Hyperliquid Strategies Announces $1 Billion Public Offering to Fuel Crypto Treasury Ambitions

Hyperliquid Strategies has filed with the SEC for a $1 billion public offering, marking one of the largest capital raises in the crypto sector this year. The S-1 registration details plans to sell 160 million common shares, with Chardan Capital Markets advising on the transaction.

The deal hinges on a merger between Nasdaq-listed Sonnet BioTherapeutics and SPAC Rorschach I LLC, expected to close by late 2025. The resulting entity will operate as a crypto treasury company focused on the Hyperliquid ecosystem, trading under a new Nasdaq ticker. Former Barclays CEO Bob Diamond will chair the board, signaling a strategic blend of traditional finance expertise and digital asset innovation.

Notably, 12.6 million HYPE tokens will be incorporated into a staking-focused initiative, while proceeds will fund general operations and token acquisitions. This move underscores institutional confidence in crypto-native financial structures despite current market conditions.