Hyperliquid, one of the fastest-growing decentralized exchanges DEXes, has filed with the U.S. Securities and Exchange Commission SEC to raise 1 billion through a special purpose acquisition company SPAC merger.
The filing comes after a breakout year for the DeFi platform, which now plans to use the proceeds to buy back HYPE tokens, expand its ecosystem, and strengthen its infrastructure. The move could cement Hyperliquids role as a bridge between institutional finance and decentralized trading.
The filing, submitted under Hyperliquid Strategies, outlines plans to issue up to 160 million shares through a committed equity facility with Chardan Capital Markets. The entity was formed from a merger between Sonnet BioTherapeutics, a Nasdaq-listed biotech firm, and Rorschach I LLC, a crypto-focused SPAC.
