This Nasdaq-Listed Firm Is Now Backing One of Crypto’s Hottest Tokens
In a surprising move beyond its pharmaceutical origins, Sonnet BioTherapeutics is shifting gears toward crypto, unveiling a major investment plan centered on Hyperliquid’s native token, HYPE.
The company is rebranding as Hyperliquid Strategies Inc. (HSI) following a merger with a new entity called Rorschach.
The transformation includes a treasury model built around HYPE, with plans to hold over 12 million tokens and retain $305 million in cash—bringing the combined value of assets to $888 million.
This pivot will make HSI the largest U.S.-listed company with significant exposure to HYPE, a rapidly growing layer-1 blockchain powering onchain derivatives.
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Currently ranked as the 12th-largest token by market cap, Hyperliquid has drawn increasing institutional attention.
Backing for the venture includes heavyweight investors like Paradigm, Galaxy Digital, Pantera Capital, and D1 Capital. Supporters highlight the difficulty of acquiring HYPE directly in the U.S., making HSI a potential gateway for equity-based exposure.
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