Hyperliquid Strategies plans to raise $1 billion to buy more tokens for the world’s largest decentralized derivatives platform, according to a filing with the US Securities and Exchange Commission. Chardan Capital Markets is advising the offering. The news boosted the HYPE token by nearly 8%.

After merging with a biotech firm and SPAC, Hyperliquid Strategies is set to become the largest corporate holder of HYPE tokens, worth nearly $470 million. It plans to buy more tokens with $305 million in cash. The move reflects a trend of companies building crypto treasuries beyond BTC and ETH.

Decentralized perpetual futures trading volume hit $1 trillion in October, surpassing September’s record of $772 billion. Hyperliquid leads the way with $317.6 billion in trading volume. Other platforms, like Lighter, Aster, and edgeX, have also seen significant trading volumes.

Read more at Cointelegraph: Hyperliquid Strategies Files $1 Billion Raise to Buy More HYPE