Sonnet BioTherapeutics Expands into Cryptocurrency with $888M HYPE Token Initiative
Sonnet BioTherapeutics, a Nasdaq-listed biotechnology firm, has announced a strategic expansion into cryptocurrency through the creation of Hyperliquid Strategies Inc. (HSI). This new entity, formed in partnership with Rorschach, will focus on acquiring and managing $888 million worth of HYPE tokens, positioning itself as the largest U.S.-listed holder of this digital asset.
Strategic Move into Digital Assets
HSI plans to acquire 12.6 million HYPE tokens, valued at $583 million at the time of announcement, supplemented by $305 million in cash reserves. This substantial treasury underscores the company’s long-term commitment to the Hyperliquid ecosystem, a high-performance layer-1 blockchain specializing in on-chain derivatives trading.
The Hyperliquid Advantage
With a $16.2 billion market capitalization (per CoinGecko data), Hyperliquid has emerged as a significant player in decentralized finance. Its infrastructure supports sophisticated financial instruments while maintaining the security and transparency characteristic of blockchain technology.
Innovative Investment Access
HSI’s structure provides traditional investors exposure to HYPE tokens through conventional equity markets. This model follows the precedent set by Strategy, which successfully bridged traditional finance and cryptocurrency investments.
Industry Support and Endorsements
The initiative has attracted backing from prominent investment firms including Atlas Merchant Capital, Paradigm, and Galaxy Digital. Matt Huang, Paradigm’s co-founder, noted: “Hyperliquid demonstrates the strong fundamentals we look for in blockchain projects, with growing institutional demand for exposure to its native token.”
Continued Biotech Operations
While pursuing this cryptocurrency venture, Sonnet will maintain its core biopharmaceutical research, particularly in oncology. The company’s clinical assets will remain operational under the HSI corporate structure.
