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6h ago

Hyperliquid Strategies Files S-1 to Raise Up to $1 Billion for HYPE Treasury and Staking

The offering is built around a Chardan committed equity facility following a reverse merger and depends on SEC effectiveness and Nasdaq listing approval before shares can be sold.

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Hyperliquid Strategies files for $1B public offering to bolster HYPE treasury
Hyperliquid strategies seeks to raise $1b to boost hype holdings
Hyperliquid Strategies files S-1 seeking to raise up to $1B for corporate purposes, eyes HYPE token purchases

Overview

  • Filings detail an in‑progress combination of Sonnet BioTherapeutics and Rorschach I to form Hyperliquid Strategies Inc., with plans to register up to 160 million new shares.
  • The S-1 discloses a treasury of 12.6 million HYPE tokens and $305 million in cash, and states the company intends to stake substantially all of its HYPE holdings.
  • The capital plan uses a structured equity facility with Chardan Capital Markets executed Oct. 22, providing optional capacity of up to $1 billion depending on market conditions and share sales.
  • The filing warns of enhanced regulatory scrutiny and significant dilution, noting Sonnet shareholders are expected to own about 1.2% of the combined company.
  • HYPE posted single‑day gains of roughly 7%–12% as volumes and open interest rose, aided by Robinhood enabling spot trading, though execution remains contingent on merger close and regulatory review.