Hyperliquid Strategies Looks To Raise $1B To Fund HYPE Treasury Purchases

Emerging digital asset treasury company Hyperliquid Strategies has submitted an S-1 registration with the U.S. SEC, outlining plans to raise $1 billion to strengthen its HYPE token treasury. The new entity is being created through a merger between Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company.

The fundraising, advised by Chardan Capital Markets, involves issuing up to 160 million shares of common stock. According to the filing, funds will be used to accumulate and stake HYPE tokens, generating staking rewards and additional income for shareholders.

Currently, the Hyperliquid treasury holds 12.6 million HYPE tokens and $305 million in cash. The new capital will help the firm expand its holdings as it positions itself within the growing decentralized finance (DeFi) ecosystem. The filing signals growing institutional interest in token treasury management as crypto-native ecosystems mature.

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