Hyperliquid Strategies Inc. has filed an S-1 registration statement with the U.S. Securities and Exchange Commission, aiming to raise up to $1 billion through the issuance of up to 160 million common shares. This move follows the completion of a dual merger with Sonnet BioTherapeutics Holdings and Rorschach I LLC. The equity offering is backed by a committed equity financing agreement with Chardan Capital Markets. The funds raised are intended for general corporate purposes, which may include the purchase of HYPE Token.