- Plans to raise up to $1B via an S-1 and issue up to 160M shares to expand HYPE reserves and for general corporate needs.
- Treasury approach centers on selectively deploying and staking most HYPE holdings; current assets include 12.6M HYPE and $305M cash.
- Entity emerges from a pending merger between Sonnet BioTherapeutics and SPAC Rorschach I LLC; David Schamis to serve as CEO and Bob Diamond as chairman; Chardan Capital Markets advising.
- HYPE rallied into double digits after the filing as decentralized perp volumes set records, with Hyperliquid leading October activity.
Hyperliquid Strategies has formally filed a registration statement with the U.S. Securities and Exchange Commission aiming to raise up to $1 billion to expand its HYPE token holdings. The new digital-asset treasury vehicle is built around the fast-growing Hyperliquid ecosystem and is positioning itself to increase exposure to the protocol’s native asset.
According to the filing, the company intends to offer up to 160 million shares of common stock to fund additional HYPE purchases alongside general corporate purposes. Chardan Capital Markets is listed as the financial advisor for the proposed offering, signaling a conventional capital-markets route for a crypto-focused treasury strategy.
A treasury play centered on HYPE
The submission outlines a plan to deploy HYPE holdings selectively, with an emphasis on staking nearly all tokens to generate ongoing rewards. Hyperliquid Strategies reports it currently holds about 12.6 million HYPE and maintains approximately $305 million in cash, resources that it expects to consolidate as operations scale.
Management indicates that proceeds would be used to fortify its HYPE reserve, reflecting a broader shift among public-market vehicles toward building crypto treasuries that extend beyond Bitcoin and Ether. The approach seeks income via network participation while retaining flexibility to allocate within the Hyperliquid ecosystem.
Deal structure and leadership
Hyperliquid Strategies is a pending merger between Nasdaq-listed Sonnet BioTherapeutics and SPAC Rorschach I LLC. Upon closing, the combined entity is set to be led by CEO David Schamis, with former Barclays chief executive Bob Diamond slated to serve as chairman.
The share issuance capacity, paired with a defined mandate to accumulate HYPE, creates a public-market vehicle focused on Hyperliquid. Chardan’s advisory role underscores the effort to structure a sizable capital raise under traditional securities frameworks while aligning with crypto-native objectives.
Market response and ecosystem momentum
Following the announcement, the HYPE token saw a high single- to low double-digit jump over a 24-hour window, with prints around the upper $30s even as the broader crypto market slipped modestly. The move highlights how treasury announcements can become near-term catalysts for native assets.
Hyperliquid itself operates as a decentralized derivatives venue running on its own chain, with perpetual futures at the core of activity. The HYPE token underpins the ecosystem, and its market value sits in the double-digit billions, placing it among the most traded non-Bitcoin, non-Ether assets.
Perpetuals have drawn substantial interest thanks to their 24/7 access, high leverage, no expiry and long/short flexibility. That combination has attracted speculative traders and liquidity, trends that have helped Hyperliquid post sustained volume gains in recent months.
Trading volumes hit new highs
Across decentralized perpetuals, activity set fresh records in October, with the first 23 days already surpassing $1 trillion in cumulative volume. A daily peak near $78 billion was observed on October 10, underscoring the pace at which on-chain derivatives have scaled.
Within that landscape, Hyperliquid led October volumes with roughly $317.6 billion, while peers like Lighter, Aster and edgeX posted approximately $255.4 billion, $177.6 billion and $60.6 billion respectively. Elevated throughput provides a backdrop for the treasury play centered on HYPE.
Risks, sustainability and what to watch
Corporate strategies that concentrate on altcoin treasuries have been scrutinized during market drawdowns, where volatility can amplify balance-sheet risks. While staking rewards and ecosystem growth can offset some of that exposure, outcomes remain tied to market cycles.
For Hyperliquid Strategies, demand may prove more resilient given the platform’s momentum in perpetuals, but execution risk, regulatory reviews and token-price variability are key variables. Investors will monitor the S-1 process, share-offer sizing, and the cadence of HYPE accumulation and staking.
A public-market bid to raise $1B and accumulate HYPE via a merger-driven vehicle is supported by a plan to stake most holdings for recurring rewards. With 12.6 million HYPE on hand, roughly $305 million in cash, a 160 million-share issuance capacity and Chardan advising, the initiative ties treasury expansion to a derivatives-heavy ecosystem that is currently putting up record on-chain volumes.
