Hyperliquid Strategies Files $1B SEC Registration to Expand HYPE Token Treasury

Hyperliquid Strategies, a new digital asset treasury company, has officially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), signaling plans to raise $1 billion for general corporate purposes, including the acquisition and staking of Hyperliquid’s native token, HYPE. The filing marks a major step in the company’s strategy to expand its influence within the decentralized finance (DeFi) ecosystem.

Hyperliquid Strategies is emerging from a merger between Sonnet BioTherapeutics, a Nasdaq-listed biotech firm, and Rorschach I LLC, a special purpose acquisition company (SPAC). This merger aims to create a public company dedicated to managing and growing digital assets within the Hyperliquid network. The company plans to issue up to 160 million shares of common stock, with Chardan Capital Markets serving as financial advisor for the offering.

According to the filing, the company intends to strengthen its HYPE token treasury by not only accumulating tokens but also generating income through staking. By staking substantially all its holdings, Hyperliquid Strategies expects to earn consistent staking rewards, enhancing value for shareholders while supporting network security and growth.

Currently, the treasury manages 12.6 million HYPE tokens alongside $305 million in cash, forming a solid foundation for further expansion. The anticipated $1 billion fundraise will enable the company to broaden its exposure in the DeFi sector and solidify its position as a major participant in the Hyperliquid ecosystem.

This move reflects growing institutional interest in blockchain-based financial systems, positioning Hyperliquid Strategies as a pioneer among crypto treasury management firms aiming to integrate traditional finance with decentralized asset strategies.