Quick Breakdown
- Hyperliquid Strategies files to raise $1B to expand its HYPE token holdings.
- The merger-led firm could become the largest corporate HYPE holder post-deal.
- Decentralized perpetuals hit a record $1 trillion in October trading volume.
Hyperliquid strategies targets $1 billion for HYPE expansion
Hyperliquid Strategies is doubling down on its bet on decentralized derivatives, filing with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion for additional purchases of Hyperliquid (HYPE) tokens.
According to its S-1 registration statement submitted on Wednesday, the firm plans to issue 160 million shares of common stock to finance further HYPE acquisitions and general corporate activities. Chardan Capital Markets is serving as the financial adviser for the offering.
The move comes as Hyperliquid Strategies, a pending merger between Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company, prepares to finalize its combination. Upon completion, the new entity will be led by David Schamis as CEO, with former Barclays CEO Bob Diamond serving as chairman.
HYPE token surges amid treasury plan
News of the planned $1 billion raise sparked renewed enthusiasm in the market, pushing HYPE up nearly 8% to $37.73 over the last 24 hours, even as the broader crypto market dipped by 0.6%, according to CoinGecko data.
Once the merger is completed, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens — valued at roughly $470 million — alongside $305 million in cash, earmarked for further token accumulation. The strategy would make it the largest corporate holder of HYPE tokens.
Decentralized perpetuals Hit $1 trillion in monthly volume
Trading in decentralized perpetuals has hit record levels, with over $1 trillion in volume recorded in the first 23 days of October, surpassing September’s $772 billion, per DefiLlama data.
October 10 marked an all-time daily high of $78 billion in trading volume. Hyperliquid led the month with $317.6 billion, followed by Lighter ($255.4B), Aster ($177.6B), and edgeX ($60.6B).
Meanwhile, Jeff Yan, CEO and founder of Hyperliquid, recently criticized major centralized exchanges (CEXs) for severely underreporting liquidation data, calling for greater transparency across the crypto trading industry.
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