Hyperliquid Strategies is pushing ahead with its ambitious treasury initiative, filing documents to raise up to $1 billion for additional purchases of Hyperliquid (HYPE) tokens, the native asset of the world’s largest decentralized derivatives exchange.
As outlined in its S-1 registration with the US Securities and Exchange Commission on Wednesday, the firm plans to issue up to 160 million common shares to finance the HYPE acquisition and cover other operational costs.
Chardan Capital Markets has been appointed as the financial adviser for the offering.
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Hyperliquid Strategies is a merger-in-progress between Nasdaq-listed biotech company Sonnet BioTherapeutics and special purpose acquisition company Rorschach I LLC. The new entity will be headed by David Schamis as CEO, with former Barclays chief Bob Diamond serving as chairman.
Following the announcement, HYPE surged nearly 8% to $37.73 in the past 24 hours, even as the broader crypto market slipped 0.6%, according to CoinGecko.
Hyperliquid Strategies Poised to Become Largest HYPE Holder
Once the merger is finalized, Hyperliquid Strategies is expected to own 12.6 million HYPE tokens, valued at around $470 million, along with an additional $305 million in cash reserves. The company plans to use that cash to buy even more HYPE, positioning itself as the largest corporate holder of the token, according to CoinGecko data.
The move is part of a growing trend where companies are using equity, debt, and other financial tools to build crypto treasuries beyond Bitcoin ($109,980) and Ether ($3,888). While several firms have seen their stock prices jump after such moves, analysts remain cautious about the long-term stability of altcoin-based treasury strategies, especially in volatile markets.
Still, Hyperliquid’s case may be different the platform has been among the most active crypto projects in recent months, boosted by surging demand for perpetual futures trading.
