Summary
- Hyperliquid Strategies said it will pursue a US$1 billion share issuance to expand token holdings.
- It said the funds will be used for additional token purchases and general operating expenses.
- Hyperliquid Strategies, currently a HYPE token-holding company with 12.6 million HYPE tokens, said it plans to become the largest holder with the additional funding.
Hyperliquid Strategies, the merged entity of the world's largest decentralized derivatives platform Hyperliquid (HYPE), plans to expand its token holdings through a US$1 billion share issuance.
On the 23rd (local time), according to Cointelegraph, Hyperliquid Strategies said in documents filed with the U.S. Securities and Exchange Commission (SEC), "It plans to issue 160 million common shares to raise up to US$1 billion, and to use the proceeds for additional token purchases and general operating expenses."
Hyperliquid Strategies currently holds approximately 12.6 million HYPE tokens, which is about US$470 million. The company plans to use an additional US$305 million in cash holdings to position itself as the largest HYPE holder.
Meanwhile, Hyperliquid Strategies is a company established through the merger of Nasdaq-listed biotech Sonnet BioTherapeutics and special-purpose acquisition company Rorschach I LLC.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
