Hyperliquid Files $1B S-1 for Nasdaq Listing & HYPE Expansion

Hyperliquid Strategies has officially filed an S-1 statement with the US Securities and Exchange Commission seeking to raise up to $1 billion through a public offering of 160 million shares. The filing represents a crucial step in the company’s transition to public markets following the pending merger between Nasdaq-listed Sonnet BioTherapeutics and special purpose acquisition company Rorschach I LLC. Chardan Capital Markets has been appointed as financial advisor for the fundraising, bringing established credibility to the offering.

The company’s leadership team includes prominent financial industry figures, with Chairman Bob Diamond, former CEO of Barclays, providing traditional finance expertise alongside CEO David Schamis. In announcing the filing, Schamis emphasized the strategic nature of the offering, stating: “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.” This cautious approach reflects the company’s focus on timing the market optimally rather than rushing to raise capital.

According to the SEC filing, proceeds from the offering will be allocated toward general corporate purposes, with specific emphasis on expanding Hyperliquid’s treasury holdings of its native HYPE token. The company currently holds 12.6 million HYPE tokens alongside $305 million in cash, creating a substantial war chest for strategic initiatives. The planned deployment focuses primarily on staking initiatives designed to generate ongoing returns for shareholders.

Hyperliquid Strategies intends to selectively utilize its HYPE token holdings to generate value while strengthening its position in the competitive crypto market. Beyond staking, the company plans to explore other decentralized finance activities within the ecosystem, though these will be subject to rigorous internal evaluations. This measured approach to DeFi expansion demonstrates the company’s commitment to responsible growth and risk management in the volatile crypto space.

Hyperliquid’s ecosystem has demonstrated extraordinary performance metrics throughout 2025, establishing market leadership in both token repurchases and blockchain activity. According to CoinGecko data, the platform has dominated token buyback activity by allocating over $644.64 million through its Assistance Fund—nearly half of all token buyback spending across the crypto sector this year. This massive buyback program has resulted in the repurchase of at least 21.36 million HYPE tokens, representing approximately 2.1% of the total token supply.

The scale of Hyperliquid’s buyback program significantly outpaces competitors, exceeding the combined buyback activities of the next nine largest projects. Monthly buybacks averaged $65.50 million throughout the year, peaking at $110.62 million in August with an average purchase price of $30.18 per token. This aggressive token acquisition strategy has helped support HYPE’s market value while demonstrating the company’s commitment to shareholder value creation.

On the blockchain infrastructure side, Hyperliquid has achieved staggering growth that contrasts sharply with traditional networks. Data from CryptoRank reveals the network’s fees jumped 1,600% year-over-year, climbing from $2.4 million in October 2024 to $41 million in October 2025. This explosive growth was primarily driven by the HIP-3 launch, which enabled permissionless perpetuals and strategic fee reductions that catalyzed record trading volumes. Meanwhile, established networks like Ethereum and Solana experienced significant declines, with Bitcoin’s on-chain fees plummeting 73% during the same period, highlighting Hyperliquid’s remarkable outperformance.