Track market-moving stories before they get noisy

Fri 24 Oct 2025 ▪ 4 min read ▪ by James G.

Summarize this article with:

Hyperliquid Strategies is taking a major step to strengthen its presence in the decentralized finance (DeFi) ecosystem. The firm plans to raise up to $1 billion to expand its holdings of the Hyperliquid (HYPE) token, which powers the world’s largest decentralized derivatives platform.

In brief Hyperliquid Strategies to raise $1B via 160M share offering advised by Chardan Capital Markets. Funds will expand HYPE token holdings and support general corporate initiatives post-merger. HYPE token surged 10% to $39.73, outperforming a declining crypto market amid mixed technicals. Hyperliquid leads DeFi perps with $317.6B in October volume, capturing a 70% market share. According to Wednesday’s S-1 registration filing, Hyperliquid Strategies intends to issue up to 160 million shares of common stock. The proceeds will be used primarily to purchase additional HYPE tokens and for general corporate purposes. Chardan Capital Markets will serve as the financial advisor for the offering.

The company is emerging from a merger between Nasdaq-listed biotech firm Sonnet BioTherapeutics and Rorschach I LLC, a special purpose acquisition company (SPAC). Once the merger is finalized, David Schamis will serve as CEO, while Bob Diamond, former CEO of Barclays, will take on the role of chairman.

Treasury Play Pushes HYPE Higher Amid Mixed Technicals Unsurprisingly, news of the filing triggered a surge of more than 10% in the HYPE token, which climbed to $39.73. Interestingly, this rally came even as the broader crypto market slipped 0.6% during the same period.

Despite the sharp uptick, underlying market data paint a more cautious picture:

Market Sentiment: Hyperliquid’s price outlook remains bearish, reflecting investor caution. Investor Mood: The Fear & Greed Index stands at 27 (“Fear”), signaling weak market confidence. Performance Metrics: The token recorded 13 green days out of 30 (43%), suggesting limited short-term strength. Token Supply: Only 34% of the total HYPE supply is in circulation, pointing to limited liquidity. Technical Indicator: Despite subdued sentiment, HYPE continues to trade above its 200-day simple moving average, indicating that long-term support remains intact. Once the merger is complete, Hyperliquid Strategies is expected to hold 12.6 million HYPE tokens valued at roughly $470 million, along with $305 million in cash earmarked for additional token purchases. 

This position would make Hyperliquid Strategies the largest corporate holder of HYPE, underscoring its alignment with the Hyperliquid network—a platform anchoring one of the most active decentralized derivatives exchanges globally.

Hyperliquid Outpaces Competitors as October Perpetual Volumes Hit $1 Trillion While such treasury-driven strategies can boost share prices in the short term, analysts have questioned their resilience during altcoin market downturns. Even so, Hyperliquid’s core fundamentals remain strong, supported by high trading activity and growing user engagement.

The platform leads the market in perpetual futures (“perps”), derivatives that enable 24/7 trading and leveraged exposure to digital assets.

Here are some key market data to note:

Decentralized perpetual trading volumes surpassed $1 trillion in the first 23 days of October, breaking September’s $772 billion record, according to DeFiLlama. Hyperliquid maintained its lead with $317.6 billion in trading volume during the same period. Competitors: Lighter recorded $255.4 billion, Aster $177.6 billion, and edgeX $60.6 billion. Market Share: Hyperliquid now commands an estimated 70% share of the decentralized perpetuals market, reinforcing its dominance in the sector. Hyperliquid continues to set new benchmarks in DeFi, reporting $248 billion in 24-hour trading volume in May 2025 and a record $106 million in revenue in August—further solidifying its leadership in decentralized derivatives.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

James G.

James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Binance Margin will phase out several BTC margin trading pairs, including Band Protocol, Gitcoin, Highstreet, Perpetual Protocol, STP, and AVA. This affects both cross and isolated-margin trading options, reducing available pairs for users.

The exchange has cautioned users to close positions and transfer affected assets from Margin Wallets to Spot Wallets to avoid potential losses. However, despite the delisting news, coins like Highstreet and Perpetual Protocol have surged by 6% to 12% in price, while AVA, Gitcoin, BAND, and STP recorded modest gains of 1% to 2%. This mixed market response highlights varying investor sentiment across the affected assets.

Binance To Delist These Tokens On December 3, Binance informed users about upcoming changes to its margin trading offerings. Several BTC trading pairs, including Band Protocol, Gitcoin, and Highstreet, will no longer be available for cross or isolated-margin trading.

According to the announcement, BAND/BTC and GTC/BTC cross-margin pairs, along with isolated margin pairs like AVA/BTC, HIGH/BTC, PERP/BTC, and STPT/BTC, will be removed. The delisting process begins on December 4, 2024, with the suspension of isolated margin borrowing. Full removal, including automatic closure of positions and cancellation of pending orders, will occur on December 11, 2024, at 06:00 UTC.

Binance, one of the top crypto exchanges, advises users to act proactively by closing positions and transferring funds to Spot Wallets ahead of these deadlines. While these pairs are being phased out, the underlying assets will still be tradable on other available pairs within the platform. These changes aim to streamline Binance’s offerings and better align with market demands.

Price Movements Of The Crypto Amid Delisting November saw a bullish trend in the crypto market, with approximately $1 trillion added in just one month. This surge in market momentum has positively impacted several of the affected assets, despite Binance’s delisting announcement.

Band Protocol (BAND) price traded at $1.90, up 4% in the last 24 hours and 22% over the past week. GTC price surged 40% in the past week, reaching $1.20, and has gained 100% over the last month. PERP rose 7% to $1.03, marking a 20% increase in just one week.

Highstreet (HIGH) price also saw strong performance, up 12% to $2.04. Meanwhile, STPT price exchanged hands at $0.05, a 40% hike over the past month. AVA price was up 8%, priced at $0.72, reflecting a positive short-term outlook despite the upcoming delisting.