Hyperliquid Strategies Raises $1 Billion for HYPE Token Purchases

Hyperliquid Strategies, a pending merger entity formed by Nasdaq-listed biotech firm Sonnet BioTherapeutics and special purpose acquisition company Rorschach I LLC, has filed an S-1 registration with the U.S. Securities and Exchange Commission to raise up to $1 billion through a public offering of 160 million common shares. The proceeds will be allocated for acquiring more HYPE tokens for its treasury and covering general corporate expenses. Chardan Capital Markets is serving as financial advisor, guiding on structure and timing of the offering.