Hyperliquid’s $1B HYPE Grab: Larry David Would Cringe 😂

by

Markets

What to know: (Or what to avoid, depending on your sanity) 🤷♂️

  • Hyperliquid Strategies is filing an S-1 with the SEC to raise a cool $1 billion. Why? To buy HYPE, of course. Because nothing says “sound investment” like a token called HYPE. 🚀💸
  • They’re issuing up to 160 million shares. Chardan Capital Markets is their advisor. Probably because no one else would touch this with a 10-foot pole. 🧐
  • This whole thing involves a merger with Sonnet BioTherapeutics and Rorschach I LLC. Because nothing screams “crypto” like a biotech firm and a special purpose acquisition company. 🤦♂️

So, Hyperliquid Strategies, this new digital asset treasury company, has filed an S-1 with the SEC. They want $1 billion. For what? To buy HYPE. Yes, HYPE. Not Bitcoin, not Ethereum, HYPE. Because why invest in something stable when you can chase the next big bubble? 🧨

This whole operation is a merger between a Nasdaq-listed biotech firm (Sonnet BioTherapeutics) and a special purpose acquisition company (Rorschach I LLC). Because nothing says “crypto innovation” like mixing biotech and SPACs. What could go wrong? 🤔

They’re issuing up to 160 million shares, with Chardan Capital Markets as their advisor. Probably because Chardan saw the word “crypto” and thought, “Sure, why not?” 🤑

According to their filing, they plan to stake their HYPE tokens to generate staking rewards. Because if there’s one thing we’ve learned from crypto, it’s that staking always works out perfectly. No risks here, folks. 🙄

The proceeds will go to buying more HYPE tokens. Because when you’re already holding 12.6 million HYPE tokens and $305 million in cash, what’s another $1 billion? It’s not like they’re overleveraging or anything. 😬

Currently, their treasury holds 12.6 million HYPE tokens and $305 million in cash. They plan to scale their operations in the “growing decentralized finance landscape.” Because DeFi is totally stable and predictable. Right? 🌪️

Read More

2025-10-23 09:08