TL;DR
- Hyperliquid Strategies filed an S-1 registration statement with the SEC for a public offering of up to $1 billion and appointed Chardan Capital Markets as its financial advisor.
- Proceeds will go toward corporate operations and expanding its HYPE treasury, which currently holds 12.6 million tokens and $305 million in cash.
- In 2025, the company allocated $644.64 million to HYPE buybacks and boosted on-chain fees by 1,600% year-over-year following the launch of HIP-3.
Hyperliquid Strategies has filed an S-1 registration statement with the SEC for a public offering of up to $1 billion in common stock.
The goal is to fund the expansion of its operations and increase its exposure to the HYPE token, which has become central to its yield strategy within the Hyperliquid ecosystem. The company plans to issue up to 160 million shares and has appointed Chardan Capital Markets as financial advisor to the offering.
The firm was formed through a merger between Nasdaq-listed Sonnet BioTherapeutics and the special purpose acquisition company Rorschach I LLC. The deal, announced in July and expected to close before the end of the year, will create a new entity that will trade on Nasdaq under a new ticker symbol. The board will be chaired by former Barclays CEO Bob Diamond, with David Schamis serving as chief executive officer.
Leveraging HYPE Yields
Schamis explained that the S-1 filing authorizes the issuance of new shares after the merger but emphasized that the company will only sell equity if market conditions are favorable. He clarified that there is no immediate obligation to issue additional capital.
According to the filing, proceeds from the offering will be used for general corporate purposes and to strengthen the company’s treasury holdings in HYPE tokens. Hyperliquid Strategies currently holds 12.6 million HYPE and $305 million in cash. It plans to deploy part of its holdings in staking initiatives to generate recurring income and to explore additional opportunities within decentralized finance across the Hyperliquid ecosystem. The aim is to leverage token yields to create shareholder value and reinforce the company’s position in the crypto market.
Hyperliquid’s Market Dominance
Throughout 2025, Hyperliquid achieved a remarkable level of dominance in token buybacks and blockchain activity. Through its Assistance Fund, it allocated $644.64 million to repurchase 21.36 million HYPE tokens—about 2.1% of the total supply—representing nearly half of all buybacks recorded during the year. In August, buyback spending peaked at $110.62 million, with an average price of $30.18 per token.
The network also outperformed major blockchains in on-chain activity. Transaction fees surged 1,600% year-over-year, rising from $2.4 million in October 2024 to $41 million in October 2025, driven by the launch of HIP-3, which introduced permissionless perpetuals and fee reductions that fueled record trading volumes
