According to CoinMeta, as reported by Yahoo Finance, institutional investors are purchasing Hyperliquid strategies. According to the latest 13F filings, the number of financial institutions holding Hyperliquid strategies has increased by 122% in just three months, reaching 202, including large investment firms such as Blackstone and State Street. Although 11 institutions reduced their holdings during the same period, and another 29 completely exited, does this mean that individual investors should also follow suit? Hyperliquid strategy, as a digital asset treasury company, holds 29.2 million Hyperliquid tokens, valued at approximately $1.7 billion. The current market value is $1.4 billion, indicating that its net asset value multiple (mNAV) is about 0.84, which means the market's valuation of its stock is lower than the value of its held assets. Despite the investment opportunities, there are also risks; Hyperliquid strategy may dilute the shares of existing shareholders by issuing new shares. Therefore, individual investors may be better off directly purchasing the underlying asset Hyperliquid before buying Hyperliquid strategy.