Hyperliquid Strategies Files to Raise $1B for HYPE Token Purchases and Expansion

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 ￰0￱ Takeaways: Hyperliquid Strategies has filed with the SEC to raise up to $1 billion for HYPE token purchases and ￰1￱ firm emerges from the Sonnet BioTherapeutics–Rorschach SPAC ￰2￱ completion, it will become the largest corporate holder of ￰3￱ 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 ￰4￱ Capital Markets is serving as the financial advisor for the ￰5￱ 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 ￰6￱ 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 ￰7￱ 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 ￰8￱ 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 ￰9￱ big can Hyperliquid get?

“Finance as a whole” – $HYPE CEO @chameleon_jeff Hyperliquid ￰10￱ — TBPN (@tbpn) October 22, 2025 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 ￰11￱ 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 ￰12￱ 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 ￰13￱ the rise of competitors, Hyperliquid remains the market’s most influential ￰14￱ platform currently commands approximately 70% of the perp DEX market share, according to Token Terminal and DeFiLlama ￰15￱ has consistently set benchmarks for the ￰16￱ May 2025, it reported $248 billion in 24-hour trading volume , demonstrating its unmatched liquidity and trader ￰17￱ August, the platform also posted its highest-ever revenue, generating $106 million, more than any other DeFi protocol at the time.