Treasury strategies focused on Bitcoin and altcoins have been increasingly popular in the cryptocurrency sector. While major altcoins like Bitcoin, Ethereum (ETH), XRP, and Solana (SOL) are attracting more attention within these strategies, altcoins like SUI, DOGE, and HYPE are also on the companies’ radar.
At this point, the final move came for Hyperliquid (HYPE).
Nasdaq-listed Sonnet BioTherapeutics Inc. and Rorschach I LLC announced their merger to form Hyperliquid Strategies Inc. (HSI).
According to the official announcement, the two companies have entered into a definitive merger agreement to create the HYPE reserve, the token of the Hyperliquid Layer-1 blockchain.
Hyperliquid Strategies Inc. is expected to hold 12.6 million HYPE tokens and over $305 million in cash, giving it a valuation of approximately $888 million.
HSI aims to list on Nasdaq later this year. Crypto giants Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capitalö will also invest in the company, which will be called Hyperliquid Strategies.
Paradigm co-founder Matt Huang commented on the merger and the HYPE strategy:
“Hyperliquid has stood out as a crypto project with real fundamentals, thanks to its strong core contributors, meticulous product quality, and rapid growth.
“We are seeing a lot of institutional demand to invest in Hyperliquid, but its native token, HYPE, is difficult to access in the United States. We are excited about this treasury strategy, which we believe will contribute to the Hyperliquid ecosystem in many ways over time.”
Following the news, Sonnet BioTherapeutics shares rose nearly 300% in premarket trading on Monday.
In June, Nasdaq-listed Lion Group also announced it would raise $600 million to fund its HYPE treasury strategy.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/two-giant-companies-join-forces-to-launch-the-most-popular-altcoin-of-all-time-they-announce-888-million-plans/