Hyperliquid Strategies Files for $1B IPO Amid Crypto Treasury Boom

In Brief

• Hyperliquid Strategies aims to raise $1B through a public offering for HYPE expansion.
• The firm becomes the largest corporate holder of HYPE after Sonnet–Rorschach merger.
• Hyperliquid ranks second in daily fees, showcasing strong growth and network activity.

Hyperliquid Strategies has filed with the U.S. Securities and Exchange Commission to raise up to $1 billion. The firm plans to sell 160 million common shares to expand its HYPE token holdings and fund general operations. The offering will be advised by Chardan Capital Markets. The move follows the company’s emergence from the Sonnet BioTherapeutics and Rorschach I LLC merger.

The merged entity will trade on Nasdaq under a new ticker after completing the SPAC transaction. David Schamis will serve as CEO, while former Barclays chief Bob Diamond will chair the board. Hyperliquid Strategies aims to become the largest corporate holder of HYPE tokens. It currently holds 12.6 million HYPE tokens valued at approximately $470 million.

Market Impact and Ecosystem Growth

The HYPE token rose 11.46% in the last 24 hours to $38.57, showing renewed investor interest. It gained 2.51% weekly and 0.13% hourly, signalling short-term market strength. Analysts note that crossing above resistance could push prices to $46 or even $51. However, a break below $33.28 could trigger a decline toward $30.50 or $28.

Hyperliquid’s ecosystem continues to outperform peers in decentralised derivatives trading. It generated $1.3 million in fees in the last 24 hours, ranking second only to BNB Chain’s $1.6 million. The platform outperformed Tron, Ethereum, and Bitcoin in daily fee generation, reflecting robust network activity.

According to DeFiLlama, decentralised perpetual trading volumes surpassed $1 trillion in October. Hyperliquid led the market with $317.6 billion in volume, holding roughly 70% of the decentralized perps market. 

The company’s revenue reached $106 million in August, marking its strongest month on record. With solid fundamentals and growing liquidity, Hyperliquid Strategies positions itself at the forefront of the DeFi derivatives sector.