While Ethereum (ETH) and many altcoins are continuing to be adopted by major corporations as part of their treasury strategy, the latest news has emerged for a very surprising altcoin: Hyperliquid (HYPE).
Hyperliquid Strategy has filed an S-1 to raise up to $1 billion.
Company Formation and Filing Details
Hyperliquid Strategy, a strategic stockbroker for HYPE, has submitted an S-1 filing with the U.S. Securities and Exchange Commission (SEC) with the intention of raising up to $1 billion. The proceeds from this raise are slated for use in corporate operations and the acquisition of HYPE.
This filing follows the company's formation in July through the merger of Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose company (SPV).
Staking Strategy and Token Holdings
The company stated in its filing, "The company intends to distribute its HYPE token holdings selectively, primarily by staking nearly all of its HYPE holdings. This is expected to yield consistent staking rewards."
As a reminder, Sonnet BioTherapeutics Inc. and Rorschach I LLC, both traded on Nasdaq, announced last July that they would merge under the name Hyperliquid Strategies Inc. (HSI).
Currently, the company holds 12.6 million HYPE tokens and has $305 million in cash.