A major biotech firm’s crypto pivot signals growing institutional adoption of digital asset treasury strategies. The $888 million deal creates one of Nasdaq’s first crypto-native treasury companies.
Sonnet BioTherapeutics will merge with Rorschach I LLC to form Hyperliquid Strategies (HSI), shifting focus to building a crypto treasury anchored by HYPE tokens. The new entity launches with $583 million in HYPE tokens and $305 million cash, creating an $888 million crypto-focused holding company.
Major crypto investors including Paradigm, Galaxy Digital, and Pantera Capital back the deal. Atlas Merchant Capital’s leadership will take key roles, with former Boston Fed President Eric Rosengren joining the board. HSI will continue trading on Nasdaq under a new ticker symbol.
Hyperliquid’s HYPE token ranks 11th by market cap as its DEX dominates 80% of on-chain perpetual futures trading. The merger follows similar HYPE treasury moves by Lion Group and Eyenovia, reflecting growing institutional demand for crypto-native investment vehicles.
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CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CryptoSlate