Hyperliquid Strategies has officially submitted a statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) to seek up to $1 billion in a public offering. The company plans to offer a maximum of 160 million shares of its common stock.

Chardan Capital Markets has been enlisted as the financial advisor for this fundraising effort.

Hyperliquid S-1 Submission

Hyperliquid Strategies represents a merger in the pipeline between Nasdaq-listed Sonnet BioTherapeutics and the special purpose acquisition company (SPAC) Rorschach I LLC. This merger was initially revealed in July and is set to complete within the year. Once finalized, the new entity will be listed on Nasdaq under a fresh ticker symbol. The company’s leadership comprises Chairman Bob Diamond, a former CEO of Barclays, and CEO David Schamis.

In a related announcement, Schamis stated:

“Today we filed an S1. This document is to allow us to issue additional equity into the market following the close of our transaction. We will only be selling equity if and when we believe the market conditions to be favorable. We have no obligations or requirements to issue any additional capital.”

The proceeds from the offering are designated for general corporate purposes, which will also include augmenting Hyperliquid’s treasury holdings of its HYPE tokens. Currently, Hyperliquid possesses 12.6 million HYPE tokens and holds $305 million in cash.

The company aims to utilize the HYPE tokens primarily through staking initiatives, anticipated to yield sustainable returns. Additionally, it plans to explore alternative decentralized finance activities within its ecosystem, pending internal assessments. Hyperliquid Strategies’ latest filing indicates the intent to selectively use its HYPE token reserves to create shareholder value and bolster its standing in the cryptocurrency market.

2025 Highlights

Hyperliquid’s ecosystem has enjoyed remarkable success this year, asserting its dominance in both token repurchases and blockchain activities. Data from CoinGecko shows that the platform has led the field in token buybacks, allocating over $644.64 million via its Assistance Fund, which constitutes nearly half of the total token buyback spending for this year. This initiative has enabled the company to repurchase at least 21.36 million HYPE tokens, approximately 2.1% of its total supply.

Monthly buybacks averaged $65.50 million and peaked at $110.62 million in August, with an average token price of $30.18.

On the blockchain front, Hyperliquid outperformed traditional networks and increased its fees by 1,600% within a year, skyrocketing from $2.4 million in October 2024 to $41 million in October 2025. This surge is attributed to the launch of HIP-3, which permitted permissionless perpetuals and strategic fee reductions that drove record trading volumes.

In contrast, Ethereum and Solana saw substantial drops, while Bitcoin’s on-chain fees decreased by 73% in the same timeframe.