Hyperliquid Strategies Aims for $1B Fundraise to Expand HYPE Token Holdings
Hyperliquid Strategies has filed an S-1 registration with the SEC to raise up to $1 billion through a public offering of 160 million shares. The capital will be used to acquire additional HYPE tokens and cover corporate expenses, with Chardan Capital Markets advising on the transaction.
The entity—formed by the pending merger of Sonnet BioTherapeutics and SPAC Rorschach I LLC—plans to establish a crypto-focused asset management firm. Post-merger, the company will hold 12.6 million HYPE tokens ($470M) and $305M in liquid assets, positioning it as the largest corporate holder of the token.
CEO David Schamis and Chairman Bob Diamond, former Barclays chief, will lead the Nasdaq-listed entity. The deal reflects growing institutional appetite for crypto treasury strategies, with Hyperliquid planning selective deployment of its holdings through staking and other yield-generating mechanisms.
