The financial giant is preparing a masterstroke. Hyperliquid Strategies, a nascent company born from the merger of Sonnet BioTherapeutics and SPAC Rorschach I, has filed an S-1 with the SEC to raise up to $1 billion. The goal: to transform this new entity into a true financial arm of the Hyperliquid protocol, centered on the HYPE token.
A Strategic Merger at the Intersection of Finance and Web3
The operation marks the meeting of two worlds: Nasdaq and DeFi. Once the merger is finalized, the company, led by Bob Diamond, former CEO of Barclays, and David Schamis, will be listed on Nasdaq under a new ticker still kept secret. Sonnet, a biotech company previously discreet in the crypto scene, aims to reinvent itself through one of the most dynamic ecosystems of the moment.
A Massive Bet on the HYPE Token
Out of the $1 billion raised, a significant portion will be used to accumulate HYPE tokens and strengthen the project’s treasury. Hyperliquid Strategies already holds 12.6 million HYPE as well as $305 million in cash, laying a solid foundation to attract institutional investors. According to the SEC filing, the company plans to stake almost all of its HYPE to generate continuous passive income. A simple yet remarkably effective strategy: turning a governance asset into a yield machine while consolidating the project’s control over its internal economy.
Hyperliquid, the Empire of Decentralized Derivatives
The Hyperliquid protocol, at the core of this strategy, is no longer an outsider. Since its launch in 2023, the ecosystem of decentralized perpetuals has surpassed $1.5 trillion in cumulative volume on its DEX. This performance places it in the highly exclusive club of DEX with the most explosive market growth. Its native token, HYPE, issued at a billion units, recently experienced a surge before facing market volatility. It still managed to gain +10% in 24 hours, reaching $39.2. Meanwhile, nearly 38% of the supply is reserved for community rewards, showcasing the protocol’s commitment to maintaining strong participatory dynamics.
A New Era for On-Chain Finance
Behind this fundraising, a broader vision emerges: to make Hyperliquid Strategies a next-generation institutional treasury, anchored in US regulation and focused on DeFi. With Chardan Capital Markets as a financial advisor and a merger planned before the end of the year, the entity aims to become a bridge between Wall Street and decentralized finance.
