- Hyperliquid Strategies plans to raise $1B through 160M shares to fund additional HYPE token purchases and staking.
- The firm results from an $888M merger between Sonnet BioTherapeutics and Rorschach I LLC forming Hyperliquid Strategies.
- Hyperliquid holds 70% of the perp DEX market share, recording $317.6B in October trading volume across DeFi platforms.
Hyperliquid Strategies Inc. has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion through a public equity offering. The plan involves issuing up to 160 million shares of common stock, with proceeds allocated toward expanding its crypto reserves, particularly through additional purchases and staking of the Hyperliquid (HYPE) token. The move positions the company for deeper integration within the decentralized derivatives market, which continues to see record trading volumes across leading DeFi platforms.
Merger Forms New Corporate Structure
The filing follows an $888 million reverse merger between Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company. Once finalized, the transaction will form Hyperliquid Strategies Inc., led by David Schamis as chief executive officer and Bob Diamond, former Barclays CEO, as chairman.
The merged entity is projected to hold 12.6 million HYPE tokens valued at roughly $470 million, along with $305 million in cash designated for further acquisitions. According to the S-1 filing, Chardan Capital Markets LLC will serve as the underwriter and financial advisor.
The offering will be conducted as a “shelf registration,” allowing Hyperliquid Strategies to issue shares gradually, depending on market conditions. This approach gives the firm flexibility in capital raising while mitigating dilution concerns among investors.
Expanding Crypto Treasury Operations
The company’s filing outlines an extensive plan to grow its crypto treasury operations beyond its existing HYPE reserves. The funds raised will also support liquidity provisioning, DeFi lending, and perpetual futures trading.
Hyperliquid currently dominates decentralized derivatives markets, holding nearly 70% of total perp DEX market share, according to data from Token Terminal and DeFiLlama. Notably, the Hyperliquid platform recorded $317.6 billion in trading volume during the first 23 days of October, surpassing competitors such as Lighter and Aster.
In May 2025, it reported a record $248 billion in 24-hour trading volume, followed by its highest monthly revenue of $106 million in August. These figures underscore the firm’s growing influence within the decentralized finance ecosystem.
Analysts See Institutional Support Building
The S-1 filing has drawn attention across the digital asset sector due to its potential implications for HYPE’s institutional adoption. Shivam Thakral, CEO of BuyUCoin, said the move “sends a strong bullish signal for HYPE,” noting that corporate accumulation could strengthen demand and market confidence.
TokenMetrics described the plan as a bridge between “Wall Street’s fundraising structure and Web3’s yield opportunities,” emphasizing Hyperliquid’s role in merging traditional capital markets with decentralized liquidity. Following the announcement, the HYPE token price rose nearly 7%, reaching around $37.52.
