news.bitcoin.com
Hyperliquid Strategies Inc. (HSI), formed from an $888 million reverse merger between Sonnet Biotherapeutics Holdings Inc. and Rorschach I LLC, has filed a Form S-1 registration with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion through an offering of 160 million shares of common stock.
Hyperliquid Strategies Files $1B IPO, Targets HYPE Token Expansion
The newly structured company, led by CEO David Schamis and chaired by former Barclays executive Bob Diamond, is pivoting its strategy toward digital asset accumulation — particularly through holdings of the HYPE token.
HSI currently owns around 12.6 million HYPE tokens, valued between $470 million and $583 million, alongside $305 million in cash and access to a $1 billion credit facility earmarked for further token acquisitions.
According to the S-1 filing, a significant portion of the proceeds from the stock offering will be used to purchase and stake additional HYPE tokens, with the goal of generating yield while locking up supply. The move mirrors the bitcoin accumulation moves inspired by Strategy, though applied to an altcoin ecosystem centered on Hyperliquid’s decentralized perpetual futures (perps) exchange.
Hyperliquid, which facilitates 24/7 leveraged trading of perps without expiration, recorded over $317 billion in trading volume in October 2025. The decentralized perps market surpassed $1 trillion in monthly volume, highlighting the platform’s dominance. HSI’s continued token buybacks — already exceeding $400 million since the Hyperliquid token generation event — highlight growing institutional conviction in HYPE’s long-term value.
The S-1 filing announcement sparked a rally in HYPE’s price, rising between 8% and 15% within 24 hours to around $37.73–$40.11, while trading volume climbed 9% to approximately $12 billion. At press time, at 9 a.m. on Thursday, HYPE stands at $39.97 per coin.
Despite broader crypto market weakness, analysts view the filing as a potential catalyst for renewed momentum, though dilution risk remains for existing shareholders, with former Sonnet investors retaining only about 1.2% equity in HSI post-merger.
Pending SEC approval, the offering could position HSI as a publicly traded firm built entirely around digital-asset treasury management — signaling a new frontier for corporate balance sheets.
FAQ 🧭
- What is Hyperliquid Strategies Inc.?Hyperliquid Strategies Inc. (HSI) is a crypto-focused company formed through Sonnet’s merger and dedicated to building a digital-asset treasury centered on HYPE tokens.
- How much does Hyperliquid aim to raise in its IPO?The company’s S-1 filing seeks up to $1 billion through a 160 million share offering.
- What will Hyperliquid use the IPO proceeds for?A portion of the funds will be used to acquire and stake HYPE tokens, alongside general corporate purposes.
- How did the market react to Hyperliquid’s filing?Following the S-1 announcement, HYPE’s price jumped 8% to 15%, signaling strong investor enthusiasm.