Hyperliquid Strategies Files to Raise $1 Billion for HYPE Token Acquisitions

Hyperliquid Strategies filed an S-1 registration statement with the SEC on Wednesday to raise up to $1 billion through a 160 million share offering. The company, formed from the merger of Nasdaq-listed Sonnet BioTherapeutics and Rorschach I LLC, plans to use proceeds for additional HYPE token purchases and corporate expenses. Upon completion, the entity will hold 12.6 million HYPE tokens valued at approximately $470 million, positioning it as the largest corporate holder of the token.