 15, 2026, as reported by the Issuer in its amendment to registration statement on Form S-1 filed on July 21, 2026. This Amendment No. 1 constitutes an exit filing as the Reporting Person has, on August 4, 2026, distributed to its members the Advisor Warrants previously reported as being owned by it, and has ceased to be the beneficial owner of more than 5% of the Issuer's total shares outstanding.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Hyperliquid Strategies Inc

(b)

Address of issuer's principal executive offices:

477 Madison Avenue, 22nd Floor, New York, NY 10022

Item 2.

(a)

Name of person filing:

Rorschach Advisors LLC

(b)

Address or principal business office or, if none, residence:

477 Madison Avenue, 22nd Floor, New York, NY 10022

(c)

Citizenship:

Delaware

(d)

Title of class of securities:

Common Stock

(e)

CUSIP No.:

44916Y106

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

7,761,860

(b)

Percent of class:

3,87%

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

7,761,860

(ii) Shared power to vote or to direct the vote:

0

(iii) Sole power to dispose or to direct the disposition of:

7,761,860

(iv) Shared power to dispose or to direct the disposition of:

0

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Rorschach Advisors LLC

Signature:	/s/ David Ira Schamis
Name/Title:	Manager
Date:	08/06/2026