Hyperliquid Strategies Eyes Raising $1B to Boost HYPE Token Treasury

• The upcoming cryptocurrency treasury will center its operations on the Hyperliquid ecosystem.
• Sonnet BioTherapeutics, a biotech business listed on the Nasdaq, and Rorschach I LLC, a special purpose acquisition company, are merging to establish Hyperliquid Strategies.

In an S-1 registration statement submitted to the U.S. Securities and Exchange Commission (SEC), the newly formed digital asset treasury firm Hyperliquid Strategies has announced its intention to raise $1 billion for several objectives, one of which is the accumulation of Hyperliquid’s native token HYPE.

Rorschach I LLC, a special purpose acquisition corporation, and Sonnet BioTherapeutics, a biotech company listed on the Nasdaq, are now merging as part of Hyperliquid Strategy. The upcoming cryptocurrency treasury will center its operations on the Hyperliquid ecosystem.

Boosting HYPE Token Holdings

Hyperliquid Strategies said on Wednesday in its S-1 registration statement with the US Securities and Exchange Commission that it intends to sell up to 160,000,000 common shares to finance future acquisitions of Hyperliquid (HYPE) and other business costs. The offering’s financial advisor is Chardan Capital Markets.

Sonnet BioTherapeutics, a biotech business listed on the Nasdaq, and Rorschach I LLC, a special purpose acquisition company, are merging to establish Hyperliquid Strategies. Former Barclays CEO Bob Diamond will take over as chairman of the merged company, while David Schamis will head up operations as CEO.

In the last 24 hours, the HYPE token has rallied over 8% to $37.73 due to the news, while the overall cryptocurrency market has declined 0.6% according to statistics from CoinGecko.

According to CoinGecko statistics, Hyperliquid Strategies will become the biggest corporate HYPE holder with the $305 million in addition to buying additional HYPE tokens. The HYPE token, issued by Hyperliquid, will have its treasury holdings strengthened with the funds from the fundraising.

The treasury now has 12.6 million HYPE tokens and $305 million in cash. The firm intends to expand its activities in the expanding decentralized finance landscape, building upon this base.

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