Hyperliquid Strategies is doubling down on its Hyperliquid Treasury plan, filing documents to boost as much as $1 billion to buy additional tokens powering the world's largest decentralized derivatives platform.
According to its S-1 registration statement with the U.S. Securities and Exchange Commission on Wednesday, Hyperliquid Strategies announced its plan to supply as much as 160 million shares of common stock to fund additional Hyperliquid purchases (HYPE) in addition to other corporate expenses.
Chardan Capital Markets is acting as financial advisor to the offering.
Source: Cointelegraph
Hyperliquid Strategies is an upcoming merger between Nasdaq-listed biotech company Sonnet BioTherapeutics and special purpose acquisition company Rorschach I LLC.
The combined company can be led by David Schamis as CEO and Bob Diamond, the previous CEO of Barclays, who will function chairman.
The news also appeared to have sparked an almost 8% rise within the HYPE token to $37.73 within the last 24 hours, while the broader crypto market fell 0.6%, data from CoinGecko shows.
Hyperliquid strategies are poised to guide the HYPE race
When the merger is complete, Hyperliquid Strategies is predicted to carry 12.6 million HYPE tokens – currently price nearly $470 million – while also holding an extra $305 million in money.
The $305 million may even be used to buy additional HYPE tokens, which might easily make Hyperliquid Strategies the most important corporate HYPE holder, data from CoinGecko shows.
The HYPE Treasury move reflects a broader trend of corporations using equity, debt and other financial instruments to construct crypto treasuries beyond Bitcoin (BTC) and Ether (ETH).
While many saw an instantaneous increase in stock prices, the sustainability of those altcoin treasury strategies has been questioned – particularly during market downturns.
However, demand could prove more resilient for Hyperliquid than most, because it has been considered one of the most popular crypto apps in recent months amid a surge in perpetual futures trading.
Perps are popular because they trade 24/7, use high leverage, don’t have any expiration date, and may make the most of each rising and falling markets – attracting speculative traders looking for higher returns with minimal holding requirements.
The decentralized perpetrator volume reaches $1 trillion
The trading volume of decentralized perpetrators is higher than ever before. In the primary 23 days of October, a worth of $1 trillion has already been achieved – surpassing September's record of $772 billion.
A each day record of $78 billion was also recorded on October 10, based on DeFiLlama data.
Hyperliquid leads October with $317.6 billion in trading volume, but Lighter, Aster and EdgeX also did well with $255.4 billion, $177.6 billion and $60.6 billion, respectively.
