New SEC filing signals one of the biggest corporate token accumulation plays in crypto’s history.
Hyperliquid Strategies is looking to raise up to $1 billion through a public stock offering to expand its holdings of Hyperliquid (HYPE) — the governance and utility token of the world’s largest decentralized derivatives exchange.
According to an S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) on Wednesday, the company plans to issue up to 160 million shares of common stock. Proceeds will primarily fund additional HYPE token purchases, as well as general corporate expenses.
Chardan Capital Markets is acting as financial advisor for the offering.
Merging Traditional Finance and DeFi
Hyperliquid Strategies is a pending merger entity formed by Nasdaq-listed biotech firm Sonnet BioTherapeutics and SPAC Rorschach I LLC. Once finalized, the combined company will be led by David Schamis as CEO, with Bob Diamond — former Barclays chief executive — serving as chairman.
The announcement fueled market enthusiasm, with HYPE tokens rallying 8% to $37.73 in the past 24 hours, even as the broader crypto market dipped 0.6%, according to CoinGecko.
A Bold Treasury Strategy
Following the merger, Hyperliquid Strategies is expected to control 12.6 million HYPE tokens, currently worth around $470 million, alongside $305 million in cash earmarked for additional HYPE purchases.
If executed, the plan would make the firm the single largest corporate holder of HYPE, surpassing all other institutional participants in the ecosystem.
According to DeFiLlama, October 2025 has already seen $1 trillion in decentralized perps trading volume, up from $772 billion in September.
Hyperliquid leads the pack with $317.6 billion in trading volume this month, followed by Lighter ($255.4B), Aster ($177.6B), and edgeX ($60.6B).
Change in monthly perps trading volume since February 2021. Source: DeFiLlama
The move reflects a growing corporate trend of crypto treasury diversification — extending beyond Bitcoin (BTC) and Ether (ETH) to emerging DeFi assets. However, analysts warn that such aggressive exposure could increase volatility risks for public shareholders, especially if the broader crypto market weakens.
“This is MicroStrategy energy — but for DeFi,” said one market strategist on X. “It’s a massive signal of conviction, but it ties corporate performance directly to token liquidity and market sentiment.”
Why HYPE Is So… Hyped
Hyperliquid has rapidly become a dominant player in decentralized perpetuals trading, offering high leverage, deep liquidity, and no-expiration contracts.
Perpetuals, or “perps,” have exploded in popularity due to their 24/7 availability and the ability to speculate in both directions on digital assets — without owning the underlying token.
If the offering succeeds, Hyperliquid Strategies could become a DeFi-era corporate pioneer, integrating token treasury management directly into its public company balance sheet — something previously seen only with Bitcoin-focused entities like MicroStrategy.
Whether this approach becomes a sustainable corporate model or a high-risk experiment remains to be seen. But one thing is clear:
Wall Street and DeFi are colliding — and Hyperliquid wants to own the middle ground.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.