Sonnet BioTherapeutics and Rorschach have finalized a merger resulting in the creation of Hyperliquid Strategies Inc. (HSI), a new entity valued at approximately $888 million. This strategic consolidation marks a significant pivot into the cryptocurrency sector for the combined organization.
HSI will hold an estimated 12.6 million HYPE tokens, valued around $583 million—making it the largest publicly traded U.S. company with direct exposure to the token. HYPE serves as the native cryptocurrency of Hyperliquid, a high-throughput layer-1 blockchain currently ranked as the 12th-largest token by market capitalization with a total valuation of $16.2 billion.
The transaction aims to bridge traditional equity markets with digital asset exposure by enabling U.S. investors to indirectly participate in the Hyperliquid ecosystem. This approach circumvents typical regulatory hurdles and accessibility limitations encountered with direct cryptocurrency investments, providing a compliant on-ramp for institutional capital.
This landmark fusion underscores growing convergence between biotechnology and blockchain industries, positioning HSI as a pioneering vehicle for regulated investment exposure to cryptocurrency markets through conventional equity channels.