- Hyperliquid Strategies to hold $888M in assets, including $583M in HYPE tokens.
- Merger makes HSI the largest U.S.-listed firm with direct HYPE exposure.
- Backed by Paradigm, Galaxy, and others to bridge crypto and equity markets.
A new publicly traded company focused on crypto treasury management is set to emerge from a merger between the Nasdaq-listed Sonnet BioTherapeutics Holdings and Rorschach I LLC. The new, combined entity, named Hyperliquid Strategies Inc. (HSI), will control $888 million in total assets.
This includes a large allocation of the HYPE token and over $300 million in cash, according to a joint statement published on Monday.
A New Way for Investors to Get HYPE Exposure
Hyperliquid Strategies will hold 12.6 million HYPE tokens, the native token of the Hyperliquid decentralized exchange. At the time of the agreement, these token holdings were valued at approximately $583 million. The deal also includes $305 million in cash, which is earmarked for future token purchases and operational capital.
The newly created company aims to become the largest U.S.-listed public company with direct HYPE token holdings on its balance sheet. This move allows HSI to provide equity investors with indirect exposure to the HYPE token through traditional, regulated financial markets. The company will maintain its listing on the Nasdaq under a new ticker, which has not yet been disclosed.
How the Deal Is Structured
Under the terms of the merger, Sonnet BioTherapeutics will become a wholly owned subsidiary of Hyperliquid Strategies. The biotechnology firm is expected to continue managing its current oncology pipeline while it operates under the new corporate structure.
The transaction involves Sonnet’s business combination with Rorschach I, which is an entity that was created specifically to execute this treasury strategy centered around the HYPE token. The new structure allows HSI to leverage its public company status to build a substantial HYPE reserve, which integrates elements of traditional finance with decentralized token economics.
Backed by Major VC Players
The formation of Hyperliquid Strategies is supported by multiple major investment firms. The backers include Atlas Merchant Capital, Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. These firms are part of the funding round that supports the transition and the strategic direction of the new company.
Related: Will Hyperliquid Hit $100? Bullish Bets Rise as HYPE Enters Price Discovery Phase
Paradigm co-founder Matt Huang stated that the HYPE token has strong fundamentals and noted there is increasing institutional interest in crypto assets that are not easily accessible to U.S. investors. He added that the creation of HSI provides a structured way for traditional investors to gain that exposure through the public equity market.
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