Hyperliquid Strategies is stepping up its commitment to the HYPE ecosystem by filing to raise $1 billion through a stock sale aimed at expanding its crypto treasury and solidifying its position as a leading holder of Hyperliquid (HYPE) tokens. The Nasdaq-listed biotech firm Sonnet BioTherapeutics and SPAC Rorschach I LLC’s pending merger entity revealed plans in an S-1 registration statement to offer up to 160 million shares of common stock, funding additional purchases of HYPE tokens and covering corporate expenses, with Chardan Capital Markets as financial adviser.
Once the merger closes, Hyperliquid Strategies is projected to hold 12.6 million HYPE tokens, valued close to $470 million, alongside $305 million in cash earmarked for further acquisitions. This strategy positions the company to become the largest corporate holder of HYPE, reflecting a growing corporate trend of using equity and financial tools to build substantial digital asset treasuries beyond Bitcoin and Ethereum.
The intensified focus on HYPE comes amid a booming decentralized perpetual futures market. Hyperliquid leads October with $317.6 billion in trading volume, riding the wave of rising demand for 24/7, high-leverage, no-expiration trading products that attract speculative traders seeking flexible profit opportunities. The company’s bold treasury expansion underscores its confidence in HYPE and decentralized derivatives even as the wider crypto market experiences volatility.
Read more at Cointelegraph: https://cointelegraph.com/news/hyperliquid-strategies-files-1b-raise-buy-hype