Hyperliquid Strategies has filed with the US Securities and Exchange Commission (SEC) to raise up to $1bn through a public share offering, aiming to expand its holdings of HYPE, the native token of decentralized derivatives platform Hyperliquid.
Hyperliquid Files with US SEC to Raise $1bn for HYPE Treasury Expansion
23 October 2025 - 09:42 CEST
According to its S-1 filing, the company plans to issue 160mn shares of common stock, with Chardan Capital Markets serving as financial advisor. The proceeds will fund additional HYPE purchases and general expenses, including staking initiatives designed to generate ongoing rewards.
The company is being formed through a merger between Sonnet BioTherapeutics and Rorschach I LLC, with former Barclays CEO Bob Diamond as chairman and David Schamis as CEO.
Following the merger, it is expected to hold 12.6mn HYPE tokens, valued at about $583mn, alongside $305mn in cash.
HYPE rose over 12% to around $39.00 in the past 24 hours following the announcement, outperforming the broader crypto market, which slipped 0.6%.
