While Ethereum (ETH) and many altcoins continue to be adopted by major corporations as part of their treasury strategy, the latest news came for a very surprising altcoin.
At this point, the final move came for Hyperliquid (HYPE).
Hyperliquid Strategy has filed an S-1 to raise up to $1 billion.
Hyperliquid Strategy, a strategic stockbroker for HYPE, has filed an S-1 filing with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion.
Proceeds will be used for corporate operations and the HYPE acquisition.
The filing follows the company’s formation in July through the merger of Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose company (SPV).
“The company intends to distribute its HYPE token holdings selectively, primarily by staking nearly all of its HYPE holdings. This is expected to yield consistent staking rewards,” the company said in its filing.
As you may recall, Sonnet BioTherapeutics Inc. and Rorschach I LLC, which are traded on Nasdaq, announced last July that they would merge under the name Hyperliquid Strategies Inc. (HSI).
The company currently holds 12.6 million HYPE and 305 million in cash.
*This is not investment advice.