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Hyperliquid Strategies filed an S-1 to raise $1 billion through a public offering.
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The firm plans to use funds to grow its HYPE token treasury and staking operations.
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The entity is a merger between Sonnet BioTherapeutics and Rorschach I LLC.
Major Treasury Expansion Plan
Hyperliquid Strategies, a new digital asset treasury firm focused on the Hyperliquid ecosystem, has filed an S-1 with the U.S. SEC to raise up to $1 billion. The firm plans to offer up to 160 million shares, with Chardan Capital Markets acting as its financial advisor.
Formed through a merger between biotech company Sonnet BioTherapeutics and Rorschach I LLC, the new entity plans to trade on Nasdaq under a new ticker later this year. It will be led by former Barclays CEO Bob Diamond as chairman and David Schamis as CEO.
Use of Funds
According to the filing, the proceeds will go toward general corporate purposes, particularly accumulating more of Hyperliquid’s native HYPE tokens. The company already holds 12.6 million HYPE and $305 million in cash reserves.
The filing also notes that Hyperliquid Strategies intends to stake most of its HYPE tokens to earn rewards, with additional DeFi activities under consideration.
About Hyperliquid
Hyperliquid, launched in 2023, operates a high-performance decentralized perpetuals exchange that has processed over $1.5 trillion in total trading volume. Its HYPE token has a total supply of 1 billion, with about 38% allocated to community rewards. HYPE rose 7.6% in the past day to $37.73.
