Chiara Bianchi
Hyperliquid Strategies has officially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), revealing plans for a public offering of up to $1 billion. The company intends to issue 160 million shares of common stock, with Chardan Capital Markets acting as its financial advisor, according to the Wednesday filing.
The entity, formed through a merger between Sonnet BioTherapeutics and Rorschach I LLC, is designed to become a crypto treasury firm centered around the Hyperliquid ecosystem. The merger, announced in July 2025, is expected to be finalized before the end of the year. Once complete, the new company will trade on Nasdaq under a yet-to-be-disclosed ticker and will be led by Chairman Bob Diamond, the former Barclays CEO, alongside CEO David Schamis.
Building a Strong Crypto Treasury with HYPE Token
According to the filing, Hyperliquid Strategies plans to allocate proceeds toward expanding its treasury, particularly by acquiring and staking Hyperliquidโs native HYPE tokens. The firm currently holds 12.6 million HYPE and $305 million in cash.
The filing stated that the company aims to โdeploy its HYPE holdings strategically,โ primarily through staking to earn ongoing rewards, while also exploring other decentralized finance (DeFi) opportunities within the ecosystem after internal assessments.
Hyperliquidโs Growing Presence in the DeFi Landscape
Hyperliquid, launched in 2023, operates as a high-speed decentralized perpetual futures exchange that has already processed over $1.5 trillion in total trading volume. Its native HYPE token, introduced last year, features a total supply of 1 billion tokens, with 38% reserved for community incentives and rewards.
As of the latest data from PRIMEโs price page, HYPE has surged 7.67% in the past 24 hours, trading at $37.73 โ reflecting renewed investor enthusiasm surrounding the ecosystemโs expansion.
