# EDGAR Filing Document

**Accession Number:** 0002078856
**File Stem:** 0000000000-25-010198
**Filing Date:** 2025-9
**Character Count:** 11300
**Document Hash:** c2fd6e211d368cf6b6aeb17b702395c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-010198.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0000000000-25-010198

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250918

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hyperliquid Strategies Inc
- **CENTRAL INDEX KEY:** 0002078856
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 377-08283

**BUSINESS ADDRESS:**
- **STREET 1:** 477 MADISON AVENUE 22ND FLOOR
- **STREET 2:** C/O HYPERLIQUID STRATEGIES INC
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-883-4330

**MAIL ADDRESS:**
- **STREET 1:** 477 MADISON AVENUE 22ND FLOOR
- **STREET 2:** C/O HYPERLIQUID STRATEGIES INC
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001641172-25-021905

## Text-Extract

```

                                                            September 18, 2025

David Schamis
Chief Executive Officer
Hyperliquid Strategies Inc
477 Madison Avenue, 22nd Floor
New York, NY 10022

       Re: Hyperliquid Strategies Inc
           Registration Statement on Form S-4
           Filed September 4, 2025
           File No. 333-290034
Dear David Schamis:

       We have reviewed your registration statement and have the following
comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form S-4
The Transactions
Background of the Transactions, page 85

1.     We note your responses to comments 19 and 20, and re-issue in part.
Please revise
       your disclosure to clarify:
           Whether the representatives of Chardan representing Sonnet and
Rorschach
          included any of the same individuals.
           How Chardan determined to represent Rorschach over Sonnet in the
transaction.
           Any policies or procedures in place as Chardan represented both
parties in the
          negotiation of the term sheet.
           The risks attendant to the potential conflict of interest in Chardan
representing
          both sides in the negotiation of the term sheet.
 September 18, 2025
Page 2
2.     We note your revised disclosure in response to prior comment 16. Please
revise your
       disclosure to clarify when the responses from the 18 life sciences
companies and the
       initial indications of interest in reverse mergers were considered.
3.     We note your disclosure on page 86 that the draft non-binding term sheet
delivered on
       June 7, 2025 contemplated "the establishment of new governance and
advisory
       arrangements, including board representation and warrants for
Rorschach's advisor."
       Please expand your disclosure to provide additional details regarding
these terms.
4.     Please disclose the contents of the discussion that Chardan, Sonnet, and
Lowenstein
       had on June 9, 2025. Please also disclose any positions that the parties
took on June
       11, 2025 and how these positions impacted the revised version of the
term sheet sent
       the next morning, including how the investment in Sonnet of $5 million
was
       determined to increase to $7.5 million.
5.     Please expand your disclosure regarding the revised term sheet Sonnet
received on
       June 10, 2025 to discuss how the "aggregate number of shares of Pubco
Common
       Stock based on the total value of the Hyperliquid tokens and cash
contributed by
       Rorschach to Pubco at closing" was to be calculated.
6.     We note your disclosure that there were several turns of the term sheet
on June 12 and
       June 13, 2025. Please disclose any material terms that were negotiated
through these
       turns of the term sheet.
Unaudited Pro Forma Condensed Combined Financial Statements, page 134

7.     We note the disclosure revisions in response to prior comment 23 and
reissue in part.
       Please tell us where specifically in your various agreements that
investors committed
       to contribute $304.7 million in cash and 12.6 million HYPE tokens. As
part of your
       response, please tell us how this commitment relates to the contractual
commitment of
       investors to contribute at least two hundred million dollars in HYPE
Token Value
       disclosed on page 1 of the Business Combination Agreement dated as of
July 11,
       2025.
8.     We note disclosure on page 9 of the Business Combination Agreement dated
as of
       July 11, 2025 that if less than Two Hundred Million Dollars in HYPE
Tokens Value is
       contributed to Rorschach, additional cash and cash equivalents may be
contributed. In
       light of this uncertainty, please tell us the basis for the $574.3
million HYPE Tokens
       Value transaction accounting adjustment. Refer to Regulation S-X, Item
11-02(a)(10).
Note 1. Basis of Presentation, page 139

9.     In response to prior comment 26, you told us that you concluded that the
Rorschach
       Merger is a reorganization of entities under common control. We note
that in the first
       paragraph you continue to disclose that the Rorschach transaction is an
acquisition of
       assets by Pubco. Please revise to be consistent with your response.
Note 2. Estimated Consideration and Preliminary Purchase Price Allocation, page
139

10.    We note your response to prior comment 25 and the disclosure that you
determined
       the value of the Advisor Shares and Advisor Warrants using the closing
price of the
       Sonnet's common stock as of August 28, 2025. On page 143, you state that
the value
       of both is $551.9 million. In your response, please tell us why you
continue to use the
 September 18, 2025
Page 3

       price of the Sonnet stock as of August 28, 2025 and not the most recent
practicable
       date. Also, disclose where the issuance of the Advisor Shares and the
Advisor
       Warrants is reflected in the pro forma statements.
Note 3. Historical Adjusted Financial Information, page 141

11.    While we note your response to prior comment 27, we do not see where you
reflect
       the issuance of the preferred stock in the Initial PIPE Financing
Adjustment column
       on page 141. Please revise or advise. Also, with respect to the cash
settlement option
       for the warrants, please disclose whether the Transactions would be
deemed to be
       fundamental transactions under the warrants that would trigger cash
settlement.
Note 4. Transaction Accounting Adjustments, page 142

12.    In pro forma adjustment (AA) on page 143, please revise to clarify, if
true, the
       following:
           The 12,827,352 shares expected to be issued to the pre-Acquisitions
equity
           holders of Sonnet include 6,000,000 shares expected to be issued to
the Initial
           PIPE subscribers.
           The 710,400,000 shares expected to be issued pursuant to the Closing
PIPE
           includes 416,612,008 shares related to the HYPE contribution and
243,787,992
           related to the cash contribution.
Management's Discussion and Analysis of Financial Condition and Results of
Operations of
Sonnet, page 185

13.    We note that you removed your comparison of the years ended September
30, 2024
       and 2023. Please revise to include this information. In addition, in
Liquidity and
       Capital Resources on page 195, revise to include a discussion of the
years ended
       September 30, 2024 and 2023. Refer to Item 303 of Regulation S-K.
14.    We note your disclosure on page 187 that Sonnet will continue to focus
on the
       development of its existing biotech assets, including SON-1010, while
disposing of
       other assets. Please revise your disclosure to clarify the "other
assets" that will be
       disposed.
Information About Rorschach and Pubco
Capital Allocation Framework, page 201

15.    We note your response to prior comment 31 and re-issue in part. Please
revise to
       quantify your working capital requirements or disclose how much of your
HYPE will
       remain unstaked considering the 7-day unstaking queue to meet these
working capital
       requirements. In this regard, we note your disclosure that you will
stake substantially
       all of your HYPE holdings.
HYPE Staking Strategy, page 202

16.    We note your disclosure that you plan to engage reputable third-party
staking
       providers to facilitate staking operations. Please confirm that, once
known, you will
       identify the third-party staking providers. In addition, to the extent
you plan to use
 September 18, 2025
Page 4

       more than one staking provider, discuss the factors that will be used to
determine how
       much HYPE to allocate among multiple staking providers.
Custody of Pubco's HYPE Tokens, page 205

17.    We note your disclosure that Pubco's custodial service agreements will
generally
       specify that the private keys that control the HYPE tokens will be held
in offline or
       "cold" storage. Please expand your disclosure to discuss the custodial
practices that
       will be in place with the Anchorage Custody Agreement. Please also file
the Custody
       Agreement as an exhibit to the registration statement pursuant to Item
601(b)(10) of
       Regulation S-K, or tell us why you are not required to do so.
18.    We note your disclosure that your HYPE token accumulation transactions
will be
       executed in coordination with digital asset trading service providers,
which may be
       affiliated with the company's HYPE custodian. To the extent information
is available,
       please identify the digital asset trading service providers that you
will use. If not
       available, please confirm that you will disclose this information once
available.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       Please contact Kate Tillan at 202-551-3604 or Jason Niethamer at
202-551-3855 if
you have questions regarding comments on the financial statements and related
matters. Please contact Lulu Cheng at 202-551-3811 or Irene Paik at
202-551-6553 with any
other questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Crypto
Assets
cc:   Jason Simon

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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