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 Takeaways:
Hyperliquid Strategies has filed with the SEC to raise up to $1 billion for HYPE token purchases and expansion. The firm emerges from the Sonnet BioTherapeutics–Rorschach SPAC merger. Upon completion, it will become the largest corporate holder of HYPE.According to the firm’s S-1 registration statement submitted Wednesday, the company intends to offer up to 160 million shares of common stock to fund additional purchases of the Hyperliquid (HYPE) token and cover general corporate expenses.
Chardan Capital Markets is serving as the financial advisor for the offering.
Sonnet BioTherapeutics–Rorschach Merger to Form Hyperliquid Strategies
Hyperliquid Strategies is the result of a pending merger between Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC).
Once completed, the merged entity will be led by David Schamis as CEO, with Bob Diamond, former CEO of Barclays, serving as chairman.
News of the filing coincided with an 8% rally in the HYPE token, which climbed to $37.73 in the last 24 hours, even as the broader crypto market slipped 0.6%, according to data from CoinGecko.
When the merger is finalized, Hyperliquid Strategies is projected to hold 12.6 million HYPE tokens, worth roughly $470 million, along with $305 million in cash earmarked for further HYPE acquisitions.
That position would make it the largest corporate holder of the token, reinforcing its alignment with the Hyperliquid ecosystem, which powers one of the most active decentralized derivatives platforms globally.
The company’s move reflects a growing trend of public and private firms using traditional financing, equity, debt, or hybrid instruments, to build crypto treasuries beyond Bitcoin (BTC) and Ether (ETH).
While such strategies often boost share prices in the short term, analysts continue to question their long-term resilience, particularly during downturns in the altcoin market.
Still, Hyperliquid’s fundamentals appear strong, as the platform remains one of the most heavily traded venues for perpetual futures (perps).
These instruments have surged in popularity due to 24/7 trading, leverage options, and the ability to profit in both bullish and bearish markets.
Decentralized Perp Volume Tops $1T in October
According to DeFiLlama, decentralized perp trading volume has already topped $1 trillion in the first 23 days of October, breaking September’s $772 billion record.
Hyperliquid leads the month with $317.6 billion in volume, ahead of Lighter ($255.4B), Aster ($177.6B), and edgeX ($60.6B), underscoring its dominance in the DeFi derivatives sector.
Despite the rise of competitors, Hyperliquid remains the market’s most influential force.
The platform currently commands approximately 70% of the perp DEX market share, according to Token Terminal and DeFiLlama data.
Hyperliquid has consistently set benchmarks for the sector.
In May 2025, it reported $248 billion in 24-hour trading volume, demonstrating its unmatched liquidity and trader activity.
By August, the platform also posted its highest-ever revenue, generating $106 million, more than any other DeFi protocol at the time.
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