Biotech firm Sonnet to form $888M HYPE treasury
2025-07-14 12:37:11
Main Idea
Biotech firm Sonnet BioTherapeutics is merging with Rorschach to form Hyperliquid Strategies Inc. (HSI), aiming to become the largest U.S.-listed holder of the HYPE token, with a combined treasury value of $888 million.
Key Points
1. Sonnet BioTherapeutics is merging with Rorschach to create Hyperliquid Strategies Inc. (HSI), which will focus on the HYPE token.
2. HSI plans to hold 12.6 million HYPE tokens (worth ~$583M) and $305M in cash, totaling $888M in treasury value.
3. Hyperliquid is a high-throughput layer-1 blockchain with a $16.2B market cap, ranking as the 12th-largest token by valuation.
4. Investors can gain indirect exposure to HYPE through equity markets via HSI, bridging traditional finance with blockchain.
5. The project is backed by prominent firms like Paradigm, Galaxy Digital, Pantera Capital, and others.
Description
Biotech firm Sonnet is merging with Rorschach to form Hyperliquid Strategies, which aims to become HYPE token’s largest United States-listed holder.
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