Sonnet BioTherapeutics Plans Shift to Hyperliquid Strategies, Potentially Becoming Major U.S. Holder of HYPE Token

Key Points

1. Sonnet BioTherapeutics merges with Rorschach to create Hyperliquid Strategies Inc. (HSI), valued at approximately $888 million.

2. HSI will hold an estimated 12.6 million HYPE tokens, valued at around $583 million, making it the largest publicly traded U.S. company with significant HYPE exposure.

3. Hyperliquid is a high-throughput layer-1 blockchain with a market capitalization of $16.2 billion, ranking as the 12th-largest token by valuation.

4. HSI aims to provide traditional equity investors with indirect exposure to the Hyperliquid ecosystem, addressing regulatory and accessibility challenges in the U.S. crypto market.

5. The merger reflects the growing convergence between biotech and blockchain innovation, offering a regulated avenue for U.S. investors to participate in crypto.