Sonnet’s $888M HYPE Treasury to Make Hyperliquid Strategies a Nasdaq Powerhouse

Nasdaq-listed biotech company Sonnet BioTherapeutics is making a bold move into the crypto world. The firm announced an $888 million treasury focused on the HYPE token, signaling a major strategic pivot.

Sonnet has merged with Rorschach to form Hyperliquid Strategies Inc. (HSI), which will hold a significant stake in the fast-growing Hyperliquid ecosystem. This move positions HSI as the largest U.S.-listed public company holding HYPE tokens.

What is Hyperliquid, and why does it matter?

Hyperliquid is a high-throughput layer-1 blockchain known for supporting onchain trading of perpetual futures and other financial instruments. It ranks as the 12th-largest token by market capitalization, valued at $16.2 billion.

The HYPE token is native to this ecosystem, making it a key asset for investors seeking exposure to advanced blockchain infrastructure and decentralized finance.

Did you know?
Hyperliquid is a layer-1 blockchain that supports onchain trading of perpetual futures, ranking as the 12th-largest token by market capitalization globally.

How will Sonnet’s treasury impact the crypto market?

With $583 million in HYPE tokens and $305 million in cash, Hyperliquid Strategies plans to expand its holdings further. This treasury creates a bridge between traditional equity markets and blockchain assets, offering investors indirect exposure to HYPE.

Backed by major firms like Paradigm, Galaxy Digital, and Pantera Capital, this initiative could attract institutional interest and boost HYPE’s market presence in the U.S.

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Sonnet’s strategic pivot into crypto explained

Sonnet’s move mirrors strategies by firms like Strategy, which provide crypto exposure through equity rather than direct token ownership. This approach appeals to investors wary of direct crypto market volatility.

Despite the pivot, Sonnet will continue operating its clinical oncology projects as a subsidiary under HSI, maintaining its biotech roots while embracing digital assets.

Hyperliquid Strategies aims for market dominance

Hyperliquid Strategies, as the largest U.S.-listed holder of HYPE, is well-positioned to impact both the Nasdaq and crypto markets. This bold step could redefine how public companies engage with digital assets.

As institutional demand for crypto exposure grows, Sonnet’s $888 million treasury might be the catalyst for broader acceptance of blockchain assets in traditional finance.