Hyperliquid Strategies has filed a Form S-1 registration statement with the US Securities and Exchange Commission (SEC) seeking to raise up to $1 billion. The firm is looking to expand its Hyperliquid (HYPE) token treasury amid growing institutional demand.
The move highlights a shift among public companies, which now increasingly prioritize crypto treasury assets and protocol participation in their strategies.
Public Companies and the HYPE Treasury Play
For context, Hyperliquid Strategies was established as part of a proposed merger between Nasdaq-listed Sonnet BioTherapeutics Holdings Inc. and Rorschach I LLC, a special purpose acquisition company (SPAC). The combined entity aims to build a digital-asset treasury focused on the HYPE token.
The merger remains pending but is anticipated to be finalized before the end of the year. Moreover, the company has applied to list its shares on the Nasdaq under a new ticker.
“There is presently no public market for our Common Stock. We have applied to have our Common Stock listed on the Nasdaq Capital Market under the symbol ‘PURR.’ No assurance can be given that our application will be approved,” the S-1 reads
Under its newly filed registration statement, the firm intends to offer up to 160 million shares of common stock, potentially raising up to $1 billion through a committed equity facility with Chardan Capital Markets LLC.
Hyperliquid Strategies plans to use potential proceeds for general corporate purposes, including possible purchases of the HYPE token. The firm already holds approximately 12.6 million HYPE.
“We intend to use any net proceeds from any sales of shares of our Common Stock to Chardan under the Facility for general corporate purposes, including potential purchases of HYPE Tokens, following the consummation of the Business Combination,” thefirm noted.
Now, Hyperliquid Strategies joins firms like Eyenovia and Lion Group Holding, which have also integrated HYPE into their balance sheets.
HYPE Token Buybacks, Unlocks, and Market Sentiment
Meanwhile, the announcement boosted HYPE’s momentum. BeInCrypto Markets data showed that the altcoin has outperformed all top 20 coins over the past 24 hours. Its value has risen more than 8%. At press time, HYPE traded at $38.26.
Hyperliquid (HYPE) Price Performance. Source: BeInCrypto Markets
Besides institutional interest, the protocol’s own initiatives have also supported the price. BeInCrypto recently reported that Hyperliquid has been dominating the 2025 protocol buyback trend.
These buyback programs reduce selling pressure and signal a long-term commitment to the ecosystem. So far, the project has spent more than $644.64 million in revenue and bought back 21.36 million HYPE tokens.
Nonetheless, while buybacks can boost user trust and price, the market now watches the impact of new token unlocks. Starting in November, approximately 10 million HYPE will unlock each month, ending in October 2027.
Typically, an increase in supply triggers market volatility and could lead to potential downward pressure.
HYPE Unlock Schedule. Source: X/Messari
Still, analysts remain optimistic about HYPE’s prospects, highlighting confidence in the protocol.
“The team unlock in November is the most bullish event of Q4 for HYPE. Jeff is based, there’s no chance he’ll start dumping his HYPE on the market. relock? staking? Whatever the decision, it will be beneficial in the short/long term,” an analyst wrote.
Another analyst corroborated this sentiment, noting that the Hyperliquid team is focused on long-term growth.
“Unlocks will pass, and people will realize the HL team are in fact playing long term games,” the analyst added.
Thus, while upcoming token unlocks could test short-term sentiment, the project’s strong buyback activity and institutional momentum suggest continued confidence in HYPE’s long-term potential.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
