In recent weeks, the price trend of Hyperliquid’s HYPE token had been negative: today’s news, however, seems to have reversed the trend.
In reality, today’s small rebound is not enough to confidently assert that the trend has indeed reversed, but the possibility exists.
Good news for Hyperliquid and for the HYPE token
The good news released today about Hyperliquid is that Hyperliquid Strategies has filed with the SEC that it intends to raise one billion dollars in the market to purchase HYPE.
This is a public offering of 160 million shares with the specific goal of raising up to one billion dollars. Part of the proceeds will indeed be used to purchase HYPE tokens on the market.
The CEO of Hyperliquid Strategies, David Schamis, stated that the document submitted to the SEC will allow them to inject additional capital into the market following the closure of a transaction.
Today we filed an S1. This document is to allow us to issue additional equity into the market following the close of our transaction. We will only be selling equity if and when we believe the market conditions to be favorable. We have no obligations or requirements to issue… pic.twitter.com/LgsvDNwm9q
— David Schamis (@dschamis) October 23, 2025
This is the merger between Sonnet BioTherapeutics and Rorschach I LLC, valued at 888 million dollars.
The company already holds 12.6 million HYPE.
Hyperliquid Strategies
Hyperliquid Strategies (HSI) is a company that focuses on purchasing and holding reserves of HYPE tokens.
It was born in July of this year, precisely from the merger between the Nasdaq-listed biotech, Sonnet BioTherapeutics Holdings Inc., and the SPAC Rorschach I LLC.
Its goal is to serve as a bridge between traditional finance and DeFi, with an aggressive approach to accumulating crypto assets to generate value for shareholders.
Sonnet BioTherapeutics is still listed on Nasdaq under the ticker SONN, even though it is now part of Hyperliquid Strategies.
Listed on the stock exchange in 2005, it lost almost all of its market value over the following fifteen years, starting from the initial 7.7 million dollars per share to $13,000 in 2020.
Subsequently, the collapse continued, so much so that in 2021 it had fallen below $1,500, and the following year below $200.
In 2023, there was another crash even below $10, and in the early months of this year, it had plummeted to just over $1.
However, with the July merger, the stock bounced back, reaching a peak above $19.
In the following months, however, there was another decline that brought it back below $4.
The Hyperliquid Ecosystem
Hyperliquid is a Layer-1 blockchain specifically designed for trading of perpetual crypto derivatives.
The heart is the DEX Hyperliquid, which allows users to trade perpetual contracts on various assets, with leverage, in a completely transparent and decentralized environment.
Hyperliquid has its own native cryptocurrency, HYPE, used both for governance and for paying fees.
The Hyperliquid blockchain is optimized for fast and low-cost transactions, with an infrastructure that supports a high volume of trades without compromising security or decentralization. All trading operations directly from its DEX are recorded on-chain, ensuring full transparency and censorship resistance.
Lately, it has achieved tremendous success, becoming one of the leading DEX in the world.
The HYPE Token
The token HYPE landed on the crypto markets only in November of last year, which means less than a year ago.
Already in the first three weeks, the price had increased tenfold, going from $3 to $30, also because the mini-bubble due to the Trump-trade was underway.
During 2025, it first dropped to $10, but then marked a new boom that led it to record its new all-time high just below $60 at the beginning of September.
Then, however, shortly before the middle of the month, it began a correction that lasted until last week, and which might have just ended today.
In fact, after dropping below $34, with the aforementioned news, it jumped to almost $40, then repositioned around $39.
This is a fairly high price level, although not extremely high, as it is -34% from the highs of a month and a half ago.
Hyperliquid is one of the most interesting crypto projects among the most recent ones, but only a little more than a third of the total HYPE tokens have been released on the market. While this might have minimal impacts in the short term, in the long term it could significantly influence the market price trend.
