Quick take:
- The fundraising will be used to boost the company’s HYPE token holdings.
- Hyperliquid Strategies currently holds 12.6 million HYPE tokens and $300 million in cash.
- The company also plans to deploy its HYPE token holdings selectively, through staking to boost staking rewards.
Hyperliquid Strategies has filed with the Securities and Exchange Commission (SEC) to raise $1 billion by selling up to 160 million shares of common stock. Chardan Capital Markets is acting as the financial advisor for the fundraising.
“The actual number of shares of our Common Stock issued and outstanding will vary depending on the then-current market price of shares of our Common Stock sold to Chardan under the Facility,” the company said.
Hyperliquid Strategies plans to use the funds to boost its HYPE token holdings, the native cryptocurrency of the perpetual futures DEX platform, Hyperliquid. The digital asset treasury company currently holds 12.6 million HYPE tokens and $300 million in cash. The company also plans to deploy its HYPE token holdings selectively, through staking to boost staking rewards, according to the SEC filing.
“Pubco’s primary strategic objective is to benefit from and support the long-term growth and adoption of the Hyperliquid ecosystem. Pubco intends to implement this objective by using cash proceeds of the Closing PIPE and any potential future capital raising transactions to accumulate the native token of the Hyperliquid ecosystem, HYPE,” the company said in the filing.
Other secondary income-generating and value-creating activities may also include investing in DeFi-related activities within the Hyperliquid ecosystem.
It also notes that it has already filed to list on Nasdaq under the ticker symbol PURR, subject to approval.
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