Hyperliquid Strategies, the upcoming merger of Sonnet BioTherapeutics and Rorschach I LLC, has just officially filed its S-1 document with the US Securities and Exchange Commission (SEC), preparing for an initial public offering (IPO) worth up to $1 billion.
The company plans to issue 160 million shares of common stock, according to a filing Wednesday. Chardan Capital Markets will Vai as financial adviser on the deal.
Hyperliquid Strategies was founded with the goal of becoming the leading crypto treasury company, focused on managing assets within the Hyperliquid ecosystem — a high-performance decentralized Futures Contract exchange (DeFi DEX) that has achieved over $1.5 trillion in volume since its launch in 2023.
Upon completion of the merger, the company will list on the Nasdaq under a new (undisclosed) stock symbol, with Bob Diamond, former CEO of Barclays, serving as Chairman of the Board, and David Schamis as Chief Executive Officer (CEO).
The Capital raised will be used for general corporate purposes, including the purchase of HYPE Token – the native currency of the Hyperliquid ecosystem – to strengthen its digital treasury. Hyperliquid Strategies currently holds 12.6 million HYPE and $305 million in cash.
According to the filing, the company plans to Staking a majority of its HYPE holdings to generate passive income from Staking rewards, and will XEM launching other DeFi activities after internal approval.
Since its launch in 2023, the HYPE Token has quickly become one of the most sought-after DeFi assets. With a total supply of 1 billion Token, of which 38% are allocated to community rewards, HYPE has helped attract millions of users to the platform.
