Hyperliquid Strategies has officially filed an S-1 statement with the US Securities and Exchange Commission (SEC) to raise up to $1 billion in a public offering. The company intends to offer up to 160 million shares of its common stock. Chardan Capital Markets has been appointed to serve as the financial advisor for this fundraising effort.
Hyperliquid S-1 Filing Details
Hyperliquid Strategies is currently undergoing a pending merger with Nasdaq-listed Sonnet BioTherapeutics and the special purpose acquisition firm (SPAC) Rorschach I LLC. This transaction, initially announced in July, is anticipated to conclude within the current year. Upon the completion of the merger, the combined entity is slated to trade on Nasdaq under a new ticker symbol. The company's leadership team includes Chairman Bob Diamond, who previously served as CEO of Barclays, and CEO David Schamis.
In an announcement regarding the filing, Schamis stated:
“Today we filed an S1. This document is to allow us to issue additional equity into the market following the close of our transaction. We will only be selling equity if and when we believe the market conditions to be favorable. We have no obligations or requirements to issue any additional capital.”
According to the S-1 filing, the proceeds generated from this offering will be utilized for general corporate purposes. This includes the expansion of its treasury holdings of Hyperliquid’s HYPE token. At present, Hyperliquid maintains reserves of 12.6 million HYPE tokens, in addition to $305 million in cash.
The company's strategy involves deploying its HYPE tokens primarily through staking initiatives, which are projected to yield consistent returns. Furthermore, Hyperliquid Strategies plans to investigate other decentralized finance activities within its ecosystem, contingent upon internal evaluations. The latest filing indicates that the company intends to strategically leverage its HYPE token holdings to enhance shareholder value and solidify its position within the cryptocurrency market.
Key Ecosystem Milestones for 2025
Hyperliquid's ecosystem has demonstrated significant success throughout the year, establishing dominance in both token repurchases and overall blockchain activity. Data from CoinGecko indicates that the platform has led token buybacks, allocating over $644.64 million through its Assistance Fund. This figure represents nearly half of all token buyback expenditures for the year. This substantial effort, exceeding the combined buybacks of the next nine largest projects, has resulted in the repurchase of at least 21.36 million HYPE tokens, accounting for approximately 2.1% of the total supply.
On average, monthly buybacks amounted to $65.50 million, with a peak of $110.62 million recorded in August. The average price per token during these buybacks was $30.18.
In terms of blockchain performance, Hyperliquid has significantly outperformed traditional networks. Data compiled by CryptoRank reveals a 1,600% increase in network fees over a one-year period, climbing from $2.4 million in October 2024 to $41 million in October 2025. This surge was primarily driven by the launch of HIP-3, which introduced permissionless perpetuals and strategic fee reductions, thereby stimulating record trading volumes.
In contrast, Ethereum and Solana experienced notable declines in their performance during the same period, while Bitcoin's on-chain fees plummeted by 73%.