Hyperliquid Strategies’s $1 Billion SEC Filing and Robinhood Listing Send HYPE Token Above $40

Strategic funding move and retail access drive HYPE’s 15% rally, expanding Hyperliquid’s foothold in the derivatives market

TL;DR

• Hyperliquid Strategies filed an S-1 with the SEC to raise up to $1 billion, fueling a 15% HYPE price surge.
• HYPE later broke above $40 following its Robinhood listing, as open interest jumped beyond $1.4 billion.
• The firm plans to use proceeds to expand its HYPE treasury and reinforce its presence in the decentralized derivatives market.

Hyperliquid Strategies’ latest move to file a $1 billion public offering has turned into one of the week’s most talked-about events across the coin market cap landscape. The firm’s S-1 registration with the U.S. Securities and Exchange Commission, revealed on October 23, 2025, outlines plans to issue up to 160 million shares of common stock, with Chardan Capital Markets advising the deal. Proceeds from the raise are earmarked primarily for accumulating additional HYPE tokens, expanding the company’s digital asset treasury, and bolstering its role in the fast-growing crypto derivatives market.

At the time of the filing, Hyperliquid Strategies already held roughly 12.6 million HYPE tokens and $305 million in cash reserved for future acquisitions. CEO David Schamis stated that the company intends to sell equity “only if and when market conditions are favorable,” emphasizing flexibility rather than obligation in the capital strategy. The S-1 also accompanies a merger plan involving Sonnet BioTherapeutics and Rorschach I LLC, which will rebrand under the Hyperliquid Strategies name once the transaction closes.

The market reacted instantly. HYPE’s crypto price jumped between 12% and 15% in less than 24 hours, climbing from around $34 to nearly $39, before extending gains after an additional catalyst—the token’s official listing on Robinhood Markets. By late trading, HYPE was quoted around $40.54, marking its highest level in weeks though still 31% below its all-time high of $59. The broader crypto price index remained relatively stable, with Bitcoin near $110,000 and the total coin market cap hovering around $3.7 trillion.

Robinhood’s tweet confirming that “$HYPE is now available to trade” pushed retail enthusiasm further. Within hours, open interest in HYPE surged past $1.4 billion, up from roughly $1.12 billion the previous day. Long positions made up 69.35% of all trades on the Hyperliquid exchange, reflecting a clear bullish skew. One whale reportedly held a 5× leveraged long with $1.15 million in unrealized gains while paying around $30,000 in fees, as another trader opened a $52.73 million short position, underscoring volatility in both directions.

Behind the price action lies Hyperliquid’s growing influence in decentralized perpetuals trading. October’s total perp DEX volume surpassed $1 trillion, with Hyperliquid leading at roughly $317.6 billion, commanding nearly 70% of the market by some analytics estimates. Such figures place the project well ahead of its nearest competitors, signaling institutional-grade traction rather than retail speculation alone. Analysts described the public offering as a hybrid play between traditional finance and crypto-native treasury management, reflecting a maturing model where public equity intersects with on-chain liquidity.

Despite the strong rally, technical charts still point to key resistance levels between $42 and $50, with support near $35. Momentum remains sensitive to broader market cues. Analysts caution that while the dual catalysts—equity filing and Robinhood listing—have boosted sentiment, sustained gains will depend on whether the token can hold above the $40 zone amid potential profit-taking.

Hyperliquid’s twin developments underscore a pivotal moment for token-treasury strategies: a listed company directly linking its balance sheet to a crypto asset while expanding into mainstream retail platforms. For a market that thrives on liquidity and credibility, this blend of Wall Street discipline and on-chain ambition signals a maturing phase—one where the crypto price index increasingly reflects not just speculation, but strategic capital alignment between traditional finance and decentralized ecosystems.

This article has been refined and enhanced by ChatGPT.