Hyperliquid Strategies Seeks $1 Billion in Public Offering to Boost HYPE Token Holdings

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• Hyperliquid Strategies filed with the SEC to raise $1 billion through 160M shares.
• The funds will expand its HYPE token holdings and support corporate growth.
• The merger between Sonnet BioTherapeutics and Rorschach I will create a new Nasdaq-listed crypto asset manager.

Hyperliquid Strategies has filed to raise up to $1 billion through a public stock offering, marking one of the largest crypto-linked filings in recent months. The move signals the company’s intent to expand its footprint in digital asset management while strengthening its treasury of HYPE tokens.

$1 Billion Offering and Strategic Purpose

According to a new SEC filing, Hyperliquid Strategies plans to sell 160 million common shares in a public offering. The proceeds will be directed toward acquiring additional HYPE tokens and funding corporate operations. Chardan Capital Markets will serve as the financial adviser, helping structure and time the offering.

The company noted that its goal is to grow its on-chain treasury through selective token purchases and staking. This approach reflects a broader shift among institutional players seeking direct exposure to blockchain-based assets rather than holding them passively.

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A Merger Bridging Biotech and Blockchain

Hyperliquid Strategies was formed through a pending merger between Sonnet BioTherapeutics, a Nasdaq-listed biotech firm, and Rorschach I LLC, a special purpose acquisition company (SPAC). The merger is expected to close before year-end, creating a new Nasdaq-listed entity focused on crypto asset management.

The combined firm will be led by David Schamis as CEO, with Bob Diamond, the former Barclays chief executive, serving as chairman. Once trading begins, the company will adopt a new ticker symbol on Nasdaq.

Becoming the Largest HYPE Token Holder

Post-merger, Hyperliquid Strategies is expected to control roughly 12.6 million HYPE tokens, valued near $470 million, along with $305 million in cash earmarked for further token purchases. This would make it the largest corporate holder of HYPE tokens, a significant milestone in the evolving relationship between traditional finance and decentralized ecosystems.

Following the announcement, HYPE’s price jumped 11% to $39.02, according to CoinMarketCap, as investors reacted to the potential influx of institutional liquidity.

Hyperliquid Strategies’ public offering underscores a growing trend—traditional finance firms are no longer content watching the crypto market from the sidelines. By merging institutional structure with decentralized exposure, the company aims to become a bridge between Wall Street and Web3.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.