Hyperliquid Strategies, a digital asset treasury company that focuses on the Hyperliquid ecosystem, has submitted an S-1 registration statement to be listed on the public market with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion. The company seeks to increase its treasury holdings and get a bigger share of the rapidly expanding decentralized finance market.
In the offering, the company intends to sell up to 160 million shares of common stock, according to the document. The financial advisor for the offering is Chardan Capital Markets. The company said that the money from the sale of shares will be used for general corporate purposes, with the main emphasis on the purchase and staking of the Hyperliquid native token, HYPE.
Hyperliquid Strategies is a merger-pending entity created through the combination of biotech company Sonnet BioTherapeutics, listed on Nasdaq, and Rorschach I LLC, a special purpose acquisition company (SPAC). The deal, announced in July, is scheduled to be completed later this year. After the merger, the new company will trade on Nasdaq under a new ticker symbol that has not been disclosed yet.
The leadership team includes experienced financial industry figures like Chairman Bob Diamond, ex-CEO of Barclays, and CEO David Schamis. The filing also mentioned that the company is currently holding around 12.6 million HYPE tokens and $305 million in cash, thus being one of the biggest treasury holders in the Hyperliquid ecosystem.
In a filing with the SEC, Hyperliquid Strategies wrote that it plans to use its HYPE holdings in a very deliberate way, mainly with the intention of staking a large part of the tokens to earn regular staking rewards. After carrying out internal risk assessments, the firm also indicated a possible inclination to investigate an additional decentralized finance (DeFi) area, that is, non-staking yield strategies, only.
The decentralized perpetual futures exchange, Hyperliquid, which was established in 2023, is designed to handle high transaction throughput and has very short latency. To date, the platform has had a cumulative trading volume of more than $1.5 trillion. Its native token, HYPE, which was launched last year with a total supply of 1 billion tokens, went up 7.67% in 24 hours and is now trading at $37.73, according to The Chainbull’s price page.
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