According to the latest filing with the US Securities and Exchange Commission (SEC), Hyperliquid Strategies has formalized its plans for a public offering to raise up to $1 billion. The company submitted its S-1 document on Wednesday, which includes the sale of a total of 160 million common shares. Chardan Capital Markets is handling the financial advisory role.
A New Structure as a Crypto Treasury Company
Hyperliquid Strategies is set to be established through the merger of Nasdaq-listed biotech company Sonnet BioTherapeutics and special purpose acquisition company Rorschach I LLC. This merger was announced in July and is expected to be completed by the end of 2025. The objective of this new structure is to establish a crypto treasury company focusing on the Hyperliquid ecosystem.
Post-merger, the company will trade on Nasdaq under a yet-to-be-announced stock code. The board will be chaired by former Barclays CEO Bob Diamond, while David Schamis will lead the executive team. This strategic move aims to combine traditional financial experience with crypto asset management.
12.6 Million HYPE Tokens with a Staking-Centric Plan
Hyperliquid Strategies plans to utilize the raised funds for general corporate activities and purchasing HYPE coins. The company currently holds 12.6 million HYPE tokens and has a cash reserve of $305 million. According to the SEC filing, the company aims to generate passive income by “extensively staking” its HYPE assets and also plans to explore DeFi-focused initiatives in the future.
Launched in 2023, Hyperliquid has garnered attention as a high-performance decentralized futures trading platform. So far, it has achieved over $1.5 trillion in transaction volume. In 2024, Hyperliquid released its HYPE token, with a total supply of 1 billion, of which 38% has been allocated for community rewards. According to The Block, HYPE has seen a 7.67% increase in the last 24 hours, trading at $37.73.
