Hyperliquid Strategies Inc. Forms with $888 Million Focused on HYPE Token
Michael Saylor's bitcoin treasury strategy is being adopted widely across corporate America. Companies have raised over $85 billion in 2025 to purchase cryptocurrencies for their treasuries, surpassing U.S. IPOs this year.
- New companies, including toy manufacturers and semiconductor firms, are implementing similar strategies with institutional support.
- Capital Group and D1 Capital are investing in these firms accumulating digital assets.
- Hyperliquid Strategies Inc. (HSI) is a notable example, created to hold large reserves of HYPE, the native token of Hyperliquid.
HSI Formation Details
HSI was formed through a reverse merger between Sonnet BioTherapeutics and Rorschach I LLC, backed by Atlas Merchant Capital and Paradigm. The entity will trade on Nasdaq and hold 12.6 million HYPE tokens valued at $583 million, with an additional commitment of $305 million to acquire more HYPE.
- Sonnet will remain a subsidiary, focusing on biotech R&D.
- The board includes Bob Diamond and Eric Rosengren.
- Deal closure is expected in the second half of 2025.
About Hyperliquid and HYPE Token
Hyperliquid is a decentralized exchange launched in 2023, designed for high-speed trading with on-chain order books. HYPE serves various functions within its ecosystem, including staking and governance.
- HYPE is currently the fifteenth largest cryptocurrency by market cap.
- Hyperliquid has processed over $1 trillion in trading volume.
Market Analysis
Despite institutional interest, opinions on HYPE’s valuation vary. Currently trading at $42.77, it has dropped 3.69% in the past 24 hours.
- Analyst "McKenna" suggests HYPE may be undervalued, estimating a fair price of $77 based on revenue metrics.
- "Altcoin Sherpa" expresses caution, noting potential short-term exhaustion despite strong fundamentals.
Future Implications
The establishment of HSI signals a shift in corporate crypto strategies, moving beyond bitcoin to focus on specific altcoins. This structure resembles a thematic crypto fund and could inspire other firms to pursue concentrated positions in selected tokens.