According to a recent filing with the U.S. Securities and Exchange Commission (SEC). Hyperliquid Strategieshas formalized plans to go public with the aim of raising up to $1 billion. The company filed an S-1 on Wednesday, which calls for the sale of a total of 160 million common shares. presented. Chardan Capital Markets served as financial advisor.
A New Structure as a Cryptocurrency Treasury Company
hyperliquid Strategies will be formed through the merger of Nasdaq-listed biotechnology company Sonnet BioTherapeutics and special purpose acquisition company Rorschach I LLC. The merger process was announced in July and is expected to be completed before the end of the year. The goal of the new structure is to establish a cryptocurrency treasury company focused on the Hyperliquid ecosystem.
The company formed after the merger will be traded on Nasdaq under a stock ticker that has not yet been disclosed. Former Barclays CEO joins board Bob Diamond will preside. In the executive branch of the company David Schamis will serve. This structuring is seen as a strategic move that combines traditional finance experience with cryptocurrency management.
Staking Focused Plan with 12.6 Million HYPE Coins
Hyperliquid Strategies will use the funds for general corporate activities and HYPE plans to use it for coin purchases. The company currently has 12.6 million HYPE cpins and $305 million in cash reserves. According to the information in the SEC application, the company aims to create passive income by staking HYPE coins to a large extent and to evaluate DeFi-oriented activities in the future.
Hyperliquid, which started operating in 2023, stands out as a high-performance decentralized futures trading platform. The platform, which has produced a transaction volume of over 1.5 trillion dollars so far, launched the HYPE coin in 2024. 38 percent of the coin, which has a total supply of 1 billion, is reserved for community rewards.
CryptoAppsy According to data, HYPE is traded at $ 38.16 with an increase of 9.41 percent in the last 24 hours.
