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Hyperliquid Strategies has filed an S-1 with the U.S. Securities and Exchange Commission to raise up to $1 billion through a public offering of 160 million shares. The company, advised by Chardan Capital Markets, plans to use the funds to strengthen its crypto treasury and expand its holdings of HYPE tokens within the Hyperliquid ecosystem.
Formed through a pending merger between Sonnet BioTherapeutics and Rorschach I LLC, the new entity aims to operate as a crypto-focused treasury company. The merger, announced in July, is expected to close later this year, with the combined firm set to trade on Nasdaq under a new ticker. Leadership includes Bob Diamond, former Barclays CEO, as Chairman, and David Schamis as CEO.
Proceeds will support staking of HYPE tokens and other DeFi-related activities. Hyperliquid, a decentralized perpetual futures exchange, has already processed over $1.5 trillion in trading volume since 2023, with HYPE tokens rising 11.53% to $38.98 in the last 24 hours.
