The crypto treasury game is quickly evolving as companies like Sonnet accumulate altcoins for their reserves, signaling a shift to more diverse crypto strategies.
A trend that started with Bitcoin (BTC) on corporate balance sheets is now evolving into something more aggressive, as public companies move beyond simply holding crypto and begin aligning themselves with specific crypto ecosystems.
The shares of Sonnet BioTherapeutics, a public biotech firm focused on immunotherapy treatments, surged by over 300% on July 14, after the company agreed to an $888 million merger with Rorschach I to form Hyperliquid Strategies, a new public company built around (HYPE), the native token of the Hyperliquid ecosystem.
Hyperliquid Strategies expects to hold 12.6 million HYPE tokens, worth approximately $583 million based on prices at signing, and at least $305 million in cash contributed by new investors, according to a Monday press release.
Participants in the deal include crypto VC giant Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. The company plans to use the proceeds to expand its HYPE holdings in an effort to become the “largest U.S.-based publicly listed company to hold HYPE in its treasury.”
Crypto Treasury Trend Heats Up
The latest deal reflects a broader trend of public companies building crypto treasuries with altcoins at their core. Standard Chartered reported last month that 61 publicly listed firms had adopted Bitcoin treasury strategies by mid‑June 2025.
More recently, Galaxy Research identified 53 dedicated crypto treasury entities allocating assets across eight tokens: 36 focused on Bitcoin; five on Solana; three on XRP; two each on Ethereum, BNB and HYPE; and one each on TRX, Fetch.ai and a general altcoin portfolio.
Sonnet isn’t the first public company to back HYPE. In late June, ophthalmic tech firm Eyenovia raised $50 million in a private placement to buy over one million HYPE tokens at about $34 apiece.
Eyenovia plans to run a network validator to support the Hyperliquid blockchain and earn staking rewards. Shortly after Eyenovia’s deal, publicly traded Lion Group secured a $600 million facility from ATW Partners to launch its own HYPE Treasury.
Lion Group’s proposed HYPE Treasury is part of a broader on-chain initiative that will hold three main digital assets: HYPE, Solana (SOL), and Sui (SUI). The company plans to make HYPE its main reserve asset. Meanwhile, SOL and SUI will be stored and staked by BitGo through a new partnership between the two companies.
Source: https://thedefiant.io/news/tradfi-and-fintech/public-firms-move-beyond-bitcoin-as-biotech-firm-picks-hyperliquid-for-treasury-strategy