Hyperliquid Strategies has filed with the US Securities and Exchange Commission (SEC) to raise up to $1 billion as part of its ambitious plan to expand its crypto holdings and strengthen its position in the growing decentralized derivatives market.
Key points to remember:
- Hyperliquid Strategies has filed with the SEC to raise up to $1 billion for the purchase and expansion of HYPE tokens.
- The company was formed through the Sonnet BioTherapeutics – Rorschach SPAC merger.
- Once completed, it will become the largest company holding HYPE.
According to the company’s S-1 registration statement submitted on Wednesday, the company intends to offer up to 160 million shares of its common stock to fund additional purchases of Hyperliquidity (HYPE) tokens and cover general corporate expenses.
Chardan Capital Markets is acting as financial advisor to the offering.
Sonnet BioTherapeutics-Rorschach merger to form hyperliquid strategies
Hyperliquid Strategies is the result of a pending merger between Nasdaq-listed biotechnology company Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC).
Once finalized, the combined entity will be led by David Schamis as CEO, with Bob Diamond, former CEO of Barclays, as chairman.
News of the filing coincided with an 8% rise in the HYPE token, which soared to $37.73 in the past 24 hours, even as the broader crypto market fell 0.6%, according to CoinGecko data.
Once the merger is finalized, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens, worth approximately $470 million, as well as $305 million in cash earmarked for further HYPE acquisitions.
This position would make it the largest company holding the token, strengthening its alignment with the Hyperliquid ecosystem, which powers one of the most active decentralized derivatives platforms in the world.
The company’s move reflects a growing trend of public and private companies using traditional equity, debt or hybrid financing instruments to build crypto treasuries beyond Bitcoin (BTC) and Ether (ETH).
Although such strategies often boost stock prices in the short term, analysts continue to question their long-term resilience, especially during altcoin market downturns.
Nonetheless, Hyperliquid’s fundamentals appear strong, as the platform remains one of the most traded venues for perpetual futures (perps).
These instruments have gained popularity due to 24/7 trading, leverage options, and the ability to profit in both bull and bear markets.
Decentralized Perp Volume Surpasses $1 Trillion in October
According to DeFiLlama, decentralized transaction volume has already exceeded $1 trillion in the first 23 days of October, breaking September’s record of $772 billion.
Hyperliquide leads the month with $317.6 billion in volume, ahead of Lighter ($255.4 billion), Aster ($177.6 billion) and edgeX ($60.6 billion), highlighting its dominance in the DeFi derivatives sector.
Despite the rise of competitors, Hyperliquid remains the most influential force in the market.
The platform currently holds around 70% of the perp DEX market share, according to data from Token Terminal and DeFiLlama.
Hyperliquide has always set benchmarks for the sector.
In May 2025, it reported a 24-hour trading volume of $248 billion, demonstrating its unmatched liquidity and trading activity.
In August, the platform also recorded its highest revenue ever, generating $106 million, more than any other DeFi protocol at the time.
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