In a surprising move beyond its pharmaceutical origins, Sonnet BioTherapeutics is shifting gears toward crypto, unveiling a major investment plan centered on Hyperliquid’s native token, HYPE.
The company is rebranding as Hyperliquid Strategies Inc. (HSI) following a merger with a new entity called Rorschach.
The transformation includes a treasury model built around HYPE, with plans to hold over 12 million tokens and retain $305 million in cash—bringing the combined value of assets to $888 million.
This pivot will make HSI the largest U.S.-listed company with significant exposure to HYPE, a rapidly growing layer-1 blockchain powering onchain derivatives.
Currently ranked as the 12th-largest token by market cap, Hyperliquid has drawn increasing institutional attention.
Backing for the venture includes heavyweight investors like Paradigm, Galaxy Digital, Pantera Capital, and D1 Capital. Supporters highlight the difficulty of acquiring HYPE directly in the U.S., making HSI a potential gateway for equity-based exposure.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is a person who always looks for the logic behind things. He is fluent in German and has more than 3 years of experience in the crypto space, where he skillfully identifies new trends in the world of digital currencies. Whether providing in-depth analysis or daily reports on all topics, his deep understanding and enthusiasm for what he does make him a valuable member of the team.
Source: https://coindoo.com/this-nasdaq-listed-firm-is-now-backing-one-of-cryptos-hottest-tokens/